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    The ONE Group Reports Fourth Quarter and Full Year 2024 Financial Results

    3/10/25 4:05:00 PM ET
    $STKS
    Restaurants
    Consumer Discretionary
    Get the next $STKS alert in real time by email

    Quarterly and Annual Revenue Increased 146.7% and 102.3%, Respectively

    The ONE Group Hospitality, Inc. ("The ONE Group" or the "Company") (NASDAQ:STKS) today reported its financial results for the fourth quarter and full year ended December 31, 2024.

    Highlights for the fourth quarter 2024 compared to the same quarter in 2023 are as follows (the prior year quarter excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):

    • Total GAAP revenues increased 146.7% to $221.9 million from $89.9 million;
    • Consolidated comparable sales* decreased 4.3%;
    • Operating income increased 158.9% to $12.8 million from $4.9 million and includes $3.7 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
    • Restaurant Operating Profit** increased 143.7% to $40.1 million from $16.5 million;
    • GAAP net loss available to common stockholders was $5.4 million, or $0.18 net loss per share ($0.03 adjusted net loss per share)***, compared to GAAP net income available to common stockholders of $4.6 million, or $0.15 per share ($0.17 adjusted net income per share)***
    • Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 147.6% to $30.3 million from $12.2 million.

    Highlights for the full year 2024 compared to 2023 are as follows (the prior year excludes any contribution from the acquisition of Benihana Inc. which closed in May 2024):

    • Total GAAP revenues increased 102.3% to $673.3 million from $332.8 million;
    • Consolidated comparable sales* decreased 6.8%;
    • Operating income increased 15.9% to $10.8 million from $9.3 million and includes $23.0 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
    • Restaurant Operating Profit** increased 115% to $108.3 million from $50.4 million;
    • GAAP net loss available to common stockholders was $35.0 million, or $1.12 net loss per share ($0.28 adjusted net loss per share)***, compared to GAAP net income available to common stockholders of $4.7 million, or $0.15 per share ($0.18 adjusted net income per share)***
    • Adjusted EBITDA**** attributable to The ONE Group Hospitality, Inc. increased 129.3% to $75.2 million from $32.8 million.

    "We were pleased that annual revenue and adjusted EBITDA reached the higher end of our guided ranges. These achievements were due to a sequentially stronger fourth quarter characterized by our best comparable sales of the year, positive transactions at STK, and improved sales performance at Benihana fueled by our new initiatives. For both the full year and recent quarter, adjusted EBITDA growth exceeded top-line growth, showcasing our capability to achieve greater profitability through the elimination of duplicate administrative costs, supply chain synergies, and tight cost management within our preexisting business. By year-end 2026, we intend to capture $20 million in total savings across these three areas," said Emanuel "Manny" Hilario, President and CEO of The ONE Group.

    "This year, we will open five to seven venues, beginning with an owned Benihana in San Mateo, California this month. Our development plans consist of opening owned, managed, and licensed restaurants and we believe this combination enables us to prioritize operating / free cash flow generation, promotes balance sheet flexibility, and maximizes shareholder returns," Hilario concluded.

    *Comparable sales represent total U.S. food and beverage sales at owned and managed units, a non-GAAP financial measure, opened for at least a full 24-months. This measure includes total revenue from our owned and managed locations. The Company monitors sales growth at its established restaurant base in addition to growth that results from restaurant acquisitions and new restaurant openings. Refer to the reconciliation of GAAP revenue to total food and beverage sales at owned and managed units in this press release.

    **We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses. Restaurant Operating Profit has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Operating income to Restaurant Operating Profit in this press release.

    ***We define adjusted net income / (loss) available to common stockholders as net income / (loss) to common stockholders before transaction and exit expenses, transition and integration expenses, non-cash rent during the pre-opening period, other non-recurring costs and the income tax effect of any adjustments. Adjusted net income / (loss) available to common stockholders has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of net (loss) / income available to common stockholders to adjusted net income / (loss) to common stockholders in this press release.

    ****We define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, transaction and exit costs and transition and integration expenses. Starting in Q3 2024, pre-opening expenses are no longer deducted from Adjusted EBITDA. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP. Refer to the reconciliation of Net Income to Adjusted EBITDA in this press release.

    Restaurant Development

    In 2024, we opened six restaurants.

    Owned STK in Washington DC

    March 2024

    Owned RA Sushi in Plantation, Florida

    July 2024

    Owned Kona Grill in Tigard, Oregon

    September 2024

    Owned STK in Aventura, Florida

    October 2024

    Owned Salt Water Social in Denver, Colorado

    November 2024

    Managed STK in Niagara Falls, Ontario

    November 2024

    We intend to add five to seven venues in 2025, including asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas.

    In March 2025, we will open an owned Benihana in San Mateo, California. There are also currently three venues under construction in the following cities:

    • Owned STK in Los Angeles, California (re-location);
    • Owned STK in Topanga, California; and
    • Owned Kona Grill in Seattle, Washington.

    Liquidity and Share Repurchase Program

    As of December 31, 2024, we held $38.1 million in cash and short-term credit card receivables and had $33.6 million available under our revolving credit facility. Under the current conditions, our credit facility does not have any financial covenants.

    In March 2024, our Board of Directors authorized a $5 million share repurchase program. There was no share repurchase activity during the fourth quarter of 2024.

    2025 Targets

    As of January 1, 2025, we will report financial information on a fiscal quarter basis using four 13-week quarters with the addition of a 53rd week when necessary. For 2025, our fiscal calendar begins on January 1, 2025 and ends on December 28, 2025 and our first quarter will have 89 days.

    Financial Results and Other Select Data

    US$s in millions

     

    Q1 2025 Guidance

    March 30, 2025

    2025 Guidance

    December 28, 2025

    Total GAAP revenues

    $200 to $205

    $835 to $870

    Consolidated comparable sales

     

    -4% to -3%

    -3% to 1%

    Managed, license and franchise fee revenues

     

    $3.5 to $4

    $15 to $16

    Total owned operating expenses as a percentage of owned restaurant net revenue

     

    Approx. 83.0%

    83.5% to 82.2%

    Consolidated total G&A, excluding stock-based compensation

     

    Approx. $11

    Approx. $47

    Consolidated Adjusted EBITDA*

    $24 to $26

    $95 to $115

    Consolidated restaurant pre-opening expenses

     

    $1.5 to $2

    $7 to $8

    Consolidated effective income tax rate

     

     

    Approx. 7.5%

    Consolidated total capital expenditures, net of allowances received by landlords

     

    $45 to $50

    Consolidated number of new system-wide venues

     

    1-2 new venues

    5-7 new venues

     

     

     

     

    *We have not reconciled guidance for Consolidated Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort.

    Conference Call and Webcast

    Emanuel "Manny" Hilario, President and Chief Executive Officer, and Tyler Loy, Chief Financial Officer, will host a conference call and webcast today at 4:30 PM Eastern Time.

    The conference call can be accessed live over the phone by dialing 412-542-4186. A replay will be available after the call and can be accessed by dialing 412-317-6671; the passcode is 10196501. The replay will be available until Thursday, March 20, 2025.

    The webcast can be accessed from the Investor Relations tab of The ONE Group's website at www.togrp.com under "News / Events."

    About The ONE Group

    The ONE Group Hospitality, Inc. (NASDAQ:STKS) is an international restaurant company that develops and operates upscale and polished casual, high-energy restaurants and lounges and provides hospitality management services for hotels, casinos and other high-end venues both in the U.S. and internationally. The ONE Group's focus is to be the global leader in Vibe Dining, and its primary restaurant brands and operations are:

    • STK, a modern twist on the American steakhouse concept with restaurants in major metropolitan cities in the U.S., Europe and the Middle East, featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere.
    • Benihana, an interactive dining destination with highly skilled chefs preparing food right in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails. The Company franchises Benihanas in the U.S., Caribbean, Central America, and South America.
    • Kona Grill, a polished casual, bar-centric grill concept with restaurants in the U.S., featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere.
    • RA Sushi, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere with restaurants in the U.S. anchored by creative sushi, inventive drinks, and outstanding service.
    • ONE Hospitality, The ONE Group's food and beverage hospitality services business develops, manages and operates premier restaurants and turnkey food and beverage services within high-end hotels and casinos currently operating venues in the U.S. and Europe.

    Additional information about The ONE Group can be found at www.togrp.com.

    Non-GAAP Definition Changes

    We have evolved our definition of non-GAAP financial measures starting in Q3 2024. We use certain non-GAAP measures in analyzing operating performance and believe that the presentation of these measures provides investors and analysts with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP.

    We exclude items management does not consider in the evaluation of its ongoing core operating performance from adjusted net income, adjusted net income / (loss) per share, and Adjusted EBITDA. Starting in Q3 2024, we no longer deduct pre-opening expenses from Adjusted EBITDA. Reconciliations of these non-GAAP measures are included under "Reconciliation of Non-GAAP Measures" in this press release.

    Cautionary Statement on Forward-Looking Statements

    This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including with respect to the impact of the Benihana Inc. acquisition, restaurant openings and 2025 financial targets. Forward-looking statements may be identified by the use of words such as "target," "intend," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements, including but not limited to: (1) our ability to integrate the new or acquired restaurants into our operations without disruptions to operations; (2) our ability to capture anticipated synergies; (3) our ability to open new restaurants and food and beverage locations in current and additional markets, grow and manage growth profitably, maintain relationships with suppliers and obtain adequate supply of products and retain employees; (4 )factors beyond our control that affect the number and timing of new restaurant openings, including weather conditions and factors under the control of landlords, contractors and regulatory and/or licensing authorities; (5) our ability to successfully improve performance and cost, realize the benefits of our marketing efforts and achieve improved results as we focus on developing new management and license deals; (6) changes in applicable laws or regulations; (7) the possibility that The ONE Group may be adversely affected by other economic, business, and/or competitive factors; (8) the impact of actual and potential changes in immigration policies and the imposition of tariffs, including increases in food prices and inflation and potential labor shortages, and (9) other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed for the year ended December 31, 2024 and Quarterly Reports on Form 10-Q.

    Investors are referred to the most recent reports filed with the Securities and Exchange Commission by The ONE Group Hospitality, Inc. Investors are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

    THE ONE GROUP HOSPITALITY, INC.

    CONSOLIDATED STATEMENTS OF OPERATIONS

    in thousands, except earnings per share and related share information)

     

     

     

     

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

     

     

     

     

     

     

    2024

     

     

    2023

     

     

     

     

    2024

     

     

    2023

     

     

    Revenues:

     

     

     

     

     

     

    (unaudited)

     

     

    (unaudited)

     

     

     

     

     

     

     

     

    Owned restaurant net revenue

     

     

     

     

     

    $

    217,799

     

     

    $

    85,165

     

     

     

    $

    658,915

     

     

    $

    317,366

     

     

    Management, license, franchise and incentive fee revenue

     

     

     

     

     

     

    4,081

     

     

     

    4,772

     

     

     

     

    14,429

     

     

     

    15,403

     

     

    Total revenues

     

     

     

     

     

     

    221,880

     

     

     

    89,937

     

     

     

     

    673,344

     

     

     

    332,769

     

     

    Cost and expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Owned operating expenses:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Owned restaurant cost of sales

     

     

     

     

     

     

    44,323

     

     

     

    19,426

     

     

     

     

    138,794

     

     

     

    75,727

     

     

    Owned restaurant operating expenses

     

     

     

     

     

     

    133,334

     

     

     

    49,266

     

     

     

     

    411,798

     

     

     

    191,250

     

     

    Total owned operating expenses

     

     

     

     

     

     

    177,657

     

     

     

    68,692

     

     

     

     

    550,592

     

     

     

    266,977

     

     

    General and administrative (including stock-based compensation of $1,584, $1,234, $6,017 and $5,032 for the three and twelve months ended December 31, 2024 and 2023, respectively)

     

     

     

     

     

     

    13,229

     

     

     

    7,947

     

     

     

     

    44,170

     

     

     

    30,751

     

     

    Depreciation and amortization

     

     

     

     

     

     

    11,395

     

     

     

    4,770

     

     

     

     

    34,096

     

     

     

    15,664

     

     

    Transition and integration expenses

     

     

     

     

     

     

    3,613

     

     

     

    —

     

     

     

     

    13,681

     

     

     

    —

     

     

    Pre-opening expenses

     

     

     

     

     

     

    1,960

     

     

     

    2,850

     

     

     

     

    9,488

     

     

     

    8,855

     

     

    Transaction and exit costs

     

     

     

     

     

     

    127

     

     

     

    207

     

     

     

     

    9,326

     

     

     

    207

     

     

    Lease termination expenses

     

     

     

     

     

     

    1,096

     

     

     

    —

     

     

     

     

    1,096

     

     

     

    —

     

     

    Other expenses

     

     

     

     

     

     

    46

     

     

     

    543

     

     

     

     

    124

     

     

     

    1,021

     

     

    Total costs and expenses

     

     

     

     

     

     

    209,123

     

     

     

    85,009

     

     

     

     

    662,573

     

     

     

    323,475

     

     

    Operating income

     

     

     

     

     

     

    12,757

     

     

     

    4,928

     

     

     

     

    10,771

     

     

     

    9,294

     

     

    Other expenses, net:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense, net of interest income

     

     

     

     

     

     

    10,487

     

     

     

    1,927

     

     

     

     

    31,109

     

     

     

    7,028

     

     

    Loss on early debt extinguishment

     

     

     

     

     

     

    —

     

     

     

    —

     

     

     

     

    4,149

     

     

     

    —

     

     

    Total other expenses, net

     

     

     

     

     

     

    10,487

     

     

     

    1,927

     

     

     

     

    35,258

     

     

     

    7,028

     

     

    Income (loss) before benefit for income taxes

     

     

     

     

     

     

    2,270

     

     

     

    3,001

     

     

     

     

    (24,487

    )

     

     

    2,266

     

     

    Provision (benefit) for income taxes

     

     

     

     

     

     

    346

     

     

     

    (1,533

    )

     

     

     

    (7,834

    )

     

     

    (1,760

    )

     

    Net income (loss)

     

     

     

     

     

     

    1,924

     

     

     

    4,534

     

     

     

     

    (16,653

    )

     

     

    4,026

     

     

    Less: net loss attributable to noncontrolling interest

     

     

     

     

     

     

    (140

    )

     

     

    (109

    )

     

     

     

    (829

    )

     

     

    (692

    )

     

    Net income (loss) attributable to The ONE Group Hospitality, Inc.

     

     

     

     

     

    $

    2,064

     

     

    $

    4,643

     

     

     

    $

    (15,824

    )

     

    $

    4,718

     

     

    Series A Preferred Stock paid-in-kind dividend and accretion

     

     

     

     

     

     

    (7,479

    )

     

     

    —

     

     

     

     

    (19,142

    )

     

     

    —

     

     

    Net (loss) income available to common stockholders

     

     

     

     

     

    $

    (5,415

    )

     

    $

    4,643

     

     

     

    $

    (34,966

    )

     

    $

    4,718

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net (loss) income attributable to The ONE Group Hospitality, Inc. per share:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic (loss) net income per share

     

     

     

     

     

    $

    (0.18

    )

     

    $

    0.15

     

     

     

    $

    (1.12

    )

     

    $

    0.15

     

     

    Diluted (loss) net income per share

     

     

     

     

     

    $

    (0.18

    )

     

    $

    0.15

     

     

     

    $

    (1.12

    )

     

    $

    0.15

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Shares used in computing basic (loss) income per share

     

     

     

     

     

     

    30,850,443

     

     

     

    31,249,833

     

     

     

     

    31,154,765

     

     

     

    31,556,437

     

     

    Shares used in computing diluted (loss) income per share

     

     

     

     

     

     

    30,850,443

     

     

     

    31,689,332

     

     

     

     

    31,154,765

     

     

     

    32,287,864

     

     

    The following table sets forth certain statements of operations data as a percentage of total revenues for the periods indicated. Certain percentage amounts may not sum to total due to rounding.

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues:

     

     

     

     

     

     

     

     

    Owned restaurant net revenue

     

    98.2%

     

    94.7%

     

    97.9%

     

    95.4%

    Management, license, franchise and incentive fee revenue

     

    1.8%

     

    5.3%

     

    2.1%

     

    4.6%

    Total revenues

     

    100.0%

     

    100.0%

     

    100.0%

     

    100.0%

    Cost and expenses:

     

     

     

     

     

     

     

     

    Owned operating expenses:

     

     

     

     

     

     

     

     

    Owned restaurant cost of sales (1)

     

    20.4%

     

    22.8%

     

    21.1%

     

    23.9%

    Owned restaurant operating expenses (1)

     

    61.2%

     

    57.8%

     

    62.5%

     

    60.3%

    Total owned operating expenses (1)

     

    81.6%

     

    80.7%

     

    83.6%

     

    84.1%

    General and administrative (including stock-based compensation of 0.7%, 1.4%, 0.9% and 1.5% for the three and twelve months ended December 31, 2024 and 2023, respectively)

     

    6.0%

     

    8.8%

     

    6.6%

     

    9.2%

    Depreciation and amortization

     

    5.1%

     

    5.3%

     

    5.1%

     

    4.7%

    Transition and integration expenses

     

    1.6%

     

    —%

     

    2.0%

     

    —%

    Pre-opening expenses

     

    0.9%

     

    3.2%

     

    1.4%

     

    2.7%

    Transaction and exit costs

     

    0.1%

     

    0.2%

     

    1.4%

     

    0.1%

    Lease termination expenses

     

    0.5%

     

    —%

     

    0.2%

     

    —%

    Other expenses

     

    0.0%

     

    0.6%

     

    0.0%

     

    0.3%

    Total costs and expenses

     

    94.3%

     

    94.5%

     

    98.4%

     

    97.2%

    Operating income

     

    5.7%

     

    5.5%

     

    1.6%

     

    2.8%

    Other expenses, net:

     

     

     

     

     

     

     

     

    Interest expense, net of interest income

     

    4.7%

     

    2.1%

     

    4.6%

     

    2.1%

    Loss on early debt extinguishment

     

    —%

     

    —%

     

    0.6%

     

    —%

    Total other expenses, net

     

    4.7%

     

    2.1%

     

    5.2%

     

    2.1%

    Income (loss) before benefit for income taxes

     

    1.0%

     

    3.3%

     

    (3.6)%

     

    0.7%

    Provision (benefit) for income taxes

     

    0.2%

     

    (1.7)%

     

    (1.2)%

     

    (0.5)%

    Net income (loss)

     

    0.9%

     

    5.0%

     

    (2.5)%

     

    1.2%

    Less: net loss attributable to noncontrolling interest

     

    (0.1)%

     

    (0.1)%

     

    (0.1)%

     

    (0.2)%

    Net income (loss) attributable to The ONE Group Hospitality, Inc.

     

    0.9%

     

    5.2%

     

    (2.4)%

     

    1.4%

    1. These expenses are being shown as a percentage of owned restaurant net revenue.

    THE ONE GROUP HOSPITALITY, INC.

    CONSOLIDATED BALANCE SHEETS

    (in thousands, except share information)

     

     

     

     

     

     

     

     

     

    December 31,

     

    December 31,

     

     

    2024

     

     

    2023

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    27,576

     

     

    $

    21,047

     

    Credit card receivable

     

     

    10,477

     

     

     

    7,234

     

    Restricted cash and cash equivalents

     

     

    499

     

     

     

    —

     

    Accounts receivable

     

     

    12,294

     

     

     

    10,030

     

    Inventory

     

     

    11,318

     

     

     

    6,184

     

    Other current assets

     

     

    6,786

     

     

     

    1,809

     

    Due from related parties

     

     

    376

     

     

     

    376

     

    Total current assets

     

     

    69,326

     

     

     

    46,680

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    276,120

     

     

     

    139,908

     

    Operating lease right-of-use assets

     

     

    260,204

     

     

     

    95,075

     

    Goodwill

     

     

    155,783

     

     

     

    —

     

    Intangibles, net

     

     

    133,111

     

     

     

    15,306

     

    Deferred tax assets, net

     

     

    53,682

     

     

     

    14,757

     

    Other assets

     

     

    9,030

     

     

     

    4,636

     

    Security deposits

     

     

    2,097

     

     

     

    883

     

    Total assets

     

    $

    959,353

     

     

    $

    317,245

     

     

     

     

     

     

     

     

    LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    30,883

     

     

    $

    19,089

     

    Accrued payroll expenses

     

     

    23,897

     

     

     

    5,655

     

    Accrued expenses

     

     

    48,339

     

     

     

    22,678

     

    Current portion of operating lease liabilities

     

     

    14,998

     

     

     

    6,897

     

    Deferred gift card revenue and other

     

     

    6,540

     

     

     

    2,077

     

    Current portion of long-term debt

     

     

    6,125

     

     

     

    1,500

     

    Other current liabilities

     

     

    313

     

     

     

    266

     

    Total current liabilities

     

     

    131,095

     

     

     

    58,162

     

     

     

     

     

     

     

     

    Long-term debt, net of current portion, unamortized discount and debt issuance costs

     

     

    328,110

     

     

     

    70,410

     

    Operating lease liabilities, net of current portion

     

     

    291,785

     

     

     

    120,481

     

    Other long-term liabilities

     

     

    5,758

     

     

     

    832

     

    Total liabilities

     

     

    756,748

     

     

     

    249,885

     

     

     

     

     

     

     

     

    Commitments and contingencies (Note 17)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Series A preferred stock, $0.0001 par value, 160,000 shares authorized; 160,000 issued and outstanding at December 31, 2024 and 0 issued and outstanding at December 31, 2023

     

     

    158,085

     

     

     

    —

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

    Common stock, $0.0001 par value, 75,000,000 shares authorized; 33,994,140 issued and 31,037,843 outstanding at December 31, 2024 and 33,560,428 shares issued and 31,283,975 outstanding at December 31, 2023

     

     

    3

     

     

     

    3

     

    Preferred stock, other than Series A preferred stock, $0.0001 par value, 9,840,000 shares authorized; no shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively

     

     

    —

     

     

     

    —

     

    Treasury stock, at cost, 3,019,654 shares at December 31, 2024 and 2,276,453 shares at December 31, 2023

     

     

    (18,202

    )

     

     

    (15,051

    )

    Additional paid-in capital

     

     

    68,392

     

     

     

    58,270

     

    Retained earnings

     

     

    —

     

     

     

    28,884

     

    Accumulated other comprehensive loss

     

     

    (3,028

    )

     

     

    (2,930

    )

    Total stockholders' equity

     

     

    47,165

     

     

     

    69,176

     

    Noncontrolling interests

     

     

    (2,645

    )

     

     

    (1,816

    )

    Total stockholders' equity

     

     

    44,520

     

     

     

    67,360

     

    Total liabilities, Series A preferred stock and stockholders' equity

     

    $

    959,353

     

     

    $

    317,245

     

    Reconciliation of Non-GAAP Measures

    We prepare our financial statements in accordance with generally accepted accounting principles (GAAP). In this press release, we also make references to the following non-GAAP financial measures: total food and beverage sales at owned and managed units, Adjusted EBITDA, Restaurant Operating Profit and adjusted net income / (loss) to available to common stockholders.

    Total food and beverage sales at owned and managed units. Total food and beverage sales at owned and managed units represents our total revenue from our owned operations as well as the revenue reported to us with respect to sales at our managed locations, where we earn management and incentive fees at these locations. We believe that this measure represents a useful internal measure of performance as it identifies total sales associated with our brands and hospitality services that we provide. Accordingly, we include this non-GAAP measure so that investors can review financial data that management uses in evaluating performance, and we believe that it will assist the investment community in assessing performance of restaurants and other services we operate, whether or not the operation is owned by us. However, because this measure is not determined in accordance with GAAP, it is susceptible to varying calculations and not all companies calculate these measures in the same manner. As a result, this measure as presented may not be directly comparable to a similarly titled measure presented by other companies. This non-GAAP measure is presented as supplemental information and not as an alternative to any GAAP measurements. The following table includes a reconciliation of our GAAP revenue to total food and beverage sales at our owned and managed units (in thousands):

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

     

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

     

    (unaudited)

    Owned restaurant net revenue (1)

     

    $

    217,799

     

    $

    85,165

     

    $

    658,915

     

    $

    317,366

    Management, license, franchise and incentive fee revenue

     

     

    4,081

     

     

    4,772

     

     

    14,429

     

     

    15,403

    GAAP revenues

     

    $

    221,880

     

    $

    89,937

     

    $

    673,344

     

    $

    332,769

     

     

     

     

     

     

     

     

     

     

     

     

     

    Food and beverage sales from managed units (1)

     

     

    35,448

     

     

    29,805

     

     

    127,924

     

     

    119,024

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total food and beverage sales at owned and managed units

     

    $

    253,247

     

    $

    114,970

     

    $

    786,839

     

    $

    436,390

    1. Components of total food and beverage sales at owned and managed units.

    The following table presents the elements of the quarterly and annual Same Store Sales measure for 2023 and 2024:

     

    2023 vs. 2022

     

    2024 vs. 2023

     

    Q1

    Q2

    Q3

    Q4

    YTD

     

    Q1

    Q2

    Q3

    Q4

    YTD

    US STK Owned Restaurants

    1.0%

    (10.1)%

    (7.8)%

    (6.5)%

    (6.0)%

     

    (6.0)%

    (11.9)%

    (11.4)%

    (5.0)%

    (8.3)%

    US STK Managed Restaurants

    15.4%

    2.5%

    0.7%

    0.7%

    4.9%

     

    (8.6)%

    (7.4)%

    (10.3)%

    (12.2)%

    (9.5)%

    US STK Total Restaurants

    5.3%

    (6.8)%

    (5.5)%

    (4.6)%

    (3.0)%

     

    (6.8)%

    (10.6)%

    (11.1)%

    (6.9)%

    (8.7)%

    Benihana Owned Restaurants

     

     

     

     

     

     

     

    (1.0)%

    (4.2)%

    (0.2)%

    (1.8)%

    Grill Concept Owned Restaurants

    (4.3%)

    (1.5)%

    1.1%

    (3.9)%

    (2.2)%

     

    (9.7)%

    (13.0)%

    (17.0)%

    (11.7)%

    (13.2)%

    Combined Same Store Sales

    1.6%

    (4.7)%

    (3.0)%

    (4.3)%

    (2.7)%

     

    (7.9)%

    (7.0)%

    (8.8)%

    (4.3)%

    (6.8)%

    Adjusted EBITDA. We define Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation and amortization, non-cash impairment loss, non-cash rent expense, non-recurring gains and losses, stock-based compensation, certain transactional and exit costs and transition and integration expenses. Not all the aforementioned items defining Adjusted EBITDA occur in each reporting period but have been included in our definitions of terms based on our historical activity. Adjusted EBITDA has been presented in this press release and is a supplemental measure of financial performance that is not required by, or presented in accordance with, GAAP.

    The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):

     

     

    For the three months ended December 31,

     

     

    For the year ended December 31,

     

     

    2024

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

    Net income (loss) attributable to The ONE Group Hospitality, Inc.

     

    $

    2,064

     

     

    $

    4,643

     

     

    $

    (15,824

    )

     

    $

    4,718

     

    Net loss attributable to noncontrolling interest

     

     

    (140

    )

     

     

    (109

    )

     

     

    (829

    )

     

     

    (692

    )

    Net income (loss)

     

     

    1,924

     

     

     

    4,534

     

     

     

    (16,653

    )

     

     

    4,026

     

    Interest expense, net of interest income

     

     

    10,487

     

     

     

    1,927

     

     

     

    31,109

     

     

     

    7,028

     

    Provision (benefit) for income taxes

     

     

    346

     

     

     

    (1,533

    )

     

     

    (7,834

    )

     

     

    (1,760

    )

    Depreciation and amortization

     

     

    11,395

     

     

     

    4,770

     

     

     

    34,096

     

     

     

    15,664

     

    EBITDA

     

     

    24,152

     

     

     

    9,698

     

     

     

    40,718

     

     

     

    24,958

     

    Stock-based compensation

     

     

    1,585

     

     

     

    1,234

     

     

     

    6,017

     

     

     

    5,032

     

    Transaction and exit costs

     

     

    127

     

     

     

    207

     

     

     

    9,326

     

     

     

    207

     

    Transition and integration expenses

     

     

    3,613

     

     

     

    —

     

     

     

    13,681

     

     

     

    —

     

    Lease termination expense (1)

     

     

    1,096

     

     

     

    —

     

     

     

    1,096

     

     

     

    —

     

    Non-cash rent (2)

     

     

    (341

    )

     

     

    544

     

     

     

    (338

    )

     

     

    1,228

     

    Loss on debt extinguishment

     

     

    —

     

     

     

    —

     

     

     

    4,149

     

     

     

    —

     

    Other expenses

     

     

    46

     

     

     

    543

     

     

     

    124

     

     

     

    1,021

     

    Adjusted EBITDA

     

     

    30,278

     

     

     

    12,226

     

     

     

    74,773

     

     

     

    32,446

     

    Adjusted EBITDA attributable to noncontrolling interest

     

     

    (29

    )

     

     

    (13

    )

     

     

    (416

    )

     

     

    (339

    )

    Adjusted EBITDA attributable to The ONE Group Hospitality, Inc.

     

    $

    30,307

     

     

    $

    12,239

     

     

    $

    75,189

     

     

    $

    32,785

     

    1. Lease termination expense are costs associated with closed, abandoned and disputed locations or leases.
    2. Non-cash rent expense is included in owned restaurant operating expenses, pre-opening expenses and general and administrative expense on the consolidated statements of operations.

    The following table presents a reconciliation of net income to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):

    Q1 2023

    Q2 2023

    Q3 2023

    Q4 2023

    Q1 2024

    Q2 2024

    Q3 2024

    Net (loss) income attributable to The ONE Group Hospitality, Inc.

    $

    2,606

     

    $

    568

     

    $

    (3,098

    )

    $

    4,643

     

    $

    (2,069

    )

    $

    (6,929

    )

    $

    (8,890

    )

    Net loss attributable to noncontrolling interest

    (276

    )

    (152

    )

    (155

    )

    (109

    )

    (361

    )

    (163

    )

     

    (165

    )

    Net loss

     

    2,330

     

     

    416

     

     

    (3,253

    )

     

    4,534

     

     

    (2,430

    )

     

    (7,092

    )

     

    (9,055

    )

    Interest expense, net

    1,787

     

    1,642

     

    1,673

     

    1,927

     

    2,078

     

    7,865

     

     

    10,679

     

    Benefit for income taxes

     

    161

     

     

    (13

    )

     

    (375

    )

     

    (1,533

    )

     

    (268

    )

     

    (3,268

    )

     

    (4,644

    )

    Depreciation and amortization

    3,656

     

    3,506

     

    3,732

     

    4,770

     

    5,260

     

    8,025

     

     

    9,416

     

    EBITDA

     

    7,934

     

     

    5,551

     

     

    1,777

     

     

    9,698

     

     

    4,640

     

     

    5,530

     

     

    6,396

     

    Stock-based compensation

    1,320

     

    1,234

     

    1,244

     

    1,234

     

    1,358

     

    1,495

     

     

    1,580

     

    Transaction and exit costs

     

    —

     

     

    —

     

     

    —

     

     

    207

     

     

    1,523

     

     

    6,826

     

     

    850

     

    Transition and integration expenses

    —

     

    —

     

    —

     

    —

     

    —

     

    3,794

     

     

    6,274

     

    Non-cash rent expense (1)

     

    173

     

     

    234

     

     

    273

     

     

    544

     

     

    93

     

     

    (93

    )

     

    2

     

    Loss on early debt extinguishment

    —

     

    —

     

    —

     

    —

     

    —

     

    4,149

     

     

    —

     

    Other expenses

     

    157

     

     

    195

     

     

    128

     

     

    543

     

     

    32

     

     

    0

     

     

    46

     

    Adjusted EBITDA

     

    9,584

     

     

    7,214

     

     

    3,422

     

     

    12,226

     

     

    7,646

     

     

    21,701

     

     

    15,149

     

    Adjusted EBITDA attributable to noncontrolling interest

     

    (189

    )

     

    (65

    )

     

    (72

    )

     

    (13

    )

     

    (262

    )

     

    (71

    )

     

    (54

    )

    Adjusted EBITDA attributable to The ONE Group Hospitality, Inc.

    $

    9,773

     

    $

    7,279

     

    $

    3,494

     

    $

    12,239

     

    $

    7,908

     

    $

    21,772

     

    $

    15,203

     

    1. Non-cash rent expense is included in owned restaurant operating expenses, pre-opening expenses and general and administrative expense on the consolidated statements of operations.

    Restaurant Operating Profit. We define Restaurant Operating Profit as owned restaurant net revenue minus owned restaurant cost of sales and owned restaurant operating expenses.

    We believe Restaurant Operating Profit is an important component of financial results because: (i) it is a widely used metric within the restaurant industry to evaluate restaurant-level productivity, efficiency, and performance, and (ii) we use Restaurant Operating Profit as a key metric to evaluate our restaurant financial performance compared to our competitors. We use these metrics to facilitate a comparison of our operating performance on a consistent basis from period to period, to analyze the factors and trends affecting our business and to evaluate the performance of our restaurants.

    The following table presents a reconciliation of Operating income to Restaurant Operating Profit for the periods indicated (in thousands):

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Operating income as reported

     

    $

    12,757

     

     

    $

    4,928

     

     

    $

    10,771

     

     

    $

    9,294

     

    Management, license and incentive fee revenue

     

     

    (4,081

    )

     

     

    (4,772

    )

     

     

    (14,429

    )

     

     

    (15,403

    )

    General and administrative

     

     

    13,229

     

     

     

    7,947

     

     

     

    44,170

     

     

     

    30,751

     

    Depreciation and amortization

     

     

    11,395

     

     

     

    4,770

     

     

     

    34,096

     

     

     

    15,664

     

    Transaction and exit costs

     

     

    127

     

     

     

    207

     

     

     

    9,326

     

     

     

    207

     

    Transition and integration expenses

     

     

    3,613

     

     

     

    —

     

     

     

    13,681

     

     

     

    —

     

    Pre-opening expenses

     

     

    1,960

     

     

     

    2,850

     

     

     

    9,488

     

     

     

    8,885

     

    Lease termination expenses

     

     

    1,096

     

     

     

     

     

     

    1,096

     

     

     

    —

     

    Other expenses

     

     

    46

     

     

     

    543

     

     

     

    124

     

     

     

    1,021

     

    Restaurant Operating Profit

     

    $

    40,142

     

     

    $

    16,473

     

     

    $

    108,323

     

     

    $

    50,389

     

    Restaurant Operating Profit as a percentage of owned restaurant net revenue

     

     

    18.4

    %

     

     

    19.3

    %

     

     

    16.4

    %

     

     

    15.9

    %

    Restaurant Operating Profit by component is as follows (in thousands):

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

    2023

     

    2024

     

    2023

    STK restaurant operating profit (Company owned)

     

    $

    11,337

     

    $

    12,547

     

    $

    38,106

     

    $

    38,531

    STK restaurant operating profit (Company owned) as a percentage of STK revenue (Company owned)

     

     

    19.2%

     

     

    24.5%

     

     

    18.6%

     

     

    20.9%

    Benihana restaurant operating profit (Company owned)

     

    $

    25,155

     

    $

    —

     

    $

    59,597

     

    $

    —

    Benihana restaurant operating profit (Company owned) as a percentage of Benihana revenue (Company owned)(1)

     

     

    21.8%

     

     

    —

     

     

    20.1%

     

     

    —

    Grill Concepts restaurant operating profit

     

    $

    2,909

     

    $

    4,117

     

    $

    11,180

     

    $

    12,134

    Grill Concepts restaurant operating profit as a percentage of Grill Concepts revenue

     

     

    11.6%

     

     

    12.2%

     

     

    8.1%

     

     

    10.4%

    Non-core restaurant operating profit

     

    $

    (473)

     

    $

    0

     

    $

    (1,764)

     

    $

    171

    Non-core restaurant operating profit as a percentage of Non-core revenue

     

     

    (2.7)%

     

     

    0.0%

     

     

    (10.1)%

     

     

    1.1%

    1. When adjusted for Benihana gift card revenue shown in the other segment in our segment reporting, the Benihana restaurant operating profit as a percentage of Benihana revenue increased 320 basis points from 19.4% for the pro forma three months ended December 31, 2023 to 22.6% for the three months ended December 31, 2024.

    Adjusted Net Income / (Loss) Available to Common Stockholders. We define adjusted net income / (loss) to available to common stockholders as net income before transaction and exit costs, transition and integration expenses, lease termination expenses, one-time stock-based compensation, non-recurring costs and the income tax effect of any adjustments.

    We believe that adjusted net income / (loss) to available to common stockholders is an appropriate measure of operating performance, as it provides a clear picture of our operating results by eliminating certain one-time expenses that are not reflective of the underlying business performance. Adjusted net income / (loss) to available to common stockholders is included in this press release because it is a key metric used by management, and we believe that it provides useful information facilitating performance comparisons from period to period. Adjusted net income / (loss) to available to common stockholders has limitations as an analytical tool and our calculation thereof may not be comparable to that reported by other companies; accordingly, you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

     

     

    For the three months ended December 31,

     

    For the year ended December 31,

     

     

    2024

     

     

    2023

     

     

    2024

     

     

    2023

     

    Net (loss) income available to common stockholders as reported

     

    $

    (5,415

    )

     

    $

    4,643

     

     

    $

    (34,966

    )

     

    $

    4,718

     

    Adjustments:

     

     

     

     

     

     

     

     

     

     

     

     

    Transaction and exit costs

     

     

    127

     

     

     

    207

     

     

     

    9,326

     

     

     

    207

     

    Transition and integration expenses

     

     

    3,613

     

     

     

    —

     

     

     

    13,681

     

     

     

    —

     

    Lease termination expense

     

     

    1,096

     

     

     

    —

     

     

     

    1,096

     

     

     

    —

     

    Loss on early debt extinguishment

     

     

    —

     

     

     

    —

     

     

     

    4,149

     

     

     

    —

     

    Other expenses

     

     

    46

     

     

     

    543

     

     

     

    124

     

     

     

    1,021

     

    Adjusted net (loss) income before income taxes

     

     

    (533

    )

     

     

    5,393

     

     

     

    (6,590

    )

     

     

    5,946

     

    Income tax effect on adjustments(1)

     

     

    (366

    )

     

     

    (120

    )

     

     

    (2,128

    )

     

     

    (249

    )

    Adjusted net (loss) income available to common stockholders as reported

     

    $

    (899

    )

     

    $

    5,273

     

     

    $

    (8,718

    )

     

    $

    5,697

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted net income per share: Basic

     

    $

    (0.03

    )

     

    $

    0.17

     

     

    $

    (0.28

    )

     

    $

    0.18

     

    Adjusted net income per share: Diluted

     

    $

    (0.03

    )

     

    $

    0.17

     

     

    $

    (0.28

    )

     

    $

    0.18

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Shares used in computing basic (loss) income per share

     

     

    30,850,443

     

     

     

    31,249,833

     

     

     

    31,154,765

     

     

     

    31,556,437

     

    Shares used in computing diluted (loss) income per share

     

     

    30,850,443

     

     

     

    31,689,332

     

     

     

    31,154,765

     

     

     

    32,287,864

     

    1. Reflects the tax expense associated with the adjustments for the three and twelve months ended December 31, 2024, and December 31, 2023. The Company uses its estimated normalized annual tax rate.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250310200656/en/

    Investors:

    ICR

    Michelle Michalski or Raphael Gross

    (646) 277-1224

    [email protected]

    Media:

    ICR

    Seth Grugle

    (646) 277-1272

    [email protected]

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