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The ONE Group Reports Third Quarter 2024 Financial Results

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The ONE Group reported its Q3 2024 financial results, highlighting a 152% increase in revenue to $194 million compared to the same quarter in 2023. This growth is attributed to the acquisition of Benihana and RA Sushi, effective cost management, and new restaurant openings.

However, comparable sales decreased by 8.8%, and the company recorded an operating loss of $3 million, including $7.1 million in acquisition-related expenses. Despite this, restaurant operating profit rose by 175.6% to $25.1 million, and the operating profit margin improved to 13.2%.

The company implemented $19 million in annual savings, with a total of $20 million expected over two years. Looking ahead, The ONE Group plans to open 5-6 company-owned locations annually while focusing on asset-light development. Liquidity remains strong with over $70 million available. The company also updated its 2024 targets, projecting total revenues of $660-$680 million and adjusted EBITDA of $71-$76 million.

Il ONE Group ha riportato i risultati finanziari per il terzo trimestre del 2024, evidenziando un aumento del 152% dei ricavi, raggiungendo $194 milioni rispetto allo stesso trimestre del 2023. Questa crescita è attribuita all'acquisizione di Benihana e RA Sushi, a una gestione costi efficace e all'apertura di nuovi ristoranti.

Tuttavia, le vendite comparabili sono diminuite dell'8,8% e l'azienda ha registrato una perdita operativa di $3 milioni, inclusi $7,1 milioni di spese legate alle acquisizioni. Nonostante ciò, il profitto operativo dei ristoranti è aumentato del 175,6%, raggiungendo i $25,1 milioni, e il margine di profitto operativo è migliorato al 13,2%.

L'azienda ha implementato risparmi annuali pari a $19 milioni, con un totale previsto di $20 milioni nei prossimi due anni. Guardando avanti, The ONE Group prevede di aprire annualmente 5-6 sedi di proprietà, concentrandosi su sviluppi leggeri in termini di beni. La liquidità rimane forte con oltre $70 milioni disponibili. L'azienda ha anche aggiornato i suoi obiettivi per il 2024, prevedendo ricavi totali di $660-$680 milioni e un EBITDA rettificato di $71-$76 milioni.

The ONE Group reportó sus resultados financieros del tercer trimestre de 2024, destacando un aumento del 152% en los ingresos, alcanzando $194 millones en comparación con el mismo trimestre de 2023. Este crecimiento se atribuye a la adquisición de Benihana y RA Sushi, a una gestión eficiente de costos y a la apertura de nuevos restaurantes.

Sin embargo, las ventas comparables disminuyeron un 8.8%, y la compañía registró una pérdida operativa de $3 millones, incluyendo $7.1 millones en gastos relacionados con adquisiciones. A pesar de esto, el beneficio operativo de los restaurantes aumentó un 175.6% hasta $25.1 millones, y el margen de beneficio operativo mejoró al 13.2%.

La compañía implementó ahorros anuales de $19 millones, con un total proyectado de $20 millones durante dos años. Mirando hacia el futuro, The ONE Group planea abrir de 5 a 6 locales de propiedad cada año, mientras se enfoca en un desarrollo ligero en activos. La liquidez sigue siendo fuerte con más de $70 millones disponibles. La compañía también actualizó sus objetivos para 2024, proyectando ingresos totales de $660-$680 millones y un EBITDA ajustado de $71-$76 millones.

더 원 그룹은 2024년 3분기 재무 결과를 보고하며 152%의 매출 증가를 강조했습니다. 이는 2023년 같은 분기와 비교하여 1억 9400만 달러에 해당합니다. 이러한 성장은 베니하나 및 RA 스시 인수, 효과적인 비용 관리 및 새로운 레스토랑 개장에 기인합니다.

그러나 동일 매장 매출은 8.8% 감소하였고, 회사는 310만 달러의 영업 손실을 기록하며, 여기에는 710만 달러의 인수 관련 비용이 포함됩니다. 그럼에도 불구하고 레스토랑 영업 이익은 175.6% 상승하여 2천510만 달러에 도달했으며, 운영 이익률도 13.2%로 개선되었습니다.

회사는 연간 1900만 달러의 절감을 시행하였으며, 향후 2년 간 총 2000만 달러를 예상하고 있습니다. 앞으로 더 원 그룹은 매년 5-6개의 회사 소유 장소를 열 계획이며, 자산 경량 개발에 집중합니다. 유동성은 7천만 달러 이상으로 여전히 강합니다. 또한 회사는 2024년 목표를 업데이트하여 총 수익을 6억6600만~6억8000만 달러, 조정된 EBITDA를 7100만~7600만 달러로 예상하고 있습니다.

The ONE Group a publié ses résultats financiers du troisième trimestre 2024, mettant en avant une augmentation de 152 % des revenus, atteignant 194 millions de dollars par rapport au même trimestre de 2023. Cette croissance est attribuée à l'acquisition de Benihana et RA Sushi, à une gestion efficace des coûts et à l'ouverture de nouveaux restaurants.

Cependant, les ventes comparables ont diminué de 8,8 % et l'entreprise a enregistré une perte opérationnelle de 3 millions de dollars, y compris 7,1 millions de dollars de dépenses liées à l'acquisition. Malgré cela, le bénéfice opérationnel des restaurants a augmenté de 175,6 % pour atteindre 25,1 millions de dollars, et la marge de bénéfice opérationnel s'est améliorée à 13,2 %.

L'entreprise a mis en œuvre des économies annuelles de 19 millions de dollars, avec un total de 20 millions de dollars prévu sur deux ans. En perspective, The ONE Group prévoit d'ouvrir 5 à 6 emplacements appartenant à l'entreprise chaque année tout en se concentrant sur un développement léger. La liquidité reste solide avec plus de 70 millions de dollars disponibles. L'entreprise a également mis à jour ses objectifs pour 2024, projetant des revenus totaux de 660 à 680 millions de dollars et un EBITDA ajusté de 71 à 76 millions de dollars.

The ONE Group hat seine Finanzergebnisse für das dritte Quartal 2024 veröffentlicht und hebt einen Umsatzanstieg von 152% auf 194 Millionen Dollar im Vergleich zum gleichen Quartal 2023 hervor. Dieses Wachstum wird auf die Akquisition von Benihana und RA Sushi, effektives Kostenmanagement und die Eröffnung neuer Restaurants zurückgeführt.

Allerdings sanken die vergleichbaren Verkäufe um 8,8 % und das Unternehmen verzeichnete einen operativen Verlust von 3 Millionen Dollar, einschließlich 7,1 Millionen Dollar an akquisitionsbezogenen Ausgaben. Trotz dessen stieg der operative Gewinn der Restaurants um 175,6 % auf 25,1 Millionen Dollar und die operative Gewinnmarge verbesserte sich auf 13,2 %.

Das Unternehmen hat jährliche Einsparungen von 19 Millionen Dollar umgesetzt, wobei in den nächsten zwei Jahren insgesamt 20 Millionen Dollar erwartet werden. Ausblickend plant The ONE Group, jährlich 5–6 eigene Standorte zu eröffnen und sich auf eine leichte Entwicklungsstrategie zu konzentrieren. Die Liquidität bleibt mit über 70 Millionen Dollar stark. Das Unternehmen hat auch seine Ziele für 2024 aktualisiert und rechnet mit Gesamteinnahmen von 660–680 Millionen Dollar und einem bereinigten EBITDA von 71–76 Millionen Dollar.

Positive
  • Revenue increased by 152% to $194 million.
  • Restaurant operating profit rose by 175.6% to $25.1 million.
  • Implemented $19 million in annual savings, with $20 million expected over two years.
  • Strong liquidity with over $70 million available.
  • Updated 2024 targets project total revenues of $660-$680 million.
Negative
  • Comparable sales decreased by 8.8%.
  • Operating loss of $3 million, including $7.1 million in acquisition-related expenses.

Increased Revenue by 152% to $194 Million Supported by Effective Cost Management

Implemented $19 Million in Annual Savings to be Realized Over Next Year, Total of $20 Million Over Next Two Years

Focused on Next Phase of Company-Owned Growth and Asset Light Development

Prioritizing Free Cash Flow Generation, Balance Sheet Flexibility, and Maximizing Shareholder Returns

DENVER--(BUSINESS WIRE)-- The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the third quarter ended September 30, 2024.

Highlights for the third 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 152.3% to $194.0 million from $76.9 million;
  • Comparable sales* decreased 8.8%;
  • Operating loss was $3.0 million vs. $2.0 million and includes $7.1 million in transition, transaction and integration expenses associated with the acquisition of Benihana and RA Sushi;
  • Restaurant Operating Profit** increased 175.6% to $25.1 million from $9.1 million; and
  • Restaurant Operating Profit Margin** increased 90 basis points to 13.2% from 12.3%

“With the addition of Benihana and RA Sushi, we increased our revenue $117 million to a record $194 million as we continue to grow a scalable platform with exciting VIBE and entertainment centric dining brands. During the quarter, I was encouraged by our team’s ability to manage costs effectively. Operating profit growth exceeded revenue growth as we improved year-over-year margins at Benihana through supply chain synergies, benefitted from their higher margin contribution, and exhibited tight cost management within our preexisting business. Within the last sixty days we opened three Company-owned locations, all of which are off to terrific starts,” said Emanuel “Manny” Hilario, President and Chief Executive Officer.

“We are pleased with our progress in integrating Benihana and RA Sushi and have already implemented $19 million in annual savings between eliminating duplicate administrative costs and leveraging operational and supply chain synergies that will be realized over the next year. Over the next two years, we expect additional efficiencies, bringing our total savings to at least $20 million,” Hilario added.

“We are laser focused on our balance sheet, finishing the quarter with strong liquidity of over $70 million. Looking ahead, we are beginning the next phase of growth and plan to open five to six Company-owned locations annually while focusing on the asset light development of managed and licensed STKs and Kona Grills and franchised Benihanas. We are prioritizing free cash flow generation, balance sheet flexibility and maximizing 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.

Restaurant Development

So far this year, we have opened five new Company-owned restaurants consisting of two STKs, one Kona Grill, one RA Sushi and one Salt Water Social.

As of the date of this report, the following restaurants have opened this year:

Owned STK restaurant in Washington DC

March 2024

Owned RA Sushi restaurant in Plantation, Florida

July 2024

Owned Kona Grill restaurant in Tigard, Oregon

September 2024

Owned STK restaurant in Aventura, Florida

October 2024

Owned Salt Water Social restaurant in Denver, Colorado

November 2024

For the remainder of the fourth quarter of 2024, we expect to open a managed STK in Niagara Falls.

There are currently two Company-owned STK restaurants and one Company-owned Benihana restaurant under construction that are expected to open in 2025. They are located in the following cities:

  • Owned STK restaurant in Topanga, California
  • Owned STK restaurant in Westwood, California (relocation of the existing STK)
  • Owned Benihana restaurant in San Mateo, California

As part of the integration process between Kona Grill and RA Sushi, we are realizing synergies by optimizing the restaurant portfolio and closed four RA Sushi locations in October, three of which were in markets with existing Kona Grills. We expect to retain a significant portion of the delivery and takeout business these restaurants generated through our nearby Kona Grill locations, supporting improved margins in our grill segment.

Liquidity and Share Repurchase Program

We ended the quarter with $36.2 million in cash and short-term credit card receivables and $34.1 million available under its 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. During the third quarter of 2024, we spent $2.3 million for the repurchase of 0.6 million shares.

2024 Targets

We are updating our 2024 targets, which are inclusive of the acquisition of Benihana.

Financial Results and Other Select Data

US$s in millions

 

2024 Guidance

1/1/2024-12/31/2024

 

2024 Run Rate

Total GAAP revenues

$660 to $680

 

$844 to $864

Consolidated comparable sales for the fourth quarter

 

-4% to -8%

 

 

Managed, license and franchise fee revenues

 

$15 to $16

 

 

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

 

83.0% to 83.6%

 

 

Consolidated total G&A, excluding stock-based compensation

 

Approx. $39

 

 

Consolidated Adjusted EBITDA*

$71 to $76

 

$111 to $116

Consolidated Adjusted EBITDA* without pre-opening expenses

 

$80 to $85

 

$120 to $125

Consolidated restaurant pre-opening expenses

 

$8 to $9

 

 

Consolidated effective income tax rate

 

Approx. 30%

 

 

Consolidated total capital expenditures, net of allowances received by landlords

$50 to $60

 

 

Consolidated number of new system-wide venues

 

Six

 

 

Detail of 2024 Run Rate Revenue

US$s in millions

 

2024 Run Rate

Total GAAP revenues guidance

$660 to $680

Benihana and RA Sushi revenue (January 1, 2024 – April 30, 2024)

 

$170

New venue openings (208 store operating weeks)(1)

 

$21

Closed RA Sushi locations

 

($7)

Run rate revenue

 

$844 to $864

Detail of 2024 Run Rate Adjusted EBITDA

US$s in millions

 

2024 Run Rate

Total Adjusted EBITDA guidance

$71 to $76

Benihana and RA Sushi pro forma Adjusted EBITDA (January 1, 2024 – April 30, 2024)

 

$22

New venue openings (208 store operating weeks)(1)

 

$5

Closed RA Sushi locations

 

$1

Captured synergies to be realized in the next 12 months

 

$12

Run rate Adjusted EBITDA**

 

$111 to 116

Pre-opening expenses

 

$9

Run rate Adjusted EBITDA** without pre-opening expenses

 

$120 to $125

_______________________

(1)

 

Includes one managed location opening in the fourth quarter of 2024

*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.

**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 will no longer be 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.

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 10192106. The replay will be available until Thursday, November 21, 2024.

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 per share, and Adjusted EBITDA.

Starting in Q3 2024, we will 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 acquisition, restaurant openings and 2024 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; and (8) 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, 2023 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 AND COMPREHENSIVE INCOME (LOSS)

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

 

 

 

For the three months ended
September 30,

 

For the nine months ended
September 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Owned restaurant net revenue

 

$

190,587

 

 

$

73,700

 

 

$

441,116

 

 

$

232,202

 

Management, license, franchise and incentive fee revenue

 

 

3,388

 

 

 

3,184

 

 

 

10,348

 

 

 

10,631

 

Total revenues

 

 

193,975

 

 

 

76,884

 

 

 

451,464

 

 

 

242,833

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Owned operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Owned restaurant cost of sales

 

 

39,880

 

 

 

18,230

 

 

 

94,471

 

 

 

56,300

 

Owned restaurant operating expenses

 

 

125,634

 

 

 

46,372

 

 

 

278,464

 

 

 

141,983

 

Total owned operating expenses

 

 

165,514

 

 

 

64,602

 

 

 

372,935

 

 

 

198,283

 

General and administrative (including stock-based compensation of $1,580, $1,244, $4,433 and $3,798 for the three and nine months ended September 30, 2024 and 2023, respectively)

 

 

12,785

 

 

 

7,280

 

 

 

30,941

 

 

 

22,803

 

Depreciation and amortization

 

 

9,416

 

 

 

3,732

 

 

 

22,701

 

 

 

10,894

 

Transaction and exit costs

 

 

850

 

 

 

 

 

 

9,199

 

 

 

 

Transition and integration expenses

 

 

6,274

 

 

 

 

 

 

10,068

 

 

 

 

Pre-opening expenses

 

 

2,110

 

 

 

3,097

 

 

 

7,528

 

 

 

6,005

 

Other expenses

 

 

46

 

 

 

128

 

 

 

78

 

 

 

480

 

Total costs and expenses

 

 

196,995

 

 

 

78,839

 

 

 

453,450

 

 

 

238,465

 

Operating (loss) income

 

 

(3,020

)

 

 

(1,955

)

 

 

(1,986

)

 

 

4,368

 

Other expenses, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

 

10,679

 

 

 

1,673

 

 

 

20,622

 

 

 

5,102

 

Loss on early debt extinguishment

 

 

 

 

 

 

 

 

4,149

 

 

 

 

Total other expenses, net

 

 

10,679

 

 

 

1,673

 

 

 

24,771

 

 

 

5,102

 

Loss before provision for income taxes

 

 

(13,699

)

 

 

(3,628

)

 

 

(26,757

)

 

 

(734

)

Benefit for income taxes

 

 

(4,644

)

 

 

(375

)

 

 

(8,180

)

 

 

(227

)

Net loss

 

 

(9,055

)

 

 

(3,253

)

 

 

(18,577

)

 

 

(507

)

Less: net loss attributable to noncontrolling interest

 

 

(165

)

 

 

(155

)

 

 

(689

)

 

 

(583

)

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

 

$

(8,890

)

 

$

(3,098

)

 

$

(17,888

)

 

$

76

 

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

 

 

(7,125

)

 

 

 

 

 

(11,663

)

 

 

 

Net (loss) income available to common stockholders

 

$

(16,015

)

 

$

(3,098

)

 

$

(29,551

)

 

$

76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.52

)

 

$

(0.10

)

 

$

(0.95

)

 

$

 

Diluted

 

$

(0.52

)

 

$

(0.10

)

 

$

(0.95

)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,008,275

 

 

 

31,515,011

 

 

 

31,256,946

 

 

 

31,657,761

 

Diluted

 

 

31,008,275

 

 

 

31,515,011

 

 

 

31,256,946

 

 

 

32,537,572

 

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 September 30,

 

For the nine months ended September 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues:

 

 

 

 

 

 

 

 

Owned restaurant net revenue

 

98.3

%

 

95.9

%

 

97.7

%

 

95.6

%

Management, license, franchise and incentive fee revenue

 

1.7

%

 

4.1

%

 

2.3

%

 

4.4

%

Total revenues

 

100.0

%

 

100.0

%

 

100.0

%

 

100.0

%

Cost and expenses:

 

 

 

 

 

 

 

 

Owned operating expenses:

 

 

 

 

 

 

 

 

Owned restaurant cost of sales (1)

 

20.9

%

 

24.7

%

 

21.4

%

 

24.2

%

Owned restaurant operating expenses (1)

 

65.9

%

 

62.9

%

 

63.1

%

 

61.1

%

Total owned operating expenses (1)

 

86.8

%

 

87.7

%

 

84.5

%

 

85.4

%

General and administrative (including stock-based compensation of 0.8%, 1.6%, 1.0%, and 1.6%, for the three and nine months ended September 30, 2024 and 2023, respectively)

 

6.6

%

 

9.5

%

 

6.9

%

 

9.4

%

Depreciation and amortization

 

4.9

%

 

4.9

%

 

5.0

%

 

4.5

%

Transaction and exit costs

 

0.4

%

 

%

 

2.0

%

 

%

Transition and integration expenses

 

3.2

%

 

%

 

2.2

%

 

%

Pre-opening expenses

 

1.1

%

 

4.0

%

 

1.7

%

 

2.5

%

Other expenses

 

%

 

0.2

%

 

%

 

0.2

%

Total costs and expenses

 

101.6

%

 

102.5

%

 

100.4

%

 

98.2

%

Operating (loss) income

 

(1.6

)%

 

(2.5

)%

 

(0.4

)%

 

1.8

%

Other expenses, net:

 

 

 

 

 

 

 

 

Interest expense, net of interest income

 

5.5

%

 

2.2

%

 

4.6

%

 

2.1

%

Loss on early debt extinguishment

 

%

 

%

 

0.9

%

 

%

Total other expenses, net

 

5.5

%

 

2.2

%

 

5.5

%

 

2.1

%

Loss before provision for income taxes

 

(7.1

)%

 

(4.7

)%

 

(5.9

)%

 

(0.3

)%

Benefit for income taxes

 

(2.4

)%

 

(0.5

)%

 

(1.8

)%

 

(0.1

)%

Net loss

 

(4.7

)%

 

(4.2

)%

 

(4.1

)%

 

(0.2

)%

Less: net loss attributable to noncontrolling interest

 

(0.1

)%

 

(0.2

)%

 

(0.2

)%

 

(0.2

)%

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

 

(4.6

)%

 

(4.0

)%

 

(4.0

)%

 

%

_______________________

(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)

 

 

 

September 30,

 

December 31,

 

 

2024

 

2023

ASSETS

 

(Unaudited)

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,185

 

 

$

21,047

 

Credit card receivable

 

 

8,013

 

 

 

7,234

 

Restricted cash and cash equivalents

 

 

499

 

 

 

 

Accounts receivable

 

 

9,211

 

 

 

10,030

 

Inventory

 

 

9,047

 

 

 

6,184

 

Other current assets

 

 

8,141

 

 

 

1,809

 

Due from related parties

 

 

376

 

 

 

376

 

Total current assets

 

 

63,472

 

 

 

46,680

 

 

 

 

 

 

 

 

Operating lease right-of-use assets

 

 

267,610

 

 

 

95,075

 

Property and equipment, net

 

 

270,444

 

 

 

139,908

 

Goodwill

 

 

155,331

 

 

 

 

Intangibles, net

 

 

133,076

 

 

 

15,306

 

Deferred tax assets, net

 

 

53,124

 

 

 

14,757

 

Other assets

 

 

8,779

 

 

 

4,636

 

Security deposits

 

 

1,635

 

 

 

883

 

Total assets

 

$

953,471

 

 

$

317,245

 

 

 

 

 

 

 

 

LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

31,110

 

 

$

19,089

 

Accrued expenses

 

 

67,014

 

 

 

28,333

 

Current portion of operating lease liabilities

 

 

15,757

 

 

 

6,897

 

Deferred gift card revenue and other

 

 

4,032

 

 

 

2,077

 

Current portion of long-term debt

 

 

4,812

 

 

 

1,500

 

Other current liabilities

 

 

295

 

 

 

266

 

Total current liabilities

 

 

123,020

 

 

 

58,162

 

 

 

 

 

 

 

 

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

 

 

329,489

 

 

 

70,410

 

Operating lease liabilities, net of current portion

 

 

296,163

 

 

 

120,481

 

Other long-term liabilities

 

 

5,256

 

 

 

832

 

Total liabilities

 

 

753,928

 

 

 

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 September 30, 2024 and 0 issued and outstanding at December 31, 2023

 

 

150,606

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value, 75,000,000 shares authorized; 33,822,191 issued and 30,802,537 outstanding at September 30, 2024 and 33,560,428 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 September 30, 2024 and December 31, 2023, respectively

 

 

 

 

 

 

Treasury stock, at cost, 3,019,654 shares at September 30, 2024 and 2,276,453 shares at December 31, 2023

 

 

(18,202

)

 

 

(15,051

)

Additional paid-in capital

 

 

72,554

 

 

 

58,270

 

Retained earnings

 

 

 

 

 

28,884

 

Accumulated other comprehensive loss

 

 

(2,913

)

 

 

(2,930

)

Total stockholders’ equity

 

 

51,442

 

 

 

69,176

 

Noncontrolling interests

 

 

(2,505

)

 

 

(1,816

)

Total stockholder's equity

 

 

48,937

 

 

 

67,360

 

Total liabilities, Series A preferred stock and stockholders' equity

 

$

953,471

 

 

$

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).

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 September 30,

 

For the nine months ended September 30,

 

 

2024

 

2023

 

2024

 

2023

 

 

(unaudited)

 

(unaudited)

 

(unaudited)

 

(unaudited)

Owned restaurant net revenue (1)

 

$

190,587

 

$

73,700

 

$

441,116

 

$

232,202

Management, license, franchise and incentive fee revenue

 

 

3,388

 

 

3,184

 

 

10,348

 

 

10,631

GAAP revenues

 

$

193,975

 

$

76,884

 

$

451,464

 

$

242,833

 

 

 

 

 

 

 

 

 

 

 

 

 

Food and beverage sales from managed units (1)

 

 

32,282

 

 

28,513

 

 

92,476

 

 

89,219

 

 

 

 

 

 

 

 

 

 

 

 

 

Total food and beverage sales at owned and managed units

 

$

222,869

 

$

102,213

 

$

533,592

 

$

321,421

_______________________

(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

US STK Owned Restaurants

 

1.0

%

 

(10.1

)%

 

(7.8

)%

 

(6.5

)%

 

(6.0

)%

 

(6.0

)%

 

(11.9

)%

 

(11.4

)%

US STK Managed Restaurants

 

15.4

%

 

2.5

%

 

0.7

%

 

0.7

%

 

4.9

%

 

(8.6

)%

 

(7.4

)%

 

(10.3

)%

US STK Total Restaurants

 

5.3

%

 

(6.8

)%

 

(5.5

)%

 

(4.6

)%

 

(3.0

)%

 

(6.8

)%

 

(10.6

)%

 

(11.1

)%

Benihana Owned Restaurants

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.0

)%

 

(4.2

)%

Grill Concept Owned Restaurants

 

(4.3

%)

 

(1.5

)%

 

1.1

%

 

(3.9

)%

 

(2.2

)%

 

(9.7

)%

 

(13.0

)%

 

(17.0

)%

Combined Same Store Sales

 

1.6

%

 

(4.7

)%

 

(3.0

)%

 

(4.3

)%

 

(2.7

)%

 

(7.9

)%

 

(7.0

)%

 

(8.8

)%

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 September 30,

 

For the nine months ended September 30,

 

 

2024

 

2023

 

2024

 

2023

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

 

$

(8,890

)

 

$

(3,098

)

 

$

(17,888

)

 

$

76

 

Net loss attributable to noncontrolling interest

 

 

(165

)

 

 

(155

)

 

 

(689

)

 

 

(583

)

Net loss

 

 

(9,055

)

 

 

(3,253

)

 

 

(18,577

)

 

 

(507

)

Interest expense, net

 

 

10,679

 

 

 

1,673

 

 

 

20,622

 

 

 

5,102

 

Benefit for income taxes

 

 

(4,644

)

 

 

(375

)

 

 

(8,180

)

 

 

(227

)

Depreciation and amortization

 

 

9,416

 

 

 

3,732

 

 

 

22,701

 

 

 

10,894

 

EBITDA

 

 

6,396

 

 

 

1,777

 

 

 

16,566

 

 

 

15,262

 

Stock-based compensation

 

 

1,580

 

 

 

1,244

 

 

 

4,433

 

 

 

3,798

 

Transaction and exit costs

 

 

850

 

 

 

 

 

 

9,199

 

 

 

 

Transition and integration expenses

 

 

6,274

 

 

 

 

 

 

10,068

 

 

 

 

Non-cash rent expense (1)

 

 

(343

)

 

 

(126

)

 

 

(1,034

)

 

 

(279

)

Loss on early debt extinguishment

 

 

 

 

 

 

 

 

4,149

 

 

 

 

Other expenses

 

 

46

 

 

 

128

 

 

 

78

 

 

 

480

 

Adjusted EBITDA

 

 

14,803

 

 

 

3,023

 

 

 

43,459

 

 

 

19,261

 

Adjusted EBITDA attributable to noncontrolling interest

 

 

(54

)

 

 

(72

)

 

 

(387

)

 

 

(326

)

Adjusted EBITDA attributable to The ONE Group Hospitality, Inc.

 

$

14,857

 

 

$

3,096

 

 

$

43,846

 

 

$

19,588

 

_______________________

(1)

 

Non-cash rent expense is included in owned restaurant operating expenses and general and administrative expense on the consolidated statements of operations and comprehensive income.

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

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

 

$

2,606

 

 

$

568

 

 

$

(3,098

)

 

$

4,643

 

 

$

(2,069

)

 

$

(6,929

)

Net loss attributable to noncontrolling interest

 

(276

)

 

(152

)

 

(155

)

 

(109

)

 

(361

)

 

(163

)

Net loss

 

 

2,330

 

 

 

416

 

 

 

(3,253

)

 

 

4,534

 

 

 

(2,430

)

 

 

(7,092

)

Interest expense, net

 

1,787

 

 

1,642

 

 

1,673

 

 

1,927

 

 

2,078

 

 

7,865

 

Benefit for income taxes

 

 

161

 

 

 

(13

)

 

 

(375

)

 

 

(1,533

)

 

 

(268

)

 

 

(3,268

)

Depreciation and amortization

 

3,656

 

 

3,506

 

 

3,732

 

 

4,770

 

 

5,260

 

 

8,025

 

EBITDA

 

 

7,934

 

 

 

5,551

 

 

 

1,777

 

 

 

9,698

 

 

 

4,640

 

 

 

5,530

 

Stock-based compensation

 

1,320

 

 

1,234

 

 

1,244

 

 

1,234

 

 

1,358

 

 

1,495

 

Transaction and exit costs

 

 

 

 

 

 

 

 

 

 

 

207

 

 

 

1,523

 

 

 

6,826

 

Transition and integration expenses

 

 

 

 

 

 

 

 

 

 

 

3,794

 

Non-cash rent expense (1)

 

 

(31

)

 

 

(123

)

 

 

(126

)

 

 

(61

)

 

 

(248

)

 

 

(429

)

Loss on early debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

4,149

 

Other expenses

 

 

157

 

 

 

195

 

 

 

128

 

 

 

543

 

 

 

32

 

 

 

0

 

Adjusted EBITDA

 

 

9,380

 

 

 

6,857

 

 

 

3,023

 

 

 

11,621

 

 

 

7,305

 

 

 

21,365

 

Adjusted EBITDA attributable to noncontrolling interest

 

 

(189

)

 

 

(65

)

 

 

(72

)

 

 

(13

)

 

 

(262

)

 

 

(71

)

Adjusted EBITDA attributable to The ONE Group Hospitality, Inc.

 

$

9,569

 

 

$

6,922

 

 

$

3,096

 

 

$

11,634

 

 

$

7,567

 

 

$

21,436

 

_______________________

(1)

 

Non-cash rent expense is included in owned restaurant operating expenses and general and administrative expense on the consolidated statements of operations and comprehensive income.

The following table presents a reconciliation of pro forma combined net income after management’s adjustments to EBITDA and Adjusted EBITDA for the periods indicated (in thousands):

 

 

Year ended
December 31, 2023(1)

 

 

Pro forma combined net income after management's adjustments

 

$

21,928

 

Net loss attributable to noncontrolling interest

 

 

(692

)

Net income

 

 

21,236

 

Interest expense, net of interest income

 

 

37,800

 

Provision for income taxes

 

 

683

 

Depreciation and amortization

 

 

31,872

 

EBITDA

 

 

91,591

 

Stock-based compensation

 

 

5,065

 

Transaction costs

 

 

1,955

 

Impairment charges

 

 

8,946

 

Non-cash rent

 

 

214

 

Other expenses

 

 

2,908

 

Adjusted EBITDA

 

 

110,679

 

Adjusted EBITDA attributable to noncontrolling interest

 

 

(339

)

Adjusted EBITDA attributable to The ONE Group Hospitality, Inc.

 

$

111,018

 

_______________________

(1)

 

From the Company’s 8-K/A filed on July 17, 2024, revised for the Company’s definition of Adjusted EBITDA.

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 September 30,

 

For the nine months ended September 30,

 

 

2024

 

2023

 

2024

 

2023

Operating income as reported

 

$

(3,020

)

 

$

(1,955

)

 

$

(1,986

)

 

$

4,368

 

Management, license and incentive fee revenue

 

 

(3,388

)

 

 

(3,184

)

 

 

(10,348

)

 

 

(10,631

)

General and administrative

 

 

12,785

 

 

 

7,280

 

 

 

30,941

 

 

 

22,803

 

Depreciation and amortization

 

 

9,416

 

 

 

3,732

 

 

 

22,701

 

 

 

10,894

 

Transaction and exit costs

 

 

850

 

 

 

 

 

 

9,199

 

 

 

 

Transition and integration expenses

 

 

6,274

 

 

 

 

 

 

10,068

 

 

 

 

Pre-opening expenses

 

 

2,110

 

 

 

3,097

 

 

 

7,528

 

 

 

6,005

 

Other expenses

 

 

46

 

 

 

128

 

 

 

78

 

 

 

480

 

Restaurant Operating Profit

 

$

25,073

 

 

$

9,098

 

 

$

68,181

 

 

$

33,919

 

Restaurant Operating Profit as a percentage of owned restaurant net revenue

 

 

13.2

%

 

 

12.3

%

 

 

15.5

%

 

 

14.6

%

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

 

 

For the three months ended
September 30,

 

For the nine months ended
September 30,

 

 

2024

 

2023

 

2024

 

2023

STK restaurant operating profit (Company owned)

 

$

6,547

 

 

$

6,796

 

 

$

26,769

 

 

$

25,050

 

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

 

 

14.6

%

 

 

16.6

%

 

 

18.4

%

 

 

18.8

%

Benihana restaurant operating profit (Company owned)

 

$

17,708

 

 

$

 

 

$

34,442

 

 

$

 

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

 

 

17.0

%

 

 

 

 

 

18.9

%

 

 

 

Grill Concepts restaurant operating profit

 

$

1,602

 

 

$

2,254

 

 

$

8,271

 

 

$

8,149

 

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

 

 

4.4

%

 

 

10.7

%

 

 

8.3

%

 

 

9.4

%

Non-core restaurant operating profit

 

$

(783

)

 

$

39

 

 

$

(1,291

)

 

$

39

 

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

 

 

(15.0

)%

 

 

0.3

%

 

 

(9.8

)%

 

 

0.3

%

_______________________

(1)

 

When adjusted for non-cash rent of $0.2 million and ($0.2) million for the nine months ended September 30, 2024 and September 30, 2023, respectively, the Benihana restaurant operating profit as a percentage of Benihana revenue increased 20 basis points from 17.0% for the pro forma three months ended September 30, 2023 to 17.2% for the three months ended September 30, 2024.

Adjusted Net Income. We define Adjusted Net Income 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 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 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 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 September 30,

 

For the nine months ended September 30,

 

 

2024

 

2023

 

2024

 

2023

Net (loss) income available to common stockholders as reported

 

$

(16,015

)

 

$

(3,098

)

 

$

(29,551

)

 

$

76

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

Transaction and exit costs

 

 

850

 

 

 

 

 

 

9,199

 

 

 

 

Transition and integration expenses

 

 

6,274

 

 

 

 

 

 

10,068

 

 

 

 

Loss on early debt extinguishment

 

 

 

 

 

 

 

 

4,149

 

 

 

 

Other expenses

 

 

46

 

 

 

128

 

 

 

78

 

 

 

480

 

Adjusted net income before income taxes

 

 

(8,845

)

 

 

(2,971

)

 

 

(76,057

)

 

 

555

 

Income tax effect on adjustments(1)

 

 

(538

)

 

 

(6

)

 

 

(1,762

)

 

 

(24

)

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

 

$

(9,383

)

 

$

(2,977

)

 

$

(7,819

)

 

$

531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per share: Basic

 

$

(0.30

)

 

$

(0.09

)

 

$

(0.25

)

 

$

0.02

 

Adjusted net income per share: Diluted

 

$

(0.30

)

 

$

(0.09

)

 

$

(0.25

)

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares used in computing basic income per share

 

 

31,008,275

 

 

 

31,515,011

 

 

 

31,256,946

 

 

 

31,657,761

 

Shares used in computing diluted income per share

 

 

31,008,275

 

 

 

31,515,011

 

 

 

31,256,946

 

 

 

32,537,572

 

_______________________

(1)

 

Reflects the tax expense associated with the adjustments for the three and nine months ended September 30, 2024, and September 30, 2023. The Company uses its estimated normalized annual tax rate.

 

Investors:

ICR

Michelle Michalski or Raphael Gross

(646) 277-1224

Michelle.Michalski@icrinc.com

Media:

ICR

Seth Grugle

(646) 277-1272

seth.grugle@icrinc.com

Source: The ONE Group Hospitality, Inc.

FAQ

What were The ONE Group's Q3 2024 financial results?

The ONE Group reported a 152% increase in revenue to $194 million, with an operating loss of $3 million and a comparable sales decrease of 8.8%.

How much did The ONE Group's revenue increase in Q3 2024?

The ONE Group's revenue increased by 152% to $194 million in Q3 2024.

What is the updated 2024 revenue guidance for The ONE Group?

The updated 2024 revenue guidance for The ONE Group is $660-$680 million.

What are The ONE Group's liquidity levels as of Q3 2024?

The ONE Group has over $70 million in liquidity as of Q3 2024.

What cost savings has The ONE Group implemented?

The ONE Group implemented $19 million in annual savings, with a total of $20 million expected over two years.

The ONE Group Hospitality, Inc.

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