The ONE Group Hospitality, Inc. reported a total revenue of $805.7 million for the fiscal year ending December 28, 2025, marking a 19.7% increase from $673.3 million in the previous year. This growth was primarily driven by the acquisition of Safflower Holdings Corp., which added significant revenue from its restaurant operations. However, the company also faced challenges, including a shift in its fiscal calendar that resulted in four fewer operating days compared to the previous year, impacting overall sales.
Despite the revenue increase, the company experienced a net loss of $92.2 million in 2025, a significant decline from a net income of $17.1 million in 2024. This downturn was largely attributed to a non-cash tax valuation allowance recorded in the third quarter of 2025. Operating income slightly decreased to $8.0 million from $8.9 million in the prior year, reflecting increased operational costs associated with the newly acquired restaurants and ongoing inflationary pressures.
Operationally, The ONE Group expanded its footprint by opening seven new venues in 2025, including locations for its Benihana and STK brands. The company plans to continue this expansion strategy, targeting six to ten new venues in 2026. As of the end of 2025, the company operated a total of 158 venues across various brands, including 31 STKs and 86 Benihanas, with ongoing construction for additional locations in major metropolitan areas.
The company reported a decline in same-store sales across its brands, with a 3.7% decrease for STK and a 12.5% decrease for Grill Concepts. This decline was attributed to broader economic conditions affecting consumer discretionary spending. The company aims to improve its operational efficiency and increase same-store sales through a focus on high-quality menu offerings and cost management strategies.
Looking ahead, The ONE Group remains committed to its growth strategy, emphasizing a capital-light approach through licensing and management agreements. The company anticipates leveraging its expanded operational base to enhance profitability and efficiency, while also evaluating potential acquisition opportunities to further strengthen its market position.
About ONE Group Hospitality, Inc.
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