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STKS

The ONE Group Hospitality, Inc.

STKS

The ONE Group Hospitality, Inc. • NASDAQ
$2.01 ▲ 0.00% (+0.00)
Market Cap $62.21 M
52w High $5.26
52w Low $1.75
Dividend Yield 0%
P/E -0.54
Volume 16.21K
Outstanding Shares 30.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $180.2M ▼ $30.76M ▲ $-76.74M ▼ -42.586% ▼ $-0.53 ▲ $3.193M ▼
Q2-2025 $207.379M ▼ $11.94M ▼ $-10.104M ▼ -4.872% ▼ $-0.59 ▼ $11.532M ▼
Q1-2025 $211.129M ▼ $28.505M ▼ $975K ▼ 0.462% ▼ $-0.21 ▼ $26.098M ▼
Q4-2024 $221.88M ▲ $31.466M ▼ $2.064M ▲ 0.93% ▲ $-0.18 ▲ $38.476M ▲
Q3-2024 $193.975M $31.481M $-8.89M -4.583% $-0.52 $13.52M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.548M ▲ $879.534M ▼ $762.641M ▲ $120.876M ▼
Q2-2025 $4.662M ▼ $935.68M ▼ $742.048M ▼ $196.858M ▼
Q1-2025 $21.421M ▼ $956.022M ▼ $752.886M ▼ $206.134M ▲
Q4-2024 $27.576M ▼ $959.353M ▲ $756.748M ▲ $205.25M ▲
Q3-2024 $28.185M $953.471M $753.928M $202.048M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-77.497M ▼ $5.889M ▲ $-12.024M ▲ $7.034M ▲ $886K ▲ $-6.135M ▲
Q2-2025 $-10.332M ▼ $2.793M ▼ $-17.803M ▼ $-1.866M ▼ $-16.759M ▼ $-15.01M ▼
Q1-2025 $622K ▼ $8.54M ▼ $-14.345M ▲ $-346K ▲ $-6.155M ▼ $-5.805M ▼
Q4-2024 $1.924M ▲ $18.52M ▼ $-17.787M ▲ $-1.229M ▲ $-609K ▲ $733K ▲
Q3-2024 $-9.055M $19.114M $-20.06M $-3.24M $-4.115M $287K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Deferred license revenue
Deferred license revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Management license franchise and incentive fee revenue
Management license franchise and incentive fee revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Owned restaurant
Owned restaurant
 $220.00M ▲$210.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown very strongly over the last five years, especially in the most recent year when sales effectively leapt due to acquisitions and expansion. Gross profit has risen along with that growth, but profitability has not kept pace. Operating income has stayed positive but relatively thin, which suggests that higher costs, integration expenses, or inefficiencies are absorbing much of the added revenue. After several years of positive earnings, the company slipped back into a net loss most recently, indicating that the scale-up phase and deal-related impacts are weighing on the bottom line even as the top line looks impressive. The story here is strong growth, but profit quality and consistency are still a work in progress.

Balance Sheet

Balance Sheet The balance sheet has expanded sharply, with total assets now much larger than they were a few years ago, reflecting both acquisitions and new locations. This expansion has been funded largely with debt, which has climbed significantly, while equity has also grown but remains comparatively modest. The company carries relatively little cash, which leaves less of a cushion if business conditions soften. Overall, the financial structure is more leveraged than before, increasing both potential upside from successful growth and financial risk if performance disappoints.

Cash Flow

Cash Flow The business is generating steady, positive cash from day-to-day operations, which is a healthy sign. However, the company is spending heavily on new restaurants, remodels, and growth initiatives, so cash going out for investment has consistently exceeded cash coming in from operations in most years. That means free cash flow has often been negative, and expansion has depended on borrowing or other financing. The cash flow profile fits a company in growth mode: reinvestment is high, but it also raises the bar for future returns and makes it important that new locations and acquisitions perform well.

Competitive Edge

Competitive Edge The ONE Group sits in a differentiated corner of the restaurant market with its “vibe dining” focus, blending upscale food, nightlife energy, and entertainment. STK, Kona Grill, Benihana, and RA Sushi together create a portfolio that spans premium steakhouse, polished casual, and theatrical teppanyaki and sushi concepts. This gives the company multiple ways to attract guests and cross-promote experiences, while its hotel and casino food-and-beverage services add an asset-light revenue stream. The brands are recognizable and experience-driven, which can be harder for competitors to copy than a simple menu. At the same time, the company operates in a very competitive, cyclical industry where trends shift quickly, and managing several distinct brands and a larger footprint makes execution and consistent service quality critical.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional lab research and more about concept, experience, and technology. The company leans into experiential dining — DJs, theatrical cooking, and social atmospheres — and refreshes menus to keep them feeling premium and on-trend. On the digital side, it has invested in a smoother mobile reservation and discovery experience, geo-targeted web pages, and scalable online infrastructure to support growth. Management is also experimenting with virtual delivery concepts and placing more emphasis on loyalty programs and digital marketing. All of this aims to deepen guest engagement, increase repeat visits, and raise average spend per visit, which can be powerful levers in a high-fixed-cost business like restaurants.

Summary

The ONE Group has transformed itself over the past five years from a smaller niche operator into a much larger, multi-brand restaurant platform centered on experiential, “vibe” dining. Revenue growth has been very strong, but profits have not fully kept up and recently slipped into a loss, highlighting the pressure that integration costs, inflation, and complex operations can put on margins. The balance sheet now carries significantly more debt and relatively limited cash, which heightens sensitivity to any slowdown in sales or missteps in integrating new brands. Cash flow from operations is solid but is being outpaced by heavy investment in growth, so the long-term success of new and acquired locations is crucial. Strategically, the differentiated concepts, brand recognition, and technology-enabled guest experience provide a clear identity and potential moat. The key questions going forward are whether management can convert this larger scale and distinctive positioning into durable, higher-margin earnings and consistent, positive free cash flow while carefully managing leverage and execution risk.

NEWS

November 6, 2025 · 4:05 PM UTC

The ONE Group Reports Third Quarter 2025 Financial Results

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November 5, 2025 · 8:30 AM UTC

The ONE Group Hospitality, Inc. to Host Third Quarter 2025 Earnings Conference Call and Webcast at 4:30 PM ET on November 6, 2025

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September 8, 2025 · 4:05 PM UTC

The ONE Group Hospitality, Inc. Appoints Nicole Thaung as Chief Financial Officer

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