ONE Group reports preliminary 2025 revenues of $805 million

The ONE Group Hospitality Inc. (NASDAQ: STKS) reported preliminary full-year 2025 revenues of approximately $805 million, representing a 20% increase from $673 million in the prior year. The growth was primarily driven by the acquisition of Benihana in May 2024.

Comparable sales for the full year declined 3.7%. Fourth-quarter revenues were approximately $207 million, down 6.8% from $222 million in the same period of 2024.

The fourth-quarter decline was attributed to restaurant closures and a change in the company's fiscal calendar structure. The company closed RA Sushi and Kona Grill locations as part of portfolio optimization, which reduced revenues by approximately 2.4%. Additionally, the exclusion of New Year's Eve from fiscal 2025 impacted revenues by approximately 2.5%.

STK restaurants reported positive comparable sales of 0.3% for the fourth quarter, marking the first quarter of positive comparable sales for the brand since 2023. Benihana reported flat comparable sales for the quarter. Fourth-quarter comparable sales declined 1.8% overall.

The company opened seven new locations in 2025, including four STK restaurants, two Benihana locations, and one Benihana Express. It also completed its first RA Sushi to STK conversion in Scottsdale, Arizona.

The ONE Group entered into its largest asset-light development agreement, securing rights for ten Benihana restaurants in the Greater San Francisco Bay Area. The company also renewed concession agreements at sports venues, including a three-year deal at the Mortgage Matchup Center in Phoenix and a new agreement at UBS Arena in New York.

For 2026, the company plans to focus on capital-efficient growth, targeting new restaurant developments requiring $1.5 million or less to open. It identified up to nine additional Kona Grill and RA Sushi locations for conversion to Benihana or STK formats.

The preliminary results are subject to completion of financial closing procedures and may differ from final reported figures, according to the company's press release statement.

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