The report was filed on March 10, 2025
The filing includes financial statements for the year, reporting total revenue of $673.3 million, an increase from $332.8 million in 2023. This growth is largely attributed to the acquisition of Safflower Holdings Corp., which owns most Benihana and all RA Sushi restaurants in the U.S.
The company reported a net loss of $15.8 million for 2024, compared to a net income of $4.7 million in 2023. The loss is primarily due to transaction, transition, and integration costs related to the acquisition.
Operating income for the year was $10.8 million, up from $9.3 million in the previous year. This increase was driven by the addition of the acquired restaurants.
The ONE Group Hospitality Inc. opened six new venues in 2024, including STK restaurants in Washington, D.C., and Aventura, Florida, and a managed STK restaurant in Ontario, Canada.
The company plans to open five to seven new venues in 2025, with several locations already under construction, including two STK restaurants in California and a Benihana restaurant in San Mateo, California.
As of December 31, 2024, the company had cash and cash equivalents of $27.6 million and long-term debt of $348.3 million. The company also issued $160 million in Series A Preferred Stock to finance the acquisition.
The ONE Group Hospitality Inc. operates in three reportable segments: STK, Benihana, and Grill Concepts, with a total of 166 venues, including 30 STKs, 84 Benihanas, 27 Kona Grills, and 16 RA Sushis.
The company continues to focus on expanding its operations domestically and internationally, with a strategy that includes owned, licensed, managed, and franchised restaurants.
The filing also details various financial agreements, including a credit agreement with Deutsche Bank AG New York Branch, which provides a $350 million term loan and a $40 million revolving credit facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The ONE Group Hospitality Inc. annual 10-K report dated March 10, 2025. To report an error, please email [email protected].
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
