ONE Group Hospitality, Inc. (NASDAQ: STKS)

ONE Group Hospitality, Inc. is an international restaurant company that develops, owns, operates, manages, franchises and licenses upscale polished casual high energy dining concepts. The company’s portfolio includes the STK modern steakhouse, the interactive Benihana teppanyaki experience, the polished casual Kona Grill and RA Sushi concepts, and its ONE Hospitality platform providing food and beverage management and consulting services to hotels and casinos.

The company generates revenue primarily from food and beverage sales at its owned and operated venues, as well as management fees, franchise fees and incentive fees derived from a percentage of managed or franchised locations’ top line revenues and net profits. In addition, ONE Hospitality earns fees for developing, managing and operating restaurants, bars, rooftop lounges, banquet and catering facilities, private dining rooms, room service and mini bars for hotel and casino clients, plus hospitality advisory and consulting fees. In 2025, average domestic restaurant revenues were $14.2 million for STK, $6.3 million for Benihana, and $3.6 million for Grill Concepts.

The company operates through the following segments: STK, Benihana, Grill Concepts, and ONE Hospitality.

• STK: This segment offers a modern twist on the American steakhouse with premium steaks, seafood, specialty cocktails and a high energy lounge atmosphere featuring a DJ and open bar area. It operates owned, managed and licensed locations in major metropolitan cities across North America, Europe and the Middle East.

• Benihana: This segment provides an interactive teppanyaki dining experience where skilled chefs prepare steak, chicken, seafood and vegetables on a hibachi grill in front of guests, complemented by fresh sushi and innovative cocktails. It includes owned and franchised restaurants primarily in the United States, Latin America and the Caribbean.

• Grill Concepts: This segment comprises the Kona Grill bar centric grill concept serving American favorites, award winning sushi and specialty cocktails, and the RA Sushi Japanese cuisine concept focused on creative sushi, inventive drinks and a vibrant bar forward atmosphere. All locations are owned and operated within the United States.

• ONE Hospitality: This segment delivers food and beverage hospitality management and consulting services to hotels and casinos, including developing, operating restaurants, bars, rooftop lounges, banquet and catering facilities, private dining rooms, room service and mini bars, as well as advisory services for high end hospitality brands.

ONE Group Hospitality competes in the highly competitive restaurant and hospitality sectors against upscale steakhouse chains such as Ruth Chris Steak House, Del Frisco’s, Fleming’s, Mastro’s and The Capital Grille; sushi and teppanyaki operators; polished casual concepts like The Cheesecake Factory, Bonefish Grill and BJ’s; and other Vibe Dining concepts including Nobu, Catch, Lavo, Zuma and Tao. The company differentiates itself through its distinctive Vibe Dining atmosphere at STK, the entertainment focused Benihana model, a diversified brand portfolio and a capital light growth strategy that leverages management, licensing and franchising to expand with lower capital investment while benefiting from system wide operating efficiencies.

The company serves diners seeking upscale, high energy dining experiences, including business professionals, tourists and social groups, as well as hospitality clients such as ME Hotel and Hippodrome Casino for its ONE Hospitality services. Its restaurant brands attract patrons looking for premium steaks, interactive teppanyaki shows, polished casual grill fare and vibrant sushi centric venues.