$STKS

ONE Group Hospitality, Inc.

CIK:0001399520|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Revenues:
Owned restaurant net revenue	$ 197,284	$ 203,907	$ 406,576	$ 411,305
Management, license, franchise and incentive fee revenue	3,193	3,472	6,717	7,203
Total revenues	200,477	207,379	413,293	418,508
Owned operating expenses:
Owned restaurant cost of sales	38,544	43,190	79,078	86,310
Owned restaurant operating expenses	126,317	129,493	255,353	258,268
Total owned operating expenses	164,861	172,683	334,431	344,578
General and administrative (including stock-based compensation of $1,137 and $2,271 for the three and six periods ended June 28, 2026, respectively, and $1,470 and $3,102 for the three and six periods ended June 29, 2025, respectively)	14,008	11,662	29,030	24,753
Depreciation and amortization	11,020	10,870	21,425	20,699
Lease termination and restaurant closure expenses	919	5,635	2,884	5,706
Pre-opening expenses	2,859	1,579	4,330	3,260
Transition and integration expenses	193	3,949	659	7,668
Transaction costs	26	61	26	130
Other expenses	34	278	54	323
Total costs and expenses	193,920	206,717	392,839	407,117
Operating income	6,557	662	20,454	11,391
Other expenses, net:
Interest expense, net of interest income	9,623	10,295	19,369	20,117
Total other expenses, net	9,623	10,295	19,369	20,117
(Loss) income before (benefit) provision for income taxes	(3,066)	(9,633)	1,085	(8,726)
(Benefit) provision for income taxes	(716)	699	446	984
Net (loss) income	(2,350)	(10,332)	639	(9,710)
Less: net loss attributable to noncontrolling interest	(228)	(228)	(441)	(581)
Net (loss) income attributable to The ONE Group Hospitality, Inc.	(2,122)	(10,104)	1,080	(9,129)
Series A Preferred Stock paid-in-kind dividend and accretion	(9,856)	(8,137)	(19,251)	(15,728)
Net loss available to common stockholders	$ (11,978)	$ (18,241)	$ (18,171)	$ (24,857)
Net loss per common share (as restated, see Note 10):
Net loss per common share Basic (in dollars per share)	$ (0.36)	$ (0.56)	$ (0.55)	$ (0.76)
Net loss per common share Diluted (in dollars per share)	$ (0.36)	$ (0.56)	$ (0.55)	$ (0.76)
Weighted average common shares outstanding: Basic (in shares)	33,473,486	32,841,424	33,334,228	32,895,526
Weighted average common shares outstanding: Diluted (in shares)	33,473,486	32,841,424	33,334,228	32,895,526

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
Operating activities:
Net income (loss)	$ 639	$ (9,710)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	21,425	20,699
Non-cash lease termination and exit costs	359	3,500
Stock-based compensation	2,271	3,102
Amortization of debt issuance costs and debt original issuance discounts	1,800	1,770
Deferred taxes		945
Changes in operating assets and liabilities, net of acquisition:
Accounts receivable	11,957	2,718
Inventory	252	2,014
Other current assets	(268)	(1,105)
Security deposits	(9)	(126)
Other assets	56	(300)
Accounts payable	(314)	(1,486)
Accrued expenses	(11,341)	(9,348)
Operating lease liabilities and right-of-use assets	6,205	1,136
Other liabilities	(67)	(2,476)
Net cash provided by operating activities	32,965	11,333
Investing activities:
Purchase of property and equipment	(23,009)	(32,148)
Acquisition related payments, net of cash acquired	(618)
Net cash used in investing activities	(23,627)	(32,148)
Financing activities:
Borrowings of long-term debt	20,000
Repayments of long-term debt and financing lease liabilities	(26,808)	(1,011)
Tax-withholding obligation on stock-based compensation	(309)	(296)
Purchase of treasury stock		(905)
Net cash used in financing activities	(7,117)	(2,212)
Effect of exchange rate changes on cash	(26)	113
Net change in cash and cash equivalents and restricted cash and cash equivalents	2,195	(22,914)
Cash and cash equivalents and restricted cash and cash equivalents, beginning of period	4,667	28,075
Cash and cash equivalents and restricted cash and cash equivalents, end of period	6,862	5,161
Supplemental disclosure of cash flow data:
Interest paid, net of capitalized interest	17,611	18,426
Income taxes paid	1,024	873
Accrued purchases of property and equipment	12,021	$ 13,449
Non-cash borrowings of long-term debt for acquisition	$ 194

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 6,363	$ 4,168
Credit card receivable	10,742	19,480
Restricted cash and cash equivalents	499	499
Accounts receivable	12,169	15,389
Inventory	9,613	9,839
Other current assets	7,714	7,521
Total current assets	47,100	56,896
Property and equipment, net	283,166	278,195
Operating lease right-of-use assets	259,513	253,228
Goodwill	155,783	155,783
Intangibles, net	128,941	128,988
Other assets	8,513	8,852
Security deposits	2,287	2,254
Total assets	885,303	884,196
Current liabilities:
Accounts payable	36,635	36,633
Accrued payroll expenses	18,287	19,286
Accrued expenses	38,492	46,356
Current portion of operating lease liabilities	14,007	13,803
Deferred gift card revenue and other	5,488	6,819
Current portion of long-term debt	9,408	9,302
Other current liabilities	1,997	1,017
Total current liabilities	124,314	133,216
Long-term debt, net of current portion, unamortized discount and debt issuance costs	329,018	334,013
Operating lease liabilities, net of current portion	306,261	293,985
Other long-term liabilities	6,473	6,319
Deferred tax liabilities, net	5,187	5,187
Total liabilities	771,253	772,720
Commitments and contingencies (Note 16)
Temporary equity:
Series A preferred stock, $0.0001 par value, 160,000 shares authorized; 160,000 issued and outstanding at June 28, 2026 and December 28, 2025	210,554	191,303
Stockholders' deficit:
Common stock, $0.0001 par value, 75,000,000 shares authorized; 34,978,920 issued and 31,684,868 outstanding at June 28, 2026 and 34,520,226 issued and 31,242,344 outstanding at December 28, 2025	3	3
Preferred stock, other than Series A preferred stock, $0.0001 par value, 9,840,000 shares authorized; no shares issued and outstanding at June 28, 2026 and December 28, 2025
Treasury stock, at cost, 3,402,881 shares at June 28, 2026 and December 28, 2025	(19,308)	(19,308)
Additional paid-in capital	22,423	39,712
Accumulated deficit	(92,136)	(93,216)
Accumulated other comprehensive loss	(3,056)	(3,029)
Total stockholders' deficit	(92,074)	(75,838)
Noncontrolling interests	(4,430)	(3,989)
Total deficit	(96,504)	(79,827)
Total liabilities, Series A preferred stock and stockholders' deficit	$ 885,303	$ 884,196