The ONE Group Hospitality(US:STKS)2025-05-07 20:15Financial Performance - Total revenues increased 148.4% to $211.1 million from $85.0 million[6] - Adjusted EBITDA grew 233% to $25.2 million from $7.6 million, significantly exceeding top-line growth[2] - Operating income increased by $11.3 million to $10.7 million from an operating loss of $0.6 million[6] - GAAP net loss available to common stockholders was $6.6 million, or $0.21 net loss per share[6] - Net income attributable to The ONE Group Hospitality, Inc. was $975,000 for Q1 2025, a recovery from a net loss of $2,069,000 in Q1 2024[21] - Adjusted net income for the three months ended March 30, 2025, was $4,586, compared to an adjusted net loss of $631 for the same period in 2024[35] - The company reported a net loss available to common stockholders of $6,616 for the three months ended March 30, 2025, compared to a net loss of $2,069 for the same period in 2024[35] Revenue Breakdown - Owned restaurant net revenue accounted for 98.2% of total revenues in Q1 2025, compared to 95.9% in Q1 2024[23] - Total food and beverage sales at owned and managed units reached $241,201,000 for the three months ended March 30, 2025, up from $109,612,000 in the same period of 2024[27] Sales and Transactions - Benihana same store sales increased 0.7% while STK transactions increased 4.1%[1] - Same Store Sales for US STK Total Restaurants decreased by 3.6% in Q1 2025 compared to Q1 2024[28] - Consolidated comparable sales are expected to decline between -5.5% and -4% for Q2 2025[8] Operational Efficiency - General and administrative expenses as a percentage of total revenues decreased to 6.2% in Q1 2025 from 8.9% in Q1 2024[23] - Adjusted EBITDA is defined as net income before interest expense, taxes, depreciation, and other non-recurring items, providing a clearer view of operational performance[28] Future Outlook - The company plans to open five to seven new venues in 2025[3] - For Q2 2025, total GAAP revenues are guided to be between $205 million and $210 million[8] - The company aims to deliver at least $20 million in acquisition synergies by 2026[2] Assets and Liabilities - The company has $34.1 million in cash and short-term credit card receivables as of March 30, 2025[5] - Total current assets decreased to $63,850,000 as of March 30, 2025, from $69,326,000 as of December 31, 2024[25] - Total liabilities decreased to $752,886,000 as of March 30, 2025, from $758,749,000 as of December 31, 2024[25] Profitability Metrics - Restaurant Operating Profit for the three months ended March 30, 2025, was $35,503, which is 17.1% of owned restaurant net revenue, compared to 16.1% for the same period in 2024[32] - Restaurant EBITDA for the three months ended March 30, 2025, was $33,951, representing 16.4% of owned restaurant net revenue, up from 15.9% in the same period of 2024[32] - The STK restaurant operating profit for the three months ended March 30, 2025, was $10,136, which is 18.5% of STK revenue, down from 21.6% in the same period of 2024[33] - Benihana restaurant operating profit for the three months ended March 30, 2025, was $22,886, representing 19.8% of Benihana revenue[33] - Core Grill Concepts restaurant operating profit for the three months ended March 30, 2025, was $2,767, which is 8.0% of Grill Concepts revenue, down from 8.6% in the same period of 2024[33]