Core Insights - The ONE Group Hospitality, Inc. has achieved significant development milestones in Q4 2025, including a major asset-light expansion in the Greater San Francisco Bay Area with a total of ten new restaurant locations [1][2] Expansion and Development - The company has entered its largest asset-light development agreement, securing rights for ten Benihana or Benihana Express locations, which will open over the next seven years, with two locations expected in 2026 [1][2] - The ONE Group is focusing on capital-efficient growth, with plans to reduce discretionary capital expenditures and prioritize new restaurant openings that require $1.5 million or less to establish [10] Performance and Strategy - The company successfully opened two new STK locations in Scottsdale, Arizona, and Oak Brook, Illinois, both showing strong early performance and demonstrating the effectiveness of its second-generation unit strategy [4][8] - The ONE Group has renewed existing franchise agreements and expanded its presence in professional sports and entertainment stadiums, which are expected to generate high-margin royalty streams [2][3][7] Product Innovation - The company launched Benihana-branded Teriyaki Flavored Crispy Chicken Chips in collaboration with Flock Foods, targeting the growing "better-for-you" snack category [9] Future Plans - The ONE Group has identified up to nine additional locations for conversion to either Benihana or STK formats, which are anticipated to be accretive to EBITDA [11]