The ONE Group Hospitality, Inc. (STKS)

The ONE Group Hospitality reported second-quarter 2026 revenue of $200.5 million, down 3.3 percent, which it ties to closing restaurants in its Grill Concepts group 2.

Operating income rose to $6.6 million from $0.7 million a year earlier, which the company credits mainly to better restaurant operating profit 2.

On 22 September 2026 the board named Caroline O'Mahony Baker chief operating officer, adding Grill Concepts and Benihana operations to her duties 3.

On 30 June 2026 the audit committee dismissed Deloitte and engaged Grant Thornton for the year ending 27 December 2026 4.

The company describes itself as an international restaurant company that develops, owns, manages, franchises and licenses upscale, high-energy restaurants 1.

The biggest turning point came on 1 May 2024, when it bought all of Safflower Holdings Corp. in what it calls the Benihana Acquisition 1.

The purchase took $369.8 million in cash in 2024, net of cash acquired 1.

Alongside the deal it signed a credit agreement with a $350.0 million term loan and raised $138.9 million from preferred stock and warrants 1.

Revenue rose 19.7 percent to $805.7 million in 2025 from $673.3 million in 2024, mostly because of that acquisition 1.

Same store sales, which compare restaurants open in both periods, fell 3.7 percent across the company that year 1.

The Grill Concepts group, meaning Kona Grill and RA Sushi, did worst, with owned same store sales down 12.5 percent 1.

In response it closed four Kona Grill restaurants and two RA Sushi restaurants in 2025 1.

Operating income slipped to $8.0 million from $8.9 million in 2024 1.

A net loss of $92.2 million in 2025 came mainly from a non-cash tax valuation allowance booked in the third quarter, an accounting charge that uses no cash 1.

What it sells

It owns, operates, manages, licenses or franchises 158 venues, among them 31 STKs, 86 Benihanas, 23 Kona Grills and 12 RA Sushis 1.

It also runs 6 food and drink venues inside hotels and casinos under the name ONE Hospitality 1.

STK

STK is a modern American steakhouse with a DJ and a lounge feel, which the company calls Vibe Dining 1.

In 2025 owned and managed STKs open at least 24 months averaged $14.2 million in restaurant revenue and a $129 check per person 1.

Benihana

Benihana seats guests around a hibachi grill where chefs cook in front of them 1.

In 2025 owned Benihanas averaged $6.3 million in revenue and a $116 average transaction 1.

Grill Concepts

Kona Grill and RA Sushi are bar-centric grill and sushi restaurants, and in 2025 the average one took in $3.6 million with a $64 average transaction 1.

People and rivals

It employs about 9,500 people worldwide, counting about 400 it manages for others 1.

It names steakhouse chains such as Ruth Chris Steak House, Del Frisco's and Mastro's, and Vibe Dining rivals such as Nobu and Catch, as competitors 1.

The umbrella, in words

The company says it owns no real property, and each owned restaurant sits in premises leased by its operating subsidiary 1.

It owns all of Safflower Holdings Corp., bought on 1 May 2024, which brought in Benihana 1.

Its lenders under the credit agreement include Deutsche Bank, HPS Investment Partners and HG Vora Capital Management, a contract rather than a stake 1.

The company says it intends to add six to ten new venues in 2026 1.

It expects to open three to five STKs and three to five Benihanas or Benihana Expresses a year 1.

It plans to convert up to nine more Company-owned Grill restaurants to Benihana or STK formats, five of them by the end of 2026 1.

In December 2025 it secured rights to develop ten Benihana or Benihana Express restaurants in the Greater San Francisco Bay Area with an experienced operator 1.

Its term loan matures on 30 April 2029 1.

No clue on file points to a new direction yet.