ONE Group Q4 revenue down 6.7%; FY net loss widens to $92M; 2026 EBITDA target $100-110M

ONE Group Hospitality, Inc.

Q4 total GAAP revenues $207M (-6.7% YoY); comparable sales -1.8%; GAAP net loss $6M vs net income $2M last year.
FY2025 revenues $806M (+19.7%); net loss $92M vs $17M, driven by $69M tax valuation allowance and $11M impairment.
Closed six underperforming Grill locations in 2025; up to five more units to convert to Benihana/STK in 2026.
FY2026 guidance: revenues $840-855M; consolidated adjusted EBITDA $100-110M; comparable sales +1% to +3%.
Total liquidity $51M; credit facility has no financial covenants; $38-42M capex planned for 2026.

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