The ONE Group reports Q1 net loss of $2.1M; completes $365M Benihana acquisition

ONE Group Hospitality, Inc.

2024-Q1 EPS reported -$0.07 revenue$84,995,000

Q1 revenue $85.0M (+3% YoY); comparable sales down 7.9%; GAAP net loss $2.1M vs prior year net income $2.5M.
Completed acquisition of Benihana owner Safflower Holdings for $365M cash, financed with $390M term loan and $160M preferred equity.
Benihana expected to add >$500M annual revenue and ~$70M run-rate EBITDA before $20M synergies.
Updated 2024 guidance includes Benihana: total GAAP revenue $700M-$740M, adjusted EBITDA $95M-$100M.
Board authorized $5M share repurchase program; no shares bought in Q1 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

ONE Group Hospitality, Inc. reported first quarter ended March 31, 2024 results: revenue $85.0 million, net income $2.1 million, EPS $0.07 net loss per share.

Period: first quarter ended March 31, 2024
Revenue: $85.0 million
Net income: $2.1 million
EPS: $0.07 net loss per share
Result: reported results

Exact text from the filing

● Total GAAP revenues increased 3.0% to $85.0 million from $82.6 million; ● Comparable sales* decreased 7.9%; ● GAAP net loss attributable to The ONE Group was $2.1 million, or $0.07 net loss per share

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Source: SEC EDGAR

accession 0001558370-24-007042

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