ONE Group Hospitality Business Summary

The ONE Group Hospitality, Inc. (STKS) operates as a global leader in the "vibe dining" sector, generating revenue primarily through company-owned restaurant sales, which accounted for approximately 98% of total GAAP revenue in 2025. The company’s business model is currently transitioning toward an asset-light strategy, targeting a footprint where 60% of venues are managed, licensed, or franchised to drive higher-margin recurring fees. Its primary business segments include STK Steakhouse, a high-energy upscale brand; Benihana, the iconic teppanyaki chain acquired in 2024; and Kona Grill, a polished casual concept. Following the transformative $365 million acquisition of Benihana, the company has focused on portfolio optimization, including the conversion of underperforming RA Sushi and Grill Concepts locations into higher-yielding STK or Benihana formats. Direct competitors include Darden Restaurants, Inc., GEN Restaurant Group, Inc., and Red Robin Gourmet Burgers, Inc.; within this landscape, STKS differentiates itself by blending premium culinary offerings with a chic, social atmosphere that achieves industry-leading unit economics, particularly within its flagship STK brand. Founded in 2004 by Executive Chairman Jonathan Segal, who brings over 35 years of hospitality experience, the company is led by President and CEO Emanuel “Manny” Hilario, a seasoned executive with a background as CFO of Sizzling Platter and COO of Einstein Noah Restaurant Group. The leadership team was further strengthened in September 2025 with the appointment of Nicole Thaung as Chief Financial Officer, who previously served as CFO of Benihana and spent nearly a decade at Ernst & Young. Other key executives include Chief Information Officer Daniel Cunningham and SVP of Operations Caroline O’Mahony Baker, a long-term veteran of the firm since 2008. The company’s strategic direction is supported by a board featuring notable industry figures such as Michael Serruya, co-founder of Yogen Früz and CEO of Serruya Private Equity, and is backed by significant institutional investors including Kanen Wealth Management and Nantahala Capital Management.