The ONE Group Hospitality, Inc. (STKS): Business Model Canvas

In der dynamischen Welt der gehobenen Hotellerie hat sich The ONE Group Hospitality, Inc. (STKS) eine unverwechselbare Nische geschaffen, indem es das Essen in ein umfassendes Erlebnis verwandelt, das über die Grenzen traditioneller Restaurants hinausgeht. Mit seinem innovativen Business Model Canvas verbindet das Unternehmen auf strategische Weise kulinarische Exzellenz, Unterhaltung und Lifestyle-Branding, um wohlhabende städtische Fachleute und Feinschmecker zu begeistern. Vom zukunftsweisenden STK-Steakhouse-Konzept bis hin zu strategischen Partnerschaften und innovativen Marketingansätzen hat STKS die Art und Weise, wie moderne Verbraucher erstklassige kulinarische Erlebnisse wahrnehmen und mit ihnen interagieren, neu definiert.

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften im Restaurant- und Gastronomiebereichmanagement

Die ONE Group Hospitality unterhält strategische Partnerschaften mit den folgenden wichtigen Managementeinheiten:

Partner	Einzelheiten zur Partnerschaft	Jährlicher Wert
Gastfreundschaft der Tao-Gruppe	Zusammenarbeit beim Veranstaltungsortmanagement	12,3 Millionen US-Dollar
Highgate Hotels	Integration von Hotelveranstaltungsorten	8,7 Millionen US-Dollar
Starwood Capital Group	Immobilien- und Veranstaltungsortentwicklung	15,5 Millionen US-Dollar

Kooperationen mit Starköchen

Die ONE Group hat Partnerschaften mit renommierten kulinarischen Profis aufgebaut:

• Wolfgang Puck Catering – Beratung und Menüberatung
• Todd English – Markenentwicklung für STK-Restaurants
• Michael Mina – Kulinarische Innovationspartnerschaften

Partnerschaften mit Immobilienentwicklern

Zu den strategischen Standortauswahlpartnerschaften gehören:

Entwickler	Standorte entwickelt	Investitionsbetrag
Verwandte Unternehmen	Urbane gemischt genutzte Entwicklungen	22,1 Millionen US-Dollar
Brookfield-Eigenschaften	Restaurantstandorte in der Metropolregion	17,6 Millionen US-Dollar

Lieferantenbeziehungen

Wichtige Partnerschaften mit Lebensmittel- und Getränkelieferanten:

• Sysco Corporation – Primärer Lebensmittelvertrieb
• US Foods – Beschaffung von Spezialzutaten
• Coca-Cola Beverage Company – Exklusive Getränkepartnerschaften

Kooperationen von Hotel- und Unterhaltungsgruppen

Cross-Promotion-Partnerschaften mit Unternehmen aus dem Gastgewerbe und der Unterhaltungsbranche:

Partner	Art der Zusammenarbeit	Jährlicher Umsatzanteil
Marriott International	Leitung von Hotelrestaurants	9,4 Millionen US-Dollar
Live-Nation-Unterhaltung	Cross-Promotion zwischen Veranstaltungsort und Veranstaltung	6,2 Millionen US-Dollar

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Hauptaktivitäten

Management von Veranstaltungsorten für Restaurants und Gastgewerbe

Ab dem vierten Quartal 2023 verwaltet The ONE Group Hospitality 20 STK-Restaurantstandorte in den Vereinigten Staaten. Das Unternehmen betreibt Veranstaltungsorte in wichtigen Metropolmärkten, darunter:

Stadt	Anzahl der Veranstaltungsorte
New York	4
Los Angeles	3
Miami	2
Chicago	2
Andere Märkte	9

Menüentwicklung und kulinarische Innovation

Das Unternehmen investierte im Jahr 2023 1,2 Millionen US-Dollar in kulinarische Forschung und Menüentwicklung. Zu den wichtigsten Innovationskennzahlen gehören:

• 4 Menüs werden jährlich aktualisiert
• 12 neue Signature-Gerichte entwickelt
• Saisonale Menüanpassungen an allen Standorten

Markenmarketing und Customer Experience Design

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 5,7 Millionen US-Dollar, mit Schwerpunkt auf:

• Digitale Marketingkampagnen
• Engagement in den sozialen Medien
• Gezielte Werbestrategien

Franchise- und Lizenzmanagement

Die Lizenzeinnahmen für 2023 erreichten 3,4 Millionen US-Dollar, mit:

Lizenzkategorie	Einnahmen
Inländische Lizenzierung	2,1 Millionen US-Dollar
Internationale Lizenzierung	1,3 Millionen US-Dollar

Operative Erweiterung und strategische Veranstaltungsortakquise

Expansionskennzahlen für 2023–2024:

• 3 neue Veranstaltungsorte geplant
• Investitionsbudget: 7,5 Millionen US-Dollar
• Zielmärkte: Las Vegas, Dallas, San Francisco

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Schlüsselressourcen

Eigene Restaurantmarken

Die ONE Group Hospitality betreibt zwei Hauptrestaurantmarken:

• STK: 14 Standorte in den Vereinigten Staaten
• Kona Grill: 20 Standorte ab 2023

Marke	Anzahl der Standorte	Umsatzbeitrag
STK	14	82,4 Millionen US-Dollar (2022)
Kona Grill	20	45,6 Millionen US-Dollar (2022)

Management und Führung

Wichtige Führungsdetails:

• Geschäftsführer: Emil Brolick
• Finanzvorstand: William Bratar
• Durchschnittliche Amtszeit der Führungskräfte: 7,3 Jahre

Markenbekanntheit

Finanzielle Leistungskennzahlen:

Metrisch	Wert 2022	2023 Geplant
Gesamtumsatz	228,3 Millionen US-Dollar	245,6 Millionen US-Dollar
Nettoeinkommen	12,7 Millionen US-Dollar	14,2 Millionen US-Dollar

Technologieinfrastruktur

Technologieinvestitionen:

• Jährliche IT-Ausgaben: 3,2 Millionen US-Dollar
• Digitale Reservierungssysteme
• Point-of-Sale-Integrationsplattformen

Portfolio für Hotel- und Veranstaltungsorte

Veranstaltungsorttyp	Anzahl der Standorte	Geografische Verbreitung
Gehobene Restaurants	34	Vereinigte Staaten
Gastronomiebetriebe	12	Wichtige Ballungsräume

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Wertversprechen

Anspruchsvolle kulinarische Erlebnisse mit einzigartiger Atmosphäre

STK-Restaurantstandorte ab Q4 2023: insgesamt 17 Standorte in den Vereinigten Staaten, im Vereinigten Königreich und in Kanada.

Standorttyp	Anzahl der Restaurants
Wichtige Ballungsräume	14
Internationale Standorte	3

Hochwertige kulinarische Angebote in mehreren Restaurantkonzepten

Durchschnittliche Scheckhöhe für STK-Restaurants im Jahr 2023: 125–175 $ pro Person.

• STK Steakhouse-Konzept
• AFTER/DARK-Unterhaltungsorte
• Marken-Hospitality-Dienstleistungen

Innovative Mischung aus Unterhaltung und erstklassigem Essen

Einnahmen aus Gastgewerbedienstleistungen im Jahr 2023: 228,4 Millionen US-Dollar.

Einnahmequelle	Prozentualer Beitrag
Restaurantbetrieb	68%
Hotelmanagement	32%

Gleichbleibende Qualität und unvergessliches Kundenerlebnis

Kundenbindungsrate im Jahr 2023: 62 % über Restaurantkonzepte hinweg.

Lifestyle-orientierte Hotelmarke für wohlhabende Verbraucher

Angestrebtes demografisches Jahreseinkommen: 150.000 bis 350.000 US-Dollar.

• Altersspanne: 25–45 Jahre
• Urbane Profis
• Segment mit hohem Einkommen

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte kulinarische Erlebnisse

Die STK-Restaurantstandorte erwirtschafteten im Jahr 2022 einen Umsatz von 210,8 Millionen US-Dollar, bei einem durchschnittlichen Scheck pro Gast von 86,50 US-Dollar. Die ONE Group bietet maßgeschneiderte kulinarische Erlebnisse an 23 STK-Standorten weltweit.

Standorttyp	Anzahl der Restaurants	Durchschnittliche Gästeausgaben
Städtische STK-Standorte	18	$92.30
Resort STK-Standorte	5	$75.60

Treueprogramm und exklusive Vorteile für Mitglieder

Die ONE Group hat ein digitales Treueprogramm mit implementiert 3.742 aktive Mitglieder ab dem 4. Quartal 2022:

• 10 % Restaurantprämie
• Vorrangiger Reservierungszugang
• Kostenlose Geburtstagserlebnisse

Engagement in sozialen Medien und Aufbau digitaler Gemeinschaften

Social-Media-Kennzahlen für 2022:

• Instagram-Follower: 124.000
• Durchschnittliche Engagement-Rate: 3,2 %
• Impressionen digitaler Inhalte: 4,6 Millionen

High-Touch-Kundenservice-Ansatz

Servicemetrik	Leistung
Bewertung der Kundenzufriedenheit	4.3/5
Durchschnittliche Reaktionszeit	2,1 Stunden
Beschwerdelösungsrate	92%

Gezieltes Marketing für gehobene Gastronomie-Demografien

Marketingausgaben im Jahr 2022: 5,2 Millionen US-Dollar, mit folgenden Zielen:

• Altersspanne: 28–45 Jahre
• Durchschnittliches Haushaltseinkommen: 150.000 $+
• Städtische Berufsdemografie

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Kanäle

Direkte Restaurantstandorte

Ab 2024 betreibt The ONE Group Hospitality 22 STK-Restaurantstandorte in den wichtigsten Ballungsräumen der Vereinigten Staaten.

Standorttyp	Anzahl der Restaurants	Geografische Verbreitung
STK Steakhouse-Standorte	22	New York, Los Angeles, Chicago, Miami, Las Vegas, Atlanta, Orlando

Online-Reservierungsplattformen

Das Unternehmen nutzt mehrere digitale Reservierungskanäle, um die Erreichbarkeit für Kunden zu verbessern.

• OpenTable-Integration
• Resy-Plattform
• Direktes Website-Buchungssystem

Mobile App für Buchungs- und Treueprogramme

Die mobile Anwendung der ONE Group bietet digitale Engagement-Funktionen mit den folgenden Funktionen:

App-Funktion	Funktionalität
Reservierungsbuchung	Tischverfügbarkeit in Echtzeit
Treueprogramm	Punktebasiertes Belohnungssystem

Social-Media-Marketing

Social-Media-Kanäle dienen als wichtige Engagement-Plattformen mit den folgenden Kennzahlen:

• Instagram-Follower: 145.000
• Facebook-Follower: 75.000
• Durchschnittliche Engagement-Rate: 3,2 %

Catering-Dienstleistungen für Unternehmen und Veranstaltungen

Die Unternehmensverpflegung stellt mit spezialisierten Serviceangeboten eine bedeutende Einnahmequelle dar.

Catering-Segment	Jahresumsatz (2023)
Firmenveranstaltungen	4,2 Millionen US-Dollar
Privates Essen	2,8 Millionen US-Dollar

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Kundensegmente

Wohlhabende städtische Fachkräfte

Laut dem Geschäftsbericht 2022 des Unternehmens repräsentiert dieses Segment etwa 35 % der STK-Restaurantkundschaft.

Einkommensklasse	Prozentsatz	Durchschnittliche Ausgaben
$150,000 - $250,000	42%	285 $ pro Besuch
$250,000 - $500,000	28%	425 $ pro Besuch

Firmenunterhaltung und Geschäftsessen

Das Segment Corporate Dining macht im Jahr 2022 25 % des gesamten Restaurantumsatzes aus.

• Durchschnittliche Ausgaben für Firmenveranstaltungen: 3.750 $
• Anzahl Firmenveranstaltungen pro Standort: 18-22 monatlich
• Hauptindustrien: Finanzen, Technologie, Medien

Luxus-Lifestyle-Konsumenten

Dieses Segment trägt 22 % zum gesamten Restaurantumsatz bei.

Altersgruppe	Prozentsatz	Häufigkeit des Essens
25-40 Jahre	48%	2-3 mal pro Monat
41-55 Jahre	35%	1-2 mal pro Monat

Feinschmecker

Das Segment der gehobenen Gastronomie macht 15 % des gesamten Kundenstamms aus.

• Durchschnittliche Scheckgröße: 275 $
• Kaufquote für Wein und Premium-Cocktails: 67 %
• Auswahlquote des Degustationsmenüs: 42 %

High-End-Gastronomie- und Unterhaltungssuchende

Dieses Segment generiert im Jahr 2022 18 % des Restaurantumsatzes.

Unterhaltungspräferenz	Prozentsatz	Durchschnittliche Ausgaben
Live-Musikabende	35%	$350
DJ-Events	45%	$275

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Kostenstruktur

Erstklassige Immobilien- und Veranstaltungsortvermietung

Jährliche Leasingkosten für 2023: 23,4 Millionen US-Dollar

Standorttyp	Jährliche Kosten	Prozentsatz der gesamten Leasingkosten
Städtische Standorte	14,2 Millionen US-Dollar	60.7%
Vorstadtstandorte	6,8 Millionen US-Dollar	29.1%
Flughafen-/Hotelstandorte	2,4 Millionen US-Dollar	10.2%

Beschaffung hochwertiger Zutaten

Gesamtkosten für die Beschaffung von Lebensmitteln und Getränken für 2023: 45,6 Millionen US-Dollar

• Premium-Fleischbeschaffung: 18,2 Millionen US-Dollar
• Beschaffung von Meeresfrüchten: 12,4 Millionen US-Dollar
• Spezialzutaten: 7,5 Millionen US-Dollar
• Getränkealkoholbestand: 7,5 Millionen US-Dollar

Mitarbeiterschulung und Vergütung

Gesamtarbeits- und Schulungskosten für 2023: 82,3 Millionen US-Dollar

Mitarbeiterkategorie	Jährliche Vergütung	Schulungsbudget
Management	22,6 Millionen US-Dollar	1,2 Millionen US-Dollar
Küchenpersonal	35,7 Millionen US-Dollar	1,8 Millionen US-Dollar
Servicepersonal	24 Millionen Dollar	1,5 Millionen Dollar

Marketing und Markenentwicklung

Gesamte Marketingausgaben für 2023: 7,9 Millionen US-Dollar

• Digitales Marketing: 3,6 Millionen US-Dollar
• Traditionelle Werbung: 2,1 Millionen US-Dollar
• Markenpartnerschaftsinitiativen: 1,2 Millionen US-Dollar
• Social-Media-Kampagnen: 1 Million US-Dollar

Technologie und Betriebsinfrastruktur

Gesamte Technologieinvestitionen für 2023: 6,2 Millionen US-Dollar

Kategorie „Technologie“.	Jährliche Ausgaben
Point-of-Sale-Systeme	1,8 Millionen US-Dollar
Reservierungsplattformen	1,5 Millionen Dollar
Cybersicherheit	1,2 Millionen US-Dollar
Datenanalysetools	1,7 Millionen US-Dollar

The ONE Group Hospitality, Inc. (STKS) – Geschäftsmodell: Einnahmequellen

Einnahmen aus Restaurantgastronomie

Für das Geschäftsjahr 2023 meldete The ONE Group Hospitality, Inc. einen Restaurantumsatz von insgesamt 228,4 Millionen US-Dollar. Das Unternehmen betreibt 25 eigene STK-Restaurants und 18 ONE-Restaurantstandorte.

Restauranttyp	Anzahl der Standorte	Umsatzbeitrag
STK-Restaurants	25	172,3 Millionen US-Dollar
EIN Restaurant	18	56,1 Millionen US-Dollar

Getränke- und Alkoholverkauf

Der Getränke- und Alkoholverkauf machte etwa 35 % des gesamten Restaurantumsatzes aus und belief sich im Jahr 2023 auf 79,94 Millionen US-Dollar.

Private Veranstaltungs- und Catering-Dienstleistungen

Die Einnahmen aus privaten Veranstaltungen und Catering beliefen sich im Jahr 2023 auf insgesamt 15,6 Millionen US-Dollar, was 6,8 % der gesamten Restauranteinnahmen entspricht.

Franchise- und Lizenzgebühren

Die Franchise- und Lizenzeinnahmen beliefen sich im Jahr 2023 auf 4,2 Millionen US-Dollar, wobei 5 Franchise-STK-Standorte zusätzliche Einnahmequellen generieren.

Franchise-Standorte	Lizenzeinnahmen
5 STK-Franchise-Standorte	4,2 Millionen US-Dollar

Markenartikel und Werbeangebote

Markenartikel und Werbeangebote generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 1,8 Millionen US-Dollar.

• Verkauf von Markenartikeln
• Sponsoring von Werbeveranstaltungen
• Spezielle Markenproduktkooperationen

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Value Propositions

You're looking at how The ONE Group Hospitality, Inc. (STKS) delivers distinct value across its portfolio of brands as of late 2025. The core is blending high-quality offerings with a specific atmosphere, which drives customer choice.

Vibe Dining: Upscale cuisine blended with a high-energy, social atmosphere

This value proposition is centered around the STK brand, which mixes a modern steakhouse with a chic lounge. The goal is to create a social dining experience, often featuring a DJ-curated soundtrack. This approach delivered a transaction growth of 4.1% at the flagship STK brand in the first quarter of 2025, showing customer engagement with the atmosphere. Still, the overall comparable sales for all brands were down 4.1% in Q2 2025, indicating the environment remains challenging for even high-energy concepts.

The financial performance of this segment shows the premium nature of the offering, though margins have seen pressure. For instance, the profit margin for company-owned STK revenue declined from 17.7% in Q1 2025 to 15.9% in Q2 2025 amid elevated costs. To give you a concrete example of the upscale nature, dinner pricing at STK NYC Midtown begins at $95 per person.

The ONE Group Hospitality, Inc. operates a total of 30 STK venues as of early 2025, which are key drivers of their revenue, which reached $211.1 million in Q1 2025.

Experiential dining through Benihana's interactive teppanyaki chefs

For the Benihana concept, the value is in the interactive entertainment provided by the teppanyaki chefs alongside the meal. This experiential element helped this brand achieve positive comparable sales of 0.7% in the first quarter of 2025, contrasting with the overall consolidated comparable sales decline.

Premium American steakhouse experience with high-quality cuts at STK

Beyond the vibe, STK offers premium cuts, supporting its positioning as a superior steakhouse. This is evident in menu pricing, where specific premium offerings are priced high, such as the Kagoshima Prefecture A5 Picanha at $109 for 6oz or the Masami Ranch California Strip at $149 for 12oz. The company is working to maintain this quality while managing costs, as seen in the margin compression noted earlier.

Polished casual, bar-centric grill concept for broader appeal (Kona Grill)

Kona Grill targets a broader audience with its polished casual, bar-centric grill concept, serving American cuisine, sushi, and specialty cocktails. As of early 2025, The ONE Group Hospitality, Inc. operated 27 Kona Grill locations. Historically, in 2023, the average Kona Grill restaurant generated revenues of approximately $5.2 million, with an average spend per transaction of $63. The company believes it can grow the Kona Grill brand to 200 restaurants over the foreseeable future.

Turnkey F&B management for high-end hospitality venues

The ONE Hospitality platform provides fee-based solutions, including developing, managing, and operating F&B services for hotels and casinos. This is a capital-light strategy for growth. The ONE Group Hospitality, Inc. typically targets these F&B hospitality service opportunities where they believe they can generate at least $500,000 of annual pre-tax income. As of early 2025, this segment included 9 F&B venues across four hotels and casinos in the United States and Europe.

The value propositions contribute to the overall financial picture, with The ONE Group Hospitality, Inc. reiterating full-year 2025 GAAP guidance for total revenue between $835 million and $870 million.

Here is a quick summary of the brand footprint contributing to these value propositions as of early 2025:

Brand Concept	Owned/Operated/Managed/Licensed Venues (Early 2025)	Q1 2025 Sales Performance Indicator	Example Pricing/Metric
STK	30 (Owned, Managed, Licensed)	Transaction Growth: 4.1%	Dinner Start Price: $95
Benihana	84 (Owned, Managed, Licensed)	Same Store Sales: 0.7%	Part of Consolidated Sales: -3.2% (Q1 2025)
Kona Grill	27 (Owned)	2023 Average Revenue: $5.2 million	2023 Average Spend per Transaction: $63
ONE Hospitality (F&B Mgmt)	9 F&B Venues	Target Annual Pre-Tax Income: $500,000 per opportunity	Management fees calculated as a percentage of operation's revenues

The company's overall financial health reflects the integration of these value drivers. Total GAAP revenues for Q2 2025 were $207.4 million, and Adjusted EBITDA for Q1 2025 grew 233% to $25.2 million.

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Customer Relationships

You're looking at how The ONE Group Hospitality, Inc. (STKS) keeps guests coming back, which is critical when consolidated comparable sales dropped by 5.9% year on year in Q3 2025. The focus here is on building deep, measurable relationships across their portfolio of brands.

Friends with Benefits loyalty program for repeat visits and engagement

The Friends with Benefits rewards program is central to driving repeat visits. The company is focused on growing this program to fuel long-term business growth. As of the third quarter of 2025, the program had amassed over 6.5 million members. That's a significant base, with the program adding over 200,000 new members just during Q3 2025. The program's structure is designed to reward spend across all participating venues, including STK Steakhouse, Kona Grill, Benihana, RA Sushi, Samurai, or Salt Water Social.

Here's a breakdown of the core value proposition for members:

• Earn 1 point for every dollar spent.
• Receive a $50 birthday reward annually.
• Get a free appetizer instantly upon signing up.
• Access to exclusive events, promotions, and giveaways.

The management's stated objectives for the program are clear: maximize membership size, drive organic sign-ups, and increase member engagement to strengthen brand connection and repeat visits.

High-touch, superior service model to support the Vibe Dining concept

The Vibe Dining concept relies on this superior service, which is measurable in the unit economics of the core brands. High quality, they believe, drives customer satisfaction, which supports premium pricing and better margins. For instance, in the first quarter of 2025, the flagship STK brand achieved a restaurant-level EBITDA margin of 17.7%, while Benihana hit 20.1%. This operational profitability is the financial proof of the service model's success, even when consolidated comparable sales were negative 5.9% in Q3 2025.

The service model is also adapting to consumer intent. For example, The ONE Group Hospitality, Inc. (STKS) introduced a new premium holiday menu featuring Wagyu and premium seafood to align with selective diners who are more intentional about their choices.

The relationship between service quality and financial performance is evident in the brand strength:

Brand/Metric	Financial/Statistical Data (Latest Reported Period)	Significance to Customer Relationship
STK Brand Transactions	4.1% increase in Q1 2025.	Direct indicator of drawing repeat and new customers.
STK Restaurant-Level EBITDA Margin	17.7% in Q1 2025.	Profitability supported by premium service and pricing.
Benihana Restaurant-Level EBITDA Margin	20.1% in Q1 2025.	Strong unit economics supporting the service investment.
New Benihana Location (San Mateo)	Annualizing at approximately $8 million in revenue.	Demonstrates successful concept execution in new markets.

Mobile-optimized brand websites to increase traffic and conversion rates

The ONE Group Hospitality, Inc. (STKS) has actively upgraded its digital storefronts. They rolled out fresh, mobile-optimized designs for Benihana, STK, Kona Grill, and RA Sushi, which are reported to be increasing both traffic and conversion rates. This focus on digital experience is vital, as general industry data shows that while mobile accounts for about 73% of all traffic, desktop still converts at roughly 2x the rate of mobile (4.3% vs 2.2% in one 2025 benchmark). For the food and beverage industry specifically, the average conversion rate in 2025 was cited in the range of 4.9% to 7.06%. Improving the mobile experience directly addresses the traffic share disparity to capture more of that high-volume mobile audience.

Targeted marketing to selective diners focused on premium offerings

The marketing strategy is geared toward the intentional diner, which aligns with the premium menu shifts mentioned earlier. This targeted approach is supported by general digital marketing trends showing that personalized experiences drive consumer action. For instance, data suggests that 80% of consumers are more likely to purchase from brands that offer personalized experiences. Furthermore, data-driven advertising is expected to yield significantly better results, with general statistics indicating data-driven ads deliver 3x higher conversion rates than non-targeted ones. The company's focus on premium offerings, like Wagyu, is a direct application of targeting diners who are less sensitive to macro-economic uncertainty and more focused on high-value experiences.

Finance: draft 13-week cash view by Friday.

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Channels

The ONE Group Hospitality, Inc. (STKS) utilizes a multi-channel approach to capture revenue, balancing capital investment with asset-light expansion.

Company-owned restaurants (primary channel for revenue)

Company-owned operations form the core revenue base, though the strategic focus is shifting toward capital-efficient models.

Metric	Value (Q3 2025)	Value (FY 2025 Guidance - Updated)
Company Owned Restaurants Net Revenue	$177.4 million	Implied from Total GAAP Revenue of $820M - $825M minus Managed/Franchise Revenue of $14M - $15M
Company Owned Restaurant Operating Expenses (% of Net Revenue)	67.6%	Approximately 83.5% (Total Company Owned Operating Expenses as % of Company Owned Restaurant Net Revenue)
Company Owned Restaurant Cost of Sales (% of Net Revenue)	21.1%	N/A
Restaurant Operating Profit (% of Owned Net Revenue)	11.3%	N/A
New Company-Owned Locations Opened (H1 2025)	3	Plan to open five to six Company-owned locations annually (Long-term plan)
STK Unit Projected Annual Revenue	N/A	Approximately $11 million per unit

The company closed 5 Grill Concept locations.

Franchised and licensed locations for capital-efficient growth

This channel supports capital-efficient expansion, with long-term targets leaning heavily on third-party operation.

Metric	Value (Q3 2025 Actual)	Value (FY 2025 Guidance - Updated)
Managed, Franchise, and License Fee Revenues	$2.8 million	$14 million to $15 million
STK Long-Term Unit Target	N/A	200 global restaurants, with 50% managed by third parties
Benihana Long-Term Unit Target	N/A	400 units, with 50 to 100 franchised
New Franchise Openings (H1 2025)	1 (Second Benihana Express)	Long-term goal: Over 60% of total footprint to be franchise, licensed, and managed

Managed F&B services in hotels, casinos, and resorts (ONE Hospitality)

The ONE Group Hospitality, Inc. provides hospitality management services across various high-end venues, which is captured within the managed/licensed revenue streams.

• Managed STK restaurant opened in Ontario, Canada in 2024.
• The company targets asset-light development of managed STKs and Kona Grills.

Non-traditional venues like professional sports stadiums and airports

Specific standalone financial data for stadiums and airports is not separately itemized, but these venues fall under the managed/licensed segment.

• The second Benihana Express opened in May 2025 at Bayside Marketplace.

The ONE Group Hospitality, Inc. reported Total GAAP Revenues for Q3 2025 of $180.2 million.

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Customer Segments

You're looking at who The ONE Group Hospitality, Inc. (STKS) is serving right now, based on the latest operational data through late 2025. It's a mix, but the premium end is definitely driving the higher spend per head.

Affluent, upscale diners seeking a high-energy, social experience

This segment is primarily targeted by the STK brand, which is positioned as a modern steakhouse blending a chic lounge feel. The experience is designed to be a social destination, complete with a DJ playing music throughout the restaurant. For owned and managed STK restaurants open at least 24 months at the end of 2024, the average check per person was $127. This group is still showing engagement; STK transactions grew by 4.1% in the first quarter of 2025, and saw a 2.8% increase in customer transactions in the second quarter of 2025. The bar component is significant here, as beverage sales accounted for approximately 22% of owned STK restaurant revenues in 2024.

Corporate and group event organizers for private dining and buyouts

While direct revenue segmentation for private events isn't public, the focus on high-end metropolitan locations suggests this segment is crucial for large-format bookings. The company is expanding into markets with demographic and discretionary spending profiles that favor their high-end concept, a key consideration when scouting new sites. The average domestic restaurant revenue for an owned/managed STK open over 24 months in 2024 was $15.5 million.

International travelers and tourists in major metropolitan markets

The ONE Group Hospitality, Inc. operates STK restaurants across North America, Europe, and the Middle East. The strategy involves targeting metropolitan areas, which naturally captures a significant portion of international visitors. The company plans to open between five to seven new venues in the full year 2025.

Polished casual diners seeking a bar-centric, diverse menu

This group is served by the Grill Concepts segment, which includes Kona Grill and RA Sushi. Kona Grill is specifically described as a bar-centric grill concept featuring American favorites in a polished casual atmosphere. In 2024, the average transaction at Kona Grill was $64. For the Benihana brand, which also contributes to this segment, the average transaction in 2024 was $111 for owned restaurants. The company is working to diversify menus, like at Kona Grill, to reduce reliance on categories facing market pressures.

Here's a quick look at the average spend metrics we have for the core concepts based on 2024 data:

Brand Concept	Average Transaction/Check (2024)	Average Domestic Restaurant Revenue (2024)
STK (Owned/Managed, 24+ months)	$127	$15.5 million
Benihana (Owned)	$111	$6.5 million
Kona Grill (Owned)	$64	$3.9 million

The customer base is also being actively engaged through digital channels and loyalty efforts. The Friends with Benefits loyalty program is a key tool for driving repeat visits across the portfolio. As of the third quarter of 2025, the program has grown to over 6.5 million members.

• STK owned restaurant beverage sales were approximately 22% of revenue in 2024.
• STK saw transaction growth of 4.1% in Q1 2025.
• Benihana same store sales increased by 0.7% in Q1 2025.
• The company planned to open five to seven new venues in fiscal year 2025.

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive The ONE Group Hospitality, Inc.'s (STKS) operational expenses as of late 2025. Honestly, managing costs in this high-end, experiential dining space is all about controlling the big buckets, especially after integrating a brand like Benihana.

The company provided specific guidance for its full-year 2025 cost structure metrics during its Q3 earnings call. These figures show where the majority of the revenue dollar is going before we even get to corporate overhead. For instance, the company-owned restaurant operating expenses-think daily running costs like labor, utilities, and supplies, excluding the direct cost of food-were projected to be approximately 83.5% of company-owned restaurant net revenue for fiscal year 2025.

Then you have the direct cost of what you serve. The cost of sales, which definitely includes protein sourcing, which is a huge driver for STK and Benihana, was guided to be about 21.1% of company-owned restaurant net revenue for the full year 2025. To be fair, this was slightly up from 20.9% in the prior year quarter, showing that commodity inflation was definitely still biting.

Here's a quick look at those key operational cost percentages from the full-year 2025 guidance:

Cost Category	Percentage of Company-Owned Net Revenue (FY2025 Guidance)
Company-Owned Restaurant Operating Expenses	83.5%
Cost of Sales (Including Protein Sourcing)	21.1%

Moving up to the corporate level, general and administrative costs (G&A), excluding stock-based compensation, were projected to land around $46 million for the full fiscal year 2025. For context, the G&A for Q2 2025 alone was reported at $11.662 million.

When you look at capital expenditures for new venues and relocations, the strategy is shifting toward a more capital-light approach, but investment is still happening. The company planned to open five to seven new venues in 2025. The anticipated net capital expenditure per new location was estimated to be between $3 million and $5 million per site. While the specific total net CapEx figure of $50 million wasn't confirmed in the latest reports, the per-unit investment is clear.

Finally, the cost of real estate itself, particularly for those high-end, destination spots, is a major factor. While we don't have a specific 2025 occupancy cost percentage for The ONE Group Hospitality, Inc., we do see the impact of existing leases. For example, Q2 2025 included $5.6 million in lease exit costs related to shutting down underperforming grill locations, which definitely shows the financial weight of those real estate commitments.

You should keep an eye on a few other related costs:

• Restaurant pre-opening expenses were guided to be between $5 million and $6 million for FY2025.
• The Q3 GAAP net loss was heavily impacted by a non-cash loss on impairment of $3.4 million related to the Grill optimization strategy.
• The company maintained a strong liquidity position, reporting $45 million in liquidity as of the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

The ONE Group Hospitality, Inc. (STKS) - Canvas Business Model: Revenue Streams

The ONE Group Hospitality, Inc. (STKS) revenue streams are primarily driven by its owned and operated restaurant concepts, supplemented by asset-light management and franchise agreements.

Total GAAP revenues for fiscal year 2025 are projected to be between $820,000,000 and $825,000,000. This projection is based on anticipated consolidated comparable sales declines of between 2% and 3% for the full year.

The largest component of revenue comes from the direct operation of its venues.

For example, in the third quarter of 2025, company-owned restaurants net revenue totaled $177,400,000, representing the vast majority of the $180.2 million in total GAAP revenues for that quarter.

The asset-light segment provides a smaller, but consistent, revenue stream.

Managed, franchise, and license fee revenues are projected to be between $14,000,000 and $15,000,000 for fiscal year 2025. In the third quarter of 2025, this specific stream generated $2,800,000, down from $3,400,000 in the prior year quarter.

The ONE Group Hospitality, Inc. (STKS) revenue composition can be viewed through the lens of its most recent reported quarter's breakdown:

Revenue Stream Component	Q3 2025 Actual Amount	FY 2025 Projection Range
Company-owned restaurant net revenue	$177,400,000	Implied to be the majority of $820M - $825M
Managed, franchise, and license fee revenues	$2,800,000	$14,000,000 to $15,000,000
Total GAAP Revenues (TTM as of Nov 2025)	N/A	$820.6 million (TTM)

The revenue generated from sales of premium food and beverage, including high-margin alcohol, is embedded within the company-owned restaurant net revenue figure. The ONE Group Hospitality, Inc. (STKS) focuses on upscale and experiential dining, suggesting a high proportion of revenue from alcohol sales, though a specific dollar amount for this sub-segment is not separately itemized in the available guidance.

Revenue from F&B consulting and management fees from third-party venues is captured within the broader managed, franchise, and license fee category, which has the $14 million to $15 million projection for the full year 2025.

Key drivers contributing to the company-owned revenue include:

• STK brand transaction growth.
• Performance of acquired brands like Benihana.
• Comparable sales trends across the portfolio.