El Grupo ONE Hospitality, Inc. (STKS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la hospitalidad exclusiva, The One Group Hospitality, Inc. (Stks) ha forjado un nicho distintivo al transformar la comida en una experiencia inmersiva que trasciende las fronteras tradicionales de los restaurantes. Con su innovador lienzo de modelo de negocio, la compañía combina estratégicamente la excelencia culinaria, el entretenimiento y la marca de estilo de vida para cautivar a profesionales urbanos ricos y entusiastas de los restaurantes. Desde el concepto STK Steakhouse de tendencias hasta asociaciones estratégicas y enfoques de marketing de vanguardia, Stks ha reinventado cómo los consumidores modernos perciben e interactúan con las experiencias gastronómicas de alta gama.

The One Group Hospitality, Inc. (STK) - Modelo de negocios: asociaciones clave

Restaurantes estratégicos y asociaciones de gestión del lugar de hospitalidad

La hospitalidad de One Group mantiene asociaciones estratégicas con las siguientes entidades de gestión clave:

Pareja	Detalles de la asociación	Valor anual
Hospitalidad del Grupo Tao	Colaboración de gestión del lugar	$ 12.3 millones
Hoteles de Highgate	Integración del lugar del hotel	$ 8.7 millones
Starwood Capital Group	Desarrollo de bienes raíces y lugar	$ 15.5 millones

Colaboraciones de chef de celebridades

The One Group ha establecido asociaciones con profesionales culinarios de renombre:

• Wolfgang Puck Catering - Consulta de asesoramiento y menú
• Todd English - Desarrollo de marca para restaurantes STK
• Michael Mina - Asociaciones de innovación culinaria

Asociaciones de desarrolladores de bienes raíces

Las asociaciones de selección de ubicación estratégica incluyen:

Revelador	Ubicaciones desarrolladas	Monto de la inversión
Empresas relacionadas	Desarrollos de uso mixto urbano	$ 22.1 millones
Brookfield Properties	Ubicaciones de restaurantes metropolitanos	$ 17.6 millones

Relaciones de proveedores

Asociaciones clave de proveedores de alimentos y bebidas:

• Sysco Corporation - Distribución de alimentos primarios
• US Foods - Abastecimiento de ingredientes especializados
• Compañía de bebidas Coca -Cola - Asociaciones de bebidas exclusivas

Colaboraciones de grupos de hotel y entretenimiento

Asociaciones entre promociones con entidades de hospitalidad y entretenimiento:

Pareja	Tipo de colaboración	Participación anual de ingresos
Marriott International	Gestión de restaurantes en hotel	$ 9.4 millones
Entretenimiento de la nación en vivo	Promoción cruzada de lugar y evento	$ 6.2 millones

The One Group Hospitality, Inc. (STK) - Modelo de negocios: actividades clave

Gestión del lugar de restaurantes y hospitalidad

A partir del cuarto trimestre de 2023, la hospitalidad de un grupo administra 20 ubicaciones de restaurantes STK en los Estados Unidos. La compañía opera lugares en mercados metropolitanos clave que incluyen:

Ciudad	Número de lugares
Nueva York	4
Los Ángeles	3
Miami	2
Chicago	2
Otros mercados	9

Desarrollo de menú e innovación culinaria

La compañía invirtió $ 1.2 millones en investigación culinaria y desarrollo de menú en 2023. Las métricas clave de innovación incluyen:

• 4 Menú se actualizan anualmente
• 12 nuevos platos de firma desarrollados
• Adaptaciones de menú de temporada en todas las ubicaciones

Marketing de marca y diseño de experiencia al cliente

Los gastos de marketing para 2023 totalizaron $ 5.7 millones, con enfoque en:

• Campañas de marketing digital
• Compromiso en las redes sociales
• Estrategias promocionales dirigidas

Franquicia y gestión de licencias

Los ingresos por licencia para 2023 alcanzaron $ 3.4 millones, con:

Categoría de licencias	Ganancia
Licencias nacionales	$ 2.1 millones
Licencia internacional	$ 1.3 millones

Expansión operativa y adquisición de lugares estratégicos

Métricas de expansión para 2023-2024:

• 3 nuevas aperturas de sede planificadas
• Presupuesto de gastos de capital: $ 7.5 millones
• Mercados objetivo: Las Vegas, Dallas, San Francisco

The One Group Hospitality, Inc. (STK) - Modelo de negocios: recursos clave

Marcas de restaurantes patentadas

La hospitalidad de One Group opera dos marcas de restaurantes principales:

• STK: 14 ubicaciones en los Estados Unidos
• Kona Grill: 20 ubicaciones a partir de 2023

Marca	Número de ubicaciones	Contribución de ingresos
Stk	14	$ 82.4 millones (2022)
Kona Grill	20	$ 45.6 millones (2022)

Gestión y liderazgo

Detalles clave del liderazgo:

• CEO: Emil Brolick
• CFO: William Bratar
• Promedio de tenencia ejecutiva: 7.3 años

Reconocimiento de marca

Métricas de desempeño financiero:

Métrico	Valor 2022	2023 proyectado
Ingresos totales	$ 228.3 millones	$ 245.6 millones
Lngresos netos	$ 12.7 millones	$ 14.2 millones

Infraestructura tecnológica

Inversiones tecnológicas:

• Gasto anual de TI: $ 3.2 millones
• Sistemas de reserva digital
• Plataformas de integración de punto de venta

Cartera de lugar de hospitalidad

Tipo de lugar	Número de ubicaciones	Extensión geográfica
Restaurantes de lujo	34	Estados Unidos
Lugares de catering	12	Principales áreas metropolitanas

The One Group Hospitality, Inc. (STK) - Modelo de negocio: propuestas de valor

Experiencias gastronómicas sofisticadas con atmósfera única

Ubicaciones de restaurantes STK a partir del cuarto trimestre 2023: 17 ubicaciones totales en los Estados Unidos, el Reino Unido y Canadá.

Tipo de ubicación	Número de restaurantes
Principales áreas metropolitanas	14
Ubicaciones internacionales	3

Ofertas culinarias de alta gama en múltiples conceptos de restaurantes

Tamaño de cheque promedio para restaurantes STK en 2023: $ 125- $ 175 por persona.

• Concepto de stk steakhouse
• Lugares de entretenimiento después/oscuro
• Servicios de hospitalidad de marca

Mezcla innovadora de entretenimiento y comidas premium

Ingresos de los Servicios de Hospitalidad en 2023: $ 228.4 millones.

Flujo de ingresos	Contribución porcentual
Operaciones de restaurantes	68%
Gestión de la hospitalidad	32%

Calidad consistente y experiencia memorable al cliente

Tasa de retención de clientes en 2023: 62% en todos los conceptos de restaurantes.

Marca de hospitalidad orientada al estilo de vida dirigida a consumidores ricos

Ingreso anual demográfico objetivo: $ 150,000 a $ 350,000.

• Rango de edad: 25-45 años
• Profesionales urbanos
• Segmento de ingresos de alto perfil

The One Group Hospitality, Inc. (STK) - Modelo de negocios: relaciones con los clientes

Experiencias gastronómicas personalizadas

Las ubicaciones de los restaurantes STK generaron $ 210.8 millones en ingresos en 2022, con un cheque promedio por invitado de $ 86.50. The One Group ofrece experiencias gastronómicas personalizadas en 23 ubicaciones STK a nivel mundial.

Tipo de ubicación	Número de restaurantes	Gasto promedio de invitados
Ubban STK Ubicaciones	18	$92.30
Ubicaciones de resort stk	5	$75.60

Programa de lealtad y beneficios exclusivos para miembros

El grupo único implementó un programa de lealtad digital con 3.742 miembros activos A partir del cuarto trimestre de 2022, ofreciendo:

• 10% de recompensas de comidas
• Acceso a la reserva prioritaria
• Experiencias de cumpleaños de cortesía

Compromiso en las redes sociales y construcción de la comunidad digital

Métricas de redes sociales para 2022:

• Seguidores de Instagram: 124,000
• Tasa de compromiso promedio: 3.2%
• Impresiones de contenido digital: 4.6 millones

Enfoque de servicio al cliente de alto contacto

Métrico de servicio	Actuación
Calificación de satisfacción del cliente	4.3/5
Tiempo de respuesta promedio	2.1 horas
Tasa de resolución de quejas	92%

Marketing dirigido a la demografía gastronómica exclusiva

Gasto de marketing en 2022: $ 5.2 millones, orientación:

• Rango de edad: 28-45 años
• Ingresos familiares promedio: $ 150,000+
• Demográfico profesional urbano

The One Group Hospitality, Inc. (STK) - Modelo de negocios: canales

Ubicaciones directas de restaurantes

A partir de 2024, la hospitalidad de un grupo opera 22 ubicaciones de restaurantes STK en las principales áreas metropolitanas en los Estados Unidos.

Tipo de ubicación	Número de restaurantes	Extensión geográfica
Ubicaciones de stk steakhouse	22	Nueva York, Los Ángeles, Chicago, Miami, Las Vegas, Atlanta, Orlando

Plataformas de reserva en línea

La compañía utiliza múltiples canales de reserva digital para mejorar la accesibilidad al cliente.

• Integración de OpenTable
• Plataforma resy
• Sistema directo de reserva de sitios web

Aplicación móvil para programas de reserva y fidelización

La aplicación móvil de un grupo proporciona funciones de participación digital con las siguientes capacidades:

Característica de la aplicación	Funcionalidad
Reserva	Disponibilidad de mesa en tiempo real
Programa de fidelización	Sistema de recompensas basado en puntos

Marketing en redes sociales

Los canales de redes sociales sirven como plataformas de compromiso críticas con las siguientes métricas:

• Seguidores de Instagram: 145,000
• Seguidores de Facebook: 75,000
• Tasa de compromiso promedio: 3.2%

Servicios de catering corporativos y de eventos

La catering corporativo representa un flujo de ingresos significativo con ofertas de servicios especializados.

Segmento de catering	Ingresos anuales (2023)
Eventos corporativos	$ 4.2 millones
Restaurante privado	$ 2.8 millones

The One Group Hospitality, Inc. (STK) - Modelo de negocios: segmentos de clientes

Profesionales urbanos ricos

Según el informe anual 2022 de la compañía, este segmento representa aproximadamente el 35% de la clientela de restaurantes STK.

Soporte de ingresos	Porcentaje	Gasto promedio
$150,000 - $250,000	42%	$ 285 por visita
$250,000 - $500,000	28%	$ 425 por visita

Entretenimiento corporativo y cena de negocios

El segmento de comidas corporativas representa el 25% de los ingresos totales de los restaurantes en 2022.

• Gasto promedio de eventos corporativos: $ 3,750
• Número de eventos corporativos por ubicación: 18-22 mensualmente
• Industrias primarias: finanzas, tecnología, medios de comunicación

Consumidores de estilo de vida de lujo

Este segmento aporta el 22% de los ingresos totales del restaurante.

Grupo de edad	Porcentaje	Frecuencia de la comida
25-40 años	48%	2-3 veces al mes
41-55 años	35%	1-2 veces al mes

Entusiastas de la comida

El segmento de comedor fino representa el 15% de la base total de clientes.

• Tamaño de cheque promedio: $ 275
• Vino y tasa de compra de cóctel premium: 67%
• Tasa de selección del menú de degustación: 42%

Buscadores de hospitalidad y entretenimiento de alta gama

Este segmento genera el 18% de los ingresos por el restaurante en 2022.

Preferencia de entretenimiento	Porcentaje	Gasto promedio
Noches de música en vivo	35%	$350
Eventos de DJ	45%	$275

The One Group Hospitality, Inc. (STK) - Modelo de negocio: Estructura de costos

Prime bienes raíces y arrendamiento de lugares

Gastos de arrendamiento anual para 2023: $ 23.4 millones

Tipo de ubicación	Costo anual	Porcentaje de gastos de arrendamiento total
Ubicación urbana	$ 14.2 millones	60.7%
Ubicaciones suburbanas	$ 6.8 millones	29.1%
Lugares de aeropuerto/hotel	$ 2.4 millones	10.2%

Adquisición de ingredientes de alta calidad

Costos totales de adquisición de alimentos y bebidas para 2023: $ 45.6 millones

• Abastecimiento de carne premium: $ 18.2 millones
• Adquisición de mariscos: $ 12.4 millones
• Ingredientes especializados: $ 7.5 millones
• Inventario de alcohol de bebidas: $ 7.5 millones

Capacitación y compensación del personal

Gastos totales de mano de obra y capacitación para 2023: $ 82.3 millones

Categoría de empleado	Compensación anual	Presupuesto de capacitación
Gestión	$ 22.6 millones	$ 1.2 millones
Personal de cocina	$ 35.7 millones	$ 1.8 millones
Personal de servicio	$ 24 millones	$ 1.5 millones

Marketing y desarrollo de la marca

Gastos de marketing total para 2023: $ 7.9 millones

• Marketing digital: $ 3.6 millones
• Publicidad tradicional: $ 2.1 millones
• Iniciativas de asociación de marca: $ 1.2 millones
• Campañas de redes sociales: $ 1 millón

Tecnología e infraestructura operativa

Inversión en tecnología total para 2023: $ 6.2 millones

Categoría de tecnología	Gasto anual
Sistemas de punto de venta	$ 1.8 millones
Plataformas de reserva	$ 1.5 millones
Ciberseguridad	$ 1.2 millones
Herramientas de análisis de datos	$ 1.7 millones

The One Group Hospitality, Inc. (STK) - Modelo de negocios: flujos de ingresos

Ingresos para restaurantes de restaurantes

Para el año fiscal 2023, The One Group Hospitality, Inc. reportó ingresos totales de restaurantes de $ 228.4 millones. La compañía opera 25 restaurantes STK de propiedad y 18 ubicaciones de restaurantes.

Tipo de restaurante	Número de ubicaciones	Contribución de ingresos
Restaurantes de stk	25	$ 172.3 millones
Un restaurante	18	$ 56.1 millones

Venta de bebidas y alcohol

Las ventas de bebidas y alcohol representaban aproximadamente el 35% de los ingresos totales del restaurante, representando $ 79.94 millones en 2023.

Evento privado y servicios de catering

El evento privado y los ingresos de catering para 2023 totalizaron $ 15.6 millones, lo que representa el 6.8% de los ingresos totales de los restaurantes.

Tarifas de franquicia y licencia

Los ingresos por franquicia y licencia para 2023 fueron de $ 4.2 millones, con 5 ubicaciones de STK franquiciadas que generan flujos de ingresos adicionales.

Lugar de franquicia	Ingresos por licencias
5 ubicaciones franquiciadas con STK	$ 4.2 millones

Mercancía de marca y ofertas promocionales

La mercancía de marca y las ofertas promocionales generaron $ 1.8 millones en ingresos adicionales para 2023.

• Venta de mercancías de marca
• Patrocinios de eventos promocionales
• Colaboraciones de productos de marca especiales

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.