The One Group Hospitality, Inc. (STKS): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'hospitalité haut de gamme, The One Group Hospitality, Inc. (STKS) a creusé un créneau distinctif en transformant la salle à manger en une expérience immersive qui transcende les limites traditionnelles du restaurant. Avec sa toile innovante du modèle commercial, l'entreprise mélange stratégiquement l'excellence culinaire, le divertissement et la marque de style de vie pour captiver les professionnels urbains riches et les amateurs de gastronomies. Du concept de steakhouse STK à la tendance aux partenariats stratégiques et aux approches de marketing de pointe, STK a repensé à la façon dont les consommateurs modernes perçoivent et s'engagent dans les expériences culinaires haut de gamme.

The One Group Hospitality, Inc. (STKS) - Modèle commercial: partenariats clés

Partenariats stratégiques de gestion des sites de restaurants et d'hôtellerie

L'hospitalité d'un groupe entretient des partenariats stratégiques avec les principales entités de gestion suivantes:

Partenaire	Détails du partenariat	Valeur annuelle
Hospitalité du groupe Tao	Collaboration de gestion des sites	12,3 millions de dollars
Hôtels Highgate	Intégration du lieu de l'hôtel	8,7 millions de dollars
Starwood Capital Group	Développement de l'immobilier et du lieu	15,5 millions de dollars

Collaborations de chefs de célèbre

Le seul groupe a établi des partenariats avec des professionnels culinaires renommés:

• Wolfgang Puck Catering - consultation consultative et menu
• Todd English - Développement de marque pour les restaurants STK
• Michael Mina - Partenariats de l'innovation culinaire

Partenariats de promoteurs immobiliers

Les partenariats de sélection de localisation stratégique comprennent:

Promoteur	Emplacements développés	Montant d'investissement
Entreprises connexes	Développements à usage mixte urbain	22,1 millions de dollars
Propriétés de Brookfield	Emplacements de restaurants métropolitains	17,6 millions de dollars

Relations avec les vendeurs

Partenariats clés des fournisseurs de nourriture et de boissons:

• Sysco Corporation - Distribution alimentaire primaire
• US Foods - Spécialité d'ingrédients Sourcing
• Coca-Cola Beverage Company - Partenariats de boissons exclusives

Collaborations du groupe d'hôtel et de divertissement

Partenariats inter-promotionnels avec des entités hôtelières et de divertissement:

Partenaire	Type de collaboration	Part des revenus annuels
Marriott International	Gestion des restaurants en hôtel	9,4 millions de dollars
Divertissement en direct	Lieu et événement entre promotion	6,2 millions de dollars

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: Activités clés

Gestion du lieu de restauration et d'hospitalité

Au quatrième trimestre 2023, l'hospitalité One Group gère 20 emplacements de restaurants STK aux États-Unis. La société exploite des lieux sur les principaux marchés métropolitains, notamment:

Ville	Nombre de sites
New York	4
Los Angeles	3
Miami	2
Chicago	2
Autres marchés	9

Développement de menu et innovation culinaire

La société a investi 1,2 million de dollars dans la recherche culinaire et le développement de menu en 2023. Les principales métriques de l'innovation comprennent:

• 4 menu Rafraîchisse chaque année
• 12 nouveaux plats de signature développés
• Adaptations de menu saisonnier dans tous les emplacements

Marketing de marque et conception d'expérience client

Les dépenses de marketing pour 2023 ont totalisé 5,7 millions de dollars, en mettant l'accent sur:

• Campagnes de marketing numérique
• Engagement des médias sociaux
• Stratégies promotionnelles ciblées

Gestion de la franchise et des licences

Les revenus de licence pour 2023 ont atteint 3,4 millions de dollars, avec:

Catégorie de licence	Revenu
Licence nationale	2,1 millions de dollars
Licence internationale	1,3 million de dollars

Expansion opérationnelle et acquisition stratégique des lieux

Métriques d'expansion pour 2023-2024:

• 3 nouvelles ouvertures de lieu prévues
• Budget des dépenses en capital: 7,5 millions de dollars
• Marchés cibles: Las Vegas, Dallas, San Francisco

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: Ressources clés

Marques de restaurants propriétaires

L'hospitalité One Group exploite deux marques de restaurants primaires:

• STK: 14 emplacements à travers les États-Unis
• Kona Grill: 20 emplacements à partir de 2023

Marque	Nombre d'emplacements	Contribution des revenus
STK	14	82,4 millions de dollars (2022)
Kona Grill	20	45,6 millions de dollars (2022)

Gestion et leadership

Détails clés du leadership:

• PDG: Emil Brolick
• CFO: William Bratar
• Pureur exécutif moyen: 7,3 ans

Reconnaissance de la marque

Métriques de performance financière:

Métrique	Valeur 2022	2023 projeté
Revenus totaux	228,3 millions de dollars	245,6 millions de dollars
Revenu net	12,7 millions de dollars	14,2 millions de dollars

Infrastructure technologique

Investissements technologiques:

• Dépenses informatiques annuelles: 3,2 millions de dollars
• Systèmes de réservation numérique
• Plates-formes d'intégration au point de vente

Portfolio de lieu d'hospitalité

Type de lieu	Nombre d'emplacements	Propagation géographique
Restaurants haut de gamme	34	États-Unis
Lieux de restauration	12	Principales zones métropolitaines

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: propositions de valeur

Expériences culinaires sophistiquées avec une atmosphère unique

Emplacements du restaurant STK auprès du quatrième trimestre 2023: 17 Emplacements totaux à travers les États-Unis, le Royaume-Uni et le Canada.

Type d'emplacement	Nombre de restaurants
Principales zones métropolitaines	14
Lieux internationaux	3

Offres culinaires haut de gamme sur plusieurs concepts de restaurants

Taille du chèque moyen pour les restaurants STK en 2023: 125 $ - 175 $ par personne.

• Concept de steakhouse STK
• LIEUX DE DÉTERATION DU DARK
• Services d'accueil de marque

Mélange innovant de divertissement et de repas premium

Revenus des services hôteliers en 2023: 228,4 millions de dollars.

Flux de revenus	Pourcentage de contribution
Opérations de restaurant	68%
Gestion hôtelière	32%

Qualité cohérente et expérience client mémorable

Taux de rétention de la clientèle en 2023: 62% entre les concepts des restaurants.

Marque hospitalière axée sur la vie ciblant les consommateurs aisés

Target Du Revenu annuel démographique: 150 000 $ à 350 000 $.

• Tranche d'âge: 25 à 45 ans
• Professionnels urbains
• Segment de revenu élevé

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: relations avec les clients

Expériences culinaires personnalisées

Les emplacements du restaurant STK ont généré 210,8 millions de dollars de revenus en 2022, avec un chèque moyen par invité de 86,50 $. Le seul groupe propose des expériences de restauration personnalisées dans 23 emplacements STK dans le monde.

Type d'emplacement	Nombre de restaurants	Dépenses moyennes des clients
Emplacements de STK urbains	18	$92.30
Emplacements STK du complexe	5	$75.60

Programme de fidélité et avantages exclusifs des membres

Le seul groupe a mis en œuvre un programme de fidélité numérique avec 3 742 membres actifs Depuis le quatrième trimestre 2022, l'offre:

• 10% de récompenses de restauration
• Accès de réservation prioritaire
• Expériences d'anniversaire gratuites

Engagement des médias sociaux et renforcement de la communauté numérique

Mesures des médias sociaux pour 2022:

• Followers Instagram: 124 000
• Taux d'engagement moyen: 3,2%
• Impressions de contenu numérique: 4,6 millions

Approche de service client à haut toucher

Métrique de service	Performance
Évaluation de satisfaction du client	4.3/5
Temps de réponse moyen	2,1 heures
Taux de résolution des plaintes	92%

Marketing ciblé à la démographie à la restauration haut de gamme

Dépenses marketing en 2022: 5,2 millions de dollars, ciblage:

• Tranche d'âge: 28 à 45 ans
• Revenu moyen des ménages: 150 000 $ +
• Démographique professionnelle urbaine

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: canaux

Emplacements des restaurants directs

Depuis 2024, l'hospitalité One Group exploite 22 emplacements de restaurants STK dans les grandes régions métropolitaines aux États-Unis.

Type d'emplacement	Nombre de restaurants	Propagation géographique
Emplacements de steakhouse STK	22	New York, Los Angeles, Chicago, Miami, Las Vegas, Atlanta, Orlando

Plateformes de réservation en ligne

L'entreprise utilise plusieurs canaux de réservation numérique pour améliorer l'accessibilité des clients.

• Intégration ouverte
• Resy Platform
• Système de réservation de site Web direct

Application mobile pour les programmes de réservation et de fidélité

L'application mobile du seul groupe fournit des fonctionnalités d'engagement numérique avec les capacités suivantes:

Fonctionnalité d'application	Fonctionnalité
Réservation de réservation	Disponibilité du tableau en temps réel
Programme de fidélité	Système de récompenses basé sur des points

Marketing des médias sociaux

Les canaux de médias sociaux servent de plateformes d'engagement critiques avec les mesures suivantes:

• Followers Instagram: 145 000
• Fonds Facebook: 75 000
• Taux d'engagement moyen: 3,2%

Services de restauration d'entreprise et d'événements

La restauration des entreprises représente une source de revenus importante avec des offres de services spécialisées.

Segment de la restauration	Revenus annuels (2023)
Événements d'entreprise	4,2 millions de dollars
Salle à manger privée	2,8 millions de dollars

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: segments de clientèle

Professionnels urbains riches

Selon le rapport annuel en 2022 de la société, ce segment représente environ 35% de la clientèle du restaurant STK.

Tranche de revenu	Pourcentage	Dépenses moyennes
$150,000 - $250,000	42%	285 $ par visite
$250,000 - $500,000	28%	425 $ par visite

Divertissement d'entreprise et restauration

Le segment des restaurants d'entreprise représente 25% du total des revenus des restaurants en 2022.

• Dépenses d'événements d'entreprise moyens: 3 750 $
• Nombre d'événements d'entreprise par emplacement: 18-22 mois
• Industries primaires: finance, technologie, médias

Consommateurs de style de vie de luxe

Ce segment contribue 22% du total des revenus des restaurants.

Groupe d'âge	Pourcentage	Fréquence de restauration
25-40 ans	48%	2-3 fois par mois
41-55 ans	35%	1-2 fois par mois

Les amateurs de gastronomies

Le segment gastronomique représente 15% de la clientèle totale.

• Taille du chèque moyen: 275 $
• Taux d'achat de cocktails vins et premium: 67%
• Taux de sélection de menu de dégustation: 42%

Hospitalité haut de gamme et demandeurs de divertissement

Ce segment génère 18% des revenus des restaurants en 2022.

Préférence de divertissement	Pourcentage	Dépenses moyennes
Nuits de musique live	35%	$350
Événements de DJ	45%	$275

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: Structure des coûts

Prime immobilier et location de lieu

Dépenses de location annuelles pour 2023: 23,4 millions de dollars

Type d'emplacement	Coût annuel	Pourcentage des frais de location totaux
Emplacements urbains	14,2 millions de dollars	60.7%
Lieux de banlieue	6,8 millions de dollars	29.1%
LIEUX AIRPORTURE / HOME	2,4 millions de dollars	10.2%

Achat d'ingrédients de haute qualité

Total des coûts d'approvisionnement alimentaire et de boissons pour 2023: 45,6 millions de dollars

• Sourcing de viande premium: 18,2 millions de dollars
• Aachat de fruits de mer: 12,4 millions de dollars
• Ingrédients spécialisés: 7,5 millions de dollars
• Inventaire d'alcool de boisson: 7,5 millions de dollars

Formation et rémunération du personnel

Total des dépenses de main-d'œuvre et de formation pour 2023: 82,3 millions de dollars

Catégorie des employés	Compensation annuelle	Budget de formation
Gestion	22,6 millions de dollars	1,2 million de dollars
Salon de cuisine	35,7 millions de dollars	1,8 million de dollars
Personnel de service	24 millions de dollars	1,5 million de dollars

Marketing et développement de marque

Total des dépenses de marketing pour 2023: 7,9 millions de dollars

• Marketing numérique: 3,6 millions de dollars
• Publicité traditionnelle: 2,1 millions de dollars
• Initiatives de partenariat de marque: 1,2 million de dollars
• Campagnes de médias sociaux: 1 million de dollars

Technologie et infrastructure opérationnelle

Investissement total technologique pour 2023: 6,2 millions de dollars

Catégorie de technologie	Dépenses annuelles
Systèmes de point de vente	1,8 million de dollars
Plates-formes de réservation	1,5 million de dollars
Cybersécurité	1,2 million de dollars
Outils d'analyse de données	1,7 million de dollars

The One Group Hospitality, Inc. (STKS) - Modèle d'entreprise: Strots de revenus

Revenus de restauration au restaurant

Pour l'exercice 2023, le One Group Hospitality, Inc. a rapporté des revenus totaux de restaurant de 228,4 millions de dollars. L'entreprise exploite 25 restaurants STK possédés et 18 emplacements de restaurant.

Type de restaurant	Nombre d'emplacements	Contribution des revenus
Restaurants STK	25	172,3 millions de dollars
Un restaurant	18	56,1 millions de dollars

Ventes de boissons et d'alcool

Les ventes de boissons et d'alcool représentaient environ 35% du total des revenus des restaurants, représentant 79,94 millions de dollars en 2023.

Événements privés et services de restauration

L'événement privé et les revenus de restauration pour 2023 ont totalisé 15,6 millions de dollars, ce qui représente 6,8% du total des revenus des restaurants.

Frais de franchise et de licence

Les revenus de franchise et de licence pour 2023 étaient de 4,2 millions de dollars, avec 5 emplacements STK franchisés générant des sources de revenus supplémentaires.

Lieu de franchise	Revenus de licence
5 emplacements franchisés STK	4,2 millions de dollars

Marchandises de marque et offres promotionnelles

Les marchandises de marque et les offres promotionnelles ont généré 1,8 million de dollars de revenus supplémentaires pour 2023.

• Ventes de marchandises de marque
• Parrainages d'événements promotionnels
• Collaborations spéciales de produits de marque

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.