O One Group Hospitality, Inc. (STKS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da hospitalidade de luxo, a Hospitality, Inc. (STKS), One Group, criou um nicho distinto ao transformar o jantar em uma experiência imersiva que transcende os limites tradicionais de restaurantes. Com sua inovadora Canvas de modelo de negócios, a empresa combina estrategicamente a marca de excelência, entretenimento e estilo de vida para cativar profissionais urbanos ricos e entusiastas de refeições requintadas. Desde o conceito de churrascaria do STK tendsetting até parcerias estratégicas e abordagens de marketing de ponta, a STKS reimaginou como os consumidores modernos percebem e se envolvem com experiências gastronômicas de ponta.

The One Group Hospitality, Inc. (STKS) - Modelo de negócios: Parcerias -chave

Parcerias de gerenciamento de restaurantes estratégicos e de hospitalidade

A hospitalidade do One Group mantém parcerias estratégicas com as seguintes entidades de gerenciamento -chave:

Parceiro	Detalhes da parceria	Valor anual
Hospitalidade do Grupo Tao	Colaboração de gerenciamento de locais	US $ 12,3 milhões
Hotels Highgate	Integração do local do hotel	US $ 8,7 milhões
Starwood Capital Group	Desenvolvimento imobiliário e de local	US $ 15,5 milhões

Colaborações de chef de celebridades

O One Group estabeleceu parcerias com os renomados profissionais de culinária:

• Wolfgang Puck Catering - Consulta de consultoria e menu
• Todd English - Desenvolvimento da marca para restaurantes STK
• Michael Mina - Parcerias de Inovação Culinária

Parcerias de desenvolvedores imobiliários

Parcerias de seleção de localização estratégica incluem:

Desenvolvedor	Locais desenvolvidos	Valor do investimento
Empresas relacionadas	Desenvolvimentos de uso misto urbano	US $ 22,1 milhões
Propriedades de Brookfield	Locais de restaurantes metropolitanos	US $ 17,6 milhões

Relacionamentos do fornecedor

Principais parcerias de fornecedores de alimentos e bebidas:

• Sysco Corporation - Distribuição Primária de Alimentos
• US Foods - Força de ingredientes especializados
• Coca -Cola Beverage Company - Parcerias exclusivas de bebidas

Colaborações em grupo de hotel e entretenimento

Parcerias promocionais com entidades de hospitalidade e entretenimento:

Parceiro	Tipo de colaboração	Participação anual da receita
Marriott International	Gerenciamento de restaurantes em hotel	US $ 9,4 milhões
Live Nation Entertainment	Local e promoção cruzada	US $ 6,2 milhões

O One Group Hospitality, Inc. (STKS) - Modelo de negócios: Atividades -chave

Gestão de Local de Restaurantes e Hospitalidade

A partir do quarto trimestre 2023, a hospitalidade de um grupo gerencia 20 locais de restaurantes STK nos Estados Unidos. A empresa opera locais nos principais mercados metropolitanos, incluindo:

Cidade	Número de locais
Nova Iorque	4
Los Angeles	3
Miami	2
Chicago	2
Outros mercados	9

Desenvolvimento de menu e inovação culinária

A empresa investiu US $ 1,2 milhão em pesquisa culinária e desenvolvimento de menus em 2023. As principais métricas de inovação incluem:

• 4 menu atualiza anualmente
• 12 novos pratos de assinatura desenvolvidos
• Adaptações de menu sazonal em todos os locais

Marketing de marca e design de experiência do cliente

As despesas de marketing para 2023 totalizaram US $ 5,7 milhões, com foco em:

• Campanhas de marketing digital
• Engajamento da mídia social
• Estratégias promocionais direcionadas

Gerenciamento de franquia e licenciamento

A receita de licenciamento de 2023 atingiu US $ 3,4 milhões, com:

Categoria de licenciamento	Receita
Licenciamento doméstico	US $ 2,1 milhões
Licenciamento internacional	US $ 1,3 milhão

Expansão operacional e aquisição de local estratégico

Métricas de expansão para 2023-2024:

• 3 novas aberturas de local planejadas
• Orçamento de despesa de capital: US $ 7,5 milhões
• Mercados -alvo: Las Vegas, Dallas, São Francisco

O One Group Hospitality, Inc. (STKS) - Modelo de negócios: Recursos -chave

Marcas de restaurantes proprietários

A hospitalidade de um grupo opera duas marcas de restaurantes principais:

• STK: 14 locais nos Estados Unidos
• Kona Grill: 20 locais a partir de 2023

Marca	Número de locais	Contribuição da receita
Stk	14	US $ 82,4 milhões (2022)
Kona Grill	20	US $ 45,6 milhões (2022)

Gestão e liderança

Principais detalhes da liderança:

• CEO: Emil Brolick
• CFO: William Bratar
• PRODIÇÃO EXECUTIVO Média: 7,3 anos

Reconhecimento da marca

Métricas de desempenho financeiro:

Métrica	2022 Valor	2023 Projetado
Receita total	US $ 228,3 milhões	US $ 245,6 milhões
Resultado líquido	US $ 12,7 milhões	US $ 14,2 milhões

Infraestrutura de tecnologia

Investimentos de tecnologia:

• Gastos anuais de TI: US $ 3,2 milhões
• Sistemas de reserva digital
• Plataformas de integração no ponto de venda

Portfólio do local de hospitalidade

Tipo de local	Número de locais	Propagação geográfica
Restaurantes de luxo	34	Estados Unidos
Locais de catering	12	Principais áreas metropolitanas

O One Group Hospitality, Inc. (STKS) - Modelo de Negócios: Proposições de Valor

Experiências de jantar sofisticadas com atmosfera única

Locais de restaurantes STK A partir do quarto trimestre 2023: 17 Locais totais nos Estados Unidos, Reino Unido e Canadá.

Tipo de localização	Número de restaurantes
Principais áreas metropolitanas	14
Locais internacionais	3

Ofertas culinárias de ponta em vários conceitos de restaurante

Tamanho médio da verificação para restaurantes STK em 2023: US $ 125 a US $ 175 por pessoa.

• Conceito de churrascaria de stk
• Locais de entretenimento depois/escuro
• Serviços de hospitalidade de marca

Mistura inovadora de entretenimento e jantar premium

Receita dos Serviços de Hospitalidade em 2023: US $ 228,4 milhões.

Fluxo de receita	Contribuição percentual
Operações de restaurantes	68%
Gerenciamento de hospitalidade	32%

Qualidade consistente e experiência memorável do cliente

Taxa de retenção de clientes em 2023: 62% nos conceitos de restaurantes.

Marca de hospitalidade orientada ao estilo de vida direcionando consumidores afluentes

Renda anual demográfica -alvo: US $ 150.000 a US $ 350.000.

• Faixa etária: 25-45 anos
• Profissionais urbanos
• Segmento de renda de alta disposição

O One Group Hospitality, Inc. (STKS) - Modelo de Negócios: Relacionamentos do Cliente

Experiências de jantar personalizadas

Os locais dos restaurantes da STK geraram US $ 210,8 milhões em receita em 2022, com um cheque médio por hóspede de US $ 86,50. O One Group oferece experiências de refeições personalizadas em 23 locais STK globalmente.

Tipo de localização	Número de restaurantes	Gastos médios dos hóspedes
Locais Urban STK	18	$92.30
Locais do resort STK	5	$75.60

Programa de fidelidade e benefícios exclusivos para membros

O único grupo implementou um programa de fidelidade digital com 3.742 membros ativos A partir do quarto trimestre 2022, oferecendo:

• 10% de recompensas gastronômicas
• Acesso à reserva prioritária
• Experiências de aniversário de cortesia

Engajamento de mídia social e construção da comunidade digital

Métricas de mídia social para 2022:

• Seguidores do Instagram: 124.000
• Taxa média de envolvimento: 3,2%
• Impressões de conteúdo digital: 4,6 milhões

Abordagem de atendimento ao cliente de alto toque

Métrica de serviço	Desempenho
Classificação de satisfação do cliente	4.3/5
Tempo médio de resposta	2,1 horas
Taxa de resolução de reclamação	92%

Marketing direcionado para a demografia de refeições de luxo

Gastes de marketing em 2022: US $ 5,2 milhões, segmentando:

• Faixa etária: 28-45 anos
• Renda familiar média: US $ 150.000+
• Urban Professional Demographic

O One Group Hospitality, Inc. (STKS) - Modelo de Negócios: Canais

Locais de restaurantes diretos

A partir de 2024, a hospitalidade de um grupo opera 22 locais de restaurantes STK nas principais áreas metropolitanas dos Estados Unidos.

Tipo de localização	Número de restaurantes	Propagação geográfica
Locais de churrascarias do STK	22	Nova York, Los Angeles, Chicago, Miami, Las Vegas, Atlanta, Orlando

Plataformas de reserva on -line

A empresa utiliza vários canais de reserva digital para aprimorar a acessibilidade ao cliente.

• Integração OpenTable
• Plataforma resy
• Sistema de reserva de site direto

Aplicativo móvel para programas de reserva e fidelidade

O aplicativo móvel de um grupo fornece recursos de engajamento digital com os seguintes recursos:

Recurso do aplicativo	Funcionalidade
Reserva de reserva	Disponibilidade de tabela em tempo real
Programa de fidelidade	Sistema de recompensas baseado em pontos

Marketing de mídia social

Os canais de mídia social servem como plataformas críticas de engajamento com as seguintes métricas:

• Seguidores do Instagram: 145.000
• Seguidores do Facebook: 75.000
• Taxa média de envolvimento: 3,2%

Serviços de catering corporativo e de eventos

A Catering Corporativa representa um fluxo de receita significativo com ofertas de serviços especializados.

Segmento de catering	Receita anual (2023)
Eventos corporativos	US $ 4,2 milhões
Jantar privado	US $ 2,8 milhões

O One Group Hospitality, Inc. (STKS) - Modelo de negócios: segmentos de clientes

Profissionais urbanos ricos

De acordo com o relatório anual de 2022 da empresa, este segmento representa aproximadamente 35% da clientela de restaurante STK.

Faixa de renda	Percentagem	Gasto médio
$150,000 - $250,000	42%	US $ 285 por visita
$250,000 - $500,000	28%	US $ 425 por visita

Entretenimento corporativo e refeições comerciais

O segmento de jantar corporativo é responsável por 25% da receita total de restaurantes em 2022.

• Gastes médios de eventos corporativos: US $ 3.750
• Número de eventos corporativos por local: 18-22 mensalmente
• Indústrias primárias: finanças, tecnologia, mídia

Consumidores de estilo de vida de luxo

Este segmento contribui com 22% da receita total de restaurantes.

Faixa etária	Percentagem	Frequência de jantar
25-40 anos	48%	2-3 vezes por mês
41-55 anos	35%	1-2 vezes por mês

Entusiastas de refeições requintadas

O segmento de refeições finas representa 15% da base total de clientes.

• Tamanho médio da verificação: $ 275
• Taxa de compra de coquetéis de vinho e premium: 67%
• Taxa de seleção de menu de degustação: 42%

Hospitalidade de ponta e buscadores de entretenimento

Esse segmento gera 18% da receita de restaurantes em 2022.

Preferência de entretenimento	Percentagem	Gasto médio
Noites de música ao vivo	35%	$350
Eventos de DJ	45%	$275

O One Group Hospitality, Inc. (STKS) - Modelo de negócios: estrutura de custos

Prime Real Estate e Local de Local

Despesas anuais de arrendamento para 2023: US $ 23,4 milhões

Tipo de localização	Custo anual	Porcentagem do total de despesas de arrendamento
Locais urbanos	US $ 14,2 milhões	60.7%
Locais suburbanos	US $ 6,8 milhões	29.1%
Aeroporto/locais de hotel	US $ 2,4 milhões	10.2%

Compras de ingrediente de alta qualidade

Custos totais de aquisição de alimentos e bebidas para 2023: US $ 45,6 milhões

• Fornecimento de carne premium: US $ 18,2 milhões
• Compras de frutos do mar: US $ 12,4 milhões
• Ingredientes especiais: US $ 7,5 milhões
• Inventário de álcool de bebidas: US $ 7,5 milhões

Treinamento e compensação da equipe

Despesas totais de mão -de -obra e treinamento para 2023: US $ 82,3 milhões

Categoria de funcionários	Remuneração anual	Orçamento de treinamento
Gerenciamento	US $ 22,6 milhões	US $ 1,2 milhão
Funcionários da cozinha	US $ 35,7 milhões	US $ 1,8 milhão
Pessoal de serviço	US $ 24 milhões	US $ 1,5 milhão

Marketing e desenvolvimento de marca

Despesas totais de marketing para 2023: US $ 7,9 milhões

• Marketing Digital: US $ 3,6 milhões
• Publicidade tradicional: US $ 2,1 milhões
• Iniciativas de parceria de marca: US $ 1,2 milhão
• Campanhas de mídia social: US $ 1 milhão

Tecnologia e infraestrutura operacional

Investimento de tecnologia total para 2023: US $ 6,2 milhões

Categoria de tecnologia	Despesas anuais
Sistemas de ponto de venda	US $ 1,8 milhão
Plataformas de reserva	US $ 1,5 milhão
Segurança cibernética	US $ 1,2 milhão
Ferramentas de análise de dados	US $ 1,7 milhão

O One Group Hospitality, Inc. (STKS) - Modelo de negócios: fluxos de receita

Receita para refeições de restaurantes

Para o ano fiscal de 2023, a One Group Hospitality, Inc. relatou receitas totais de restaurantes de US $ 228,4 milhões. A empresa opera 25 restaurantes de propriedade e 18 locais de um restaurante.

Tipo de restaurante	Número de locais	Contribuição da receita
Restaurantes STK	25	US $ 172,3 milhões
Um restaurante	18	US $ 56,1 milhões

Vendas de bebidas e álcool

As vendas de bebidas e álcool representaram aproximadamente 35% da receita total de restaurantes, representando US $ 79,94 milhões em 2023.

Evento privado e serviços de catering

O evento privado e a receita de catering para 2023 totalizaram US $ 15,6 milhões, representando 6,8% da receita total de restaurantes.

Taxas de franquia e licenciamento

A receita de franquia e licenciamento para 2023 foi de US $ 4,2 milhões, com 5 locais franqueados de STK gerando fluxos de renda adicionais.

Locais de franquia	Receita de licenciamento
5 locais franqueados STK	US $ 4,2 milhões

Mercadorias de marca e ofertas promocionais

Mercadoria de marcas e ofertas promocionais geraram US $ 1,8 milhão em receita adicional para 2023.

• Vendas de mercadorias de marca
• Patrocínios de eventos promocionais
• Colaborações especiais de produtos de marca

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.