One Group Hospitality Q3 2022 Earnings Report
Key Takeaways
The ONE Group reported a slight increase in total GAAP revenues, driven by owned restaurant net revenues, particularly from the new STK San Francisco location. However, net income and adjusted EBITDA decreased due to higher operating costs and pre-opening expenses.
Total GAAP revenues increased by 1.6% to $73.0 million.
Net income attributable to The ONE Group was $0.5 million, or $0.01 per share.
Restaurant Operating Profit decreased by 21.3% to $9.1 million.
Adjusted EBITDA decreased by 29.0% to $7.1 million.
One Group Hospitality
One Group Hospitality
Forward Guidance
The company intends to open six additional venues in the fourth quarter of 2022 and the first quarter of 2023. There are three Company-owned Kona Grill restaurants (Riverton, UT, Columbus, OH and Desert Ridge, AZ) and one managed STK restaurant (Stratford, UK) under development. In addition, in conjunction with REEF Kitchens, we plan to test and open two additional licensed units in Texas for takeout and delivery only. These units will feature offerings from Kona Grill and Bao Yum.