ONE Group Hospitality季度虧損大幅收窄至212萬美元 經營現金流改善

ONE GROUP HOSPITALITY, INC._June 28, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
​
​

​
(Mark One)

​
​

☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​
For the Quarterly Period Ended June 28, 2026

​
​

​
OR

​
​

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

​
For the transition period from                      to

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Commission File Number 001-37379
​
​

THE ONE GROUP HOSPITALITY, INC.

(Exact name of registrant as specified in its charter)
​

Delaware
  ​ ​ ​
14-1961545

(State or other jurisdiction of incorporation or
organization)
 
(I.R.S. Employer Identification No.)

 
 
 

1624 Market Street, Suite 311, Denver, Colorado
 
80202

(Address of principal executive offices)
 
Zip Code

​
​
646-624-2400

(Registrant’s telephone number, including area code)

​
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered

Common Stock
 
STKS
 
Nasdaq

​
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧  No ◻
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ◻
Accelerated filer  ⌧

Non-accelerated filer   ◻
Smaller reporting company  ☒

 
Emerging growth company  ☐

​
If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ⌧
Number of shares of common stock outstanding as of July 31, 2026: 31,689,024
​
​

Table of Contents

TABLE OF CONTENTS
​

 
Page

PART I – Financial Information
 

Item 1. Financial Statements
3

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
19

Item 3. Quantitative and Qualitative Disclosures About Market Risk
31

Item 4. Controls and Procedures
31

 
 

PART II – Other Information
 

Item 1. Legal Proceedings
31

Item 1A. Risk Factors
31

Item 5. Other Information
32

Item 6. Exhibits
32

 

Signatures
33

​
​

2

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
​
THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share information)
​

​

​

​

​

​

​

​
​
June 28, 
​
December 28, 

​
  ​ ​ ​
2026
​
2025

ASSETS
​
​
 
​
  ​

Current assets:
 
​
  ​
 
​
  ​

Cash and cash equivalents
​
$
 6,363
​
$
 4,168

Credit card receivable
​
​
 10,742
​
​
 19,480

Restricted cash and cash equivalents
​
​
 499
​
​
 499

Accounts receivable
​
 
 12,169
​
 
 15,389

Inventory
​
 
 9,613
​
 
 9,839

Other current assets
​
 
 7,714
​
 
 7,521

Total current assets
​
 
 47,100
​
 
 56,896

​
​
 
  ​
​
 
  ​

Property and equipment, net
​
 
 283,166
​
 
 278,195

Operating lease right-of-use assets
​
​
 259,513
​
​
 253,228

Goodwill
​
 
 155,783
​
 
 155,783

Intangibles, net
​
​
 128,941
​
​
 128,988

Other assets
​
 
 8,513
​
 
 8,852

Security deposits
​
 
 2,287
​
 
 2,254

Total assets
​
$
 885,303
​
$
 884,196

​
​
 
  ​
​
 
  ​

LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
​
 
  ​
​
 
  ​

Current liabilities:
​
 
  ​
​
 
  ​

Accounts payable
​
$
 36,635
​
$
 36,633

Accrued payroll expenses
​
​
 18,287
​
​
 19,286

Accrued expenses
​
 
 38,492
​
 
 46,356

Current portion of operating lease liabilities
​
​
 14,007
​
​
 13,803

Deferred gift card revenue and other
​
 
 5,488
​
 
 6,819

Current portion of long-term debt
​
 
 9,408
​
 
 9,302

Other current liabilities
​
 
 1,997
​
 
 1,017

Total current liabilities
​
 
 124,314
​
 
 133,216

​
​
 
  ​
​
 
  ​

Long-term debt, net of current portion, unamortized discount and debt issuance costs
​
 
 329,018
​
 
 334,013

Operating lease liabilities, net of current portion
​
​
 306,261
​
​
 293,985

Other long-term liabilities
​
​
 6,473
​
​
 6,319

Deferred tax liabilities, net
​
 
 5,187
​
 
 5,187

Total liabilities
​
 
 771,253
​
 
 772,720

​
​
 
  ​
​
 
  ​

Commitments and contingencies (Note 16)
​
 
  ​
​
 
  ​

​
​
 
  ​
​
 
  ​

Series A preferred stock, $0.0001 par value, 160,000 shares authorized; 160,000 issued and outstanding at June 28, 2026 and December 28, 2025
​
​
 210,554
​
​
 191,303

​
​
​
​
​
​
​

Stockholders’ deficit:
​
 
  ​
​
 
  ​

Common stock, $0.0001 par value, 75,000,000 shares authorized; 34,978,920 issued and 31,684,868 outstanding at June 28, 2026 and 34,520,226 issued and 31,242,344 outstanding at December 28, 2025
​
 
 3
​
 
 3

Preferred stock, other than Series A preferred stock, $0.0001 par value, 9,840,000 shares authorized; no shares issued and outstanding at June 28, 2026 and December 28, 2025
​
 
 —
​
 
 —

Treasury stock, at cost, 3,402,881 shares at June 28, 2026 and December 28, 2025
​
 
 (19,308)
​
 
 (19,308)

Additional paid-in capital
​
 
 22,423
​
 
 39,712

Accumulated deficit
​
 
 (92,136)
​
 
 (93,216)

Accumulated other comprehensive loss
​
 
 (3,056)
​
 
 (3,029)

Total stockholders’ deficit
​
 
 (92,074)
​
 
 (75,838)

Noncontrolling interests
​
 
 (4,430)
​
 
 (3,989)

Total deficit
​
 
 (96,504)
​
 
 (79,827)

Total liabilities, Series A preferred stock and stockholders' deficit
​
$
 885,303
​
$
 884,196

​
See notes to the condensed consolidated financial statements.

3

Table of Contents

THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
(Unaudited, in thousands, except income per share and related share information)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
For the three periods ended June 28, 
  ​ ​ ​
For the three periods ended June 29, 
  ​ ​ ​
For the six periods ended June 28, 
​
For the six periods ended June 29, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Revenues:
 
​
  ​
 
​
  ​
 
​
  ​
 
​
  ​

Owned restaurant net revenue
​
$
 197,284
​
$
 203,907
​
$
 406,576
​
$
 411,305

Management, license, franchise and incentive fee revenue
​
 
 3,193
​
​
 3,472
​
 
 6,717
​
​
 7,203

Total revenues
​
 
 200,477
​
 
 207,379
​
 
 413,293
​
 
 418,508

Cost and expenses:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Owned operating expenses:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Owned restaurant cost of sales
​
 
 38,544
​
​
 43,190
​
 
 79,078
​
​
 86,310

Owned restaurant operating expenses
​
 
 126,317
​
​
 129,493
​
 
 255,353
​
​
 258,268

Total owned operating expenses
​
 
 164,861
​
 
 172,683
​
 
 334,431
​
 
 344,578

General and administrative (including stock-based compensation of $1,137 and $2,271 for the three and six periods ended June 28, 2026, respectively, and $1,470 and $3,102 for the three and six periods ended June 29, 2025, respectively)
​
 
 14,008
​
​
 11,662
​
 
 29,030
​
​
 24,753

Depreciation and amortization
​
 
 11,020
​
​
 10,870
​
 
 21,425
​
​
 20,699

Lease termination and restaurant closure expenses
​
​
 919
​
​
 5,635
​
​
 2,884
​
​
 5,706

Pre-opening expenses
​
 
 2,859
​
​
 1,579
​
 
 4,330
​
​
 3,260

Transition and integration expenses
​
 
 193
​
​
 3,949
​
 
 659
​
​
 7,668

Transaction costs
​
 
 26
​
​
 61
​
 
 26
​
​
 130

Other expenses
​
 
 34
​
​
 278
​
 
 54
​
​
 323

Total costs and expenses
​
 
 193,920
​
 
 206,717
​
 
 392,839
​
 
 407,117

Operating income
​
 
 6,557
​
 
 662
​
 
 20,454
​
 
 11,391

Other expenses, net:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Interest expense, net of interest income
​
 
 9,623
​
​
 10,295
​
 
 19,369
​
​
 20,117

Total other expenses, net
​
 
 9,623
​
 
 10,295
​
 
 19,369
​
 
 20,117

(Loss) income before (benefit) provision for income taxes
​
 
 (3,066)
​
 
 (9,633)
​
 
 1,085
​
 
 (8,726)

(Benefit) provision for income taxes
​
 
 (716)
​
​
 699
​
 
 446
​
​
 984

Net (loss) income
​
 
 (2,350)
​
 
 (10,332)
​
 
 639
​
 
 (9,710)

Less: net loss attributable to noncontrolling interest
​
 
 (228)
​
​
 (228)
​
 
 (441)
​
​
 (581)

Net (loss) income attributable to The ONE Group Hospitality, Inc.
​
$
 (2,122)
​
$
 (10,104)
​
$
 1,080
​
$
 (9,129)

Series A Preferred Stock paid-in-kind dividend and accretion
​
 
 (9,856)
​
​
 (8,137)
​
 
 (19,251)
​
​
 (15,728)

Net loss available to common stockholders
​
$
 (11,978)
​
$
 (18,241)
​
$
 (18,171)
​
$
 (24,857)

​
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Net loss per common share (as restated, see Note 10):
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Basic
​
$
 (0.36)
​
$
 (0.56)
​
$
 (0.55)
​
$
 (0.76)

Diluted
​
$
 (0.36)
​
$
 (0.56)
​
$
 (0.55)
​
$
 (0.76)

​
​
​
​
​
​
​
​
​
​
​
​
​

Weighted average common shares outstanding (as restated, see Note 10):
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Basic
​
 
 33,473,486
​
 
 32,841,424
​
 
 33,334,228
​
 
 32,895,526

Diluted
​
 
 33,473,486
​
 
 32,841,424
​
 
 33,334,228
​
 
 32,895,526

​
See notes to the condensed consolidated financial statements.
​

4

Table of Contents

​
THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited, in thousands)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
For the three periods ended June 28, 
​
For the three periods ended June 29, 
​
For the six periods ended June 28, 
​
For the six periods ended June 29, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025
  ​ ​ ​
2026
  ​ ​ ​
2025

Net (loss) income
​
$
 (2,350)
​
$
 (10,332)
​
$
 639
​
$
 (9,710)

Currency translation (loss) gain, net of tax
​
 
 (1)
​
​
 123
​
 
 (27)
​
​
 110

Comprehensive (loss) income
​
​
 (2,351)
​
​
 (10,209)
​
​
 612
​
​
 (9,600)

Less: comprehensive loss attributable to noncontrolling interest
​
​
 (228)
​
​
 (228)
​
​
 (441)
​
​
 (581)

Comprehensive (loss) income attributable to The ONE Group Hospitality, Inc.
​
​
 (2,123)
​
​
 (9,981)
​
​
 1,053
​
​
 (9,019)

Series A Preferred Stock paid-in-kind dividend and accretion
​
​
 (9,856)
​
​
 (8,137)
​
​
 (19,251)
​
​
 (15,728)

Comprehensive loss attributable to common stockholders
​
$
 (11,979)
​
$
 (18,118)
​
$
 (18,198)
​
$
 (24,747)

​
​
See notes to the condensed consolidated financial statements.
​
​
​

5

Table of Contents

​

​

​

THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) EQUITY AND 
SERIES A PREFERRED STOCK
(Unaudited, in thousands, except share information)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
Accumulated
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
​
​
Additional
​
​
​
other
​
​
​
​
​
​
​
​
​

​
Series A Preferred Stock
​
Common stock
​
Treasury
​
paid-in
​
Accumulated
​
comprehensive
​
Stockholders’
​
Noncontrolling
​
​
​

​
Shares
  ​ ​ ​
Amount
​
Shares
  ​ ​ ​
Par value
  ​ ​ ​
stock
​
capital
  ​ ​ ​
deficit
  ​ ​ ​
loss
  ​ ​ ​
(deficit) equity
  ​ ​ ​
interests
  ​ ​ ​
Total

Balance at December 28, 2025
 160,000
​
$
 191,303
​
 31,242,344
​
$
 3
​
$
 (19,308)
​
$
 39,712
​
$
 (93,216)
​
$
 (3,029)
​
$
 (75,838)
​
$
 (3,989)
​
$
 (79,827)

Stock-based compensation
 —
​
 
 —
​
 122,892
​
 
 —
​
​
 —
​
​
 1,134
​
​
 —
​
​
 —
​
 
 1,134
​
 
 —
​
 
 1,134

Issuance of vested restricted shares, net of tax withholding
 —
​
 
 —
​
 141,125
​
 
 —
​
​
 —
​
​
 (209)
​
​
 —
​
​
 —
​
 
 (209)
​
 
 —
​
 
 (209)

Series A Preferred Stock paid-in kind dividend and accretion
 —
​
​
 9,395
​
 —
​
​
 —
​
​
 —
​
​
 (9,395)
​
​
 —
​
​
 —
​
​
 (9,395)
​
​
 —
​
​
 (9,395)

Loss on foreign currency translation, net
 —
​
 
 —
​
 —
​
 
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (26)
​
 
 (26)
​
 
 —
​
 
 (26)

Net income (loss)
 —
​
 
 —
​
 —
​
 
 —
​
​
 —
​
​
 —
​
​
 3,202
​
​
 —
​
 
 3,202
​
 
 (213)
​
 
 2,989

Balance at March 29, 2026
 160,000
​
$
 200,698
​
 31,506,361
​
$
 3
​
$
 (19,308)
​
$
 31,242
​
$
 (90,014)
​
$
 (3,055)
​
$
 (81,132)
​
$
 (4,202)
​
$
 (85,334)

Stock-based compensation
 —
​
​
 —
​
 108,829
​
​
 —
​
​
 —
​
​
 1,137
​
​
 —
​
​
 —
​
 
 1,137
​
 
 —
​
 
 1,137

Issuance of vested restricted shares, net of tax withholding
 —
​
​
 —
​
 69,678
​
​
 —
​
​
 —
​
​
 (100)
​
​
 —
​
​
 —
​
 
 (100)
​
 
 —
​
 
 (100)

Series A Preferred Stock paid-in kind dividend and accretion
 —
​
​
 9,856
​
 —
​
​
 —
​
​
 —
​
​
 (9,856)
​
​
 —
​
​
 —
​
​
 (9,856)
​
​
 —
​
​
 (9,856)

Loss on foreign currency translation, net
 —
​
​
 —
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (1)
​
 
 (1)
​
 
 —
​
 
 (1)

Net loss
 —
​
​
 —
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (2,122)
​
​
 —
​
 
 (2,122)
​
 
 (228)
​
 
 (2,350)

Balance at June 28, 2026
 160,000
​
$
 210,554
​
 31,684,868
​
$
 3
​
$
 (19,308)
​
$
 22,423
​
$
 (92,136)
​
$
 (3,056)
​
$
 (92,074)
​
$
 (4,430)
​
$
 (96,504)

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

Balance at December 31, 2024
 160,000
​
$
 158,085
​
 31,037,843
​
$
 3
​
$
 (18,202)
​
$
 67,118
​
$
 —
​
$
 (3,028)
​
$
 45,891
​
$
 (2,645)
​
$
 43,246

Stock-based compensation
 —
​
 
 —
​
 61,453
​
 
 —
​
​
 —
​
​
 1,632
​
​
 —
​
​
 —
​
 
 1,632
​
 
 —
​
 
 1,632

Issuance of vested restricted shares, net of tax withholding
 —
​
 
 —
​
 54,557
​
 
 —
​
​
 —
​
​
 (129)
​
​
 —
​
​
 —
​
 
 (129)
​
 
 —
​
 
 (129)

Purchase of treasury stock
 —
​
​
 —
​
 (110,595)
​
​
​
​
​
 (307)
​
​
 —
​
​
 —
​
​
 —
​
​
 (307)
​
​
 —
​
​
 (307)

Series A Preferred Stock paid-in kind dividend and accretion
 —
​
​
 7,591
​
 —
​
​
 —
​
​
 —
​
​
 (6,616)
​
​
 (975)
​
​
 —
​
​
 (7,591)
​
​
 —
​
​
 (7,591)

Loss on foreign currency translation, net
 —
​
 
 —
​
 —
​
 
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (13)
​
 
 (13)
​
 
 —
​
 
 (13)

Net income (loss)
 —
​
 
 —
​
 —
​
 
 —
​
​
 —
​
​
 —
​
​
 975
​
​
 —
​
 
 975
​
 
 (353)
​
 
 622

Balance at March 30, 2025
 160,000
​
$
 165,676
​
 31,043,258
​
$
 3
​
$
 (18,509)
​
$
 62,005
​
$
 —
​
$
 (3,041)
​
$
 40,458
​
$
 (2,998)
​
$
 37,460

Stock-based compensation
 —
​
​
 —
​
 45,367
​
​
 —
​
​
 —
​
​
 1,470
​
​
 —
​
​
 —
​
 
 1,470
​
 
 —
​
 
 1,470

Issuance of vested restricted shares, net of tax withholding
 —
​
​
 —
​
 65,848
​
​
 —
​
​
 —
​
​
 (167)
​
​
 —
​
​
 —
​
 
 (167)
​
 
 —
​
 
 (167)

Purchase of treasury stock
 —
​
​
 —
​
 (202,883)
​
​
 —
​
​
 (598)
​
​
 —
​
​
 —
​
​
 —
​
​
 (598)
​
​
 —
​
​
 (598)

Series A Preferred Stock paid-in kind dividend and accretion
 —
​
​
 8,137
​
 —
​
​
 —
​
​
 —
​
​
 (8,137)
​
​
 —
​
​
 —
​
​
 (8,137)
​
​
 —
​
​
 (8,137)

Gain on foreign currency translation, net
 —
​
​
 —
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 123
​
 
 123
​
 
 —
​
 
 123

Net loss
 —
​
​
 —
​
 —
​
​
 —
​
​
 —
​
​
 —
​
​
 (10,104)
​
​
 —
​
 
 (10,104)
​
 
 (228)
​
 
 (10,332)

Balance at June 29, 2025
 160,000
​
$
 173,813
​
 30,951,590
​
$
 3
​
$
 (19,107)
​
$
 55,171
​
$
 (10,104)
​
$
 (2,918)
​
$
 23,045
​
$
 (3,226)
​
$
 19,819

See notes to the condensed consolidated financial statements.
​
​
​
​
​
​

6

Table of Contents

THE ONE GROUP HOSPITALITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
​
​

​

​

​

​

​

​

​
​
For the six periods ended June 28, 
​
For the six periods ended June 29, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Operating activities:
 
​
  ​
 
​
  ​

Net income (loss)
​
$
 639
​
$
 (9,710)

Adjustments to reconcile net loss to net cash provided by operating activities:
​
 
​
​
 
  ​

Depreciation and amortization
​
 
 21,425
​
 
 20,699

Non-cash lease termination and exit costs
​
 
 359
​
​
 3,500

Stock-based compensation
​
 
 2,271
​
 
 3,102

Amortization of debt issuance costs and debt original issuance discounts
​
 
 1,800
​
 
 1,770

Deferred taxes
​
 
 —
​
 
 945

Changes in operating assets and liabilities, net of acquisition:
​
 
​
​
 
​

Accounts receivable
​
 
 11,957
​
 
 2,718

Inventory
​
 
 252
​
 
 2,014

Other current assets
​
 
 (268)
​
 
 (1,105)

Security deposits
​
 
 (9)
​
 
 (126)

Other assets
​
 
 56
​
 
 (300)

Accounts payable
​
 
 (314)
​
 
 (1,486)

Accrued expenses
​
 
 (11,341)
​
 
 (9,348)

Operating lease liabilities and right-of-use assets
​
​
 6,205
​
​
 1,136

Other liabilities
​
 
 (67)
​
 
 (2,476)

Net cash provided by operating activities
​
 
 32,965
​
 
 11,333

​
​
 
  ​
​
 
  ​

Investing activities:
​
 
  ​
​
 
  ​

Purchase of property and equipment
​
 
 (23,009)
​
 
 (32,148)

Acquisition related payments, net of cash acquired
​
 
 (618)
​
 
 —

Net cash used in investing activities
​
 
 (23,627)
​
 
 (32,148)

​
​
 
  ​
​
 
  ​

Financing activities:
​
 
  ​
​
 
  ​

Borrowings of long-term debt
​
 
 20,000
​
 
 —

Repayments of long-term debt and financing lease liabilities
​
​
 (26,808)
​
​
 (1,011)

Tax-withholding obligation on stock-based compensation
​
 
 (309)
​
 
 (296)

Purchase of treasury stock
​
 
 —
​
 
 (905)

Net cash used in financing activities
​
 
 (7,117)
​
 
 (2,212)

Effect of exchange rate changes on cash
​
 
 (26)
​
 
 113

Net change in cash and cash equivalents and restricted cash and cash equivalents
​
 
 2,195
​
 
 (22,914)

Cash and cash equivalents and restricted cash and cash equivalents, beginning of period
​
 
 4,667
​
 
 28,075

Cash and cash equivalents and restricted cash and cash equivalents, end of period
​
$
 6,862
​
$
 5,161

Supplemental disclosure of cash flow data:
​
 
  ​
​
 
  ​

Interest paid, net of capitalized interest
​
$
 17,611
​
$
 18,426

Income taxes paid
​
$
 1,024
​
$
 873

Accrued purchases of property and equipment
​
$
 12,021
​
$
 13,449

Non-cash borrowings of long-term debt for acquisition
​
$
 194
​
$
 —

Reconciliation of cash and cash equivalents and restricted cash and cash equivalents
​
 
​
​
 
  ​

Cash and cash equivalents
​
$
 6,363
​
$
 4,662

Restricted cash and cash equivalents
​
​
 499
​
​
 499

Total cash and cash equivalents and restricted cash and cash equivalents as shown in the statement of cash flows
​
$
 6,862
​
$
 5,161

See notes to the condensed consolidated financial statements.
​

7

Table of Contents

​
THE ONE GROUP HOSPITALITY, INC.
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – Summary of Business and Significant Accounting Policies
Description of Business
The ONE Group Hospitality, Inc. and its subsidiaries (collectively, the “Company”) is an international restaurant company that develops, owns and operates, manages, franchises and licenses upscale and polished casual, high-energy restaurants. The Company’s primary restaurant brands are STK, a modern twist on the American steakhouse concept featuring premium steaks, seafood and specialty cocktails in an energetic upscale atmosphere, Benihana, an interactive dining destination with highly skilled chefs preparing food in front of guests and served in an energetic atmosphere alongside fresh sushi and innovative cocktails, Kona Grill, a polished casual bar-centric grill concept featuring American favorites, award-winning sushi, and specialty cocktails in an upscale casual atmosphere, and RA, a Japanese cuisine concept that offers a fun-filled, bar-forward, upbeat, and vibrant dining atmosphere anchored by creative sushi, inventive drinks, and outstanding service.
As of June 28, 2026, the Company owned, operated, managed, franchised, or licensed 158 venues, including 32 STKs, 85 Benihanas, 23 Kona Grills and 12 RAs in major metropolitan cities in North America, Europe, Latin America and the Middle East and 6 food and beverage (“F&B”) venues in three hotels and casinos in the United States and Europe. For those restaurants and venues that are managed, licensed or franchised, the Company generates management fees and franchise fees based on top-line revenues and incentive fee revenue based on a percentage of the location’s revenues and profits.
On January 1, 2025, the Company transitioned from a calendar-based fiscal year to a 52/53-week fiscal year. Beginning in 2025, the Company’s fiscal year will end on the last Sunday in December. The Company’s second quarter of 2026 was the 91-day period of March 30, 2026 through June 28, 2026 compared to the second quarter of 2025 which was the 91-day period of March 31, 2025 through June 29, 2025. The six periods ended June 28, 2026 and the six periods ended June 29, 2025 consisted of the first 182 and 180 days of the 2026 and 2025 fiscal years, respectively. The Company’s fiscal year ending December 27, 2026 will contain 364 days. The fiscal year ended December 28, 2025 contained 362 days due to the transition.
Basis of Presentation
The accompanying condensed consolidated balance sheet as of December 28, 2025, which has been derived from audited financial statements, and the accompanying unaudited interim condensed consolidated financial statements (“condensed consolidated financial statements”) of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the U.S. (“GAAP”). Certain information and footnote disclosures normally included in annual audited financial statements have been omitted pursuant to SEC rules and regulations. These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 28, 2025.
In the Company’s opinion, the accompanying unaudited interim financial statements reflect all adjustments (consisting only of normal recurring accruals and adjustments) necessary for a fair presentation of the results for the interim periods presented. The results of operations for any interim period are not necessarily indicative of the results expected for the full year. Additionally, the Company believes that the disclosures are sufficient for interim financial reporting purposes.
Prior Period Reclassifications
The Company reclassified $1.5 million and $3.1 million for the three and six periods ended June 29, 2025, respectively, in stock-based compensation to general and administrative expenses within the prior period segment reporting footnote to conform to the current year presentation. Refer to Note 14 – Segment Reporting.
Recent Accounting Pronouncements
In April 2026, the FASB issued ASU 2026-01, “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock”. This ASU clarifies how issuers initially measure paid-in-kind (“PIK”) dividends on equity-classified preferred stock by requiring issuers to use the PIK dividend rate stated in the preferred stock agreement. The amendment is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” This ASU requires detailed qualitative and quantitative disclosures for certain costs and expenses on the income statement. The amendment is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the impact of adopting this ASU on its disclosures.
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Note 2 – Property and Equipment, Net
Property and equipment, net consist of the following (in thousands):
​
​

​

​

​

​

​

​

​
​
June 28, 
​
December 28, 

​
​
2026
​
2025

Furniture, fixtures and equipment
​
$
 94,330
​
$
 88,823

Leasehold improvements
​
 
 280,713
​
 
 266,224

Less: accumulated depreciation
​
 
 (133,762)
​
 
 (117,365)

Subtotal
​
 
 241,281
​
 
 237,682

Construction in progress
​
 
 36,385
​
 
 35,097

Restaurant smallwares
​
 
 5,500
​
 
 5,416

Total
​
$
 283,166
​
$
 278,195

​
Depreciation related to property and equipment was $10.8 million and $10.5 million for the three periods ended June 28, 2026 and June 29, 2025, respectively, and $21.0 million and $20.1 million for the six periods ended June 28, 2026 and June 29, 2025, respectively, presented within depreciation and amortization expense in the condensed consolidated statement of operations. The Company also recorded $3.4 million in accelerated depreciation relating to property and equipment for the restaurants closed during the quarter presented in lease termination and exit expenses within the condensed consolidated statement of operations for the three and six periods ended June 29, 2025. The Company does not depreciate construction in progress.
​
Note 3 – Intangibles, Net 
Intangibles, net consists of the following (in thousands):
​

​

​

​

​

​

​

​
​
June 28, 
​
December 28, 

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Indefinite-lived intangible assets
​
​
​
​
​
​

Tradenames
​
$
 130,200
​
$
 130,200

Finite-lived intangible assets
​
​
​
​
​
​

Franchise agreements
​
​
 800
​
​
 800

Other finite-lived intangible assets
​
​
 341
​
​
 335

Total finite-lived intangible assets
​
​
 1,141
​
​
 1,135

Less: accumulated amortization
​
 
 (2,400)
​
 
 (2,347)

Total intangibles, net
​
$
 128,941
​
$
 128,988

​
Intangible assets consist of the indefinite-lived “Benihana”, “Kona Grill” and “RA” trade names and other finite-lived intangible assets that are amortized using the straight-line method over their estimated useful life of 5 to 15 years. The amortization expense was less than $0.1 million for the three and six periods ended June 28, 2026 and June 29, 2025. The Company’s estimated aggregate amortization expense for each of the five succeeding fiscal years is $0.1 million annually. 
​
​
Note 4 – Accrued Expenses
Accrued expenses consist of the following (in thousands):
​

​

​

​

​

​

​

​
​
June 28, 
​
December 28, 

​
​
2026
​
2025

VAT, sales and property taxes
​
​
 9,404
 
​
 10,572

Interest
​
​
 5,983
​
​
 6,053

Amounts due to landlords
​
​
 4,640
​
 
 4,507

New restaurant construction
​
 
 2,859
​
​
 3,521

Insurance
​
 
 2,271
​
​
 4,130

Legal, professional and other services
​
 
 1,463
​
 
 2,196

Lease termination
​
​
 663
​
​
 462

Income taxes
​
​
 —
​
​
 449

Other (1)
​
 
 11,209
​
 
 14,466

Total
​
$
 38,492
​
$
 46,356

(1)Amount primarily relates to recurring restaurant operating expenses.
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Note 5 – Long-Term Debt
​
Long-term debt consists of the following (in thousands):
​
​

​

​

​

​

​

​

​
​
June 28, 
​
December 28, 

​
​
2026
​
2025

Term loan agreements
​
$
 339,938
​
$
 344,313

Revolving credit facility
​
​
 5,000
​
​
 7,000

Equipment security notes
​
 
 2,577
​
 
 2,856

Promissory notes
​
 
 171
​
 
 —

Total long-term debt
​
 
 347,686
​
 
 354,169

Less: current portion of long-term debt
​
 
 (9,408)
​
 
 (9,302)

Less: debt issuance costs
​
 
 (353)
​
 
 (414)

Less: debt original issuance discount
​
 
 (8,907)
​
 
 (10,440)

Total long-term debt, net of current portion
​
$
 329,018
​
$
 334,013

​
Interest expense, net for the Company’s debt arrangements, excluding the amortization of debt issuance costs, debt original issuance discount and fees, was $8.7 million and $9.4 million for the three periods ended June 28, 2026 and June 29, 2025, respectively, and $17.5 million and $18.3 million for the six periods ended June 28, 2026 and June 29, 2025, respectively. Capitalized interest was $0.4 million and $0.7 million for the three and six periods ended June 28, 2026, respectively. Capitalized interest was $0.3 million and $0.9 million for the three and six periods ended June 29, 2025, respectively.
As of June 28, 2026, the Company had $6.3 million in standby letters of credit outstanding for certain restaurants and $28.7 million available in its revolving credit facility, subject to certain conditions.
Credit and Guarantee Agreement 
On May 1, 2024, the Company entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., HPS Investment Partners, LLC and HG Vora Capital Management, LLC (collectively, the “Lenders”). The Credit Agreement provides a $350.0 million senior secured term loan facility (the “Term Loan Facility”) and a $40.0 million senior secured revolving credit facility (the “Revolving Facility”, and together with the Term Loan Facility, the “Facilities”), which allows up to $10.0 million of which will be available in the form of letters of credit. As of June 28, 2026, the Company had borrowings of $5.0 million on the Revolving Facility.
The Term Loan Facility is not subject to a financial covenant and the Revolving Facility’s financial covenant will apply only after 35% of the Revolving Facility’s capacity has been drawn. As of June 28, 2026, the Company was not subject to a financial covenant.
The Term Loan Facility bears interest at a margin over a reference rate selected at the option of the borrower. The margin for the Term Loan Facility is 6.5% per annum for SOFR borrowings and 5.5% per annum for base rate borrowings. The Term Loan Facility matures on the fifth anniversary of the date of the related loan agreement. The Term Loan Facility is payable in quarterly installments commencing with the fiscal quarter ending September 30, 2024, and are 1% per annum for the first year (through June 30, 2025), then 2.5% per annum for the next two years (through June 2027), then 5% per annum thereafter through maturity on April 30, 2029.
The Revolving Facility bears interest at a margin over a reference rate selected at the option of the borrower. The margin for the Revolving Facility is set quarterly based on the Company’s Consolidated Net Leverage Ratio for the preceding four fiscal quarters and ranges from 5.5% to 6.0% per annum for SOFR borrowings and 4.5% to 5.0% for base rate borrowings. The Revolving Facility matures on November 1, 2028.
The Company’s weighted average interest rate on the borrowings under the Credit Agreement as of June 28, 2026 was 10.2%.
As of June 28, 2026, the Company had $0.4 million of debt issuance costs and $8.9 million of debt original issuance discount related to the Credit Agreement, which were capitalized and are recorded as a direct deduction to long-term debt and less than $0.1 million in debt issuance costs and $0.9 million of debt original issuance discount recorded in Other Assets on the condensed consolidated balance sheets. 
​
Equipment Security Notes
​
Between July 10, 2025 and September 23, 2025, the Company entered into three Equipment Security Notes with Banc of America Leasing & Capital, LLC in an aggregate amount of $3.0 million to purchase restaurant equipment (the “Equipment Security Notes”). The Equipment Security Notes bear interest at rates ranging from 7.09% to 7.19% per annum, and are each payable in 60 equal monthly installments, inclusive of interest. Each of the Equipment Security Notes is secured by the equipment purchased with the proceeds of such note. As of June 28, 2026, the amount outstanding under the Equipment Security Notes was approximately $2.6 million.

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Promissory Note
​
On February 23, 2026, the Company entered into a Promissory Note with Nankai-ya Inc. in the amount of $0.2 million to finance the purchase of a franchised Benihana restaurant (the “Promissory Note”). The Promissory Note bears interest at a rate of 8.0% per annum, and is payable in 24 equal monthly installments, inclusive of interest. As of June 28, 2026, the amount outstanding under the Promissory Note was approximately $0.2 million.
​
Note 6 – Fair Value of Financial Instruments
Cash and cash equivalents, accounts receivable, inventory, accounts payable and accrued expenses are carried at cost, which approximates fair value. Long-lived assets are measured and disclosed at fair value on a nonrecurring basis if an impairment is identified.
The Company’s long-term debt, which is valued using Level 2 inputs, approximates fair value as such debt bears interest at variable rates which approximates market rates.
Note 7 – Income Taxes
Income taxes are recorded at the Company’s estimated annual effective income tax rate, subject to adjustments for discrete events should they occur. The Company recorded a provision for income taxes of $0.4 million for the first six periods of 2026 compared to $1.0 million for the first six periods of 2025. The Company’s effective income tax rate including discrete events was 41.1% and (11.3)% for the six periods ended June 28, 2026 and June 29, 2025, respectively. The Company’s projected annual effective tax rate differs from the statutory U.S. tax rate of 21% primarily due to the following: (i) tax credits for FICA taxes on certain employees’ tips; (ii) taxes owed in foreign jurisdictions with tax rates that differ from the U.S. statutory rate; (iii) taxes owed in state and local jurisdictions; and (iv) the tax effect of non-deductible compensation. 
​
The Company is subject to U.S. federal, state, local and various foreign income taxes for the jurisdictions in which it operates. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. In the normal course of business, the Company is subject to examination by federal, state, local and foreign taxing authorities. 
Note 8 – Revenue Recognition
The following table provides information about contract liabilities, which include deferred license revenue, deferred gift card revenue, advanced party deposits and the Friends with Benefits rewards program (in thousands):
​

​

​

​

​

​

​

​
  ​ ​ ​
June 28, 
​
December 28, 

​
​
2026
​
2025

Deferred license revenue (1)
​
$
 102
​
$
 116

Deferred gift card and gift certificate revenue (2)
​
$
 4,655
​
$
 6,074

Advanced party deposits (2)
​
$
 833
​
$
 745

Friends with Benefits rewards program (3)
​
$
 771
​
$
 450

(1)Includes the current and long-term portion of deferred license revenue which are included in other current liabilities and other long-term liabilities on the condensed consolidated balance sheets.
(2)Deferred gift card revenue and advance party deposits on goods and services yet to be provided are included in deferred gift card revenue and other on the condensed consolidated balance sheets.
(3)Friends with Benefits rewards program is included in accrued expenses on the condensed consolidated balance sheets.
​
Revenue recognized during the period from contract liabilities as of the preceding fiscal year end date is as follows (in thousands):
​

​

​

​

​

​

​

​
  ​ ​ ​
June 28, 
  ​ ​ ​
June 29, 

​
​
2026
​
2025

Revenue recognized from deferred license revenue
​
$
 13
​
$
 88

Revenue recognized from deferred gift card revenue
​
$
 2,897
​
$
 2,188

Revenue recognized from advanced party deposits
​
$
 673
​
$
 509

​
The estimated deferred license revenue to be recognized in the future related to performance obligations that are unsatisfied as of June 28, 2026 were as follows for each year ending (in thousands):
​
​

​

​

​

2026, six periods remaining
  ​ ​ ​
$
 39

2027
 
​
 20

2028
 
​
 20

2029
 
​
 14

2030
 
​
 1

Thereafter
 
​
 8

Total future estimated deferred license revenue
​
$
 102

​
​
​

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Table of Contents

Note 9 – Leases
The components of lease expense for the six periods ended June 28, 2026 and the six period