ONE Group Hospitality Inc

For the period ended Jun 30, 2024. Filed Aug 6, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 6, 2024

STKS$1.01-14.4%Stored close · as of Nov 9, 2026

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Contents

Item 5. Other Information

(a) Reclassification of Segment Disclosure

As discussed in Note 15, the Benihana Acquisition resulted in the CODM evaluating the Company’s business and determining that there are five operating segments. The Company has reclassified prior year disclosures from the Annual Report on Form 10-K below to conform with the current year presentation.

The Company has identified its reportable operating segments as follows:

●

STK. The STK segment consists of the results of operations from STK restaurants and ONE Hospitality restaurant locations, which include Bao Yum and Hideout, as well as management, license and incentive fee revenue generated from the STK brand and ONE Hospitality restaurants which include, Heliot, Rado, Rivershore Bar & Grill and F&B hospitality management agreements, and pre-opening expenses associated with new restaurants under development.

●	Benihana. The Benihana segment consists of the results of operations from Benihana restaurant locations, as well as franchise revenue from the Benihana brand and pre-opening expenses associated with new restaurants under development.

●	Kona Grill. The Kona Grill segment consists of the results of operations of Kona Grill restaurant locations and pre-opening expenses associated with new restaurants under development.

●	RA Sushi. The RA Sushi segment consists of the results of operations from RA Sushi restaurant locations and pre-opening expenses associated with new restaurants under development.

●

Corporate. The Corporate segment consists of the following: general and administrative costs, stock-based compensation, lease termination expenses, transaction costs, COVID-19 related expenses and other income and expenses. This segment also includes STK Meat Market, an e-commerce platform that offers signature steak cuts nationwide, the Company’s major off-site events group, which supports all brands and venue concepts, and revenue generated from gift card programs. The Corporate segment’s total assets primarily include cash and cash equivalents, tradenames, goodwill and deferred tax assets.


	STK		Benihana		Kona Grill		RA Sushi		Corporate		Total
For the three months ended March 31, 2024
Total revenues		$54,751		—		30,149		—		95		84,995
Operating income (loss)		$8,715		—		(503)		—		(8,832)		(620)
Capital asset additions(1)		$13,035		—		2,587		—		173		15,795
As of March 31, 2024
Total assets		$143,822		—		92,376		—		73,117		309,315
For the twelve months ended December 31, 2023
Total revenues		$200,678		—		131,716		—		375		332,769
Operating income (loss)		$39,077		—		2,189		—		(31,972)		9,294
Capital asset additions(1)		$28,549		—		21,450		—		3,551		53,550
As of December 31, 2023
Total assets		$142,774		—		93,092		—		81,379		317,245
For the three months ended September 30, 2023
Total revenues		$44,054		—		32,775		—		55		76,884
Operating income (loss)		$5,872		—		(444)		—		(7,383)		(1,955)
Capital asset additions(1)		$8,783		—		6,012		—		(280)		14,515
For the nine months ended September 30, 2023
Total revenues		$144,608		—		97,961		—		264		242,833
Operating income (loss)		$26,783		—		910		—		(23,325)		4,368
Capital asset additions(1)		$19,764		—		17,427		—		1,220		38,411
As of September 30, 2023
Total assets		$125,263		—		92,497		—		77,256		295,016
For the three months ended June 30, 2023
Total revenues		$49,015		—		34,277		—		101		83,393
Operating income (loss)		$8,861		—		1,379		—		(8,195)		2,045
Capital asset additions(1)		$6,686		—		4,937		—		422		12,045
For the six months ended June 30, 2023
Total revenues		$100,554		—		65,186		—		209		165,949
Operating income (loss)		$20,911		—		1,354		—		(15,942)		6,323
Capital asset additions(1)		$10,981		—		11,415		—		1,500		23,896
As of June 30, 2023
Total assets		$115,551		—		82,299		—		91,557		289,407
For the three months ended March 31, 2023
Total revenues		$51,539		—		30,909		—		108		82,556
Operating income (loss)		$12,050		—		(25)		—		(7,747)		4,278
Capital asset additions(1)		$4,298		—		6,476		—		1,078		11,852
As of March 31, 2023
Total assets		$107,892		—		78,583		—		102,184		288,659
For the twelve months ended December 31, 2022
Total revenues		$189,746		—		126,341		—		551		316,638
Operating income (loss)		$41,625		—		7,217		—		(32,536)		16,306
Capital asset additions(1)		$19,255		—		10,496		—		2,878		32,629
As of December 31, 2022
Total assets		$104,575		—		73,912		—		112,537		291,024

(1) Capital asset additions for the Corporate segment include furniture, fixtures, and equipment for restaurants that the Company plans to open in the future.

(c) Adoption or Termination of 10b5-1 Trading Plans

During the second quarter ended June 30, 2024, no director or officer adopted, modified, orterminated any Rule 10b5-1trading arrangement ornon-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K.

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