Thursday, August 07, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Mixed Bag. In the second quarter, Benihana delivered positive same store sales, and STK achieved positive traffic for the second and third consecutive quarters, respectively. However, Grill concept SSS were off 14.6% and the Company closed five locations in the quarter. Expenses were also higher than anticipated.
2Q25 Results. Overall revenue increased 20.2% y-o-y to $207.2 million, mostly due to a full quarter of Benihana. We had estimated $206.7 million. Adjusted EBITDA was $23.4 million, up 7.3% y-o-y, but below our $24.9 million estimate. ONE Group reported a GAAP net loss of $10.1 million, versus a net loss of $7.3 million a year ago. Including the preferred dividend, net loss per share was $0.59 versus a net loss per share of $0.38 last year. Adjusted EPS was $0.05 compared to $0.19 last year.
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