The ONE Group Hospitality Inc. reports third quarter revenue of $180.2 million and net loss of $76.7 million
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The ONE Group Hospitality Inc. reported a third quarter revenue of $180.2 million, down 7.1% from $194.0 million in the same quarter last year. The company experienced a net loss of $76.7 million, significantly higher than the previous year's loss of $9.3 million, mainly due to increased income tax expenses and impairment losses. Adjusted EBITDA fell to $10.6 million. The company closed six underperforming Grill locations and plans to convert more units to Benihana or STK formats, with new openings planned for 2025.
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