Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Owned restaurant net revenue $ 169,021 $ 79,923 $ 250,529 $ 158,502
Management, license, franchise and incentive fee revenue 3,473 3,470 6,960 7,447
Total revenues 172,494 83,393 257,489 165,949
Owned operating expenses:        
Owned restaurant cost of sales 35,877 19,215 54,591 38,070
Owned restaurant operating expenses 103,192 48,784 152,830 95,611
Total owned operating expenses 139,069 67,999 207,421 133,681
General and administrative (including stock-based compensation of $1,495, $1,234, $2,853 and $2,554 for the three and six months ended June 30, 2024 and 2023, respectively) 10,622 8,039 18,156 15,523
Depreciation and amortization 8,025 3,506 13,285 7,162
Transaction and exit costs 6,826   8,349  
Transition and integration expenses 3,794   3,794  
Pre-opening expenses 2,504 1,609 5,418 2,908
Other expenses   195 32 352
Total costs and expenses 170,840 81,348 256,455 159,626
Operating income 1,654 2,045 1,034 6,323
Other expenses, net:        
Interest expense, net of interest income 7,865 1,642 9,943 3,429
Loss on early debt extinguishment 4,149   4,149  
Total other expenses, net 12,014 1,642 14,092 3,429
(Loss) income before provision for income taxes (10,360) 403 (13,058) 2,894
(Benefit) provision for income taxes (3,268) (13) (3,536) 148
Net (loss) income (7,092) 416 (9,522) 2,746
Less: comprehensive loss attributable to noncontrolling interest (163) (152) (524) (428)
Net (loss) income attributable to The ONE Group Hospitality, Inc. (6,929) 568 (8,998) 3,174
Series A Preferred Stock paid-in-kind dividend and accretion (4,538)   (4,538)  
Net (loss) income available to common stockholders $ (11,467) $ 568 $ (13,536) $ 3,174
Net (loss) income per common share:        
Net (loss) income per common share Basic (in dollars per share) $ (0.36) $ 0.02 $ (0.43) $ 0.10
Net (loss) income per common share Diluted (in dollars per share) $ (0.36) $ 0.02 $ (0.43) $ 0.10
Weighted average common shares outstanding: Basic (in shares) 31,424,938 31,782,783 31,376,951 31,730,299
Weighted average common shares outstanding: Diluted (in shares) 31,424,938 32,673,457 31,376,951 32,779,821