Note 1 – 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 a polished casual atmosphere; and RA Sushi, 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 December 28, 2025, the Company owned, operated, managed, franchised or licensed 159 venues, including 31 STKs, 86 Benihanas, 23 Kona Grills and 13 RA Sushis in major metropolitan cities in North America, Europe, Latin America and the Middle East and 6 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 and franchise fees based on top-line revenues and incentive fee revenue based on a percentage of the location’s revenues and net 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 ended on the last Sunday in December. The Company’s fourth quarter of 2025 was the 91-day period of September 29, 2025 through December 28, 2025 compared to the fourth quarter of 2024 which was the 92-day period of October 1, 2024 through December 31, 2024. The Company’s fiscal year ending December 28, 2025 contained 362 days due to the transition. The fiscal year ending December 31, 2024 contained 366 days.

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