Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Owned restaurant net revenue $ 190,587 $ 73,700 $ 441,116 $ 232,202
Management, license, franchise and incentive fee revenue 3,388 3,184 10,348 10,631
Total revenues 193,975 76,884 451,464 242,833
Owned operating expenses:        
Owned restaurant cost of sales 39,880 18,230 94,471 56,300
Owned restaurant operating expenses 125,634 46,372 278,464 141,983
Total owned operating expenses 165,514 64,602 372,935 198,283
General and administrative (including stock-based compensation of $1,580, $1,244, $4,433 and $3,798 for the three and nine months ended September 30, 2024 and 2023, respectively) 12,785 7,280 30,941 22,803
Depreciation and amortization 9,416 3,732 22,701 10,894
Transaction and exit costs 850   9,199  
Transition and integration expenses 6,274   10,068  
Pre-opening expenses 2,110 3,097 7,528 6,005
Other expenses 46 128 78 480
Total costs and expenses 196,995 78,839 453,450 238,465
Operating (loss) income (3,020) (1,955) (1,986) 4,368
Other expenses, net:        
Interest expense, net of interest income 10,679 1,673 20,622 5,102
Loss on early debt extinguishment     4,149  
Total other expenses, net 10,679 1,673 24,771 5,102
Loss before provision for income taxes (13,699) (3,628) (26,757) (734)
Benefit for income taxes (4,644) (375) (8,180) (227)
Net loss (9,055) (3,253) (18,577) (507)
Less: net loss attributable to noncontrolling interest (165) (155) (689) (583)
Net (loss) income attributable to The ONE Group Hospitality, Inc. (8,890) (3,098) (17,888) 76
Series A Preferred Stock paid-in-kind dividend and accretion (7,125)   (11,663)  
Net (loss) income available to common stockholders $ (16,015) $ (3,098) $ (29,551) $ 76
Net (loss) income per common share:        
Net (loss) income per common share Basic (in dollars per share) $ (0.52) $ (0.10) $ (0.95)  
Net (loss) income per common share Diluted (in dollars per share) $ (0.52) $ (0.10) $ (0.95)  
Weighted average common shares outstanding: Basic (in shares) 31,008,275 31,515,011 31,256,946 31,657,761
Weighted average common shares outstanding: Diluted (in shares) 31,008,275 31,515,011 31,256,946 32,537,572