Business
The ONE Group Reports Fourth Quarter and Full Year 2021 Financial Results
Achieves All-Time Record for Quarterly and Annual Revenues and Adjusted EBITDA Consolidated Comparable Sales Increased 49.8% for the Fourth Quarter and 34.2%
About this update from The One Group Hospitality, Inc.
[{"type":"text","content":"\nAchieves All-Time Record for Quarterly and Annual Revenues and Adjusted EBITDA\n\nConsolidated Comparable Sales Increased 49.8% for the Fourth Quarter and 34.2% for 2021 Compared to 2019\n\n DENVER--(BUSINESS WIRE)--\nThe ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and year ended December 31, 2021.\n\nHighlights for the fourth quarter ended December 31, 2021 compared to the same period in 2020 are as follows:\n\n\nTotal GAAP revenues increased 86.8% to $84.1 million from $45.0 million;\n\n\nGAAP net income attributable to The ONE Group was $5.8 million, or $0.17 net income per share ($0.24 adjusted net income per share)****, compared to GAAP net loss of $4.5 million, or $0.15 net loss per share ($0.04 adjusted net loss per share)****;\n\n\nRestaurant Operating Profit*** increased 440 basis points to 20.4% of Owned Restaurant Net Revenue; and\n\n\nAdjusted EBITDA** increased 220.6% to $13.3 million from $4.1 million.\n\n\nHighlights for the full year ended December 31, 2021 compared to the same period in 2020 are as follows:\n\n\nTotal GAAP revenues increased 95.3% to $277.2 million from $141.9 million;\n\n\nGAAP net income attributable to The ONE Group was $31.3 million, or $0.93 net income per share ($0.59 adjusted net income per share)****, compared to GAAP net loss of $12.8 million, or $0.44 net loss per share ($0.19 adjusted net loss per share)****;\n\n\nRestaurant Operating Profit*** increased 840 basis points to 19.8% of Owned Restaurant Net Revenue; and\n\n\nAdjusted EBITDA** increased 346.7% to $42.7 million from $9.6 million.\n\n\nComparable sales* for 2021 compared to 2019 periods:\n\n\nFor the fourth quarter:\n\n\nConsolidated comparable sales* increased 49.8%;\n\n\nComparable sales* for STK increased 60.0%; and\n\n\nComparable sales* for Kona Grill increased 38.2%.\n\n\n\n\nFor the full year:\n\n\nConsolidated comparable sales* increased 34.2%;\n\n\nComparable sales* for STK increased 45.1%; and\n\n\nComparable sales* for Kona Grill increased 23.2%.\n\n\n\n\n“We delivered impressive results in 2021 characterized by record-setting revenue, robust comparable sales growth compared to both 2020 and 2019, and a significant increase in profitability driven by restaurant margins of nearly 20% and record setting management, licens...