The ONE Group Hospitality, Inc. reported financial results for the second quarter ended June 28, 2026. Total GAAP revenues decreased 3.3% to $200.5 million from $207.4 million due to restaurant closures. Consolidated comparable sales increased 0.9%, driven by positive transaction growth across all segments. GAAP operating income rose significantly to $6.6 million from $0.7 million, while restaurant operating profit margin expanded 110 basis points to 16.4%. The company reduced capital expenditures by 38% year-over-year and reported year-to-date net cash provided by operating activities of $33.0 million. Management introduced updated full-year financial targets, including total GAAP revenues of $805 to $820 million and Consolidated Adjusted EBITDA of $95 to $105 million. The ONE Group operates upscale restaurants and lounges, including STK, Benihana, and Kona Grill brands.

The ONE Group Hospitality, Inc. Audit Committee approved the dismissal of Deloitte & Touche LLP as its independent registered public accounting firm effective June 30, 2026, and engaged Grant Thornton, LLP as its new auditor for the fiscal year ending December 27, 2026. There were no disagreements with Deloitte regarding accounting principles or auditing procedures. The company operates in the hospitality industry and manages restaurant group brands.