Significant Revenue Growth
First quarter revenues increased by almost 150% to $211 million, driven by contributions from Benihana and RA Sushi and strong transaction growth at STK.
Improved Profitability
Adjusted EBITDA grew by over 230% to $25.2 million, with restaurant-level EBITDA margins of 20.1% for Benihana and 17.7% for STK.
Strategic Expansion
Opened new company-owned Benihana in San Mateo, California, and a new STK restaurant in Topanga, California. Plans to open five to seven new venues in 2025.
Operational Efficiencies and Integration Synergies
Integration of Benihana led to synergies with expected annual savings of at least $20 million by 2026. Efficiencies realized through logistics, reservation systems, and streamlined operations.
Launch of Friends with Benefits Rewards Program
Introduced a new loyalty program to enhance guest experiences and drive customer engagement across multiple brands.