| Segment Information |
(18) Segment Information The Company operates 54 Gen Korean BBQ restaurants in the United States and South Korea. The CODM is the Chief Executive Officer. The Company determined it has one reportable segment, as the CODM regularly reviews restaurant operations and financial performance at a consolidated level. The CODM uses net (loss) income to allocate resources (including labor, technology and capital resources) for the single segment to make decisions regarding annual budget, new restaurant openings, entering new geographic markets, landlord and vendor negotiation, marketing decisions, pursuing new business ventures and driving the Company’s mission.
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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(in thousands) |
2026 |
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2025 |
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2026 |
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2025 |
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Segment revenue |
$ |
55,729 |
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$ |
55,041 |
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$ |
109,626 |
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$ |
112,377 |
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Less: |
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Food cost |
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21,775 |
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18,623 |
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42,278 |
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37,885 |
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Payroll and benefits |
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15,614 |
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16,561 |
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32,892 |
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34,749 |
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Occupancy expenses |
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5,334 |
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5,121 |
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11,113 |
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10,212 |
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Operating expenses |
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6,755 |
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5,905 |
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13,238 |
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11,831 |
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Depreciation and amortization |
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2,405 |
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2,257 |
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4,789 |
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4,284 |
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Pre-opening costs |
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1,327 |
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2,051 |
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3,108 |
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4,699 |
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Segment Income from Operations |
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2,519 |
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4,523 |
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2,208 |
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8,717 |
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Reconciliation: |
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— |
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General and administrative |
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7,113 |
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6,403 |
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14,010 |
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12,773 |
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Loss on lease termination |
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611 |
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— |
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611 |
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— |
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Gain on deconsolidation of restaurants |
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(53 |
) |
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— |
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(53 |
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— |
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Interest expense (income), net |
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314 |
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(66 |
) |
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540 |
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(126 |
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Other (income) costs |
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(621 |
) |
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300 |
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(615 |
) |
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300 |
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Loss on foreign currency |
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(1 |
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13 |
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11 |
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13 |
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Employee retention credits |
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— |
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(313 |
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— |
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(313 |
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Net loss before taxes |
$ |
(4,844 |
) |
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$ |
(1,814 |
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$ |
(12,296 |
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$ |
(3,930 |
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