Similar to other restaurant operators, STKS has contended with same-store sales declines this year, though, with some price increases and traffic and growth driving initiatives, we expect same-store sales to turn positive in 2026 and continue to increase in 2027. Management is also focused on expanding the base of restaurants on a more capital-efficient basis through additional franchised and licensed locations. The ONE Group also plans to convert some of its Grill Concept locations to better-performing STK and Benihana restaurants, which should also aid profitability. Along with expected reductions in interest expenses, we anticipate the company will narrow its net loss to $0.43 per share in 2026 (compared to our projected loss of $0.77 per share in 2025) before reversing to estimated EPS of $0.28 in 2027. Our moderate risk rating factors in estimated earnings improvements and better free cash flow in 2026-2027 (which we expect will total $0.87 per share in 2026 and $1.10 per share in 2027 versus a projected cash outflow of $0.73 per share in 2025).