The ONE Group Hospitality preannounced 4Q:25 revenue of about $207 million, a 6.8% decline from 4Q:24, mainly due to closings of underperforming Grill Concept restaurants (Kona Grill and RA Sushi) and an adverse fiscal calendar shift; we expected 4Q:25 sales of $223.1 million. Given the revenue shortfall versus our projection, we now estimate December quarter EPS of $0.04 (was $0.16). On a brighter note, we still expect STKS to benefit from several initiatives, including planned asset-light expansion in the San Francisco market and professional sports arenas, further leveraging its loyalty program and converting up to nine Kona Grill and RA Sushi locations to Benihana or STK restaurants. All told, we now estimate a net loss of $0.56 per share in 2026 (previously we expected a loss of $0.43 per share in 2026) before estimated EPS of $0.28 in 2027. Our moderate risk rating reflects our expectation for improved earnings and a return to positive free cash flow in 2026–2027, with free cash flow projected at $0.71 per share in 2026 and $1.15 per share in 2027.