GEN Restaurant Group Inc (NASDAQ: GENK) is a restaurant company that owns and operates GEN Korean BBQ House, an all-you-can-eat Korean barbecue dining concept. Revenue is generated entirely through direct restaurant sales, with guests paying a fixed per-person price for tableside grilled meats and accompanying dishes. As of December 31, 2025, the company operated locations across California, Texas, Hawaii, Nevada, Arizona, New York, New Jersey, Florida, Washington, Oregon, North Carolina, and six Company-owned locations in South Korea opened during 2025. Total revenue was $212.5 million in FY2025, up 2.0% from $208.4 million in FY2024. The company opened 15 new restaurants in FY2025 and held signed leases for 18 additional locations as of December 31, 2025. New unit economics target average net build-out costs below $3.0 million and average unit volumes of $4.0 to $5.0 million, implying a target payback period of under three years. The company reported a loss from operations of $20.0 million in FY2025, compared to operating income of $0.5 million in FY2024.

Revenue model

Transactional restaurant sales. Guests pay per-person pricing for an all-you-can-eat Korean barbecue experience at Company-owned locations. The majority of sales are processed via credit or debit card. There are no disclosed franchise royalties, licensing fees, or subscription components.

Products and services

All-you-can-eat Korean barbecue dining at Company-owned restaurants operating under the GEN Korean BBQ House brand. Menu centers on tableside grilled meats with accompanying dishes. The company also operates at least one location under the Kan Sushi brand, based on the Austin, Texas opening noted in FY2025 filings.

Customers and end markets

Direct consumers dining at Company-owned restaurant locations. No customer concentration disclosures; revenue is broadly distributed across individual dining guests. Key end markets are suburban and urban retail trade areas across multiple U.S. states and South Korea.

Value-chain role

Owner-operator of branded restaurant locations. The company is responsible for site selection, lease execution, build-out, staffing, food sourcing, and restaurant operations. It relies on third-party distributors and suppliers for food ingredients and operates no distribution infrastructure of its own. Point-of-sale technology is provided by Revel; back-office systems include QuickBooks and Microsoft OneDrive.

Geographic exposure

United States, with the heaviest concentration in California. Additional domestic locations in Texas, Hawaii, Nevada, Arizona, New York, New Jersey, Florida, Washington, Oregon, and North Carolina as of December 31, 2025. International presence in South Korea, where six Company-owned locations opened during FY2025. Two additional U.S. locations opened in Tucson, AZ and Denton, TX subsequent to December 31, 2025.

Source: SEC 10-K, filed 2026-03-31

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