• Korean BBQ Casual Dining Experience: An engaging and interactive restaurant experience where guests serve as their own chefs, featuring an extensive menu of traditional Korean and Korean-American food, high-quality meats, poultry, seafood, and mixed vegetables.

• Millennials
• Gen Z
• Casual diners seeking an engaging and interactive dining experience, often in groups or family settings due to its "family style" service.

David Kim, Chairman and Chief Executive Officer

David Kim co-founded GEN Korean BBQ in 2011 with Jae Chang. He currently serves as the Chairman and Chief Executive Officer of GEN Restaurant Group. Previously, Mr. Kim was the Chief Executive Officer of La Salsa, Inc. and Baja Fresh Enterprises. In 2016, he sold both Baja Fresh and La Salsa to MTY Food Group Inc. in a $27 million transaction. Mr. Kim also held the position of President at Caliber Capital Group, an equity investment firm specializing in distressed companies. His experience further includes managing Golden Den Corp. and RD Restaurant Group, Inc., which operated various franchises such as Denny's, Carl's Jr., Golden Corral, and Pick-Up Stix. He was also a managing member of CinnaWorks, LLC, a national Cinnabon franchise operator, and Sweet Candy, LLC (Sweet Factory).

Thomas V. Croal, Chief Financial Officer

Thomas V. Croal has served as the Chief Financial Officer of GEN Restaurant Group since July 2021. Prior to joining GEN, Mr. Croal was the Chief Financial Officer of the Pancreatic Cancer Action Network. His past experience also includes serving as Senior Vice President and Chief Financial Officer for Silverado Senior Living Holdings, Inc. and Sage Publications, Inc. Additionally, he was the Chief Financial Officer of PPONet, Inc., and held roles as Chief Financial Officer and Chief Operating Officer at Insight Health Services Corporation. Mr. Croal is a former California Certified Public Accountant with Arthur Anderson & Co.

Jae Chang, Director

Jae Chang co-founded GEN Korean BBQ in 2011 with David Kim, opening the first restaurant in Tustin, California. He stepped down as Co-CEO on January 8, 2025, but remains a Director on the company's board. Before co-founding GEN, Mr. Chang owned, operated, and managed multiple other restaurant concepts, including Shabuya, Sumo, Octopus, H2O Sushi, and California Gogi brands.

Key Business Risks for GEN Restaurant (GENK)

1. Sensitivity to Consumer Discretionary Spending and Evolving Preferences: As a casual dining restaurant offering a specific interactive experience, GEN Restaurant's financial performance is highly dependent on consumer discretionary spending, which can be negatively impacted by economic downturns, inflation, or other factors reducing disposable income. Furthermore, the company's appeal to demographics like Millennials and Gen Z and its unique "serve as your own chef" model expose it to risks if consumer dining preferences shift away from this interactive format or from Korean BBQ cuisine.

2. Challenges of Sustaining Rapid Expansion and Maintaining Operational Consistency: GEN Restaurant has experienced significant growth, expanding to 34 locations across multiple states. Its continued success relies on the ability to identify suitable new markets and restaurant sites, manage capital expenditures, effectively recruit and train a growing workforce, and maintain consistent food quality and the "engaging and interactive dining experience" across an increasing number of locations. Failure to successfully execute its growth strategy or maintain operational excellence could negatively impact profitability and brand reputation.

3. Intense Competition and Market Saturation: The restaurant industry, particularly the casual dining and ethnic cuisine segments, is highly competitive and fragmented. GEN Restaurant faces competition from a wide range of existing restaurants, new entrants, and alternative dining options. Factors such as pricing strategies, marketing efforts, changes in consumer tastes, and the potential for market saturation in the Korean BBQ segment could impact the company's ability to attract and retain customers.

GEN Restaurant (GENK) operates within the U.S. market, specializing in Korean BBQ and positioning itself as a prominent Asian casual dining concept. The addressable markets for their main products and services in the United States include the Korean BBQ restaurant market, the broader Asian food market (with a significant restaurant segment), and the general fast-casual restaurant market.

• The North American Korean BBQ restaurant market was valued at approximately USD 1.55 billion in 2024 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 9.2% through 2033.
• The U.S. Asian food market size is estimated at US$ 38.1 billion in 2025, with projections to reach US$ 52.5 billion by 2032, growing at a CAGR of 4.7% from 2025 to 2032. The restaurant segment leads the Asian cuisine market, holding a 40.6% share in 2024.
• The U.S. fast-casual restaurant market size is expanding, with projections to reach USD 115.5 billion by 2026. Another estimate indicates the market size was USD 124.50 billion in 2022, with an estimated growth to USD 337.8 billion by 2032 at a CAGR of 10.4%. The market is further projected to grow to USD 121.3 billion by 2032.

1. New Restaurant Openings and Geographic Expansion: GEN Restaurant Group is actively pursuing new restaurant openings, both domestically and internationally. The company expects to open 16 new restaurants between 2025 and 2026. As of the first nine months of 2025, GENK opened 15 new restaurants, including 6 in South Korea, bringing their total to 57 units, with 2 more expected by year-end. This expansion strategy aims for a long-term goal of 250+ units nationwide.
2. Grocery Channel Expansion (CPG Business): GENK has launched ready-to-cook Korean-branded meats in grocery stores, which is emerging as a significant new revenue stream. The company has expanded its products to over 600 grocery locations, including major retailers like Albertsons, Pavilions, Vons, and Safeway. Management is targeting substantial growth from this consumer packaged goods (CPG) business, aiming for $100 million in annual revenue from this channel within the next 4-5 years.
3. Launch of New Restaurant Concepts: The company has successfully launched new restaurant concepts, such as Kan Sushi, which are designed to be built adjacent to existing GEN Korean BBQ restaurants. This strategy leverages shared infrastructure, such as kitchens, bathrooms, and some labor, to enhance the brand and mitigate risk. Early results from the Kan Sushi concept have been stronger than expected, indicating a positive contribution to overall growth.
4. Strategic Price Adjustments: GENK implemented a 2.8% price increase at the end of 2024. Management reported that this increase had no negative impact on customer traffic, suggesting that measured price adjustments can contribute to revenue growth without affecting customer volume, maintaining the brand's value proposition.

Share Repurchases

• On March 13, 2025, GEN Restaurant Group's board of directors approved a stock repurchase program authorizing the buyback of up to $5.0 million worth of its Class A common stock.
• The company intends to implement a Rule 10b5-1 trading plan to facilitate repurchases, administered by an independent broker.

Share Issuance

• GEN Restaurant Group completed its initial public offering (IPO) on June 28, 2023, with shares trading on the Nasdaq Global Market under the symbol "GENK."
• The IPO priced 3.6 million shares of Class A common stock at $12.00 per share.
• Including the full exercise of the underwriters' option to purchase an additional 540,000 shares, the company received net proceeds from the offering of approximately $46.2 million.

Capital Expenditures

• GEN Restaurant Group invested $6.1 million in capital expenditures in Q3 2025.
• For the latest 12 months, capital expenditures were approximately $29.67 million.
• The primary focus of capital expenditures has been on new restaurant development, with 3 restaurants opened in 2022 at an average net build-out cost of approximately $1.9 million, 6 restaurants opened in 2023 at an average net build-out cost of approximately $2.1 million, and 6 restaurants opened in 2024 at an average net build-out cost of approximately $2.2 million. The company planned to open a total of 17 new restaurants in 2025, including an international expansion with locations in South Korea.