Fogo de Chão (FOGO) for Korean BBQ.

A rapidly growing, full-service restaurant chain specializing in Korean BBQ, similar to how Texas Roadhouse (TXRH) focuses on steaks.

• Restaurant Operations: Operates full-service, company-owned "GEN Korean BBQ House" restaurants, providing an all-you-can-eat Korean BBQ dining experience.
• Franchising: Licenses its "GEN Korean BBQ House" brand and operational model to independent franchisees, earning initial franchise fees and ongoing royalties.

GEN Restaurant Group, Inc. (GENK)

GEN Restaurant Group, Inc. (GENK) operates full-service Korean BBQ restaurants primarily under the "GEN Korean BBQ" brand. As such, it sells directly to individual consumers rather than to other companies.

The company serves a diverse customer base, which can be categorized as follows:

Major Customer Categories for GEN Restaurant Group (GENK):

• Families and Social Groups: GEN Korean BBQ's communal dining style, where patrons cook their food at the table, makes it a popular destination for family gatherings, groups of friends, and other social outings looking for an interactive and shared dining experience.
• Young Adults and Experiential Diners: The interactive nature of Korean BBQ, combined with the cultural appeal of Korean cuisine and entertainment, attracts a younger demographic (including Millennials and Gen Z) seeking fun, trendy, and unique dining experiences.
• Food Enthusiasts and Ethnic Cuisine Seekers: Customers who specifically seek out authentic Korean flavors and the traditional Korean BBQ experience. This category includes individuals interested in exploring diverse culinary options and those who appreciate the quality and variety of meats, banchan (side dishes), and other Korean dishes offered.

• Performance Food Group Company (PFGC)
• US Foods Holding Corp. (USFD)

David Kim, Chairman and Chief Executive Officer

Mr. Kim joined GEN Restaurant Group shortly after the opening of its first restaurant in September 2011 and currently serves as Chairman and Chief Executive Officer. He also co-founded GEN Korean BBQ in 2011. Prior to his role at GEN, Mr. Kim served as Chief Executive Officer of La Salsa, Inc. and Baja Fresh Enterprises. He was also President of Caliber Capital Group, an equity investment firm focused on distressed companies. Additionally, Mr. Kim was a managing member of CinnaWorks, LLC and Sweet Candy, LLC, and managed Golden Den Corp. and RD Restaurant Group, Inc., which operated Denny's, Carl's Jr., Golden Corral, and Pick-Up Stix franchises. He established the Kim Family Foundation to support charitable causes.

Thomas V. Croal, Chief Financial Officer

Mr. Croal has served as GEN Restaurant Group's Chief Financial Officer since July 2021. Before joining GEN, he held the position of Chief Financial Officer at Pancreatic Cancer Action Network, a non-profit organization. His experience also includes serving as Senior Vice President and Chief Financial Officer of Silverado Senior Living Holdings, Inc. and Sage Publications, Inc. He was also the Chief Financial Officer of PPONet, Inc., and 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. and holds a Bachelor of Science in Accounting from Loyola Marymount University.

GEN Restaurant Group (NASDAQ: GENK) primarily operates a chain of all-you-can-eat Korean barbecue restaurants in the United States. Its main products and services include traditional Korean and Korean-American food, such as various meats, poultry, and seafood, offered in a "grill at your table" dining experience. The company also recently launched a retail line of ready-to-cook meats in Southern California grocery stores, with plans for broader expansion in the Western U.S.

Addressable Markets:

• North American Korean BBQ Restaurant Market: This 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.
• United States Full-Service Restaurant Market: The U.S. full-service restaurant market size is estimated at USD 360.91 billion in 2025 and is projected to reach USD 617.47 billion by 2030, with an 11.33% CAGR. Another estimate indicates the market expanding from USD 336.22 billion in 2024 to USD 807.83 billion by 2033, growing at a CAGR of 10.23% from 2025 to 2033. For single-location full-service restaurants in the U.S., the revenue is estimated to be $260.1 billion in 2025.

GEN Restaurant Group, Inc. (GENK) is strategically focused on several key initiatives to drive future revenue growth over the next two to three years.

The expected drivers of future revenue growth include:

1. New Restaurant Openings: GENK is aggressively expanding its physical footprint both domestically and internationally. The company exceeded its initial target for 2025, planning to open a total of 17 new restaurants, including six international units in South Korea. This expansion strategy aims to increase the company's overall store count and market presence.
2. Expansion of Ready-to-Cook (CPG) Product Line: The company has launched and is rapidly expanding its ready-to-cook Korean meat products into the grocery retail market. This initiative is projected to generate substantial annual revenues, with expectations to exceed $100 million over the next four to five years. By late 2025, the ready-to-cook line is expected to be available in over 600 grocery stores across California and Hawaii.
3. Introduction of Dual-Concept Locations: GENK is diversifying its offerings by developing and opening dual-concept restaurants, such as locations combining the GEN Korean BBQ experience with the new Kan Sushi brand. This model is designed for operational efficiency by utilizing a single labor force to run two distinct restaurant concepts, aiming to attract a broader customer base and improve operating margins.

Share Repurchases

• In March 2025, GEN Restaurant Group's board of directors approved a stock repurchase program authorizing the repurchase of up to $5.0 million worth of the company's outstanding Class A common stock.
• The repurchase program is flexible and can be suspended or discontinued at any time, with the timing and volume of repurchases depending on market conditions and other business considerations.

Share Issuance

• In May 2023, GEN Restaurant Group, Inc. filed to raise $25 million in an IPO of its Class A shares.
• As of November 2025, GENK has 32.93 million shares outstanding, with the number of shares increasing by 11.18% in the past year.

Inbound Investments

• As of March 31, 2023, GEN Restaurant Group had booked fair market value investment of $11.8 million in equity and debt from investors.

Capital Expenditures

• GEN Restaurant Group has reported Capital Expenditures of $31.885 million.
• The company plans to open a total of 17 new restaurants in 2025, including 6 international units in South Korea, exceeding its initial target of 12-13 new openings.
• Higher new restaurant development costs, including $2.1 million in preopening costs in Q2 2025, have contributed to net losses in Q2 and Q3 2025.