GEN 餐饮集团股份有限公司-A 2025年季度报告

(Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromtoCommission File Number:001-41727 GEN Restaurant Group, Inc. (Exact name of registrant as specified in its charter) Delaware( State or other jurisdiction ofincorporation or organization)11480 South Street Suite 205Cerritos,CA(Address of principal executive offices) Registrant’s telephone number, including area code:(562)356-9929 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen subject to such filing requirements for the past 90 days.Yes☒☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ Accelerated filer☐Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒As of November 6, 2025 the registrant had5,259,566shares of Class A common stock, $0.001 par value per share, outstanding and27,682,719shares of Class B common stock, $0.001 par value per share, outstanding. Table of Contents PART I.FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited)Condensed Consolidated Balance SheetsCondensed Consolidated Statements of Comprehensive Income (Loss)Condensed Consolidated Statements of Changes in Permanent Equity (Deficit)Condensed Consolidated Statements of Cash FlowsNotes to Unaudited Condensed Consolidated Financial StatementsItem 2.Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem 3.Quantitative and Qualitative Disclosures About Market RiskItem 4.Controls and Procedures PART II.OTHER INFORMATION Item 1.Legal ProceedingsItem 1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 3.Defaults Upon Senior SecuritiesItem 4.Mine Safety DisclosuresItem 5.Other InformationItem 6.ExhibitsSignatures GEN RESTAURANT GROUP, INC.Condensed ConsolidatedBalance Sheets GEN RESTAURANT GROUP, INC.Condensed Consolidated Statements of Comprehensive Income (Loss) See accompanying notes to condensed consolidated financial statements. GEN RESTAURANT GROUP, INC.Condensed Consolidated Statements of Changes in Permanent Equity (Deficit)(unaudited) Nine months ended September 30, 2025 and September 30, 2024 GEN RESTAURANT GROUP, INC.Condensed ConsolidatedStatements of Cash Flows GEN RESTAURANT GROUP, INC.Notes to Condensed ConsolidatedFinancial Statements (Unaudited)September 30, 2025 and 2024 (1)Organization and Description of Business The accompanying consolidated financial statements represent the consolidated balance sheets, statements of comprehensiveincome (loss), changes in permanent equity (deficit), and cash flows of GEN Restaurant Group, Inc. and its consolidatedsubsidiaries (the “Company”), including GEN Restaurant Companies, LLC (the “Operating Company”). GEN RESTAURANT GROUP, INC.Notes to Condensed Consolidated Financial Statements (Unaudited)September 30, 2025 and 2024 The Company also has the following entities: The Company operates restaurants which are located in California, Arizona, Florida, Hawaii, Nevada, Washington, NewYork, Texas, New Jersey, Oregon, North Carolina, and in the country of South Korea, specializing in a variety of special flavoredmeats for Korean barbeque. As of September 30, 2025, the above entities are collectively owned 100% by the controlling group. The Company had anequity method investment through GEN Hawaii, with a50% ownership share of GKBH Restaurant, LLC (“GKBH”). On February18, 2024, the Company purchased the other50% of GKBH for a total purchase price of $6.0million and the Company nowcontrols100% of GKBH.As of September 30, 2025 and December 31, 2024, there were57and43res