THCH

MKT CAP:$73M

TH International Limited

Market Cap

$73M

Consumer Cyclical·Restaurants·🇨🇳 China·NASDAQ

Consumer Cyc.·Restaurants·🇨🇳·NASDAQ

Stock Price

$2.08-$0.44 (-17.46%)

Apr 22, 2026

Company Details

TH International Limited operates Tim Hortons coffee shops in mainland China, Hong Kong, and Macau. As of September 28, 2022, it had approximately 460 coffee shops across the People's Republic of China. The company was incorporated in 2018 ...

CEO

Yongchen Lu

IPO Date

Mar 11, 2021

Website

www.timschina.com

Key Metrics TTM

Revenue

$192M

-14.1% YoY

Net Income

-$63M

EPS (Diluted)

-$1.94

Free Cash Flow

$4M

Revenue / Share

$5.89

Gross Margin

20.2%

Operating Margin

-21.7%

Net Margin

-32.9%

FCF Margin

2.2%

P/S

0.4x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$187MEPS -$1.90

Q4 2025

Dec 30, 2025

$44MEPS -$1.01

Q3 2025

Oct 31, 2025

$52MEPS -$0.33

Q2 2025

Aug 26, 2025

$51M-4.9%EPS -$0.34

Q1 2025

Apr 22, 2025

$44M-9.5%EPS -$0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$4M	$2M	-$4M
Q2 20	$4M	$2M	-$4M
Q3 20	$11M	$242.8K	-$6M
Q4 20	$11M	$242.8K	-$6M
Q1 21	$17M	$2M	-$10M
Q2 21	$20M	$1M	-$11M
Q3 21	$27M	-$297.6K	-$17M
Q2 23	$60M	$21M	-$26M
Q3 23	$64M	$19M	-$23M
Q4 23	$57M	$14M	-$34M
Q1 24	$49M	$13M	-$19M
Q2 24	$54M	$9M	-$8M
Q1 25	$44M	$7M	-$12M
Q2 25	$51M	$9M	-$7M
Q3 25	$52M	$22M	-$10M
Q4 25	$44M	$1M	-$13M

Valuation

Quarter	P/S	P/E
Q1 20	101.6x	—
Q2 20	83.3x	—
Q3 20	49.5x	—
Q4 20	35.2x	—
Q1 21	24.6x	—
Q2 21	22.0x	—
Q3 21	17.7x	—
Q2 23	3.7x	—
Q3 23	1.7x	—
Q4 23	1.3x	—
Q1 24	0.9x	—
Q2 24	0.5x	—
Q1 25	0.5x	—
Q2 25	0.5x	—
Q3 25	0.4x	—
Q4 25	0.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	-$3M	-$5M
Q1 20	-$6M	-$8M
Q2 20	-$6M	-$8M
Q3 20	-$5M	-$13M
Q4 20	-$5M	-$13M
Q1 21	-$8M	-$17M
Q2 21	-$8M	-$17M
Q3 21	-$11M	-$11M
Q2 23	$35.2K	$35.2K
Q3 23	-$4M	-$4M
Q4 23	-$12M	-$54M
Q1 24	-$4M	-$4M
Q2 24	$5M	$5M
Q1 25	-$32.0K	-$32.0K
Q2 25	-$171.7K	-$171.7K
Q3 25	-$250.3K	-$250.3K

Capital Expenditures

Quarter	CapEx
Q4 19	$2M
Q1 20	$2M
Q2 20	$2M
Q3 20	$8M
Q4 20	$8M
Q1 21	$9M
Q2 21	$9M
Q3 21	$0
Q2 23	$0
Q3 23	$0
Q4 23	$43M
Q1 24	$0
Q2 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+113.2%	+57.0%
Q2 20	+113.2%	+57.0%
Q3 20	+427.6%	+218.7%
Q4 20	+427.6%	+218.7%
Q1 21	+288.8%	+216.3%
Q2 21	+345.1%	+258.5%
Q3 21	+141.1%	+149.4%
Q2 23	+445.1%	+399.1%
Q3 23	+267.9%	+223.4%
Q4 23	+188.0%	+198.3%
Q1 24	+82.4%	+56.4%
Q2 24	-10.9%	-28.6%
Q1 25	-31.1%	-35.2%
Q2 25	-10.8%	-36.4%
Q3 25	+7.8%	-8.2%
Q4 25	-17.1%	-7.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$0	0.0%
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q2 23	$8M	13.5%
Q3 23	$439.7K	0.7%
Q4 23	$401.8K	0.7%
Q1 24	$148.2K	0.3%
Q2 24	$0	0.0%
Q1 25	$157.2K	0.4%
Q2 25	$109.4K	0.2%
Q3 25	$82.7K	0.2%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 20	$2M	$286.1K	—
Q2 20	$2M	$286.1K	—
Q3 20	$3M	$2M	—
Q4 20	$3M	$2M	—
Q1 21	$5M	$2M	—
Q2 21	$6M	$1M	—
Q3 21	$7M	$2M	—
Q2 23	$31M	$4M	—
Q3 23	$22M	$5M	—
Q4 23	$20M	$3M	—
Q1 24	$19M	$3M	—
Q2 24	$6M	$7M	—
Q1 25	$8M	$3M	—
Q2 25	$6M	$2M	—
Q3 25	$8M	$8M	—
Q4 25	—	—	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$115M	$115M
Q2 22	$42M	$0	$42M
Q3 22	$56M	$55M	$111M
Q4 22	$35M	$54M	$89M
Q1 23	$53M	$36M	$90M
Q2 23	$37M	$20M	$57M
Q3 23	$67M	$0	$67M
Q4 23	$30M	$3M	$33M
Q1 24	$29M	$3M	$32M
Q2 24	$25M	$438.3K	$25M
Q3 24	$29M	$1M	$30M
Q4 24	$22M	$1M	$24M
Q1 25	$27M	$0	$27M
Q2 25	$23M	$0	$23M
Q3 25	$19M	$0	$19M
Q4 25	$19M	$0	$19M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	20M	-25.7%	-25.7%
Q2 20	20M	0.0%	-25.7%
Q3 20	20M	+0.5%	-25.3%
Q4 20	20M	0.0%	-25.3%
Q1 21	22M	+11.3%	+11.9%
Q2 21	27M	+20.3%	+34.6%
Q3 21	27M	0.0%	+33.9%
Q2 23	30M	+13.2%	+51.6%
Q3 23	32M	+4.3%	+42.1%
Q4 23	32M	+1.0%	+19.3%
Q1 24	32M	-0.4%	+18.9%
Q2 24	38M	+19.9%	+25.9%
Q1 25	33M	-15.1%	+2.5%
Q2 25	33M	-0.2%	+1.2%
Q3 25	33M	+0.1%	+1.7%
Q4 25	33M	-0.1%	-15.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	—	—
Q2 20	—	—
Q3 20	—	—
Q4 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	—	—
Q2 23	$21.4K	3K
Q3 23	$22.7K	3K
Q4 23	$24.1K	2K
Q1 24	$20.5K	2K
Q2 24	$22.6K	2K
Q1 25	$28.0K	2K
Q2 25	$32.5K	2K
Q3 25	$33.4K	2K
Q4 25	$28.3K	2K

Revenue / Employee