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THCH

TH International Limited

THCH

TH International Limited • NASDAQ
$2.65 ▲ 1.92% (+0.05)
Market Cap $86.23 M
52w High $4.70
52w Low $1.95
Dividend Yield 0%
P/E -1.69
Volume 4.49K
Outstanding Shares 32.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $348.976M ▲ $107.968M ▼ $-75.455M ▼ -21.622% ▼ $-2.32 ▼ $-43.821M ▼
Q1-2025 $300.742M ▼ $129.795M ▼ $-58.021M ▲ -19.293% ▲ $-1.78 ▲ $-27.007M ▲
Q4-2024 $332.625M ▼ $162.212M ▲ $-131.559M ▼ -39.552% ▼ $-4.05 ▼ $-98.477M ▼
Q3-2024 $359.554M ▼ $128.369M ▼ $-88.851M ▼ -24.711% ▼ $-2.74 ▼ $-53.105M ▲
Q2-2024 $366.835M $183.89M $-47.627M -12.983% $-1.24 $-58.793M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $155.217M ▼ $1.386B ▼ $2.348B ▼ $-968.746M ▼
Q1-2025 $183.953M ▲ $1.49B ▼ $2.379B ▼ $-896.257M ▼
Q4-2024 $161.372M ▼ $1.564B ▼ $2.397B ▲ $-840.889M ▼
Q3-2024 $203.741M ▲ $1.676B ▼ $2.359B ▼ $-691.354M ▼
Q2-2024 $171.867M $1.821B $2.43B $-616.342M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-75.455M ▼ $-1.175M ▼ $-36.715M ▼ $5.9M ▼ $-32.678M ▼ $-1.175M ▼
Q1-2025 $-58.021M ▲ $-219K ▲ $-16.658M ▼ $44.213M ▲ $27.2M ▲ $-219K ▲
Q4-2024 $-138.043M ▼ $-31.629M ▼ $13.222M ▲ $9.8M ▼ $-12.498M ▼ $-31.629M ▼
Q3-2024 $0 ▲ $-12.999M ▼ $7.426M ▲ $27.98M ▲ $27.867M ▲ $-12.999M ▼
Q2-2024 $-47.627M $31.707M $-21.421M $-37.751M $-28.023M $31.707M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last several years as the store base expanded, although it pulled back a bit in the most recent year, suggesting growth is no longer in a straight line. Gross profit has improved from almost break‑even levels to meaningfully positive, which shows better scale and pricing, but it is still modest relative to overall sales. Operating losses and net losses remain sizable every year, with only a partial improvement in the latest period. In simple terms, the business is clearly capable of generating sales, but it is still far from covering its operating costs and interest burden, so the path to profitability is not yet proven.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base over time but now carries a heavy load of liabilities. Debt is high relative to both assets and the underlying equity value of the business. Shareholders’ equity has turned negative in recent years, which is a warning sign that accumulated losses and obligations have outpaced the company’s capital base. Cash on hand is modest compared with total obligations, leaving a limited cushion if conditions worsen or growth investments take longer to pay off. Overall, financial leverage and balance‑sheet risk are notable concerns here.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has been consistently negative, though there are signs of gradual improvement. The company continues to spend meaningfully on new stores and related assets, so free cash flow has been firmly negative each year. That means the business is still reliant on external financing or new capital to fund its expansion and cover its cash burn. The trend is directionally better but not yet at a self‑funding stage, and sustained improvements in unit economics and cost discipline will be critical for this to change.

Competitive Edge

Competitive Edge TH International benefits from the Tim Hortons brand, which brings global recognition, and from its exclusive master franchise rights in China. Its strategy leans heavily on digital partnerships with major platforms like WeChat and other large tech and retail partners, giving it strong access to online traffic and valuable customer data. The flexible store formats, including smaller express locations and co‑branded convenience‑store sites, help it reach many different customer types in a cost‑efficient way. However, it operates in one of the most competitive coffee and beverage markets in the world, facing aggressive local chains and global giants, so maintaining differentiation on product, price, and experience is an ongoing challenge.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation rather than treating coffee as a simple commodity. Its digital ecosystem, especially around mobile ordering, loyalty, and data‑driven promotions, is a core strength. On the product side, the focus on “coffee plus warm food” and highly localized menu items shows a deliberate effort to match Chinese tastes rather than just copy the Canadian playbook. Partnerships for ready‑to‑drink products and co‑developed offerings with convenience stores further extend the brand beyond its own shops. Overall, the innovation and localization agenda looks thoughtful and continuous, which can help defend margins and brand relevance if execution remains strong.

Summary

TH International has built a rapidly growing consumer brand in China with clear strengths in digital engagement, local partnerships, and menu innovation. Revenue has scaled up quickly, but profitability lags far behind, with persistent operating and net losses. The balance sheet is stretched, with high leverage and negative equity, which heightens financial risk and makes the journey to sustainable profits more urgent. Cash flows remain negative as the company invests heavily in expansion, so continued access to capital and improving store‑level economics are crucial. The long‑term story hinges on whether its digital‑first, localized, franchise‑driven model can reach sufficient scale and efficiency to offset the intense competition and current financial pressure.

NEWS

November 11, 2025 · 10:53 PM UTC

Tims China to Announce Third Quarter 2025 Financial Results on December 9, 2025

Read more

October 31, 2025 · 11:33 PM UTC

Tims China Announces Issuance of Senior Secured Convertible Notes and Amendment to Existing Convertible Notes

Read more