← TH International Ltd
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Net loss | ($143.1m) | ($382.9m) | ($744.7m) | ($872.9m) | ($409.0m) | ($435.8m) | — | |
| Net loss/(income) from discontinued operations | — | — | — | $33.2m | ($51.4m) | — | — | |
| Depreciation and amortization | $27.8m | $74.3m | $133.4m | $165.9m | $169.7m | $146.8m | $146.8m | |
| Share-based payment expenses | — | — | $74.7m | $64.5m | $1.0m | $2.9m | — | |
| Impairment losses of long-lived assets | $0 | $1.0m | $7.2m | $111.4m | $56.3m | $60.3m | — | |
| Accounts receivable | ($4.8m) | ($1.8m) | $1.8m | ($24.5m) | ($11.6m) | $9.1m | $10.0m | |
| Provision for inventories write-down | $0 | $0 | $388k | $11.6m | $3.4m | $2.8m | — | |
| Inventories | ($5.6m) | ($31.2m) | ($29.4m) | $9.2m | $8.9m | ($2.0m) | ($2.0m) | |
| Accounts payable | $7.7m | $45.6m | $44.7m | $114.2m | $4.1m | ($24.7m) | ($24.7m) | |
| Accrued interests on promissory notes | — | — | — | — | $5.3m | — | — | |
| Purchase of property and equipment with unpaid costs accrued within other current liabilities | $67.9m | $173.0m | $139.6m | $136.5m | $75.3m | $29.5m | ($65.6m) | |
| Prepaid expenses and other current assets | ($36.7m) | ($36.2m) | $16.1m | ($51.3m) | ($2.0m) | $16.6m | — | |
| Other current liabilities | $13.6m | $69.5m | $35.0m | $31.8m | ($76.7m) | $25.2m | $32.5m | |
| Net cash used in operating activities from continuing operations | ($145.8m) |
($245.0m)
-68.05%
|
($286.9m)
-17.13%
|
($198.1m)
+30.94%
|
($46.4m)
+76.59%
|
($12.7m)
+72.60%
|
($12.7m)
0.00%
|
|
| Net cash provided by operating activities from discontinued operations | ($145.8m) |
($245.0m)
-68.05%
|
($286.9m)
-17.13%
|
$2.0m
+100.70%
|
$6.7m
+234.14%
|
($12.7m)
-289.26%
|
($12.7m)
0.00%
|
|
| Net cash used in operating activities | ($145.8m) |
($245.0m)
-68.05%
|
($286.9m)
-17.13%
|
($196.1m)
+31.65%
|
($39.7m)
+79.78%
|
($12.7m)
+67.97%
|
($12.7m)
0.00%
|
|
| Loss on disposal of property and equipment | — | $1.5m | $8.8m | $16.4m | $4.1m | $6.5m | — | |
| Purchase of property and equipment and intangible assets | ($144.7m) | ($335.3m) | ($334.9m) | ($292.4m) | ($102.8m) | ($65.6m) | ($65.6m) | |
| Proceeds from disposal of property and equipment | — | $41k | $8.8m | $271k | $9.8m | $2.8m | — | |
| Proceeds from disposal of short-term investments | — | — | — | $369.3m | — | — | — | |
| Net cash (used in)/provided by investing activities from continuing operations | — | — | ($705.2m) | $60.7m | ($75.8m) | ($62.8m) | — | |
| Net cash provided by/(used in) investing activities from discontinued operations | — | — | — | ($738k) | $67.8m | — | ($62.8m) | |
| Net cash (used in)/provided by investing activities | ($144.7m) | ($335.3m) | ($705.2m) | $60.0m | ($8.0m) | ($62.8m) | — | |
| Loss of debt extinguishment | — | — | — | — | $10.7m | $73.1m | — | |
| Proceeds from bank borrowings | — | $209.3m | $707.6m | $1.0b | $700.1m | $757.5m | — | |
| Repayment of bank borrowings | — | ($5.3m) | ($494.9m) | ($877.0m) | ($862.3m) | ($744.8m) | — | |
| Accrual for the transaction cost relating to 2025 Debt Restructuring | — | $9.2m | $4.0m | — | — | $2.2m | — | |
| Net cash provided by financing activities from continuing operations | $221.1m |
$798.0m
+260.88%
|
$827.2m
+3.65%
|
$80.8m
-90.23%
|
$26.0m
-67.83%
|
$21.7m
-16.54%
|
$21.7m
0.00%
|
|
| Cash and cash equivalents and restricted cash at beginning of the year | — | — | $239.1m | $203.6m | $184.2m | $129.7m | — | |
| Net decrease in cash and cash equivalents and restricted cash | ($85.6m) | $216.0m | ($151.8m) | ($35.5m) | ($19.3m) | ($54.5m) | — | |
| Less: Cash and restricted cash of discontinued operations at end of the year | — | — | — | ($1.3m) | — | — | — | |
| Cash and cash equivalents and restricted cash at end of the year | $174.9m | $390.8m | $239.1m | $203.6m | $184.2m | $129.7m | — | |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | ($16.2m) | ($1.8m) | $13.2m | $19.8m | $2.4m | ($688k) | — | |
| Additional Supplementary Disclosures | ||||||||
| Additional Supplementary Disclosures | ||||||||
| Loss on disposal of intangible assets | — | — | — | $646k | $126k | — | — | |
| Allowance for expected credit losses | — | — | $2.4m | $2.6m | $8.7m | $3.7m | — | |
| Unrealized foreign currency transaction loss/(gain) | — | $827k | $2.4m | $5.0m | ($1.2m) | $615k | — | |
| Transaction cost for issuance of convertible notes | — | — | — | — | $3.8m | $13.6m | — | |
| Changes in fair value of Deferred Contingent Consideration | — | — | — | $26.1m | $16.9m | — | — | |
| Changes in fair value of convertible notes | — | $5.6m | $4.5m | $58.3m | $65.9m | $30.6m | — | |
| Changes in fair value of warrant liabilities | — | — | ($45.9m) | $84.0m | — | — | — | |
| Changes in fair value of ESA derivative liabilities | — | — | $186.6m | ($19.7m) | — | — | — | |
| Amount due from related parties | — | — | — | — | ($1.1m) | $898k | — | |
| Other non-current assets | ($22.1m) | ($35.5m) | ($15.0m) | $13.9m | $9.9m | ($34.1m) | — | |
| Amounts due to related parties | $2.9m | $4.1m | $8.4m | $29.8m | $130.4m | $84.6m | — | |
| Contract liabilities | ($657k) | $11.7m | $10.3m | $20.6m | $1.7m | ($747k) | — | |
| Other non-current liabilities | $12.7m | $28.6m | ($39.2m) | $976k | ($964k) | $38k | — | |
| Right-of-use assets and lease liabilities | — | — | $50.5m | $5.6m | $6.8m | $7.3m | — | |
| Purchase of time deposits | — | — | — | ($17.2m) | — | — | — | |
| Proceeds from maturity of time deposits | — | — | — | — | $17.2m | — | — | |
| Proceeds from convertible notes | — | $312.1m | — | — | $41.1m | $20.4m | — | |
| Payment of issuance costs of convertible notes | — | — | — | — | ($3.8m) | ($11.4m) | — | |
| Proceeds from issuance of promissory notes | — | — | — | — | $142.5m | — | — | |
| Proceeds from issuance of preferred shares | — | — | — | — | $713 | — | — | |
| Payments to Shaolin Capital Management LLC due to ESA Transaction | — | — | — | ($249.5m) | — | — | — | |
| Proceeds from exercise of employee share options | — | — | — | $1.4m | $8.4m | $17k | — | |
| Payment of offering costs | — | ($9.3m) | ($81.7m) | ($4.7m) | — | — | — | |
| Proceeds from financing through Popeyes Acquisition | — | — | — | $206.7m | — | — | — | |
| Interest expenses paid | — | — | $13.7m | $20.0m | $17.9m | $15.2m | — | |
| Income tax paid | — | $1.5m | $13.7m | $20.0m | $152k | $1.5m | — | |
| Settlement of amount due to related parties through issuance of convertible notes | — | — | — | — | $134.3m | $121.2m | — | |
| Settlement of Convertible Senior Notes through issuance of convertible notes | — | — | — | — | — | $495.0m | — | |
| Settlement of promissory notes through issuance of convertible notes | — | — | — | — | $147.8m | — | — | |
| Settlement of Deferred Contingent Consideration in exchange of issuance convertible note to Cartesian | — | — | — | — | $100.6m | — | — | |
| Settlement of Deferred Contingent Consideration in exchange of consideration for Popeyes Disposal | — | — | — | — | $11.2m | — | — | |
| Non-cash effect of disposal of Popeyes China | — | — | — | — | $17.8m | — | — | |
| Exchange of Public and Private Warrants by issuance of ordinary shares | — | — | — | $105.9m | — | — | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.