← TH International Ltd
| Annual Trend | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Revenues | $511k | $316k | $2.7m | $14.2m | $3.2m | $3.5m | ||
| Costs of other revenues | $5.2m | $16.7m | $48.6m | $149.7m | $153.6m | $171.3m | — | |
| Cost of Revenue | — | $19.5m |
$36.9m
+88.83%
|
$72.1m
+95.62%
|
$153.6m
+113.03%
|
$171.3m
+11.53%
|
$1.1b
+527.75%
|
|
| Gross Profit | — | $623.9m |
$974.2m
+56.16%
|
$1.5b
+54.35%
|
$1.2b
-17.70%
|
$1.1b
-7.49%
|
$196.7m
-82.82%
|
|
| General and administrative expenses | $79.4m | $175.0m | $289.5m | $343.6m | $210.3m | $204.3m | $200.6m | |
| Other operating expenses (including service fee from transactions with a related party of RMB600,000, RMB600,000 and RMB600,000 for the years ended December 31, 2025, 2024 and 2023, respectively) | $2.7m | $2.1m | $8.3m | $121.4m | $95.0m | $84.3m | — | |
| Other operating costs and expenses | $35.6m | $99.1m | $107.8m | $28.9m | $10.8m | $3.3m | — | |
| Total costs and expenses, net | $353.3m | $1.0b | $1.6b | $2.3b | $1.7b | $1.6b | — | |
| Operating loss from continuing operations | ($141.2m) | ($374.5m) | ($581.2m) | ($701.2m) | ($349.1m) | ($317.4m) | — | |
| Interest expenses | — | ($1.9m) | ($14.8m) | ($20.4m) | ($22.4m) | ($16.7m) | $17.1m | |
| Interest income | $511k | $316k | $2.7m | $14.2m | $3.2m | $3.5m | $3.8m | |
| Other income | $3.3m | $3.5m | $7.2m | ($11.9m) | ($8.4m) | ($3.5m) | — | |
| Loss from continuing operations before income taxes | ($143.1m) | ($382.9m) | ($744.7m) | ($872.8m) | ($458.3m) | ($435.3m) | — | |
| Income tax expenses | $0 | $0 | $0 | ($97k) | ($2.1m) | ($484k) | $484k | |
| Net loss from continuing operations | — | — | ($744.7m) | ($839.7m) | ($460.4m) | ($435.8m) | — | |
| Net income/(loss) from discontinued operations | — | ($381.7m) | ($742.6m) | ($33.2m) | $51.4m | ($434.5m) | ($486.4m) | |
| Net loss | ($143.1m) | ($382.9m) | ($744.7m) | ($872.9m) | ($409.0m) | ($435.8m) | — | |
| Net loss from continuing operations attributable to shareholders of the Company | — | — | ($742.6m) | ($843.1m) | ($463.5m) | ($434.5m) | — | |
| Net loss attributable to shareholders of the Company | ($142.0m) | ($381.7m) | ($742.6m) | ($876.3m) | ($412.1m) | ($434.5m) | — | |
| Basic and diluted loss per ordinary share (in Yuan Renminbi per share) | ($1.33) | ($3.14) | ($5.80) | ($5.68) | ($12.70) | ($13.36) | — | |
| Food and packaging (including cost of Company owned and operated stores from transactions with a related party of RMB30,743,744, RMB53,208,876 and RMB72,109,353 for the years ended December 31, 2025, 2024 and 2023, respectively) | $74.4m | $207.9m | $314.6m | $493.2m | $374.1m | $321.9m | — | |
| Store rental expenses | $54.7m | $148.2m | $250.6m | $295.8m | $241.4m | $220.9m | — | |
| Payroll and employee benefits | $50.3m | $199.3m | $268.9m | $310.7m | $231.5m | $199.3m | — | |
| Delivery costs | $12.2m | $38.6m | $73.6m | $117.0m | $119.2m | $130.7m | — | |
| Store depreciation and amortization | $16.4m | $62.7m | $118.7m | $139.6m | $129.6m | $107.9m | — | |
| Company owned and operated store costs and expenses | $243.7m | $755.8m | $1.1b | $1.5b | $1.2b | $1.1b | — | |
| Marketing expenses | $17.0m | $50.3m | $81.0m | $102.2m | $64.8m | $63.5m | — | |
| Franchise and royalty expenses (including franchise and royalty expenses from transactions with a related party of RMB49,935,665, RMB47,477,864 and RMB51,697,551 for the years ended December 31, 2025, 2024 and 2023, respectively) | $8.6m | $18.8m | $35.6m | $58.9m | $57.8m | $62.7m | — | |
| Loss on disposal of property and equipment | — | $1.5m | $8.8m | $16.4m | $4.1m | $6.5m | — | |
| Impairment losses of long-lived assets | $0 | $1.0m | $7.2m | $111.4m | $56.3m | $60.3m | — | |
| Foreign currency transaction (loss)/gain | ($2.4m) | ($1.3m) | ($6.3m) | ($16.8m) | $3.5m | ($1.1m) | — | |
| Loss of debt extinguishment | — | — | — | — | ($10.7m) | ($73.1m) | — | |
| 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 | — | — | — | |
| Less: Net (loss)/income from continuing operations attributable to non-controlling interests | — | — | $2.1m | ($3.3m) | ($3.1m) | ($1.3m) | — |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.