THCH
TH International Limited
NASDAQ: THCH · CONSUMER CYCLICAL · RESTAURANTS
$2.13
+2.40% today
Updated 2026-04-30
Market cap
$58.90M
P/E ratio
—
P/S ratio
0.04x
EPS (TTM)
$-1.95
Dividend yield
—
52W range
$2 – $3
Volume
0.0M
TH International Limited (THCH) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $57.26M | $212.08M | $643.37M | $1.01B | $1.58B | $1.39B | $1.28B |
| Revenue growth (YoY) | — | +270.4% | +203.4% | +57.2% | +55.9% | -11.7% | -8.0% |
| Cost of revenue | $74.40M | $205.47M | $629.57M | $978.01M | $1.16B | $1.18B | $1.20B |
| Gross profit | $-17.15M | $6.62M | $13.81M | $33.05M | $417.16M | $213.56M | $77.62M |
| Gross margin | -29.9% | 3.1% | 2.1% | 3.3% | 26.5% | 15.4% | 6.1% |
| R&D | — | — | — | — | — | — | — |
| SG&A | $51.07M | $79.37M | $174.96M | $289.54M | $343.62M | $210.32M | — |
| Operating income | $-91.26M | $-141.17M | $-374.46M | $-581.18M | $-701.18M | $-349.08M | $-247.10M |
| Operating margin | -159.4% | -66.6% | -58.2% | -57.5% | -44.5% | -25.1% | -19.3% |
| EBITDA | $-79.13M | $-115.22M | $-297.64M | $-431.72M | $-686.50M | $-266.19M | $-142.11M |
| EBITDA margin | -138.2% | -54.3% | -46.3% | -42.7% | -43.6% | -19.1% | -11.1% |
| EBIT | $-87.83M | $-143.06M | $-371.92M | $-565.13M | $-852.40M | $-435.87M | $-247.10M |
| Interest expense | $2.27M | $511389.00 | $1.90M | $14.80M | $20.43M | $22.45M | $16.22M |
| Income tax | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $-87.65M | $-142.00M | $-381.72M | $-742.65M | $-876.25M | $-412.08M | $-422.65M |
| Net income growth (YoY) | — | -62.0% | -168.8% | -94.6% | -18.0% | +53.0% | -2.6% |
| Profit margin | -153.1% | -67.0% | -59.3% | -73.5% | -55.6% | -29.6% | -33.0% |