THCH PRESS-RELEASE SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

THCH ▲ +1.11% at T+5d

SHORT call ✗ call lost -1.11% · α vs SPY +1.30% · entry $1.80 → $1.82

Next anchor: T+20d in 17d

Last close $1.62 (close Jun 18) · +10.00% from $1.80 entry (call sign-flipped)

Entry anchored
Jun 8, 11:07 AM ET
via Databento tick

T+1d

-2.78%

call +2.78% · α +1.20%

$1.75

settled 11d ago

T+5d

+1.11%

call -1.11% · α +1.30%

$1.82

settled 5d ago

T+20d

—

call — · α —

—

in 17d

T+60d

—

call — · α —

—

in 2mo

Price Chart

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Executive Summary

TH International (Tims China) reported Q1 2026 revenue of RMB256.7M ($37.2M), a 14.6% YoY decline, with net loss widening to RMB109.3M ($15.8M) from RMB58.9M a year ago. Same-store sales for company-owned stores fell 12.4% YoY, and the company closed a net 21 stores during the quarter. Management announced a $55M senior secured convertible note agreement with brand owner THRI to fund expansion, but the core operating metrics continue to deteriorate.

Actionable Insight

The $55M convertible note agreement provides a capital lifeline but adds significant dilution risk. Watch for store-level margin stabilization and same-store sales trends in Q2 2026 as the company resumes net store openings. The widening net loss and cash burn suggest continued operational distress.

Key Facts

Total revenues declined 14.6% YoY to RMB256.7M ($37.2M)
Net loss widened to RMB109.3M ($15.8M) from RMB58.9M in Q1 2025
Same-store sales for company-owned stores fell 12.4% YoY
Net store closures totaled 21 (541 company-owned stores vs 569 a year ago)
Company-owned store contribution margin collapsed to 1.8% from 6.7%
Cash and equivalents dropped to RMB111.4M ($16.2M) from RMB129.7M at year-end 2025
Entered definitive agreement for up to $55M additional senior secured convertible notes with THRI
Basic and diluted loss per share widened to RMB3.38 ($0.49) from RMB1.78

Financial Impact

Revenue decline of 14.6% YoY; net loss increased 85.4% YoY to RMB109.3M; cash burn of RMB23.5M in operating cash flow

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Risk Factors

Further dilution from convertible note conversion
Continued cash burn with only $16.2M in cash
Same-store sales decline accelerating to 12.4%
Store closure program may not be sufficient to stem losses

Market Snapshot

Exchange

Nasdaq

Sector

Retail-Eating Places

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3308653

9 reports for THCH

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for THCH — sortable, filterable
	Type				Now
Jun 10, 2026 10d ago	6-K BEARISH ★ 7/10	$1.75 $1.74	▲ +0.57%	▲ +4.00%	$1.62 (+7.43%)
Jun 9, 2026 11d ago	6-K MIXED ★ 6/10	$1.75 $1.74	▼ −0.57%	▼ −4.00%	$1.62 (−7.43%)
Jun 9, 2026 11d ago	Press Release BEARISH ★ 7/10	$1.80 $1.82	▼ −1.11%	▲ +1.30%	$1.62 (+10.00%)
Jun 1, 2026 19d ago	Press Release NEUTRAL ★ 2/10	$2.01 $1.83	▼ −8.96%	▼ −6.21%	$1.62 (−19.40%)
Apr 15, 2026 9w ago	6-K MIXED ★ 5/10	$2.20 $2.08	▼ −5.68%	▼ −7.32%	$1.62 (−26.36%)
Apr 14, 2026 9w ago	Press Release BEARISH ★ 7/10	$2.07 $2.04	▲ +1.45%	▲ +2.84%	$1.62 (+21.74%)
Apr 10, 2026 10w ago	3 NEUTRAL ★ 3/10	$2.03 $2.10	▲ +3.45%	▼ −1.06%	$1.62 (−20.20%)
Apr 1, 2026 11w ago	EFFECT NEUTRAL ★ 3/10	$2.05 $2.13	▲ +4.00%	▲ +0.23%	$1.62 (−20.98%)
Mar 31, 2026 11w ago	Press Release NEUTRAL ★ 3/10	$2.06 $2.18	▲ +5.83%	▲ +1.88%	$1.62 (−21.36%)

US Market Status

Market Closed — Opens Mon (29h 34m)

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