THCH 6-K SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

THCH ▼ -0.57% at T+5d

SHORT call ✓ call won +0.57% · α vs SPY +4.00% · entry $1.75 → $1.74

Next anchor: T+20d in 18d

Last close $1.62 (close Jun 18) · +7.43% from $1.75 entry (call sign-flipped)

Entry anchored
Jun 9, 01:29 PM ET
via Databento tick

T+1d

-2.29%

call +2.29% · α +3.99%

$1.71

settled 10d ago

T+5d

-0.57%

call +0.57% · α +4.00%

$1.74

settled 4d ago

T+20d

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call — · α —

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in 18d

T+60d

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call — · α —

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in 2mo

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Executive Summary

Tims China (THCH) reported Q1 2026 earnings with total revenues of RMB256.7M (USD37.2M), a 14.6% YoY decline driven by an 18.7% drop in company-owned store revenue and a 12.4% same-store sales decline. Net loss widened to RMB109.3M from RMB58.9M a year ago, while cash reserves fell to RMB111.4M. The company announced a definitive agreement for up to US$55M in additional senior secured convertible notes from brand owner THRI, providing a capital lifeline but adding further dilution risk. The filing is bearish given accelerating revenue declines, deteriorating store-level economics, and a balance sheet under severe strain.

Actionable Insight

The sharp deterioration in same-store sales (-12.4%) and store-level margins (1.8%) signals accelerating market share loss and operational distress. The US$55M convertible note from THRI provides near-term liquidity but adds significant dilution and debt overhang. Monitor the Q2 2026 earnings for evidence that store pruning has stabilized same-store sales and whether the company can resume net store openings as guided. The stock is likely to face continued pressure given the worsening fundamentals and balance sheet constraints.

Key Facts

Total revenues decreased 14.6% YoY to RMB256.7M (USD37.2M)
Company-owned store revenues fell 18.7% YoY to RMB207.2M
Same-store sales growth for company-owned stores was -12.4% in Q1 2026 vs -6.5% in Q1 2025
Net loss widened to RMB109.3M from RMB58.9M YoY
Company-owned store contribution margin collapsed to 1.8% from 6.7% YoY
Net store closures totaled 21 in Q1 2026 (541 company-owned stores vs 569 a year ago)
Cash and equivalents fell to RMB111.4M from RMB129.7M at year-end 2025
Definitive agreement signed for up to US$55M additional senior secured convertible notes from THRI
Total shareholders' deficit worsened to RMB1.33B from RMB1.24B at year-end 2025
Basic and diluted loss per share was RMB3.38 vs RMB1.78 YoY

Financial Impact

Revenue decline of 14.6% YoY; net loss increased by 85.4% to RMB109.3M; cash burn of ~RMB18.3M in the quarter; US$55M convertible note financing announced

revenuenet losssame-store salesstore countcash positionstore contribution margin

Risk Factors

Further same-store sales decline as Chinese consumer spending weakens
Dilution from the US$55M convertible note issuance
Cash burn could accelerate if store closures and restructuring costs persist
Potential Nasdaq delisting risk if market cap remains below $50M threshold
Convertible note fair value losses could further distort reported earnings

Market Snapshot

Exchange

Nasdaq

Sector

Retail-Eating Places

Documents Analyzed

This report is based on 5 SEC documents filed with EDGAR.

Document	Accession Number
6-K Filing (Primary)	0001213900-26-067053
Document: ea0294266-6k_thinter.htm	0001213900-26-067053
Document: 0001213900-26-067053-index-headers.html	0001213900-26-067053
Document: 0001213900-26-067053-index.html	0001213900-26-067053
Document: 0001213900-26-067053.txt	0001213900-26-067053

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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