TH International Ltd balance sheet

At the end of fiscal 2025, TH International Ltd had total assets of $168m, total liabilities of $345m and shareholders' equity of −$178m. It held $17.4m in cash against $221m of debt: net debt of $204m.

Balance sheet

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

TH International Ltd: balance sheet, annual
Fiscal year	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash and equivalents	27	61	35	28	21	17
Receivables	—	2	1	4	4	3
Inventory	—	7	10	7	5	5
Total current assets	—	92	116	65	57	47
Total assets	—	202	383	312	214	168
Accounts payable	—	10	15	31	31	28
Deferred revenue (current)	—	2	3	6	5	5
Total current liabilities	—	89	191	197	210	143
Short-term debt	—	0	3	2	52	56
Long-term debt	—	2	4	2	1	165
Total debt	0	80	110	135	180	221
Total liabilities	—	148	367	372	328	345
Shareholders' equity	66	53	16	−60	−115	−178
Net debt (negative = net cash)	−27	19	76	107	159	204
Shares outstanding	—	—	—	32m	32m	32m

Balances at each fiscal year end (quarter end in the quarterly view). Total debt is short- plus long-term borrowings, including lease debt where the company reports it within debt. Where assets do not equal liabilities plus shareholders' equity, the difference (non-controlling interests, redeemable preferred shares) is shown on its own line.

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Figures from TH International Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TH International Ltd.