Tims China Q1 Revenue Down 14.6% to $37.2M; Net Loss Widens
TH International Ltd (Tims China) reported a 14.6% decrease in total revenues to RMB256.7 million for the first quarter of 2026, compared to the same period in 2025. The company experienced a net closure of 21 stores and a significant drop in company-owned store contribution. Despite these challenges, registered loyalty club members grew by 42.9% year-over-year to 35.9 million. The company also announced an agreement for up to $55.0 million in convertible notes to fund expansion and strengthen its balance sheet. Net loss widened to RMB109.3 million.
Key Highlights
- Total revenues decreased by 14.6% to RMB256.7 million (USD37.2 million) in Q1 2026 compared to Q1 2025.
- System sales decreased by 14.2% to RMB322.9 million (USD46.8 million).
- Net new store closures totaled 21, comprising 5 MTO and 16 non-MTO stores.
- Company owned and operated store contribution was RMB3.7 million (USD0.5 million), down from RMB17.2 million.
- Registered loyalty club members grew 42.9% year-over-year to 35.9 million.
- Net loss widened to RMB109.3 million (USD15.8 million) from RMB58.9 million in the prior year.
- Company entered a definitive agreement for up to US$55.0 million in additional senior secured convertible notes.
Price Impact
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