TH International (THCH) Convertible Debt (2021 - 2025)

TH International (THCH) has reported Convertible Debt for 5 consecutive years, with $162.5 million the latest figure, recorded in Q4 2025.

• In Q4 2025, Convertible Debt rose 151.14% year-over-year to $162.5 million; the TTM figure through Dec 2025 stood at $162.5 million (up 151.14% YoY), while the FY2025 annual figure was $160.4 million, up 147.95% from the prior year.
• Convertible Debt grew to $162.5 million in Q4 2025 per THCH's latest filing, from $64.7 million in the prior quarter.
• Across five years, Convertible Debt topped out at $162.5 million in Q4 2025 and bottomed at $49.8 million in Q4 2022.
• Historically, Convertible Debt has averaged $71.6 million across 5 years, with a median of $58.4 million in 2023.
• Annual changes were most pronounced in 2022 — Convertible Debt retreated 0.05% — and 2025, when it jumped 151.14%.
• TH International's Convertible Debt stood at $49.8 million in 2021, then dropped by 0.05% to $49.8 million in 2022, then grew by 17.37% to $58.4 million in 2023, then grew by 10.75% to $64.7 million in 2024, then surged by 151.14% to $162.5 million in 2025.
• Business Quant data shows THCH's Convertible Debt at $162.5 million in Q4 2025, $64.7 million in Q4 2024, and $60.3 million in Q1 2024.