TH International (THCH) Notes Payables (2021 - 2025)

TH International (THCH) has reported Notes Payables for 5 consecutive years, with $2.5 million the latest figure, recorded in Q4 2025.

• In Q4 2025, Notes Payables fell 63.35% year-over-year to $2.5 million; the TTM figure through Dec 2025 stood at $2.5 million (down 63.35% YoY), while the FY2025 annual figure was $2.4 million, down 63.81% from the prior year.
• Notes Payables fell to $2.5 million in Q4 2025 per THCH's latest filing, from $6.7 million in the prior quarter.
• Across five years, Notes Payables topped out at $90.3 million in Q3 2023 and bottomed at $2.5 million in Q4 2025.
• Historically, Notes Payables has averaged $45.7 million across 5 years, with a median of $57.3 million in 2022.
• Annual changes were most pronounced in 2022 — Notes Payables surged 90.88% — and 2024, when it tumbled 91.04%.
• TH International's Notes Payables stood at $30.0 million in 2021, then soared by 90.88% to $57.3 million in 2022, then soared by 30.37% to $74.8 million in 2023, then sank by 91.04% to $6.7 million in 2024, then plunged by 63.35% to $2.5 million in 2025.
• Business Quant data shows THCH's Notes Payables at $2.5 million in Q4 2025, $6.7 million in Q4 2024, and $58.5 million in Q1 2024.