THHIGH SIGNALRISK10-K

TH experienced a dramatic deterioration in cash position and profitability, with cash reserves falling to $8.3M from $190.7M while gross profit declined substantially.

The company's cash position collapsed by over 95%, creating potential liquidity concerns despite debt reduction efforts. The substantial decline in gross profit alongside revenue contraction of 17% suggests significant operational challenges that extend beyond typical market pressures.

Comparing 2026-03-11 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

TH's financial position weakened materially, with the most concerning development being the near-complete depletion of cash reserves from $190.7M to just $8.3M. While the company reduced total debt by 12.9% and meaningfully decreased current liabilities, gross profit declined substantially on a 17% revenue drop, and operating cash flow was roughly halved. The overall picture signals a company under financial stress, though some balance sheet deleveraging provides a modest offset to the liquidity and profitability concerns.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
-95.6%
$190.7M→$8.3M

Cash declined 95.6% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
-76.1%
$178.2M→$42.7M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Current Assets
Balance Sheet
-70.6%
$249.3M→$73.3M

Current assets declined 70.6% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-64%
$233.4M→$84.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-53.7%
$304.7M→$141.1M

Liabilities reduced 53.7% — deleveraging improves balance sheet strength and financial flexibility.

Operating Cash Flow
Cash Flow
-51.2%
$151.7M→$74.1M

Operating cash flow fell 51.2% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Assets
Balance Sheet
-26.9%
$725.8M→$530.2M

Total assets contracted 26.9% — asset sales, write-downs, or balance sheet optimization underway.

Revenue
P&L
-17%
$386.3M→$320.6M

Revenue softened 17% — monitor whether this is cyclical or structural.

Accounts Receivable
Balance Sheet
+13.9%
$49.3M→$56.2M

Receivables grew 13.9% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
-12.9%
$391.8M→$341.4M

Debt reduced 12.9% — deleveraging strengthens balance sheet and reduces financial risk.

LANGUAGE CHANGES
NEW — 2026-03-11
PRIOR — 2025-03-26
ADDED
There were 113,450,134 shares of Common Stock, par value $0.0001 per share, issued and 100,153,204 outstanding as of March 6, 2026.
We have an extensive network of geographically relocatable specialty rental accommodation units with 16,991 beds across 29 communities.
A large portion of our specialty rental asset base is comprised of modular unit assets that are generally interchangeable across segments and geographies.
A portion of our revenues is currently generated under contracts that include minimum revenue commitments, and nearly all of our revenues are earned through fully executed customer contracts.
We expect to continue to enter into additional contracts that include minimum revenue commitments, and we expect these arrangements to comprise a larger share of our revenues going forward.
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REMOVED
There were 112,660,853 shares of Common Stock, par value $0.0001 per share, issued and 99,363,923 outstanding as of March 20, 2025.
We have an extensive network of geographically relocatable specialty rental accommodation units with 16,865 beds across 26 communities.
The majority of our revenues are generated under contracts that include minimum revenue amounts over the active contract term which provides visibility to future earnings and cash flows.
For the year ended December 31, 2024, we generated revenues of approximately $386 million.
Approximately 68.8% of our revenue was earned from specialty rental with vertically integrated hospitality, specifically lodging and related ancillary services, whereas the remaining 31.2% of revenues were earned through leasing of lodging facilities for the year ended December 31, 2024.
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