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Jun 30, 2025
Chagee Holdings Limited Q2 2025 Earnings Report
Chagee Holdings Limited reported its Q2 2025 earnings, showing revenue growth and significant expansion, but profitability was impacted by large share-based compensation expenses.
Key Takeaways
Chagee delivered strong revenue growth in Q2 2025, driven by teahouse network expansion, but net income fell sharply due to share-based compensation tied to the IPO.
Revenue rose to $465.1 million, a 10.2% increase from Q2 2024.
GAAP Net Income dropped to $10.8 million, down from $87.7 million last year.
Non-GAAP Net Income held steady at $87.9 million after adjusting for share-based compensation.
Teahouse network expanded to 7,038 locations, up 40.9% YoY.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company aims to accelerate North American expansion while continuing growth in its core China market.
Positive Outlook
- Significant increase in total teahouse count.
- Stable Non-GAAP net income performance.
- Strong member growth in loyalty program.
- Healthy cash position post-IPO.
- Leadership hires for North America expansion.
Challenges Ahead
- GAAP profitability heavily diluted by share-based expenses.
- Decline in same-store GMV growth.
- Rising operating costs from expansion.
- Increased sales and marketing expenses.
- Drop in active members from prior quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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