NASDAQ : TC
Token Cat Limited — Financial statements
Communication Services · Advertising Agencies · China
Last price 1.01 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 22.03M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Token Cat Limited (TC) reported revenue of 25.37M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 25.37M | 5.92M | 171.97M | 328.35M | ||
| Other Revenue | 11.21M | 29.20M | ||||
| Revenue | 25.37M | 5.92M | 183.19M | 357.55M | ||
| Cost of Revenue | 23.96M | 5.75M | 70.54M | 85.29M | ||
| Gross Profit | 1.41M | 168.00K | 112.65M | 272.26M | ||
| Selling, General & Admin | 52.20M | 34.64M | 37.58M | 24.54M | 192.40M | 347.46M |
| Research & Development | 19.80M | 35.65M | ||||
| Operating Expenses | 52.20M | 34.64M | 37.58M | 24.54M | 212.20M | 383.11M |
| Operating Income | -50.79M | -34.48M | -37.58M | -24.54M | -99.55M | -110.85M |
| Interest Expense | -22.00K | -174.00K | ||||
| Interest & Investment Income | 146.00K | 625.00K | ||||
| Earnings From Equity Investments | 26.00K | 258.00K | ||||
| Currency Exchange Gain (Loss) | 444.00K | -149.00K | ||||
| Other Non Operating Income (Expenses) | -174.69M | 28.02M | -56.70M | 21.23M | 16.91M | 8.87M |
| EBT Excluding Unusual Items | -225.51M | -6.45M | -94.27M | -3.16M | -82.34M | -101.25M |
| Impairment of Goodwill | -69.85M | |||||
| Gain (Loss) on Sale of Investments | -700.00K | |||||
| Gain (Loss) on Sale of Assets | 48.99M | 48.99M | ||||
| Asset Writedown | -19.74M | |||||
| Pretax Income | -176.52M | 42.53M | -94.27M | -3.16M | -171.94M | -101.94M |
| Income Tax Expense | -5.45M | |||||
| Earnings From Continuing Operations | -176.52M | 42.53M | -94.27M | -3.16M | -166.49M | -101.94M |
| Earnings From Discontinued Operations | -11.42M | -40.27M | -93.72M | -79.81M | ||
| Net Income to Company | -187.94M | 2.27M | -187.99M | -82.97M | -166.49M | -101.94M |
| Net Income | -187.94M | 2.27M | -187.99M | -82.97M | -166.49M | -101.94M |
| Net Income to Common | -187.94M | 2.27M | -187.99M | -82.97M | -166.49M | -101.94M |
| Shares Outstanding (Basic) | 8.27M | 118.56K | 108.38K | 84.75K | 66.57K | 63.91K |
| Shares Outstanding (Diluted) | 8.27M | 118.56K | 108.38K | 84.75K | 66.57K | 63.91K |
| EPS (Basic) | -22.72 | 19.15 | -1,734.55 | -979.01 | -2,500.94 | -1,595.01 |
| EPS (Diluted) | -22.72 | 19.15 | -1,734.55 | -979.01 | -2,500.94 | -1,595.01 |
| Free Cash Flow | 12.03M | -176.36M | -34.72M | -74.89M | -109.89M | -93.22M |
| Free Cash Flow Per Share | 1.45 | -1,487.50 | -320.37 | -883.68 | -1,650.73 | -1,458.55 |
| Gross Margin | 5.56% | 2.84% | 61.49% | 76.15% | ||
| Operating Margin | -200.23% | -582.35% | -54.34% | -31.00% | ||
| Profit Margin | -740.89% | 38.34% | -90.89% | -28.51% | ||
| Free Cash Flow Margin | 47.41% | -2,979.12% | -59.99% | -26.07% | ||
| EBITDA | -20.30M | -95.31M | -103.44M | |||
| EBITDA Margin | -52.03% | -28.93% | ||||
| D&A For EBITDA | 4.24M | 4.24M | 7.41M | |||
| EBIT | -50.79M | -34.48M | -37.58M | -24.54M | -99.55M | -110.85M |
| EBIT Margin | -200.23% | -54.34% | -31.00% | |||
| Revenue as Reported | 25.37M | 5.92M | 183.19M | 357.55M | ||
| Advertising Expenses | 57.56M | 140.09M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 19.94M | 976.00K | 4.60M | 9.56M | 69.89M | 63.46M |
| Short-Term Investments | 6.59M | 7.98M | 7.64M | |||
| Cash & Short-Term Investments | 19.94M | 976.00K | 4.60M | 16.16M | 77.88M | 71.10M |
| Accounts Receivable | 5.07M | 6.52M | 28.89M | 49.97M | 47.95M | |
| Other Receivables | 14.00K | 640.00K | 1.20M | 16.74M | ||
| Receivables | 5.09M | 6.52M | 29.53M | 51.17M | 64.69M | |
| Prepaid Expenses | 40.30M | 26.92M | ||||
| Restricted Cash | 6.43M | 6.95M | 33.84M | |||
| Other Current Assets | 271.65M | 165.38M | 33.45M | 9.88M | -2.62M | 9.16M |
| Total Current Assets | 296.67M | 172.88M | 38.05M | 61.99M | 173.67M | 205.71M |
| Property, Plant & Equipment | 2.40M | 5.71M | 10.13M | 8.57M | ||
| Long-Term Investments | 5.56M | 5.38M | 5.36M | |||
| Goodwill | 45.56M | 45.56M | 115.41M | |||
| Other Intangible Assets | 17.71M | |||||
| Other Long-Term Assets | 190.00K | 6.10M | 522.00K | 522.00K | 313.00K | |
| Total Assets | 299.27M | 172.88M | 44.14M | 119.35M | 235.27M | 353.07M |
| Accounts Payable | 610.00K | 6.50M | 10.41M | 13.66M | 29.58M | |
| Accrued Expenses | 3.17M | 2.92M | 1.93M | 37.10M | 65.46M | 76.45M |
| Short-Term Debt | 88.00K | 6.21M | 1.08M | 15.69M | 3.17M | 7.00M |
| Current Portion of Long-Term Debt | 5.93M | |||||
| Current Portion of Leases | 1.67M | 4.09M | 5.20M | 2.59M | ||
| Current Income Taxes Payable | 32.00K | 1.00K | 18.00K | 654.00K | ||
| Current Unearned Revenue | 7.46M | 1.22M | 1.34M | 4.14M | ||
| Other Current Liabilities | 512.00K | 595.00K | 100.03M | 18.25M | 19.73M | 31.38M |
| Total Current Liabilities | 19.47M | 16.22M | 103.03M | 86.76M | 108.56M | 151.78M |
| Long-Term Debt | 24.03M | 3.00M | 1.55M | |||
| Long-Term Leases | 1.02M | 6.10M | 7.49M | 1.48M | ||
| Long-Term Unearned Revenue | 49.00K | 18.00K | 98.00K | |||
| Long-Term Deferred Tax Liabilities | 5.45M | |||||
| Other Long-Term Liabilities | 15.56M | 24.38M | 81.92M | 3.95M | 24.87M | 957.00K |
| Total Liabilities | 60.08M | 40.60M | 184.95M | 99.86M | 142.49M | 159.76M |
| Common Stock | 72.47M | 5.93M | 515.00K | 271.00K | 270.00K | 217.00K |
| Additional Paid-In Capital | 2.56B | 1.50B | 1.32B | 1.31B | 1.30B | 1.23B |
| Retained Earnings | -1.61B | -1.42B | -1.42B | -1.23B | -1.15B | -983.64M |
| Treasury Stock | -13.11M | -13.11M | -34.53M | -45.89M | -45.89M | -45.89M |
| Comprehensive Income & Other | -766.13M | 57.00M | -8.98M | -8.29M | -8.42M | -7.41M |
| Total Common Equity | 239.18M | 132.28M | -140.81M | 19.48M | 92.78M | 194.41M |
| Minority Interest | -1.10M | |||||
| Shareholders' Equity | 239.18M | 132.28M | -140.81M | 19.48M | 92.78M | 193.31M |
| Total Liabilities & Equity | 299.27M | 172.88M | 44.14M | 119.35M | 235.27M | 353.07M |
| Total Debt | 32.74M | 6.21M | 1.08M | 28.88M | 17.41M | 11.06M |
| Net Cash (Debt) | -12.80M | -5.23M | 3.52M | -12.72M | 60.47M | 60.04M |
| Net Cash Per Share | -1.55 | -44.13 | 32.49 | -150.09 | 908.35 | 939.33 |
| Filing Date Shares Outstanding | 21.81M | 26.42M | 154.92K | 84.02K | 79.73K | 64.12K |
| Total Common Shares Outstanding | 21.81M | 1.73M | 154.92K | 84.02K | 79.73K | 64.12K |
| Working Capital | 277.20M | 156.66M | -64.98M | -24.77M | 65.11M | 53.92M |
| Book Value Per Share | 10.97 | 76.36 | -908.91 | 231.91 | 1,163.79 | 3,032.16 |
| Tangible Book Value | 239.18M | 132.28M | -140.81M | -26.08M | 47.22M | 61.29M |
| Tangible Book Value Per Share | 10.97 | 76.36 | -908.91 | -310.38 | 592.32 | 955.88 |
| Machinery | 61.00K | 5.75M | 5.75M | 5.55M | ||
| Leasehold Improvements | 4.67M | 4.67M | 5.08M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -187.94M | 2.27M | -187.99M | -82.97M | -166.49M | -101.94M |
| Depreciation & Amortization | 552.00K | 4.24M | 7.41M | |||
| Loss (Gain) From Sale of Assets | -48.99M | -48.99M | 218.00K | 429.00K | ||
| Asset Writedown & Restructuring Costs | 165.27M | 89.60M | ||||
| Loss (Gain) From Sale of Investments | -26.00K | 442.00K | ||||
| Stock-Based Compensation | 40.27M | 24.56M | 28.39M | 9.55M | 10.28M | 9.80M |
| Provision & Write-off of Bad Debts | 8.14M | 17.80M | ||||
| Other Operating Activities | 20.84M | 12.24M | 150.78M | 59.08M | -17.63M | 1.18M |
| Change in Accounts Receivable | -5.07M | -6.52M | 9.80M | -1.13M | 6.50M | |
| Change in Accounts Payable | 610.00K | 6.50M | -15.92M | 7.78M | ||
| Change in Unearned Revenue | 7.27M | -2.36M | ||||
| Change in Other Net Operating Assets | 17.93M | -166.96M | -6.50M | 18.42M | -18.61M | -41.65M |
| Operating Cash Flow | 12.09M | -176.36M | -34.72M | -74.89M | -109.68M | -92.25M |
| Capital Expenditures | -61.00K | -212.00K | -968.00K | |||
| Divestitures | -4.90M | -4.90M | ||||
| Investment in Securities | 48.82M | |||||
| Other Investing Activities | -19.00K | |||||
| Investing Cash Flow | -4.96M | -4.90M | -19.00K | -212.00K | 47.86M | |
| Long-Term Debt Issued | 6.17M | 10.00M | ||||
| Total Debt Issued | 6.17M | 10.00M | ||||
| Short-Term Debt Repaid | -8.45M | -3.00M | ||||
| Total Debt Repaid | -8.45M | -3.00M | ||||
| Net Debt Issued (Repaid) | -2.29M | 7.00M | ||||
| Issuance of Common Stock | 165.04M | 7.11M | 93.53M | |||
| Repurchase of Common Stock | -257.00K | |||||
| Other Financing Activities | -349.00K | -1.45M | 23.05M | 13.97M | ||
| Financing Cash Flow | -606.00K | 163.59M | 30.16M | 13.97M | 91.24M | 7.00M |
| Foreign Exchange Rate Adjustments | 8.34M | 8.31M | -1.07M | 70.00K | -1.80M | -5.05M |
| Net Cash Flow | 14.86M | -9.36M | -5.65M | -60.85M | -20.45M | -42.45M |
| Free Cash Flow | 12.03M | -176.36M | -34.72M | -74.89M | -109.89M | -93.22M |
| Free Cash Flow Margin | 47.41% | -2,979.12% | -59.99% | -26.07% | ||
| Free Cash Flow Per Share | 1.45 | -1,487.50 | -320.37 | -883.68 | -1,650.73 | -1,458.55 |
| Levered Free Cash Flow | -165.05M | -227.38M | 52.27M | 10.96M | -51.21M | -68.65M |
| Unlevered Free Cash Flow | -165.04M | -227.38M | 52.27M | 10.96M | -51.10M | -68.65M |
| Cash Interest Paid | 214.00K | 182.00K | ||||
| Change in Working Capital | 20.74M | -166.98M | 3.29M | 18.42M | -38.01M | -27.36M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 20.63M | 11.78M | 1.98M | 4.91M | 16.02M | 56.91M |
| Enterprise Value | 22.52M | 17.01M | 5.49M | 3.71M | 12.24M | 39.36M |
| Last Close Price | 0.95 | 6.97 | 22.60 | 60.99 | 250.50 | 849.00 |
| PE Ratio | 36.29 | |||||
| Forward PE | 50.20 | 50.20 | 50.20 | 50.20 | 50.20 | |
| PS Ratio | 5.52 | 13.92 | 0.60 | 1.01 | ||
| PB Ratio | 0.59 | 0.62 | -0.10 | 1.79 | 1.19 | 1.87 |
| P/TBV Ratio | 0.59 | 0.62 | 2.34 | 5.90 | ||
| EV/Sales Ratio | 6.03 | 20.10 | 0.46 | 0.70 | ||
| Debt / Equity Ratio | 0.14 | 0.05 | -0.01 | 1.48 | 0.19 | 0.06 |
| Debt / EBITDA Ratio | 5.97 | |||||
| Debt / FCF Ratio | 2.72 | |||||
| Net Debt / Equity Ratio | 0.05 | 0.04 | 0.03 | 0.65 | -0.65 | -0.31 |
| Net Debt / EBITDA Ratio | -0.63 | 0.63 | 0.58 | |||
| Net Debt / FCF Ratio | 1.06 | -0.03 | 0.10 | -0.17 | 0.55 | 0.64 |
| Asset Turnover | 0.10 | 0.06 | 0.62 | 0.86 | ||
| Quick Ratio | 1.28 | 0.46 | 0.04 | 0.53 | 1.19 | 0.90 |
| Current Ratio | 15.24 | 10.66 | 0.37 | 0.71 | 1.60 | 1.35 |
| Return on Equity (ROE) | -129.71% | -5.63% | -116.39% | -42.44% | ||
| Return on Assets (ROA) | -12.62% | -19.86% | -28.73% | -8.65% | -21.15% | -16.74% |
| Return on Capital Employed (ROCE) | -18.20% | -22.00% | 63.80% | -75.30% | -78.60% | -55.10% |
| Earnings Yield | -353.67% | 2.76% | -1,297.91% | -238.33% | -150.70% | -28.20% |
| FCF Yield | 8.75% | -214.07% | -239.73% | -215.12% | -99.47% | -25.79% |
| Buyback Yield / Dilution | -7,040.28% | -9.40% | -27.88% | -27.31% | -4.16% | -0.77% |