Token Cat Ltd TC
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Market cap
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52-week range
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
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P/E—
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EV/EBITDA—
Dividend yield—
Diluted EPS—
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $847.0K | $6.7M | $22.9M | $26.6M | $56.1M | $50.6M | $92.6M | $94.7M | — | — |
| Cost of revenue | $823.0K | $2.1M | $9.7M | $10.2M | $13.4M | $13.6M | $26.8M | $26.7M | — | — |
| Gross profit | $24.0K | $4.6M | $13.2M | $16.3M | $42.7M | $37.0M | $65.8M | $68.0M | — | — |
| R&D | — | $1.6M | $1.6M | $2.9M | $5.6M | $5.3M | $6.2M | $2.8M | — | — |
| SG&A | $5.0M | $7.3M | $6.3M | $9.4M | $11.4M | $15.1M | $14.9M | $12.3M | — | — |
| Total operating expenses | $5.0M | $16.9M | $30.2M | $33.6M | $60.1M | $63.3M | $103.3M | $77.9M | — | — |
| Operating income | -$4.9M | -$12.3M | -$17.0M | -$17.3M | -$17.4M | -$26.3M | -$37.5M | -$9.9M | — | — |
| Pre-tax income | $6.1M | -$25.8M | -$11.7M | -$24.9M | -$16.0M | -$25.2M | -$36.1M | -$10.9M | — | — |
| Income tax | — | — | $0 | $790.0K | $0 | $158.0K | $0 | $0 | — | — |
| Net income | $323.0K | -$25.8M | -$11.7M | -$24.1M | -$16.0M | -$25.1M | -$36.1M | -$11.4M | — | — |
| EPS, basic | — | -0.05 | — | — | — | — | — | — | — | — |
| EPS, diluted | — | -0.05 | — | — | — | — | — | — | — | — |
| Shares, diluted (wtd. avg.) | 569.1M | 520.2M | 406.8M | 319.5M | 306.8M | 304.4M | 294.9M | 121.9M | 94.9M | 89.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $140.0K | $863.0K | $1.3M | $9.8M | $9.2M | $17.2M | $29.7M | $83.1M | $9.7M | — |
| Receivables | $933.0K | $1.7M | $4.1M | $7.2M | $7.5M | $10.1M | $10.4M | $7.6M | — | — |
| Total current assets | $24.7M | $5.2M | $8.7M | $25.2M | $32.3M | $47.7M | $76.3M | $101.8M | — | — |
| Property, plant and equipment | — | — | — | — | $544.0K | $875.0K | — | — | — | — |
| Goodwill | — | — | $6.4M | $6.6M | $18.1M | $17.7M | — | — | — | — |
| Other intangibles | — | — | — | — | $2.8M | $3.3M | — | — | — | — |
| Total assets | $24.7M | $6.0M | $16.8M | $34.1M | $55.4M | $72.7M | $81.5M | $105.6M | — | — |
| Accounts payable | $929.0K | $1.9M | $1.5M | $2.0M | $4.6M | $3.3M | $837.0K | $1.0M | — | — |
| Short-term debt | — | $4.3M | $2.2M | $459.0K | $1.1M | $0 | $0 | — | — | — |
| Total current liabilities | $2.3M | $14.1M | $12.2M | $15.7M | $23.8M | $27.0M | $20.4M | $18.0M | — | — |
| Long-term debt | — | $1.4M | $423.0K | $224.0K | — | — | — | — | — | — |
| Total liabilities | $5.8M | $25.3M | $14.1M | $20.7M | $25.1M | $28.7M | $20.7M | $18.0M | — | — |
| Retained earnings | -$202.9M | -$194.7M | -$173.7M | -$166.8M | -$154.4M | -$135.1M | -$103.2M | -$68.1M | — | — |
| Total equity | $18.9M | -$19.3M | $2.7M | $13.5M | $30.5M | $44.2M | $60.9M | $87.6M | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$25.2M | -$4.8M | -$10.6M | -$15.9M | -$14.5M | -$13.6M | -$23.2M | -$7.8M | — | — |
| Depreciation and amortisation | — | — | — | $310.0K | $518.0K | $273.0K | $500.0K | $154.0K | — | — |
| Stock-based compensation | $3.5M | $3.9M | $1.3M | $1.5M | $1.5M | $2.7M | $15.8M | $11.4M | — | — |
| Capital expenditure | — | $3.0K | — | $31.0K | $152.0K | $314.0K | $1.9M | $3.0M | — | — |
| Investing cash flow | -$701.0K | -$3.0K | — | -$31.0K | $7.5M | $5.8M | -$26.9M | -$3.0M | — | — |
| Financing cash flow | $23.4M | $4.1M | $2.0M | $13.2M | $1.1M | -$10.0K | -$5.3M | $81.8M | — | — |
| Buybacks | — | — | — | — | — | — | $2.0M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001213900-26-053942.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $94.7M | $92.6M | $50.6M | $56.1M | $26.6M | $22.9M | $6.7M | $847.0K |
| Gross profit | — | — | $68.0M | $65.8M | $37.0M | $42.7M | $16.3M | $13.2M | $4.6M | $24.0K |
| Net income | — | — | -$11.4M | -$36.1M | -$25.1M | -$16.0M | -$24.1M | -$11.7M | -$25.8M | $323.0K |
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