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Token Cat Ltd

TC Clue Score32
China Fiscal year ends December CIK 0001743340
$1.46 -5.81% Close, 12 Oct 2026
Alert on the numbers Alert on insider trades
Price $1.46 −30.81% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 20 Nov 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue117.4Operating income−81.1Net income−86.6EPS, diluted−1.10Fiscal year 2017Revenue280.7 +139.2%Operating income−71.7Net income−90.7EPS, diluted−1.02Fiscal year 2018Revenue651.0 +132.0%Operating income−68.0Net income−78.7EPS, diluted−0.90Fiscal year 2019Revenue644.8 −1.0%Operating income−261.0Net income−251.3EPS, diluted−0.85Fiscal year 2020Revenue330.2 −48.8%Operating income−171.3Net income−163.5EPS, diluted−0.54Fiscal year 2021Revenue357.6 +8.3%Operating income−110.8Net income−101.9EPS, diluted−0.33Fiscal year 2022Revenue183.2 −48.8%Operating income−119.3Net income−166.5EPS, diluted−0.52Fiscal year 2023Revenue162.4 −11.4%Operating income−24.5Net income−83.0EPS, diluted−0.20Fiscal year 2024Revenue49.2 −69.7%Operating income−37.6Net income−188.0EPS, diluted−0.36Fiscal year 2025Revenue5.9 −88.0%Operating income−34.5Net income2.3EPS, diluted0.07
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 117.4 280.7 651.0 644.8 330.2 357.6 183.2 162.4 49.2 5.9
Growth +139.2% +132.0% −1.0% −48.8% +8.3% −48.8% −11.4% −69.7% −88.0%
Operating income −81.1 −71.7 −68.0 −261.0 −171.3 −110.8 −119.3 −24.5 −37.6 −34.5
Net income −86.6 −90.7 −78.7 −251.3 −163.5 −101.9 −166.5 −83.0 −188.0 2.3
Growth
EPS, diluted −1.10 −1.02 −0.90 −0.85 −0.54 −0.33 −0.52 −0.20 −0.36 0.07

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin84.9%Operating margin−69.1%Net margin−73.8%Free cash flow margin−46.1%Fiscal year 2017Gross margin69.5%Operating margin−25.6%Net margin−32.3%Free cash flow margin−21.4%Fiscal year 2018Gross margin71.8%Operating margin−10.5%Net margin−12.1%Free cash flow margin−11.4%Fiscal year 2019Gross margin71.1%Operating margin−40.5%Net margin−39.0%Free cash flow margin−27.1%Fiscal year 2020Gross margin73.1%Operating margin−51.9%Net margin−49.5%Free cash flow margin−27.5%Fiscal year 2021Gross margin76.1%Operating margin−31.0%Net margin−28.5%Free cash flow margin−26.1%Fiscal year 2022Gross margin61.5%Operating margin−65.1%Net margin−90.9%Free cash flow margin−60.0%Fiscal year 2023Gross margin57.5%Operating margin−15.1%Net margin−51.1%Fiscal year 2024Gross margin68.3%Operating margin−76.4%Net margin−382.3%Free cash flow margin−70.6%Fiscal year 2025Gross margin2.8%Operating margin−582.3%Net margin38.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 84.9% 69.5% 71.8% 71.1% 73.1% 76.1% 61.5% 57.5% 68.3% 2.8%
Operating margin −69.1% −25.6% −10.5% −40.5% −51.9% −31.0% −65.1% −15.1% −76.4% −582.3%
Net margin −73.8% −32.3% −12.1% −39.0% −49.5% −28.5% −90.9% −51.1% −382.3% 38.3%
Free cash flow margin −46.1% −21.4% −11.4% −27.1% −27.5% −26.1% −60.0% n/a −70.6% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−54.1Capital expenditure−0.1Free cash flow−54.2Fiscal year 2017Operating cash flow−59.7Capital expenditure−0.3Free cash flow−59.9Fiscal year 2018Operating cash flow−53.3Capital expenditure−20.7Free cash flow−74.0Fiscal year 2019Operating cash flow−161.8Capital expenditure−13.2Free cash flow−175.0Buybacks−13.7Fiscal year 2020Operating cash flow−88.9Capital expenditure−2.0Free cash flow−90.9Fiscal year 2021Operating cash flow−92.3Capital expenditure−1.0Free cash flow−93.2Fiscal year 2022Operating cash flow−109.7Capital expenditure−0.2Free cash flow−109.9Fiscal year 2023Operating cash flow−74.9Fiscal year 2024Operating cash flow−34.7Capital expenditure−0.0Free cash flow−34.7Fiscal year 2025Operating cash flow−176.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −54.1 −59.7 −53.3 −161.8 −88.9 −92.3 −109.7 −74.9 −34.7 −176.4
Capital expenditure −0.1 −0.3 −20.7 −13.2 −2.0 −1.0 −0.2 n/a −0.0 n/a
Free cash flow −54.2 −59.9 −74.0 −175.0 −90.9 −93.2 −109.9 n/a −34.7 n/a
Growth
Buybacks n/a n/a n/a −13.7 n/a n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash24.8Shareholders’ equity−290.1Fiscal year 2017Cash66.7Total debt2.9Net cash (debt)63.8Shareholders’ equity−400.0Fiscal year 2018Cash578.6Total debt0.0Net cash (debt)578.6Shareholders’ equity602.0Debt to equity0.00Fiscal year 2019Cash193.9Shareholders’ equity423.6Fiscal year 2020Cash109.9Shareholders’ equity288.2Fiscal year 2021Cash63.5Shareholders’ equity194.4Fiscal year 2022Cash69.9Total debt1.5Net cash (debt)68.3Shareholders’ equity92.8Debt to equity0.02Fiscal year 2023Cash9.6Total debt3.0Net cash (debt)6.6Shareholders’ equity19.5Debt to equity0.15Fiscal year 2024Cash6.3Total debt10.0Net cash (debt)−3.7Shareholders’ equity−140.8Fiscal year 2025Cash1.0Shareholders’ equity132.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 24.8 66.7 578.6 193.9 109.9 63.5 69.9 9.6 6.3 1.0
Total debt n/a 2.9 0.0 n/a n/a n/a 1.5 3.0 10.0 n/a
Net cash (debt) n/a 63.8 578.6 n/a n/a n/a 68.3 6.6 −3.7 n/a
Shareholders’ equity −290.1 −400.0 602.0 423.6 288.2 194.4 92.8 19.5 −140.8 132.3
Debt to equity n/a n/a 0.00 n/a n/a n/a 0.02 0.15 n/a n/a

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
117.4 280.7 651.0 644.8 330.2 357.6 183.2 162.4 49.2 5.9
Growth +139.2% +132.0% −1.0% −48.8% +8.3% −48.8% −11.4% −69.7% −88.0%
17.7 85.7 183.4 186.5 88.8 85.3 70.5 68.9 15.6 5.8
99.6 194.9 467.6 458.2 241.4 272.3 112.7 93.4 33.6 0.2
Growth +95.7% +139.9% −2.0% −47.3% +12.8% −58.6% −17.1% −64.1% −99.5%
19.6 15.9 19.3 43.3 34.3 35.7 19.8 11.3 11.9 n/a
24.5 27.5 84.4 103.9 98.8 72.8 64.7 24.5 37.6 34.6
−81.1 −71.7 −68.0 −261.0 −171.3 −110.8 −119.3 −24.5 −37.6 −34.5
Growth
−81.5 −75.7 −75.1 −251.3 −164.5 −101.9 −171.9 −3.2 −94.3 42.5
0.0 0.0 0.0 0.0 −1.0 0.0 −5.5 0.0 n/a n/a
−86.6 −90.7 −78.7 −251.3 −163.5 −101.9 −166.5 −83.0 −188.0 2.3
Growth
Per share
−1.10 −1.02 −0.90 −0.85 −0.54 −0.33 −0.52 −0.20 −0.36 0.07
−1.10 −1.02 −0.90 −0.85 −0.54 −0.33 −0.52 −0.20 −0.36 0.07
Growth
89.4 94.9 121.9 294.9 304.4 306.8 319.5 406.8 520.2 569.1
89.4 94.9 121.9 294.9 304.4 306.8 319.5 406.8 520.2 569.1
Growth +6.1% +28.5% +141.9% +3.2% +0.8% +4.2% +27.3% +27.9% +9.4%

† The diluted share count jumps at 2019, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Shown in CNY as filed; the screener converts to dollars.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue shrank 55.3% a year over five years.
  • Operating margin is down 530.5 points on five years ago, at -582.3%.
  • A net loss in 9 of 10 years on file.