Detailed financial statements for Token Cat Limited (TC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Token Cat Limited, through its subsidiaries, operates as an omni-channel automotive marketplace in the People’s Republic of China. The company organizes auto shows and special promotion events; and provides integrated marketing solutions to industry customers, including automakers, franchised dealerships, secondary dealers, and automotive service providers, as well as enable interactions between participants on both sides of a potential transaction.
Analysis Summary
Token Cat Limited reported revenue of $5.8M in the most recent fiscal year, growing at a 5-year CAGR of -55.5%.
Trailing-twelve-month margins: gross margin 79.0%, operating margin -207.0%, net margin -3.4%.
At the current price of $1.99, TC has negative trailing earnings (P/E not meaningful) and an ROE of 1.67%. Market capitalisation stands at $6M.
Balance sheet quality for TC: current ratio of 10.7, net debt of $5.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$171.6M represents -7769% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $117.4M | $280.7M | $651.0M | $644.8M | $330.2M | $357.6M | $183.2M | $162.4M | $49.2M | $5.8M |
| Cost of Revenue | $17.7M | $54.8M | $183.4M | $186.5M | $88.8M | $85.3M | $70.5M | $68.9M | $15.6M | $5.6M |
| Gross Profit | $99.6M | $225.9M | $467.6M | $458.2M | $241.4M | $272.3M | $112.7M | $93.4M | $33.6M | $163417 |
| Research & Development | $19.6M | $15.9M | $19.3M | $43.3M | $34.3M | $35.7M | $19.8M | $11.3M | $11.9M | 0 |
| Selling, General & Admin | $161.1M | $250.7M | $516.4M | $675.9M | $378.5M | $347.5M | $192.4M | $201.7M | $107.6M | $34.6M |
| Operating Expenses | $180.0M | $299.2M | $539.6M | $716.6M | $412.8M | $383.1M | $231.9M | $214.5M | $123.5M | $33.7M |
| Operating Income | -$81.1M | -$71.7M | -$68.0M | -$261.0M | -$171.3M | -$110.8M | -$119.3M | -$121.0M | -$89.9M | -$33.5M |
| EBITDA | -$79.9M | -$70.8M | -$67.0M | -$256.6M | -$164.2M | -$103.4M | -$95.3M | -$115.3M | -$85.9M | -$33.5M |
| Interest Expense | $1.4M | $2.4M | 0 | 0 | 0 | 0 | $625000 | 0 | $999000 | 0 |
| Pre-tax Income | -$81.5M | -$75.7M | -$75.1M | -$251.3M | -$164.5M | -$101.9M | -$171.9M | -$83.0M | -$188.0M | $41.4M |
| Income Tax | $16.9M | $20.9M | $35.1M | 0 | -$1.0M | 0 | -$5.5M | 0 | 0 | 0 |
| Net Income | -$98.4M | -$96.6M | -$110.2M | -$250.6M | -$163.0M | -$101.9M | -$166.5M | -$83.0M | -$188.0M | $2.2M |
| EPS | $-158.48 | $-146.88 | $-130.09 | $-122.40 | $-76.80 | $-48.00 | $-74.40 | $-28.80 | $-64.80 | $18.60 |
| EPS (Diluted) | $-158.48 | $-146.68 | $-130.09 | $-122.40 | $-76.80 | $-48.00 | $-74.40 | $-28.80 | $-64.80 | $18.60 |
| Shares Outstanding (Diluted) | $465746 | $494118 | $635000 | $1.5M | $1.6M | $1.6M | $1.7M | $2.1M | $2.2M | $118563 |
Income Statement (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Revenue | $8.4M | $8.4M | $9.9M | $9.9M |
| Gross Profit | $5.6M | $5.6M | $7.8M | $7.8M |
| Operating Income | -$21.2M | -$21.2M | -$20.5M | -$20.5M |
| EBITDA | 0 | 0 | 0 | 0 |
| Net Income | -$73.7M | -$73.7M | -$337500 | -$337500 |
| EPS | $-33.60 | $-33.60 | $-2.88 | $-2.88 |
| EPS (Diluted) | $-33.60 | $-33.60 | $-2.88 | $-2.88 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.8M | $66.7M | $578.6M | $193.9M | $109.9M | $63.5M | $69.9M | $9.6M | $6.3M | $976621 |
| Short-term Investments | $3.3M | $5.8M | $8.6M | $84.3M | $54.4M | $7.6M | $8.0M | $6.6M | $2.8M | 0 |
| Receivables | $5.6M | $9.9M | $62.9M | $72.4M | $66.1M | $48.0M | $50.0M | $28.9M | $11.8M | $6.5M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $46.7M | $109.5M | $699.6M | $531.4M | $311.4M | $205.7M | $173.7M | $62.0M | $38.0M | $173.0M |
| Property, Plant & Equipment | $1.6M | $802000 | $1.4M | $4.8M | $16.5M | $8.6M | $10.1M | $5.7M | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | $115.4M | $115.4M | $45.6M | $45.6M | 0 | 0 |
| Intangible Assets | 0 | $136000 | $10.2M | $15.5M | $21.8M | $17.7M | 0 | 0 | 0 | 0 |
| Total Assets | $49.4M | $112.8M | $725.9M | $567.2M | $474.4M | $353.1M | $235.3M | $119.3M | $44.1M | $173.0M |
| Accounts Payable | $187000 | $3.3M | $7.0M | $5.8M | $21.8M | $29.6M | $13.7M | $10.4M | $13.9M | $6.5M |
| Short-term Debt | $62.5M | $88.9M | 0 | 0 | 0 | $7.0M | $3.2M | $15.7M | $31.7M | $6.2M |
| Total Current Liabilities | $113.0M | $171.0M | $123.9M | $142.1M | $176.2M | $151.8M | $108.6M | $86.8M | $103.0M | $16.2M |
| Long-term Debt | 0 | $2.9M | 0 | 0 | 0 | 0 | $1.5M | $9.1M | $10.0M | 0 |
| Total Liabilities | $113.0M | $174.0M | $123.9M | $142.1M | $187.3M | $159.8M | $142.5M | $99.9M | $184.9M | $40.6M |
| Retained Earnings | -$280.8M | -$389.3M | -$468.0M | -$718.7M | -$881.7M | -$983.6M | -$1.15B | -$1.23B | -$1.42B | -$1.42B |
| Total Equity | -$63.6M | -$61.1M | $602.0M | $423.6M | $288.2M | $194.4M | $92.8M | $19.5M | -$140.8M | $132.4M |
| Total Debt | $62.5M | $91.8M | 0 | 0 | $10.0M | $11.1M | $17.4M | $24.8M | $48.5M | $6.2M |
| Net Debt | $34.4M | $19.3M | -$587.2M | -$278.2M | -$154.4M | -$60.0M | -$60.5M | $8.6M | $39.4M | $5.2M |
| Working Capital | -$66.2M | -$61.5M | $575.7M | $389.3M | $135.2M | $53.9M | $65.1M | -$24.8M | -$65.0M | $156.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 |
|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $1.1M | $976000 | $976000 |
| Total Assets | $203.7M | $203.7M | $172.9M | $172.9M |
| Total Liabilities | $170.7M | $170.7M | $40.6M | $40.6M |
| Total Equity | $33.0M | $33.0M | $132.3M | $132.3M |
| Total Debt | $41.7M | $41.7M | $6.2M | $6.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$86.6M | -$90.7M | -$78.7M | -$250.6M | -$163.0M | -$101.9M | -$166.5M | -$83.0M | -$188.0M | $2.2M |
| Depreciation & Amortization | $1.2M | $965000 | $1.1M | $4.4M | $7.1M | $7.4M | $4.2M | 0 | 0 | 0 |
| Stock-based Compensation | $2.9M | $1.9M | $78.1M | $110.4M | $17.4M | $9.8M | $10.3M | $9.8M | $28.4M | $24.6M |
| Change in Working Capital | $28.6M | $22.0M | -$64.6M | -$39.8M | $4.2M | -$27.4M | -$38.0M | $25.0M | $13.9M | -$162.4M |
| Operating Cash Flow | -$54.1M | -$59.7M | -$53.3M | -$161.8M | -$88.9M | -$92.3M | -$109.7M | -$74.9M | -$34.7M | -$171.6M |
| Capital Expenditure | -$65000 | -$272000 | -$20.7M | -$13.2M | -$2.0M | -$968000 | -$212000 | 0 | -$19000 | $21 |
| Acquisitions | 0 | 0 | 0 | 0 | $1.3M | 0 | 0 | 0 | 0 | -$4.8M |
| Stock Repurchased | 0 | -$449000 | 0 | -$13.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$54.2M | -$59.9M | -$74.0M | -$175.0M | -$90.9M | -$93.2M | -$109.9M | -$74.9M | -$34.7M | -$171.6M |
Cash Flow (Quarterly)
| Year | 2024-Q3 | 2024-Q4 | 2025-Q1 | 2025-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$11.8M | -$11.8M | -$84.8M | -$84.8M |
| Capital Expenditure | -$6000 | -$6000 | 0 | 0 |
| Free Cash Flow | -$11.8M | -$11.8M | -$84.8M | -$84.8M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.4M | $6.4M | $4.5M | $4.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +139.2% | +132.0% | -1.0% | -48.8% | +8.3% | -48.8% | -11.4% | -69.7% | -88.3% | |
| Net Income Growth (YoY) | +1.8% | -14.0% | -127.5% | +35.0% | +37.5% | -63.3% | +50.2% | -126.6% | +101.2% | |
| EPS Growth (YoY) | +7.3% | +11.4% | +5.9% | +37.3% | +37.5% | -55.0% | +61.3% | -125.0% | +128.7% | |
| Shares Change (YoY) | +6.1% | +28.5% | +141.9% | +3.2% | +0.8% | +4.1% | +27.3% | +3.5% | -94.6% | |
| FCF Growth (YoY) | -10.7% | -23.5% | -136.4% | +48.1% | -2.6% | -17.9% | +31.8% | +53.6% | -393.8% | |
| Gross Margin | 84.9% | 80.5% | 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% | -74.5% | -182.9% | -582.3% |
| EBITDA Margin | -68.1% | -25.2% | -10.3% | -39.8% | -49.7% | -28.9% | -52.0% | -71.0% | -174.7% | -582.3% |
| Net Margin | -83.9% | -34.4% | -16.9% | -38.9% | -49.4% | -28.5% | -90.9% | -51.1% | -382.3% | 38.3% |
| FCF Margin | -46.1% | -21.4% | -11.4% | -27.1% | -27.5% | -26.1% | -60.0% | -46.1% | -70.6% | -2979.1% |
| Effective Tax Rate | -20.7% | -27.7% | -46.7% | -0.0% | 0.6% | -0.0% | 3.2% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-116.28 | $-121.29 | $-116.61 | $-113.95 | $-57.35 | $-58.36 | $-66.05 | $-35.35 | $-15.84 | $-1446.99 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $465746 | $493459 | $635000 | $1.5M | $1.6M | $1.6M | $1.7M | $2.1M | $2.2M | $118563 |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 1.67% |
| Return on Invested Capital | -20.58% |
| Return on Assets | 1.28% |
| Gross Margin | 79.01% |
| Operating Margin | -206.98% |
| Net Margin | -3.41% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 10.66 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -10.92 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -411.64 | -416.21 | -428.11 | -97.60 | -85.39 | -112.35 | -23.22 | -15.03 | -2.55 | 2.62 |
| P/B | -477.67 | -493.36 | 58.74 | 43.32 | 36.07 | 44.31 | 30.98 | 47.07 | -2.57 | 0.04 |
| P/S | 258.90 | 107.48 | 54.32 | 28.46 | 31.47 | 24.09 | 15.69 | 5.65 | 7.36 | 1.00 |
| Gross Margin | 84.9% | 80.5% | 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% | -74.5% | -182.9% | -582.3% |
| Net Margin | -83.9% | -34.4% | -16.9% | -38.9% | -49.4% | -28.5% | -90.9% | -51.1% | -382.3% | 38.3% |
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