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Token Cat Limited

TC

Token Cat Limited • NASDAQ
$17.23 ▼ -0.98% (-0.17)
Market Cap $50.15 M
52w High $39.00
52w Low $9.20
Dividend Yield 0%
P/E -0.1
Volume 1.28K
Outstanding Shares 2.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $9.889M $28.28M $-337.5K -3.413% $-2.88 $0
Q1-2025 $9.889M ▲ $28.28M ▲ $-337.5K ▲ -3.413% ▲ $-2.88 ▲ $0
Q4-2024 $8.436M $26.856M $-73.658M -873.139% $-33.6 $0
Q3-2024 $8.436M ▼ $26.856M ▼ $-73.658M ▼ -873.139% ▼ $-33.6 ▼ $0
Q2-2024 $16.152M $34.904M $-20.337M -125.909% $-6.96 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $1.073M ▼ $203.702M $170.716M $32.986M ▲
Q1-2025 $4.21M ▼ $203.702M ▲ $170.716M ▼ $32.986M ▲
Q4-2024 $9.081M $44.143M $184.95M $-140.807M
Q3-2024 $9.081M ▼ $44.143M ▼ $184.95M ▲ $-140.807M ▼
Q2-2024 $9.513M $90.946M $96.659M $-5.713M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-337.5K $-84.75M $0 $82.097M $0 $-84.75M
Q1-2025 $-337.5K ▲ $-84.75M ▼ $0 ▲ $82.097M ▲ $0 $-84.75M ▼
Q4-2024 $-73.658M $-11.817M $-6K $11.473M $0 ▲ $-11.823M
Q3-2024 $-73.658M ▼ $-11.817M ▼ $-6K ▼ $11.473M ▲ $-9.348M ▼ $-11.823M ▼
Q2-2024 $-20.337M $-5.544M $-3.5K $3.607M $9.348M $-5.547M

Five-Year Company Overview

Income Statement

Income Statement Token Cat is still a very small, loss‑making business. Revenue has trended down from its peak a few years ago, and the latest year shows another step down rather than growth. The company is still able to generate some gross profit from its sales, but this base is thin and not expanding. Operating losses have been persistent and fairly steady over the past five years, which means cost reductions or scale benefits have not yet translated into a clear improvement in profitability. Net losses remain sizeable relative to the company’s tiny revenue base, highlighting a business that has not yet found a sustainable economic model. Overall, the income statement tells a story of contraction and ongoing losses, not yet of a turnaround.

Balance Sheet

Balance Sheet The balance sheet has weakened over time. Total assets have steadily shrunk, and the cash cushion is now very modest. While absolute debt levels are not large, the company’s equity has eroded from positive to negative in the most recent year, meaning accumulated losses have effectively wiped out shareholders’ capital on paper. This combination of shrinking assets, thin cash, and negative equity signals financial fragility and limits room for error. Any large new initiative or downturn likely requires fresh external funding or asset sales, as the current balance sheet does not offer much internal support.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative for five straight years, with no offsetting investment in tangible assets. Free cash flow is also negative each year, reflecting a business that consumes cash without yet generating self‑funding growth. Because there is essentially no capital spending, these cash outflows are mainly tied to running the business rather than building long‑lived assets. This pattern means the company depends on external capital, one‑off deals, or restructuring to continue funding its operations and new strategies. Until operating cash flow turns positive, liquidity and funding risk remain important watchpoints.

Competitive Edge

Competitive Edge Token Cat operates in a very competitive and fast‑moving environment: online automotive marketing in China, now overlaid with ambitions in electric vehicles and crypto‑related services. Its main traditional strength is an established offline auto show and dealer network, combined with online marketing capabilities. That network and know‑how do create some barriers for new entrants and could be valuable as the market shifts toward EVs. However, the company is small compared with major online platforms, automakers’ own channels, and specialized EV players. The new cross‑border cooperation agreement suggests a push to leverage its network internationally, but execution risk is high, and the company must compete against far larger, better‑funded rivals while also managing regulatory complexity in autos, crypto, and cross‑border trade.

Innovation and R&D

Innovation and R&D Strategically, the company is being very ambitious. It is evolving from an auto marketplace into a broader tech story that touches EV design and manufacturing, blockchain and cryptocurrency integration, and the use of advanced AI models like DeepSeek R1. Its omnichannel model, data‑driven marketing, virtual dealerships, and social CRM offerings are genuine differentiators in the traditional auto marketing space. The planned EV ecosystem and crypto initiatives could further distinguish the platform if they are executed well and aligned with regulation. However, these are capital‑intensive and technically demanding areas. Given Token Cat’s small scale and ongoing losses, the main risk is overextension: the company is trying to innovate across several complex fronts at once without the financial depth of larger peers. The innovation pipeline offers upside potential but comes with substantial execution and funding uncertainty.

Summary

Token Cat is a company in transition, moving from a niche, shrinking auto‑event and marketing business toward a much broader technology and EV/crypto platform vision. The financial picture today is challenging: revenue is low and has declined from earlier levels, losses are persistent, cash flow is negative, and the balance sheet has turned from positive equity to negative. On the strategic side, the firm does have real assets in its dealer relationships, offline event capabilities, and data‑driven marketing tools, and it is aggressively layering in AI, EV, and blockchain plans, as well as cross‑border partnerships. The core question is whether the company can stabilize and grow its revenue, secure enough capital, and execute on these new initiatives before financial constraints bite too hard. For observers, the key things to watch are: clear revenue traction from new lines of business, a credible path toward reducing losses and improving cash flow, the terms and reliability of any new funding or partnerships, and how effectively management narrows its focus within EV and crypto to areas where it can truly build a defendable niche.

NEWS

November 26, 2025 · 7:15 AM UTC

Token Cat Limited Appoints Renowned Blockchain Expert Sav Persico as Chief Operating Officer to Accelerate the Company's Cryptocurrency and crypto Asset Transformation Strategy

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November 20, 2025 · 7:26 AM UTC

Due to Strong Demand, Token Cat Limited Announced the Signing of a $1 Billion Cross-border Sales Cooperation Agreement with Ouyi Industrial CO.,Limited.

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November 14, 2025 · 7:15 AM UTC

Following the Divestiture of Loss-Making Operations, Token Cat Limited Authorizes Its U.S. Subsidiary to Evaluate a Potential $ 500 Million Fundraising Plan for Nuclear Fission Research and M&A to Address the Growing Clean Energy Demand of AI Computing

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