TANTECH HOLDINGS LTD

Listed Company

TANHCIK 0001588084NasdaqNon-AcceleratedIndustrial Organic ChemicalsD8VGFY ends Dec 31

Period

FY 2025

Revenue

$38.36M

Net Income

$-31.02M

Total Assets

$123.97M

Equity

$110.35M

Shares Out

6.21M

Op. Cash Flow

$-5.82M

Business

TANTECH HOLDINGS LTD develops and manufactures bamboo-based charcoal products and related materials for industrial energy, household cooking, heating, purification, agricultural and cleaning uses. It offers charcoal briquettes and Charcoal Doctor branded solid and liquid purification, deodorizing and sanitation products, bamboo vinegar derivatives, biodegradable packaging and commercial factoring services. Key business segments include bamboo charcoal production and trading, consumer household goods, biodegradable packaging and financing services, with prior electric vehicle operations discontinued. Products are sold primarily through a domestic distributor network across 19 Chinese cities and exported to Japan, South Korea, Taiwan, the Middle East and Europe.

Summary from filing dated 2025-05-15

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)	—	—	—
Revenues	38	43	45
Cost of Revenue	31	34	35
Gross profit	7	9	10
Operating expenses	—	—	—
Selling, General and Administrative Expense	6,879	51,221	218,073
Selling, General and Administrative Expense	19	5	6
Research and Development Expense	78,570	38,800	23,942
Total operating expenses	19	5	6
(Loss) income from operations	−12	4	4
Other income (expenses)	—	—	—
Change in fair value of convertible note	−150,000	−504,006	−165,704
Non-Operating Income (Expense)	568,000	−4	0
Changes in fair value of digital assets	−287	0	0
Interest Income	348,130	43,157	49,628
Interest expense	279,564	290,366	301,467
Financing interest income, net	352,529	2	2
Non-Operating Income (Expense)	0	0	111,317
Long- term investments impairment	23	0	0
Non-Operating Income (Expense)	4	−1	4
Gain from disposal of financing receivables	2	0	0
Loss on refund receivable	4	0	0
Interest Expense	0	298,213	0
Non-Operating Income (Expense)	−485,663	33,067	177,840
Total other (expenses) income, net	−21	−3	6
(Loss) income before income tax	−34	624,296	9
Income Tax Expense	−3	3	2
Net (loss) income from continuing operations	−31	−2	7
Income from Discontinued Operations	−61,426	−1	−2
Net (loss) income	−31	−4	5
Net Income Attributable to Noncontrolling Interest	−18,416	−323,515	−565,301
Net (loss) income attributable to the Company	−31	−3	6
Less: Deemed dividend to warrants holders	401,000	0	0
Net (loss) income attributable to common stockholders of Tantech Holdings Ltd	−31	−3	6
Net (loss) income	−31	−4	5
Other comprehensive income (loss):	—	—	—
Foreign currency translation adjustment	2	86,797	−4
Comprehensive (loss) income	−29	−3	797,513
Net Income Attributable to Noncontrolling Interest	−18,928	−318,923	−563,788
Comprehensive (loss) income attributable to common stockholders of Tantech Holdings Ltd	−29	−3	1
Earnings Per Share	—	—	—
Earnings Per Share (Diluted)	−13.64	−7.66	80.69
Basic and diluted	2	423,174	69,186

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
CONSOLIDATED BALANCE SHEETS	—	—
Cash and Cash Equivalents	33	35
Restricted Cash, Current	44,775	0
Digital assets	19,958	0
Accounts Receivable	28	33
Financing receivables, net	0	43
Refund receivable - current	10	0
Inventory, net	152,353	191,248
Due from a related party	0	118,025
Other Non-Operating Current Assets	90,000	4
Other Non-Operating Current Assets	489,302	468,457
Other Non-Operating Current Assets	2	2
Assets Held for Sale	0	887,186
Total current assets	74	118
Property, Plant and Equipment	102,792	123,270
Deferred Tax Assets, Non-Current	5	0
Intangible Assets	170,785	184,547
Operating Lease Right-of-Use Asset	882,187	1
Long-Term Investments	0	23
Refund receivable - non-current	44	0
Other Non-Operating Non-Current Assets	0	995,012
Total non-current assets	50	25
Total assets	124	143
Current liabilities	—	—
Accounts Payable	477,794	358
Contract Liabilities	822,108	1
Due to related parties	4	11,576
Accrued Income Taxes	2	2
Operating Lease Liability, Current	135,724	139,222
Loans payable to third parties	4	3
Convertible note	0	198,000
Accounts Payable	659,890	393,490
Other Non-Operating Current Liabilities	0	5
Total current liabilities	11	12
Non-current liabilities	—	—
Warrant liabilities - non-current	2	2
Operating Lease Liability, Non-Current	745,120	919,781
Total non-current liabilities	2	3
Total liabilities	14	15
Equity	—	—
Total Stockholders' Equity	—	—
Additional Paid-In Capital	103	95
Statutory reserves	102,747	102,747
Retained Earnings	17	49
Accumulated Other Comprehensive Income	−11	−12
Equity attributable to Tantech Holdings Ltd	110	131
Noncontrolling Interest	0	−3
Total equity	110	128
Total liabilities and equity	124	143

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
CONSOLIDATED STATEMENTS OF CASH FLOWS	—	—	—
Cash flows from operating activities	—	—	—
Net income (loss)	−31	−4	5
Less: Net loss from discontinued operations	61,426	1	2
Net (loss) income from continuing operations	−31	−2	7
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:	—	—	—
Provision for Doubtful Accounts (CF)	17	1	730,964
Provision for expected credit loss - financing receivables	31,303	92,036	2
Other Operating Expense	99,502	0	0
Gain on debt extinguishment	0	298,213	0
Depreciation Expense	18,384	6,519	199,009
Amortization of Intangibles	21,253	21,071	10,920
Gain from disposal of property, plant and equipment	−3,839	0	472
Income Tax Expense	−5	0	0
Change in fair value of convertible note	150,000	504,006	165,704
Change in fair value of warrant liabilities	568,000	−4	0
Accrued compensation on convertible note	0	908,440	0
Changes in fair value of digital assets	−287	0	0
Net Cash from Operating Activities	129,761	99,387	144,566
Loss on promissory note converted to shares	−456,151	0	0
Long- term investments impairment	23	0	0
Loss (gain) on disposal of subsidiaries	4	−1	4
Gain from disposal of financing receivables	2	0	0
Loss on refund receivable	4	0	0
Changes in operating assets and liabilities:	—	—	—
Accounts receivable	13	−5	4
Refund receivable	21,895	0	0
Digital assets	54	0	0
Advances to suppliers	−4	4	17,956
Inventory	−45,991	−14,653	−105,321
Prepaid expenses and other receivables	399,663	635,744	65,840
Accounts payable	477,436	−817,724	1
Contract liabilities	−399,177	102,110	210,974
Accrued liabilities and other payables	260,698	−379,520	614,277
Customer deposits	0	308	−64,449
Net Cash from Operating Activities	−129,622	−162,385	−144,566
Taxes payable	−58,785	1	24,427
Net cash provided by continuing operations, operating activities	−6	5	5
Net Cash from Operating Activities	−21,766	−73,663	−4,070
Net cash (used in) provided by operating activities	−6	5	5
Cash flows from investing activities	—	—	—
Acquisition of property, plant and equipment	0	80,525	431
Cash received (out) from disposition of subsidiaries	−79,018	889	0
Proceeds from Sale of PP&E	677	0	1,645
Acquisition of intangible assets	0	0	213,170
Financing receivables	626,061	2	2
Loans to third parties	529,503	1	0
Net cash used in continuing operations	−1	−3	−2
Net Cash from Investing Activities	0	0	−182,557
Net cash used in investing activities	−1	−3	−3
Cash flows from financing activities	—	—	—
Proceeds from Debt Issuance	0	2	224,521
Repayment of loans from third parties	−3	2	0
Cancellation of common stock due to reverse split	512	0	0
Repayment of bank loans	0	0	423,675
Net Cash from Financing Activities	−151,757	−964,656	−217,305
Proceeds from loans from related parties	299,737	0	0
Proceeds from Debt Issuance	0	−285,714	2
(Payment to) proceeds from issuance of common stock and warrants	−520,000	2	6
Net Cash from Financing Activities	443,321	3	0
Net cash provided by continuing operations	3	3	7
Net Cash from Financing Activities	−693	8,001	11,702
Net cash provided by financing activities	3	3	7
Effect of Exchange Rate on Cash	1	553,862	29,356
Net increase (decrease) in cash and restricted cash	−2	6	10
Cash and restricted cash, end of year	—	—	—
Cash and restricted cash, end of year	—	—	—
Supplemental disclosure information:	—	—	—
Income taxes paid	2	2	2
Interest Expense	0	254,783	92,181
Non-cash transactions of investing and financing activities	—	—	—
Conversion of convertible note	348,000	2	438,000
Conversion of promissory note	2	0	0
Consideration from disposal of subsidiaries offset with accounts payable	0	250,149	0
Right-of-use assets obtained in exchange for lease liabilities	0	1	0
Reclassification of warrant liability to equity upon exercise of warrants	180,000	3	0
Deemed distribution on issuance of induced warrants	401,000	0	0
Loan payable to third party settled by accounts receivable	1	0	0
Refund receivable settled by financing receivable	10	0	0
Digital assets received from private placement	6	0	0
Digital assets received from related party	4	0	0
Cash and restricted cash	33	35	29
Cash and restricted cash included in current assets of discontinued operations	0	20,670	63,593
Total cash and restricted cash shown in the statement of cash flows	33	35	29

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