GD Culture Group Ltd

Listed Company

GDCCIK 0001641398NasdaqNon-AcceleratedSmaller ReportingWholesale-Metals & Minerals (No Petroleum)NevadaHKFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-186.88M

Total Assets

$670.16M

Equity

$667.86M

Shares Out

60.76M

Op. Cash Flow

$-6.84M

Business

GD Culture Group Ltd conducts AI-driven digital human development and social media e-commerce operations through its subsidiaries and joint ventures. It offers customized 2D and 3D digital human creation, avatar licensing and advertising partnerships, live-streaming e-commerce sales, and related software and consulting services. The company’s principal business segments are AI-driven digital human creation and customization, and live streaming and e-commerce, operated primarily through AI Catalysis Corp. and Shanghai Xianzhui. It distributes services and products via social media platforms such as TikTok and operates in the United States and China.

Summary from filing dated 2025-03-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Selling and marketing expenses	−300,000	−2	−5	—	—
General and administrative expenses	−5	−5	−5	—	—
Research and development expenses	−2	−797,500	−2	—	—
Impairment of intangible assets	−852,800	−3	—	—	—
Provision of credit loss expenses	—	−3	—	3,120	—
TOTAL OPERATING EXPENSES	−8	−14	−12	414,151	20
LOSS FROM OPERATIONS	−8	−14	−12	−414,151	−20
Interest income	6,435	8,671	4,500	—	—
Unrealized loss on fair value changes of digital assets	−179	—	—	—	—
Sublease rental income	32,609	—	—	—	—
TOTAL OTHER (EXPENSE) INCOME	−178	8,671	104,419	—	117,918
LOSS BEFORE INCOME TAXES	−187	−14	−12	−414,151	−20
LESS: INCOME TAX BENEFIT (EXPENSES)	54,977	32,101	−327,822	—	—
NET LOSS	−187	−14	−14	−31	—
Net loss attributable to noncontrolling interest	−27	−284,641	−2	—	—
Net loss attributable to shareholders of common stock	−187	−14	−13	−31	−27
- Foreign currency translation adjustment	55	−14,544	48,655	−46,397	—
- Fair value changes of convertible note receivables	—	−102,027	102,027	—	—
OTHER COMPREHENSIVE INCOME (LOSS), net of tax	55	−116,571	150,682	—	—
COMPREHENSIVE LOSS, net of tax	−187	−14	−14	−31	—
Comprehensive loss attributable to noncontrolling interest	−14	−378,491	−2	—	—
Comprehensive loss attributable to shareholders of common stock	−187	−14	−13	−31	−28
Basic (in Shares)	30	10	3	2	1
Diluted (in Shares)	30	10	3	2	1
Basic (in Dollars per share)	−6.16	−1.45	−3.88	−20.13	−20.36
Diluted (in Dollars per share)	−6.16	−1.45	−3.88	−20.13	−20.36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	456,041	22,538	5	389,108	15
Other receivables, net	41,803	9,195	9,459	1	728,361
Prepayments	331,588	—	—	—	—
Total current assets	829,432	31,733	9	2	16
EQUIPMENT, NET	3,477	7,781	12,511	502	283,896
RIGHT-OF-USE ASSETS, NET	987,988	1	2	—	—
Intangible assets, net	5	1	3	—	—
Other assets	250,740	250,740	250,740	2	34
Digital assets	663	—	—	—	—
Total other assets	668	1	4	—	34
Total assets	670	3	14	4	51
Other payables and accrued liabilities	507,745	401,821	23,338	2,099	5
Lease liabilities - current	353,648	427,984	358,998	—	—
Income tax payable	187,995	141,810	—	8,478	2
Total current liabilities	1	1	403,169	333,784	18
Lease liabilities non-current	781,216	1	1	—	—
Deferred tax liabilities	20,988	153,911	327,822	—	—
Total other liabilities	802,204	1	—	—	—
Total liabilities	2	3	2	333,784	18
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preferred stock, $0.0001 par value, 1,000,000,000 and 20,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024, respectively	—	—	—	—	—
Common stock, $0.0001 par value, 10,000,000,000 and 200,000,000 shares authorized, 57,318,111 and 11,167,294 shares issued and outstanding as of December 31, 2025 and 2024, respectively	5,732	1,117	545	184	154
Additional paid-in capital	938	83	78	60	83
Accumulated deficit	−270	−83	−69	−57	−26
Accumulated other comprehensive income	152,627	152,585	175,306	179,460	225,857
Total GD Culture Group Limited shareholders equity (deficits)	668	−281,709	8	3	32
Noncontrolling interest	284,338	284,352	4	—	—
Total shareholders equity	668	2,643	12	3	32
Total liabilities and shareholders equity	670	3	14	4	51

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation of equipment	4,304	4,730	1,679	718	59,089
Amortization of intangible assets	1	692,755	345,155	—	1
Amortization of right-of-use assets	354,345	424,264	106,159	—	—
Provision of credit loss expenses on convertible notes	—	3	—	—	—
Provision of credit loss expenses on loan receivable	—	650,000	—	—	—
Deferred income tax	−132,923	−173,911	327,822	—	—
Other receivables	−32,608	264	−14,283	1,540	469,542
Prepayments	−331,588	1	—	−66,823	−28
Other payables and accrued liabilities	1,154	378,536	10,457	227,636	5
Lease liabilities	−397,672	−349,679	9,459	—	—
Taxes payable	46,185	141,810	−8,478	−484	2
Other payables - related parties	12,235	131,948	−139,927	837,717	—
Net cash used in operating activities	−7	−6	−13	−886,211	−6
Loan to a third party	—	−2	—	—	—
Repayment of loan to a third party	—	1	—	—	—
Net cash used in investing activities	—	−650,000	−5	−12	−1
Proceeds from issuance of common stock	4	829,879	13	—	23
Proceeds from issuance of prefunded warrants	4	—	5	—	—
Proceeds from exercise of prefunded warrants	—	654	—	—	—
Proceeds from related party loans	50,000	349,485	—	—	—
Proceeds from shareholder loan	100,000	—	—	—	—
Repayments to a related party	−399,485	—	—	—	—
Net cash provided by financing activities	7	1	23	—	23
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND CASH EQUIVALENTS	55	−2,852	155,783	−819,659	−2
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	433,503	−5	5	−14	14
Cash paid for income tax	31,761	—	—	—	—
Issuance of common stock for acquisition right, title, and interest in and to the certain software	6	1	—	—	—
Initial recognition of right-of-use assets and lease liability	—	205,539	—	—	—
Issuance of common stock for 13.3333% interest in SH Xianzhui	—	3	—	—	—
Exercise of November 2023 Registered Warrants	95	136	—	—	—
Exercise of pre-funded warrants pursuant to the Warrant Exchange Agreements	—	93	96	—	—
Exercise of February 2021 Registered Warrants	—	9	—	—	—
Issuance of common stock for acquisition Pallas	226	—	—	—	—
Capital contribution from related parties	616	—	—	—	—
Fair value changes of convertible notes receivable	—	−102,027	—	—	—

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