T
Token Cat Ltd
TCCIK 0001743340NasdaqNon-AcceleratedServices-Business Services, NecE9INFY ends Dec 31
Period
FY 2025
Revenue
$5.92M
Net Income
$2.27M
Total Assets
$172.88M
Equity
$132.28M
Shares Out
—
Op. Cash Flow
$-176.36M
Business
Token Cat Ltd operates an omni-channel automotive marketplace that facilitates automobile marketing and distribution in China. It offers services including sales-oriented auto shows, special promotion event services, online marketing and advertising, customer referral services, and social CRM cloud software (Cheshangtong) for automotive industry participants. Its business is organized around offline marketing solutions (auto shows and event services), online marketing and data-driven services, social CRM cloud offerings, and referral/distribution partnerships. Token Cat distributes services across China via its website, mobile apps, WeChat channels, short-form video and in-person auto shows and agency partners.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 | Dec 31, 2023 2023-12-31 |
|---|---|---|---|---|
| Net revenues | — | — | — | |
| Total net revenues | 6 | — | — | |
| Cost of revenues | 6 | — | — | |
| Gross profit | 168,000 | — | — | |
| Operating expenses: | — | — | — | |
| General and administrative expenses | 35 | 38 | 25 | |
| Total operating expenses | 35 | 38 | 25 | |
| Loss from continuing operations | −34 | −38 | −25 | |
| Other income/(expenses): | — | — | — | |
| Interest income, net | — | — | 146,000 | |
| Gain from disposal of subsidiaries | 49 | — | — | |
| Change in fair value of warrant liability | −28 | 57 | −21 | |
| Other income, net | — | 370,000 | 502,000 | |
| (Loss)/income from continuing operations before income taxes | 43 | −94 | −3 | |
| Income tax expense, net | — | — | — | |
| Net (loss)/income from continuing operations | 43 | −94 | −3 | |
| Discontinued operations: | — | — | — | |
| Loss from discontinued operations before income taxes | −40 | −94 | −80 | |
| Income tax expense, net | — | — | — | |
| Loss from discontinued operations, net of tax | −40 | −94 | −80 | |
| Net (loss)/income | 2 | −188 | −83 | |
| Other comprehensive income/(loss): | — | — | — | |
| Foreign currency translation adjustments | 9 | −689,000 | 125,000 | |
| Total other comprehensive income/(loss) | 9 | −689,000 | 125,000 | |
| Total comprehensive (loss)/income | 12 | −189 | −83 | |
| Net (loss)/income attributable to the Token Cat Limited’s ordinary shareholders per share | — | — | — | |
| Basic from continuing operations (in Dollars per share and Yuan Renminbi per share) | 0.07 | −0.18 | −0.01 | |
| Diluted from continuing operations (in Dollars per share and Yuan Renminbi per share) | 0.07 | −0.18 | −0.01 | |
| Basic from discontinued operations (in Dollars per share and Yuan Renminbi per share) | −0.07 | −0.18 | −0.19 | |
| Diluted from discontinued operations (in Dollars per share and Yuan Renminbi per share) | −0.07 | −0.18 | −0.19 | |
| Weighted average number of ordinary shares | — | — | — | |
| Basic from continuing operations (in Shares) | 569 | 520 | 407 | |
| Diluted from continuing operations (in Shares) | 569 | 520 | 407 | |
| Basic from discontinued operations (in Shares) | 569 | 520 | 407 | |
| Diluted from discontinued operations (in Shares) | 569 | 520 | 407 | |
| Share-based compensation expenses included in: | — | — | — | |
| Share-based compensation expenses | 25 | 28 | 10 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 |
|---|---|---|---|
| Current assets: | — | — | |
| Cash and cash equivalents | 976,000 | 5 | |
| Accounts receivable, net | 7 | — | |
| Prepayment and other current assets, net | 165 | — | |
| Current assets of discontinued operations | — | 33 | |
| Total current assets | 173 | 38 | |
| Non-current assets: | — | — | |
| Non-current assets of discontinued operations | — | 6 | |
| Total non-current assets | — | 6 | |
| Total assets | 173 | 44 | |
| Current liabilities: | — | — | |
| Accounts payable | 6 | — | |
| Advance from customers | 189,000 | — | |
| Salary and welfare benefits payable | 2 | 805,000 | |
| Other taxes payable | 4,000 | 7 | |
| Payables due to related parties | 397,000 | 572,000 | |
| Payable third-party loans | 6 | 1 | |
| Other current liabilities | 906,000 | 2 | |
| Current liabilities of discontinued operations | — | 92 | |
| Total current liabilities | 16 | 103 | |
| Warrant liability | 24 | 69 | |
| Non-current liabilities of discontinued operations | — | 13 | |
| Total non-current liabilities | 24 | 82 | |
| Total liabilities | 41 | 185 | |
| Commitments and contingencies | — | — | |
| Shareholders’ equity: | — | — | |
| Ordinary shares value | 6 | 515,000 | |
| Treasury stock (12,765,549 treasury stock as of December 31, 2024; 8,548,547 treasury stock as of December 31, 2025) | 13 | 35 | |
| Additional paid-in capital | 1,501 | 1,323 | |
| Accumulated deficit | −1,419 | −1,421 | |
| Accumulated other comprehensive (loss)/income | 57 | −9 | |
| Total shareholders’ equity | 132 | −141 | |
| TOTAL LIABILITIES AND EQUITY | 173 | 44 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | Dec 31, 2025 2025-12-31 | Dec 31, 2024 2024-12-31 | Dec 31, 2023 2023-12-31 |
|---|---|---|---|---|
| Cash flows from operating activities | — | — | — | |
| Net (loss)/income | 2 | −188 | −83 | |
| Net (loss)/income from continuing operations | 43 | −94 | −3 | |
| Net loss from discontinued operations | −40 | −94 | −80 | |
| Adjustment to reconcile net (loss)/income to net cash used in operating activities: | — | — | — | |
| Share-based compensation | 25 | 28 | 10 | |
| Gain from disposal of subsidiary | 49 | — | — | |
| Change in fair value of warrant liability | −28 | 57 | −21 | |
| Changes in operating assets and liabilities-continuing operations: | — | — | — | |
| Accounts and notes receivable | 7 | −10 | — | |
| Prepayment and other current assets | 165 | — | 4 | |
| Accounts payable | 6 | — | — | |
| Advance from customers | 189,000 | — | — | |
| Salary and welfare benefits payable | 1 | 805,000 | — | |
| Other taxes payable | −7 | 101,000 | 112,000 | |
| Other current liabilities | 4 | −7 | 22 | |
| Net cash generated from/(used in) operating activities-continuing operations | −177 | −6 | 4 | |
| Net cash (used in)/generated from operating activities-discontinued operations | 534,000 | −29 | −79 | |
| Net cash used in operating activities | −176 | −35 | −75 | |
| Cash flows from investing activities: | — | — | — | |
| Disposal of subsidiaries | 5 | — | — | |
| Net cash used in investing activities-continuing operations | −5 | — | — | |
| Net cash used in investing activities-discontinued operations | — | −19,000 | — | |
| Net cash used in investing activities | −5 | −19,000 | — | |
| Cash flows from financing activities: | — | — | — | |
| Proceeds of offering, net of listing fee | 165 | 7 | — | |
| Net cash generated from financing activities-continuing operations | 165 | 7 | — | |
| Net cash generated from/(used in) financing activities-discontinued operations | −1 | 23 | 14 | |
| Net cash generated from financing activities | 164 | 30 | 14 | |
| Effect of exchange rate changes on cash and cash equivalents | 8 | −1 | 70,000 | |
| Net decrease in cash and restricted cash | −9 | −6 | −61 | |
| Cash, cash equivalents and restricted cash at end of the year | — | — | — | |
| Cash, cash equivalents and restricted cash at end of the year | — | — | — | |
| Less: Cash, cash equivalents and restricted cash of discontinued operations at the end of the year | — | — | — | |
| Cash and cash equivalent of continuing operations at the end of the year | — | — | — | |
| Supplemental disclosures of cash flow information: | — | — | — | |
| Cash paid for interest expense from continuing operations | — | — | — | |
| Cash paid for interest expense from discontinued operations | 1 | 465,000 | 337,000 | |
| Supplemental schedule of non-cash investing and financing activities: | — | — | — | |
| Right-of-use assets obtained in exchange for new operating lease liabilities from continuing operations | — | 1 | 3 | |
| Right-of-use assets disposed as reduction of operating lease liabilities due to lease termination from discontinued operations | — | 71,000 | — |
Filings
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro