Token Cat Limited (TC)

Token Cat Income Statement

Financials in millions CNY. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Operating Revenue	33.04	45.68	158.24	171.97	328.35	305.04
Other Revenue	3.61	3.49	4.13	11.21	29.2	25.19
Revenue	36.65	49.18	162.37	183.19	357.55	330.23
Revenue Growth (YoY)	-64.25%	-69.71%	-11.37%	-48.77%	8.27%	-48.78%
Cost of Revenue	9.8	15.6	68.94	70.54	85.29	88.8
Gross Profit	26.85	33.58	93.43	112.65	272.26	241.43
Selling, General & Admin	101.96	107.58	201.67	192.4	347.46	378.49
Research & Development	4.56	11.89	11.27	19.8	35.65	34.27
Operating Expenses	106.52	119.47	212.94	212.2	383.11	412.75
Operating Income	-79.67	-85.89	-119.51	-99.55	-110.85	-171.33
Interest Expense	-1.31	-1	-0.14	-0.17	-	-
Interest & Investment Income	-	-	-	-	0.63	2.41
Earnings From Equity Investments	-0.05	0.53	0.18	0.03	0.26	0.93
Currency Exchange Gain (Loss)	-	-	-0.26	0.44	-0.15	-0.03
Other Non Operating Income (Expenses)	-17.65	-52.02	38.28	16.91	8.87	3.5
EBT Excluding Unusual Items	-98.68	-138.38	-81.46	-82.35	-101.25	-164.51
Impairment of Goodwill	-45.56	-45.56	-	-69.85	-	-
Gain (Loss) on Sale of Investments	-	-	-	-	-0.7	-
Asset Writedown	-3.75	-4.05	-1.52	-19.74	-	-
Pretax Income	-147.99	-187.99	-82.97	-171.94	-101.95	-164.51
Income Tax Expense	-	-	-	-5.45	-	-1.03
Earnings From Continuing Operations	-147.99	-187.99	-82.97	-166.49	-101.95	-163.48
Net Income to Company	-147.99	-187.99	-82.97	-166.49	-101.95	-163.48
Minority Interest in Earnings	-	-	-	-	-	0.44
Net Income	-147.99	-187.99	-82.97	-166.49	-101.95	-163.03
Net Income to Common	-147.99	-187.99	-82.97	-166.49	-101.95	-163.03
Shares Outstanding (Basic)	0	0	0	0	0	0
Shares Outstanding (Diluted)	0	0	0	0	0	0
Shares Change (YoY)	41.67%	27.88%	27.31%	4.16%	0.77%	3.23%
EPS (Basic)	-1200.49	-1734.55	-979.01	-2500.94	-1595.01	-2570.50
EPS (Diluted)	-1200.49	-1734.55	-979.01	-2500.94	-1595.01	-2570.50
Free Cash Flow	-193.15	-34.74	-74.89	-109.89	-93.22	-90.9
Free Cash Flow Per Share	-1566.78	-320.55	-883.68	-1650.73	-1458.55	-1433.22
Gross Margin	73.27%	68.28%	57.54%	61.49%	76.15%	73.11%
Operating Margin	-217.40%	-174.66%	-73.61%	-54.34%	-31.00%	-51.88%
Profit Margin	-403.82%	-382.28%	-51.10%	-90.89%	-28.51%	-49.37%
Free Cash Flow Margin	-527.03%	-70.65%	-46.13%	-59.99%	-26.07%	-27.53%
EBITDA	-	-	-115.28	-95.32	-103.44	-164.22
EBITDA Margin	-	-	-71.00%	-52.03%	-28.93%	-49.73%
D&A For EBITDA	-	-	4.24	4.24	7.41	7.11
EBIT	-79.67	-85.89	-119.51	-99.55	-110.85	-171.33
EBIT Margin	-217.40%	-174.66%	-73.61%	-54.34%	-31.00%	-51.88%
Revenue as Reported	36.65	49.18	162.37	183.19	357.55	330.23
Advertising Expenses	-	16.79	98.49	57.56	140.09	156.59

Updated Sep 15, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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