Token Cat Limited income statement TC

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Token Cat Limited reported revenue of $847,000, down 87.4% from the year before. Net income was $323,000, a profit margin of 38.1%. The operating loss came to $4.9 million, an operating margin of -582.2%. Across the 8 fiscal years shown, revenue shrank from $94.7 million in fiscal 2018 to $847,000 in fiscal 2025, about 49.0% a year.

USD in millions, except per-share amounts and margins. The percent under a figure is the change from the year before.

Line	FY 2025 Dec 31, 2025	FY 2024 Dec 31, 2024	FY 2023 Dec 31, 2023	FY 2022 Dec 31, 2022	FY 2021 Dec 31, 2021	FY 2020 Dec 31, 2020	FY 2019 Dec 31, 2019	FY 2018 Dec 31, 2018
Revenue	1 -87.4%	7 -70.5%	23 -13.9%	27 -52.7%	56 +10.9%	51 -45.4%	93 -2.2%	95
Cost of revenue	1 -61.5%	2 -78.0%	10 -5.1%	10 -23.6%	13 -1.7%	14 -49.2%	27 +0.5%	27
Gross profit	0 -99.5%	5 -65.0%	13 -19.4%	16 -61.8%	43 +15.5%	37 -43.8%	66 -3.2%	68
Research and development	—	2 +2.6%	2 -44.7%	3 -48.7%	6 +6.5%	5 -15.6%	6 +122.2%	3
Selling, general and administrative	5 -66.4%	15 -48.1%	28 +1.8%	28 -48.8%	55 -6.0%	58 -40.3%	97 +29.3%	75
Operating expenses	5	—	—	—	60 -5.0%	63 -38.8%	103 +32.6%	78
Operating income	-5 +60.0%	-12 +27.7%	-17 +1.4%	-17 +0.6%	-17 +33.8%	-26 +30.0%	-37 -278.9%	-10
Pretax income	6 +123.6%	-26 -120.4%	-12 +53.1%	-25 -55.8%	-16 +36.6%	-25 +30.1%	-36 -230.6%	-11
Income tax	—	—	0 +100.0%	-1	0 +100.0%	-0	0	0
Net income	0 +101.3%	-26 -120.4%	-12 +51.6%	-24 -50.9%	-16 +36.2%	-25 +30.6%	-36 -215.4%	-11
Basic EPS	—	-0.05	—	—	—	—	—	—
Diluted EPS	—	-0.05	—	—	—	—	—	—
Weighted average shares, basic	569 +9.4%	520 +27.9%	407 +27.3%	320 +4.2%	307 +0.8%	304 +3.2%	295 +141.9%	122
Weighted average shares, diluted	569 +9.4%	520 +27.9%	407 +27.3%	320 +4.2%	307 +0.8%	304 +3.2%	295 +141.9%	122
Other measures
Depreciation and amortization	—	—	—	0 -40.2%	1 +89.7%	0 -45.4%	0 +224.7%	0
EBITDA	—	—	—	-17 -0.7%	-17 +35.1%	-26 +29.8%	-37 -279.7%	-10
Margins
Gross margin	2.83%	68.28%	57.54%	61.49%	76.15%	73.11%	71.07%	71.83%
Operating margin	-582.17%	-182.92%	-74.55%	-65.12%	-31.00%	-51.88%	-40.48%	-10.45%
Pretax margin	717.95%	-382.31%	-51.11%	-93.86%	-28.51%	-49.82%	-38.97%	-11.53%
Profit margin	38.13%	-382.31%	-51.11%	-90.89%	-28.51%	-49.51%	-38.97%	-12.09%
EBITDA margin	—	—	—	-63.96%	-30.08%	-51.34%	-39.94%	-10.29%

How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and margins. Weighted average shares are in millions. Interest expense and finance costs are positive costs. A negative amount on a gain (loss) or income (expense) line is a loss or an expense. EBITDA is operating income plus depreciation and amortization. Interest coverage is operating income divided by interest expense. More on our methodology.

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Company profile

Industry: Services-Business Services, NEC (SIC 7389)
Listed as: TC (Nasdaq)
Fiscal year ends: December 31
Incorporated in: Cayman Islands
Headquarters: Beijing, China
SEC filer status: Non-accelerated filer
SEC CIK: 1743340
Former names: TuanChe Ltd (until Feb 21, 2025)

Other Services-Business Services, NEC companies

All 136 Services-Business Services, NEC companies

Source: SEC EDGAR filings. This is company-reported data, not investment advice.