TC · CIK 0001743340

Token Cat Limited

Annual figures as reported, FY2015–FY2025. Ratios and growth rates derived on-page.

Revenue

CN¥5.9M

▼ −88.0% vs FY2024

Net income

CN¥2.3M

▲ +101.2% vs FY2024

Free cash flow

−CN¥34.7M

▲ +68.4% vs FY2022

Diluted EPS

−CN¥0.36

▼ −80.0% vs FY2023

Revenue

Annual, as reported

Net income

Losses shown in terracotta

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’19 quarter

CN¥65.0M

▲ +0.0% vs Mar ’18

Revenue — trailing 12 months

CN¥535.0M

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’19	CN¥65.0M	0.0%	—	—	—	—
Dec ’18	CN¥200.0M	—	—	—	—	—
Sep ’18	CN¥150.0M	—	—	—	—	—
Jun ’18	CN¥120.0M	—	—	—	—	—
Mar ’18	CN¥65.0M	—	—	—	—	—

Profitability & returns

quality of earnings

Margins

Share of revenue kept at each line

Gross marginOperating marginNet margin

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Diluted shares outstanding

Falling count means buybacks outpace dilution

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Net debt

Long-term debt less cash — negative means net cash

Growth rates

compounding, annualized

Revenue CAGR

−68.1%

−55.3%

Share count change (split-adjusted)

+86.9%

Key ratios

derived per fiscal year

Fiscal year	Gross margin	Op. margin	Net margin	FCF margin	ROE	ROA	Current ratio	Debt / equity
FY2025	2.8%	−582.3%	38.3%	—	1.7%	1.3%	10.66×	—
FY2024	68.3%	−76.4%	−382.3%	−70.6%	—	−425.9%	0.37×	—
FY2023	57.5%	−15.1%	−51.1%	—	−425.8%	−69.5%	0.71×	0.15×
FY2022	61.5%	−65.1%	−90.9%	−60.0%	−179.4%	−70.8%	1.60×	0.02×
FY2021	76.1%	−31.0%	−28.5%	−26.1%	−52.4%	−28.9%	1.36×	—
FY2020	73.1%	−51.9%	−49.5%	−27.5%	−56.7%	−34.5%	1.77×	—
FY2019	71.1%	−40.5%	−39.0%	−27.1%	−59.3%	−44.3%	3.74×	—
FY2018	71.8%	−10.5%	−12.1%	−11.4%	−13.1%	−10.8%	5.65×	0.00×
FY2017	69.5%	−25.6%	−32.3%	−21.4%	—	−80.4%	0.64×	—
FY2016	84.9%	−69.1%	−73.8%	−46.1%	—	—	—	—
FY2015	—	—	—	—	—	—	—	—

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	CN¥5.9M	CN¥168K	−CN¥34.5M	CN¥2.3M	—	−CN¥176.4M	—	CN¥172.9M	CN¥40.6M	CN¥132.3M	CN¥976K	—
FY2024	CN¥49.2M	CN¥33.6M	−CN¥37.6M	−CN¥188.0M	−CN¥0.36	−CN¥34.7M	CN¥19K	CN¥44.1M	CN¥184.9M	−CN¥140.8M	CN¥6.3M	CN¥10.0M
FY2023	CN¥162.4M	CN¥93.4M	−CN¥24.5M	−CN¥83.0M	−CN¥0.20	−CN¥74.9M	—	CN¥119.3M	CN¥99.9M	CN¥19.5M	CN¥9.6M	CN¥3.0M
FY2022	CN¥183.2M	CN¥112.7M	−CN¥119.3M	−CN¥166.5M	−CN¥0.52	−CN¥109.7M	CN¥212K	CN¥235.3M	CN¥142.5M	CN¥92.8M	CN¥69.9M	CN¥1.5M
FY2021	CN¥357.6M	CN¥272.3M	−CN¥110.8M	−CN¥101.9M	−CN¥0.33	−CN¥92.3M	CN¥968K	CN¥353.1M	CN¥159.8M	CN¥194.4M	CN¥63.5M	—
FY2020	CN¥330.2M	CN¥241.4M	−CN¥171.3M	−CN¥163.5M	−CN¥0.54	−CN¥88.9M	CN¥2.0M	CN¥474.4M	CN¥187.3M	CN¥288.2M	CN¥109.9M	—
FY2019	CN¥644.8M	CN¥458.2M	−CN¥261.0M	−CN¥251.3M	−CN¥0.85	−CN¥161.8M	CN¥13.2M	CN¥567.2M	CN¥144.2M	CN¥423.6M	CN¥193.9M	—
FY2018	CN¥651.0M	CN¥467.6M	−CN¥68.0M	−CN¥78.7M	—	−CN¥53.3M	CN¥20.7M	CN¥725.9M	CN¥123.9M	CN¥602.0M	CN¥578.6M	CN¥0
FY2017	CN¥280.7M	CN¥194.9M	−CN¥71.7M	−CN¥90.7M	—	−CN¥59.7M	CN¥272K	CN¥112.8M	CN¥176.8M	−CN¥400.0M	CN¥66.7M	CN¥2.9M
FY2016	CN¥117.4M	CN¥99.6M	−CN¥81.1M	−CN¥86.6M	—	−CN¥54.1M	CN¥65K	—	—	−CN¥290.1M	CN¥24.8M	—
FY2015	—	—	—	—	—	—	—	—	—	−CN¥190.6M	CN¥11.4M	—

Latest filings

the most recent regulatory filings

20-FANNUAL REPORT2026-05-08 ↗NT 20-FNOTIFICATION OF LATE FILING2026-04-30 ↗S-8REGISTRATION STATEMENT2026-03-26 ↗6-KREPORT OF FOREIGN PRIVATE ISSUER2026-02-27 ↗6-KREPORT OF FOREIGN PRIVATE ISSUER2026-02-13 ↗6-KREPORT OF FOREIGN PRIVATE ISSUER2026-02-06 ↗6-KREPORT OF FOREIGN PRIVATE ISSUER2026-02-03 ↗6-KREPORT OF FOREIGN PRIVATE ISSUER2026-01-15 ↗SEC STAFF ACTIONSEC filing2026-01-13 ↗EFFECTSEC filing2026-01-07 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’19

CN¥65.0M

0.0%

—

Dec ’18

CN¥200.0M

—

Sep ’18

CN¥150.0M

—

Jun ’18

CN¥120.0M

—

Mar ’18

CN¥65.0M

—

Fiscal year

Gross margin

Op. margin

Net margin

FCF margin

ROE

ROA

Current ratio

Debt / equity

FY2025

2.8%

−582.3%

38.3%

—

1.7%

1.3%

10.66×

—

FY2024

68.3%

−76.4%

−382.3%

−70.6%

—

−425.9%

0.37×

—

FY2023

57.5%

−15.1%

−51.1%

—

−425.8%

−69.5%

0.71×

0.15×

FY2022

61.5%

−65.1%

−90.9%

−60.0%

−179.4%

−70.8%

1.60×

0.02×

FY2021

76.1%

−31.0%

−28.5%

−26.1%

−52.4%

−28.9%

1.36×

—

FY2020

73.1%

−51.9%

−49.5%

−27.5%

−56.7%

−34.5%

1.77×

—

FY2019

71.1%

−40.5%

−39.0%

−27.1%

−59.3%

−44.3%

3.74×

—

FY2018

71.8%

−10.5%

−12.1%

−11.4%

−13.1%

−10.8%

5.65×

0.00×

FY2017

69.5%

−25.6%

−32.3%

−21.4%

—

−80.4%

0.64×

—

FY2016

84.9%

−69.1%

−73.8%

−46.1%

—

FY2015

—

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

CN¥5.9M

CN¥168K

−CN¥34.5M

CN¥2.3M

—

−CN¥176.4M

—

CN¥172.9M

CN¥40.6M

CN¥132.3M

CN¥976K

—

FY2024

CN¥49.2M

CN¥33.6M

−CN¥37.6M

−CN¥188.0M

−CN¥0.36

−CN¥34.7M

CN¥19K

CN¥44.1M

CN¥184.9M

−CN¥140.8M

CN¥6.3M

CN¥10.0M

FY2023

CN¥162.4M

CN¥93.4M

−CN¥24.5M

−CN¥83.0M

−CN¥0.20

−CN¥74.9M

—

CN¥119.3M

CN¥99.9M

CN¥19.5M

CN¥9.6M

CN¥3.0M

FY2022

CN¥183.2M

CN¥112.7M

−CN¥119.3M

−CN¥166.5M

−CN¥0.52

−CN¥109.7M

CN¥212K

CN¥235.3M

CN¥142.5M

CN¥92.8M

CN¥69.9M

CN¥1.5M

FY2021

CN¥357.6M

CN¥272.3M

−CN¥110.8M

−CN¥101.9M

−CN¥0.33

−CN¥92.3M

CN¥968K

CN¥353.1M

CN¥159.8M

CN¥194.4M

CN¥63.5M

—

FY2020

CN¥330.2M

CN¥241.4M

−CN¥171.3M

−CN¥163.5M

−CN¥0.54

−CN¥88.9M

CN¥2.0M

CN¥474.4M

CN¥187.3M

CN¥288.2M

CN¥109.9M

—

FY2019

CN¥644.8M

CN¥458.2M

−CN¥261.0M

−CN¥251.3M

−CN¥0.85

−CN¥161.8M

CN¥13.2M

CN¥567.2M

CN¥144.2M

CN¥423.6M

CN¥193.9M

—

FY2018

CN¥651.0M

CN¥467.6M

−CN¥68.0M

−CN¥78.7M

—

−CN¥53.3M

CN¥20.7M

CN¥725.9M

CN¥123.9M

CN¥602.0M

CN¥578.6M

CN¥0

FY2017

CN¥280.7M

CN¥194.9M

−CN¥71.7M

−CN¥90.7M

—

−CN¥59.7M

CN¥272K

CN¥112.8M

CN¥176.8M

−CN¥400.0M

CN¥66.7M

CN¥2.9M

FY2016

CN¥117.4M

CN¥99.6M

−CN¥81.1M

−CN¥86.6M

—

−CN¥54.1M

CN¥65K

—

−CN¥290.1M

CN¥24.8M

—

FY2015

—

−CN¥190.6M

CN¥11.4M

—