The company's financial stability is increasingly compromised by a debt load that has risen to $41.7 million, resulting in a debt-to-equity ratio of 1.26 as of 2025Q2.
Token Cat Limited (TC) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 296.67M | 172.99M | 38.05M | 61.99K | 173.67M | 205.71M | 311.4M | 531.38M | 699.63M | 109.55M | 46.74M |
| Cash & Short-Term Investments | 19.94M | 976.62K | 9.08M | 9.56K | 69.89M | 71.1M | 164.34M | 278.18M | 587.2M | 72.51M | 28.11M |
| Cash Only | 19.94M | 976.62K | 6.3M | 9.56K | 69.89M | 63.46M | 109.92M | 193.92M | 578.56M | 66.69M | 24.79M |
| Short-Term Investments | 0 | 0 | 2.79M | 0 | 0 | 7.64M | 54.42M | 84.26M | 8.64M | 5.81M | 3.33M |
| Accounts Receivable | 5.09M | 6.53M | 11.85M | 48.13K | 67.65M | 47.95M | 66.13M | 72.39M | 62.92M | 9.95M | 5.63M |
| Days Sales Outstanding | - | 413.64 | 87.93 | 0.11 | 134.79 | 48.95 | 73.09 | 40.98 | 35.27 | 12.94 | 17.51 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 103.41M | 109.07K | 5.66M | 25.34K | -4.17M | 28.1M | 15.43M | 97.91M | 2.23M | 12.26M | 2.29M |
| Total Non-Current Assets | 2.59M | 0 | 6.1M | 57.35K | 61.6M | 147.37M | 163.01M | 35.81M | 26.29M | 3.29M | 2.63M |
| Property, Plant & Equipment | 2.4M | 0 | 0 | 5.71K | 10.13M | 8.57M | 16.51M | 4.85M | 1.45M | 802K | 1.63M |
| Fixed Asset Turnover | 0.00x | - | - | 28455.49x | 18.07x | 41.72x | 20.00x | 133.03x | 449.91x | 349.96x | 71.95x |
| Goodwill | 0 | 0 | 0 | 45.56K | 45.56M | 115.41M | 115.41M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 17.71M | 21.82M | 15.51M | 10.19M | 136K | 0 |
| Long-Term Investments | 11.87M | 0 | 6.1M | 5.56K | 5.38M | 5.36M | 8.95M | 7.87M | 4.39M | 1M | 1M |
| Other Non-Current Assets | 190K | 0 | 835.15K | 522 | 522K | 313K | 313K | 7.58M | 10.27M | 1.35M | 0 |
| Total Assets | 299.27M | 172.99M | 44.14M | 119.35K | 235.27M | 353.07M | 474.41M | 567.2M | 725.92M | 112.83M | 49.38M |
| Asset Turnover | 0.00x | 0.03x | 1.11x | 1360.45x | 0.78x | 1.01x | 0.70x | 1.14x | 0.90x | 2.49x | 2.38x |
| Asset Growth % | 341.79% | 291.88% | 36886.79% | -99.95% | -33.37% | -25.58% | -16.36% | -21.87% | 543.35% | 128.53% | - |
| Total Current Liabilities | 19.47M | 16.23M | 103.03M | 86.76K | 100.21M | 151.78M | 176.16M | 142.06M | 123.94M | 171.05M | 112.98M |
| Accounts Payable | 610K | 6.5M | 13.88M | 10.41K | 5.31M | 29.58M | 21.79M | 5.83M | 7M | 3.34M | 187K |
| Days Payables Outstanding | 114.55 | 424.22 | 324.72 | 0.06 | 27.47 | 126.58 | 89.58 | 11.4 | 13.93 | 22.25 | 3.85 |
| Short-Term Debt | 0 | 6.21M | 31.73M | 15.69K | 3.17M | 7M | 0 | 0 | 0 | 88.86M | 62.48M |
| Deferred Revenue (Current) | 17.24M | 189.11K | 9.67M | 1.22K | 1.34M | 19.54M | 25.52M | 4.8M | 14.7M | 9.75M | 2.63M |
| Other Current Liabilities | 958K | 1.31M | 7.43M | 9.75K | 11.13M | 13.09M | 14.37M | 9.25M | 21.66M | 5.81M | 3.22M |
| Current Ratio | 15.24x | 10.66x | 0.37x | 0.71x | 1.73x | 1.36x | 1.77x | 3.74x | 5.65x | 0.64x | 0.41x |
| Quick Ratio | 15.24x | 10.66x | 0.37x | 0.71x | 1.73x | 1.36x | 1.77x | 3.74x | 5.65x | 0.64x | 0.41x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 40.61M | 24.39M | 81.92M | 13.1K | 33.93M | 7.98M | 11.18M | 2.16M | 0 | 2.93M | 226.49M |
| Long-Term Debt | 0 | 0 | 10M | 3K | 1.55M | 0 | 0 | 0 | 0 | 2.93M | 0 |
| Capital Lease Obligations | 5.2M | 0 | 3.36M | 6.1K | 7.49M | 1.48M | 4.05M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 5.45M | 5.45M | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 39.59M | 24.39M | 68.56M | 3.95K | 24.87M | 957K | 1.5M | 0 | 0 | 0 | 0 |
| Total Liabilities | 60.08M | 40.62M | 184.95M | 99.86K | 134.13M | 159.76M | 187.35M | 142.06M | 123.94M | 173.98M | 112.98M |
| Total Debt | 2.69M | 6.21M | 48.47M | 28.88K | 17.41M | 11.06M | 9.96M | 0 | 0 | 91.79M | 62.48M |
| Net Debt | -17.25M | 5.24M | 42.18M | 19.31K | -52.49M | -54.99M | -105.87M | -193.92M | -578.56M | 25.09M | 37.69M |
| Debt / Equity | 0.01x | 0.05x | - | 1.48x | 0.17x | 0.06x | 0.03x | - | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.09x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -94.49x | - | -85.98x | - | -159.28x | - | - | - | - | -29.69x | -58.94x |
| Total Equity | 239.18M | 132.36M | -140.81M | 19.48K | 101.13M | 193.31M | 287.06M | 422.98M | 601.99M | -61.14M | -63.61M |
| Equity Growth % | 2604.98% | 194% | - | -99.98% | -47.68% | -32.66% | -32.13% | -29.74% | 1084.54% | 3.87% | - |
| Book Value per Share | 14.57 | 1116.40 | -64.19 | 0.01 | 60.79 | 121.01 | 181.11 | 275.33 | 948.02 | -123.74 | -136.57 |
| Total Shareholders' Equity | 239.18M | 132.36M | -140.81M | 19.48K | 101.13M | 194.41M | 288.16M | 423.63M | 601.99M | -61.14M | -63.61M |
| Common Stock | 72.47M | 5.94M | 515K | 271 | 270K | 217K | 216K | 208K | 201K | 60K | 60K |
| Retained Earnings | -1.61B | -1.42B | -1.42B | -1.23M | -1.14B | -983.64M | -881.7M | -718.67M | -468.03M | -389.33M | -280.75M |
| Treasury Stock | -13.11M | -13.12M | -34.53M | -45.89K | -45.89M | -45.89M | -45.89M | -46.53M | 0 | 0 | 0 |
| Accumulated OCI | 59.41M | 57.03M | -8.98M | -8.29K | -8.42M | -7.41M | -5.8M | 1.05M | -7.37M | -10.77M | -9.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | -1.1M | -1.1M | -659K | 0 | 0 | 0 |
Quick answers to the most common questions about buying TC stock.
As of 2025, Token Cat Limited (TC) had total assets of $173.0M including $173.0M in current assets.
Token Cat Limited (TC) carries total debt of $6.2M, offset by $1.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Token Cat Limited (TC) has total shareholders' equity (book value) of $132.4M ($1116.40 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Token Cat Limited (TC) reported a current ratio of 10.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity crisis
Rapid Erosion of Financial Foundation
As reported in recent financial statements, Token Cat's total assets have declined from $235.3 million in 2022Q4 to $203.7 million by 2025Q2, reflecting a persistent contraction that signals a deteriorating business quality and an inability to maintain the firm's historical scale in a competitive market.
The consistent decline in asset base, coupled with a massive accumulated deficit of $1.4 billion, suggests that the company's core O2O model is failing to generate sufficient returns to sustain its capital structure. Investors should monitor whether this trajectory indicates a permanent impairment of the firm's long-term viability.
Liquidity Buffer Nearing Critical Depletion
Based on the latest quarterly filings, Token Cat's cash position has plummeted from $69.9 million in 2022Q4 to a mere $1.1 million in 2025Q2, indicating that the company's liquidity buffer is effectively exhausted and may be insufficient to cover near-term operational obligations.
The current ratio of 1.49 appears misleading when considering the absolute cash level of $1.1 million against the backdrop of ongoing operating losses. This suggests that the company may face significant difficulty in meeting its short-term liabilities without immediate external financing or a drastic reduction in cash burn.
Leverage Burden Amidst Revenue Collapse
According to the provided balance sheet data, Token Cat's debt load has increased from $12.2 million in 2022Q4 to $41.7 million as of 2025Q2, a trend that warrants concern given the company's simultaneous inability to generate positive operating cash flow to service these obligations.
The rise in debt during a period of severe revenue contraction suggests that the company is relying on external financing to fund its operating deficits rather than internal cash generation. This leverage profile appears increasingly unsustainable and may limit the firm's strategic flexibility in future quarters.
Equity Erosion and Capital Impairment
As evidenced by the company's financial disclosures, equity has shifted from a positive $92.8 million in 2022Q4 to a negative $140.8 million in 2024Q4 before a recent recovery to $33.0 million, highlighting extreme volatility and the potential for significant shareholder dilution to maintain operations.
The persistent negative retained earnings of $1.4 billion underscore a long-term history of value destruction that continues to weigh on the balance sheet. The recent fluctuation in equity suggests that the company's capital base is highly unstable and sensitive to ongoing operational losses.
Hidden Risks in Asset Composition
Based on the reported figures, the complete disappearance of $45.6 million in goodwill and $10.1 million in net PPE by 2025Q2 suggests that the company has likely written off its intangible and physical assets, which may indicate a fundamental shift in the business model's asset intensity.
The removal of these assets from the balance sheet implies that the company may no longer possess the physical or intangible infrastructure that previously supported its O2O operations. This development warrants further investigation into whether the firm is pivoting to a lighter, yet potentially less defensible, service model.