Free cash flow remains deeply negative at -$84.8 million for 2025Q2, reflecting a critical disconnect between accounting results and actual cash-generating capacity.
Token Cat Limited (TC) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -150.55M | -171.56M | -34.72M | -74.89M | -109.68M | -92.25M | -88.85M | -161.81M | -53.34M | -59.66M | -54.09M |
| Operating CF Margin % | - | -2979.12% | -70.61% | -46.13% | -59.87% | -25.8% | -26.91% | -25.09% | -8.19% | -21.26% | -46.09% |
| Operating CF Growth % | -2635% | -394.09% | 53.64% | 31.72% | -18.89% | -3.83% | 45.09% | -203.36% | 10.6% | -10.3% | - |
| Net Income | -191.56M | 2.21M | -187.99M | -82.97M | -166.49M | -101.94M | -163.03M | -250.64M | -78.7M | -90.67M | -86.57M |
| Depreciation & Amortization | 41.49M | 0 | 37.58M | 4.24M | 4.24M | 7.41M | 7.11M | 4.43M | 1.06M | 965K | 1.21M |
| Stock-Based Compensation | 33.7M | 24.56M | 28.39M | 9.8M | 10.28M | 9.8M | 17.45M | 110.4M | 78.13M | 1.9M | 2.86M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -56.72M | -35.89M | 73.39M | -30.99M | 80.3M | 19.84M | 45.37M | 13.82M | 10.73M | 6.11M | -198K |
| Working Capital Changes | 22.55M | -162.43M | 13.91M | 25.04M | -38.01M | -27.36M | 4.25M | -39.81M | -64.56M | 22.04M | 28.61M |
| Change in Receivables | 1.45M | -6.34M | 13.07M | 20.44M | -1.13M | 6.5M | -7.39M | -30.52M | -44.28M | -4.01M | 3.26M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 6.32M | 3.47M | -3.25M | -15.92M | 7.78M | 0 | -1.17M | 3.66M | 3.15M | -782K |
| Cash from Investing | -61K | -4.77M | -19K | 0 | -212K | 47.86M | 37.7M | -187.55M | -20.75M | -4.27M | 14.97M |
| Capital Expenditures | -61K | -4.9M | -19K | 0 | -212K | -968K | -2.05M | -13.24M | -20.71M | -272K | -65K |
| CapEx % of Revenue | - | 85.16% | 0.04% | - | 0.12% | 0.27% | 0.62% | 2.05% | 3.18% | 0.1% | 0.06% |
| Acquisitions | 0 | -4.77M | 0 | 0 | 0 | 0 | 1.33M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 4.9M | 0 | 0 | 0 | 0 | 0 | -99.14M | -38K | -4M | 15.03M |
| Cash from Financing | 164.19M | 159.13M | 30.16M | 13.97M | 91.24M | 7M | -63K | -37.24M | 562.13M | 117.95M | 52.48M |
| Debt Issued (Net) | 0 | 0 | 23.05M | 20.4M | -2.29M | 7M | 3M | 0 | -50.62M | 59.31M | 52.48M |
| Equity Issued (Net) | 0 | 160.54M | 7.11M | 0 | 93.53M | 0 | 0 | -13.75M | 612.75M | 58.64M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.75M | 0 | -449K | 0 |
| Other Financing | 164.19M | -1.41M | 3.2M | -6.43M | 85.07M | -3M | -3.06M | -23.5M | 0 | 0 | 0 |
| Net Change in Cash | 0 | -3.43M | -5.65M | -60.85M | -20.45M | -42.45M | -55.7M | -383.11M | 500.75M | 53.02M | 13.38M |
| Free Cash Flow | -150.61M | -171.56M | -34.74M | -74.89M | -109.89M | -93.22M | -90.9M | -175.05M | -74.05M | -59.93M | -54.16M |
| FCF Margin % | - | -2979.12% | -70.65% | -46.13% | -59.99% | -26.07% | -27.53% | -27.15% | -11.37% | -21.35% | -46.15% |
| FCF Growth % | - | -393.82% | 53.61% | 31.85% | -17.88% | -2.55% | 48.07% | -136.41% | -23.55% | -10.67% | - |
| FCF per Share | -9.17 | -1446.99 | -15.84 | -35.35 | -66.05 | -58.36 | -57.35 | -113.95 | -116.61 | -121.29 | -116.28 |
| FCF Conversion (FCF/Net Income) | 0.79x | -77.69x | 0.18x | 0.90x | 0.66x | 0.90x | 0.55x | 0.65x | 0.48x | 0.62x | 0.55x |
| Interest Paid | 764K | 0 | 465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TC stock.
Token Cat Limited (TC) generated $-171.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Token Cat Limited (TC) reported negative free cash flow of $171.6M in 2025, indicating capital requirements exceeded cash from operations.
Token Cat Limited (TC) spent $4.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity crisis
Earnings Quality Severely Compromised
According to recent financial disclosures, Token Cat's operating cash flow consistently trails net income, with the 2025Q2 OCF/NI ratio reaching 251.11, signaling a profound disconnect between accounting profitability and the actual cash-generating capacity of the firm's core O2O automotive marketing operations.
The extreme divergence between net income and operating cash flow suggests that the company's reported losses are being exacerbated by significant cash outflows that are not captured in the bottom-line accounting. Investors should monitor this trend, as the inability to convert earnings into cash indicates that the business model may be fundamentally reliant on external financing or non-cash adjustments to sustain its current operational footprint.
Free Cash Flow Deficits Persist
As reported in quarterly filings, Token Cat's free cash flow trajectory remains deeply negative, with the company burning $84.8 million in 2025Q2 alone, a trend that underscores the unsustainable nature of its current cost structure relative to its rapidly eroding revenue base.
The persistent FCF margin of -8.6% in the most recent period highlights a structural inability to achieve self-funding status. This trajectory suggests that without a radical pivot in operational strategy or a significant reduction in overhead, the company may continue to deplete its remaining cash reserves at an accelerating rate.
SBC Masking Cash Flow Realities
Based on the provided cash flow statements, Token Cat's reliance on stock-based compensation, which totaled $4.5 million in 2025Q2, appears to be a critical mechanism for preserving cash, yet it fails to offset the massive underlying operating cash burn observed in recent periods.
The use of equity-based incentives may be an attempt to manage liquidity, but it obscures the true cost of talent in a business that is struggling to maintain its market relevance. Analysts should interpret these non-cash adjustments with caution, as they do not address the fundamental cash-flow deficit that threatens the company's long-term viability.
Working Capital Volatility Signals Instability
Data from recent financial statements indicates that Token Cat's working capital management has been highly erratic, with fluctuations such as the $12.5 million swing in 2023Q4 suggesting that the company's cash position is highly sensitive to the timing of event-based receivables and payables.
The lack of consistent working capital efficiency suggests that the company's O2O model is prone to significant liquidity shocks tied to the seasonality of auto shows. This volatility warrants further investigation into the company's credit terms with dealers and OEMs, as any tightening of these terms could lead to an immediate liquidity crisis.