Revenue has experienced a severe contraction of 38.8% year-over-year as of 2025Q2, while the company continues to struggle with an operating margin of -2.1%.
| Sales/Revenue | 36.65M | 49.18M | 162.37M | 183.19M | 357.55M | 330.23M | 644.77M | 651.01M | 280.67M | 117.35M |
| Revenue Growth % | -67.71% | -69.71% | -11.37% | -48.77% | 8.27% | -48.78% | -0.96% | 131.95% | 139.16% | - |
| Cost of Goods Sold | 9.8M | 15.6M | 68.94M | 70.54M | 85.29M | 88.8M | 186.54M | 183.37M | 54.78M | 17.75M |
| COGS % of Revenue | - | 31.71% | 42.46% | 38.51% | 23.85% | 26.89% | 28.93% | 28.17% | 19.52% | 15.12% |
| Gross Profit | 26.85M | 33.58M | 93.42M | 112.65M | 272.26M | 241.43M | 458.23M | 467.64M | 225.88M | 99.61M |
| Gross Margin % | 73.27% | 68.29% | 57.54% | 61.49% | 76.15% | 73.11% | 71.07% | 71.83% | 80.48% | 84.88% |
| Gross Profit Growth % | - | -64.06% | -17.07% | -58.62% | 12.77% | -47.31% | -2.01% | 107.03% | 126.78% | - |
| Operating Expenses | 110.27M | 123.52M | 214.45M | 231.95M | 383.11M | 412.75M | 716.55M | 539.59M | 299.16M | 179.97M |
| OpEx % of Revenue | - | 251.18% | 132.08% | 126.62% | 107.15% | 124.99% | 111.13% | 82.88% | 106.59% | 153.36% |
| Selling, General & Admin | 101.96M | 107.58M | 201.67M | 192.4M | 347.46M | 378.49M | 675.93M | 516.42M | 250.74M | 161.12M |
| SG&A % of Revenue | - | 218.77% | 124.21% | 105.03% | 97.18% | 114.61% | 104.83% | 79.33% | 89.34% | 137.3% |
| Research & Development | 4.56M | 11.89M | 11.27M | 19.8M | 35.65M | 34.27M | 43.34M | 19.26M | 15.93M | 19.58M |
| R&D % of Revenue | - | 24.18% | 6.94% | 10.81% | 9.97% | 10.38% | 6.72% | 2.96% | 5.67% | 16.68% |
| Other Operating Expenses | 2M | 4.05M | 1.51M | 19.74M | 0 | 0 | -2.72M | -465K | 52K | -226K |
| Operating Income | -83.42M | -89.94M | -121.03M | -119.3M | -110.85M | -171.32M | -261.04M | -68.04M | -71.74M | -81.09M |
| Operating Margin % | -227.62% | -182.89% | -74.54% | -65.12% | -31% | -51.88% | -40.49% | -10.45% | -25.56% | -69.1% |
| Operating Income Growth % | - | 25.69% | -1.45% | -7.62% | 35.3% | 34.37% | -283.67% | 5.16% | 11.53% | - |
| EBITDA | -3.75M | -85.89M | -116.79M | -115.06M | -103.44M | -164.22M | -256.61M | -66.98M | -70.78M | -79.89M |
| EBITDA Margin % | -10.23% | -174.66% | -71.93% | -62.81% | -28.93% | -49.73% | -39.8% | -10.29% | -25.22% | -68.07% |
| EBITDA Growth % | 93.53% | 26.46% | -1.51% | -11.23% | 37.01% | 36.01% | -283.13% | 5.37% | 11.4% | - |
| D&A (Non-Cash Add-back) | 79.67M | 0 | 4.24M | 4.24M | 7.41M | 7.11M | 4.43M | 1.06M | 965K | 1.21M |
| EBIT | -79.67M | -85.89M | -119.51M | -99.55M | -110.85M | -171.32M | -261.04M | -68.04M | -71.74M | -81.09M |
| Net Interest Income | -1.31M | -999K | -143K | -174K | 625K | 2.41M | 7.02M | -3.15M | -2.42M | -1.38M |
| Interest Income | 0 | 0 | 143K | 174K | 625K | 2.41M | 7.02M | 3.15M | 0 | 0 |
| Interest Expense | 1.31M | 999K | 0 | 625K | 0 | 0 | 0 | 0 | 2.42M | 1.38M |
| Other Income/Expense | -64.57M | -98.05M | 38.06M | -52.65M | 8.9M | 6.82M | 9.74M | -7.05M | -3.95M | -413K |
| Pretax Income | -147.99M | -187.99M | -82.97M | -171.94M | -101.94M | -164.51M | -251.3M | -75.09M | -75.69M | -81.51M |
| Pretax Margin % | -403.81% | -382.28% | -51.1% | -93.86% | -28.51% | -49.82% | -38.97% | -11.53% | -26.97% | -69.46% |
| Income Tax | 0 | 0 | 0 | -5.45M | 0 | -1.03M | 0 | 35.07M | 20.95M | 16.91M |
| Effective Tax Rate % | 0% | 0% | 0% | 3.17% | 0% | 0.63% | 0% | -46.7% | -27.67% | -20.74% |
| Net Income | -147.99M | -187.99M | -82.97M | -166.49M | -101.94M | -163.03M | -250.64M | -110.15M | -96.64M | -98.41M |
| Net Margin % | -403.81% | -382.28% | -51.1% | -90.88% | -28.51% | -49.37% | -38.87% | -16.92% | -34.43% | -83.86% |
| Net Income Growth % | -80.12% | -126.57% | 50.16% | -63.31% | 37.47% | 34.95% | -127.54% | -13.98% | 1.8% | - |
| Net Income (Continuing) | -147.99M | -187.99M | -82.97M | -166.49M | -101.94M | -163.48M | -251.3M | -75.09M | -75.69M | -81.51M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -1.1M | -1.1M | -659K | 0 | 0 | 0 |
| EPS (Diluted) | -1258.90 | -64.80 | -28.80 | -74.40 | -48.00 | -76.80 | -122.40 | -130.09 | -146.68 | -158.48 |
| EPS Growth % | -155.55% | -125% | 61.29% | -55% | 37.5% | 37.25% | 5.91% | 11.31% | 7.45% | - |
| EPS (Basic) | - | -64.80 | -28.80 | -74.40 | -48.00 | -76.80 | -122.40 | -130.09 | -146.88 | -158.48 |
| Diluted Shares Outstanding | 117.56K | 2.19M | 2.12M | 1.66M | 1.6M | 1.58M | 1.54M | 635K | 494.12K | 465.75K |
| Basic Shares Outstanding | 117.56K | 2.19M | 2.12M | 1.66M | 1.6M | 1.58M | 1.54M | 635K | 493.46K | 465.75K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity crisis
As reported in recent financial statements, Token Cat's quarterly revenue has plummeted from $47.0 million in 2022Q4 to just $9.9 million by 2025Q2, representing a severe contraction that suggests the company's O2O business model is losing relevance within the competitive Chinese automotive digital marketing landscape.
The consistent quarter-over-quarter revenue decline indicates that the company is struggling to retain its OEM and dealership client base. This trend suggests that the firm's reliance on physical event-based lead generation is failing to compete with more scalable, national-scale digital advertising platforms.
According to the provided income statement data, Token Cat has maintained a gross margin of 79.0% as of 2025Q2, which appears surprisingly robust despite the significant top-line decay, suggesting that the company has successfully offloaded direct variable costs associated with its event-based service model.
While the high gross margin implies a lean direct cost structure, it fails to compensate for the massive operating losses incurred. Investors should monitor whether this margin profile is sustainable or if it reflects a temporary reduction in service delivery that may hinder future growth.
Based on the latest filings, the company's operating margin of -2.1% in 2025Q2, while improved from previous periods, highlights a persistent inability to scale, as the firm continues to carry significant overhead that remains disproportionate to its current, diminished revenue-generating capacity.
The disparity between gross profit and operating income suggests that fixed administrative and selling expenses are not being right-sized in response to the revenue collapse. This lack of operational flexibility may indicate that the company's cost structure is fundamentally misaligned with its current market position.
As evidenced by the income statement, Token Cat's SG&A expenses remain elevated at $27.6 million per quarter, a figure that dwarfs the $9.9 million in revenue, indicating that management has yet to implement the drastic cost-cutting measures required to stabilize the firm's bottom line.
The persistence of high SG&A costs relative to revenue suggests that the company is maintaining an infrastructure designed for a much larger business. This structural inefficiency warrants further investigation into whether the firm possesses the liquidity to sustain operations while attempting to pivot its business model.
Based on the reported figures, the company's reliance on stock-based compensation, which reached $4.5 million in 2025Q2, raises concerns regarding the quality of earnings and the potential for shareholder dilution in an environment where the core business is clearly struggling to achieve operational break-even.
Short-sellers would likely focus on the widening gap between cash-based revenue and non-cash expenses, which masks the true extent of the company's cash burn. The combination of declining revenue and high stock-based compensation suggests that the current path may be unsustainable without significant external capital injection.
Quick answers to the most common questions about buying TC stock.
For fiscal year 2024, Token Cat Limited (TC) reported total revenue of $49.2M. This represents a 58.1% decline compared to $117.4M in 2016.
Token Cat Limited (TC) reported a net loss of $188.0M for the fiscal year ending 2024.
Token Cat Limited (TC) reported an operating income of $-89.9M, resulting in an operating profit margin of -182.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Token Cat Limited (TC) generated $33.6M in gross profit for the year, representing a gross profit margin of 68.3%. This demonstrates the company's core pricing power and production efficiency.