Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Token Cat Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
94.7
92.6
50.6
56.1
26.6
22.9
6.74
0.85
Cost of revenue
26.7
26.8
13.6
13.4
10.2
9.71
2.14
0.82
Gross profit
68
65.8
37
42.7
16.3
13.2
4.6
0.02
Research and development
2.8
6.23
5.25
5.59
2.87
1.59
1.63
Selling and marketing
62.8
82.2
42.9
43.1
18.5
22.1
7.46
General and administrative
12.3
14.9
15.1
11.4
9.38
6.29
7.28
4.96
Operating expenses
77.9
103
63.3
60.1
33.6
30.2
16.9
4.96
Operating income
-9.9
-37.5
-26.3
-17.4
-17.3
-17
-12.3
-4.93
Other non-operating income
-0.07
0.76
0.54
1.39
0.83
2.47
0.69
Pre-tax income
-10.9
-36.1
-25.2
-16
-24.9
-11.7
-25.8
6.08
Income tax
0
0
-0.16
0
-0.79
0
Income from continuing operations
6.08
Net income
-11.4
-36.1
-25.1
-16
-24.1
-11.7
-25.8
0.32
EBITDA
-9.74
-37
-26
-16.9
-17
EPS, basic
-0.05
EPS, diluted
-0.05
Shares, basic (weighted)
122
295
304
307
320
407
520
569
Shares, diluted (weighted)
122
295
304
307
320
407
520
569
Balance sheet
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
83.1
29.7
17.2
9.2
9.85
1.31
0.86
0.14
Receivables
7.6
10.4
10.1
7.53
7.25
4.07
1.75
0.93
Other current assets
10
27.8
9.17
9.49
6.79
2.25
2.05
23.6
Total current assets
102
76.3
47.7
32.3
25.2
8.73
5.21
24.7
Property, plant and equipment
0.88
0.54
Lease right-of-use assets
0.8
0.8
1.47
0.8
Goodwill
17.7
18.1
6.61
6.42
Intangible assets
3.34
2.78
Long-term investments
0.64
1.13
1.37
0.84
0.78
0.78
0.84
Other non-current assets
1.49
1.09
0.05
0.05
0.08
0.07
Total assets
106
81.5
72.7
55.4
34.1
16.8
6.05
24.7
Accounts payable
1.02
0.84
3.34
4.64
1.98
1.47
1.9
0.93
Accrued liabilities
7.1
9.77
8.89
6.26
4.78
2.4
0.76
0.29
Deferred revenue
2.14
0.69
0.62
0.65
0.2
0.17
0.11
Short-term debt
0
0
1.1
0.46
2.21
4.35
Total current liabilities
18
20.4
27
23.8
15.7
12.2
14.1
2.32
Long-term debt
0.22
0.42
1.37
Lease liabilities
0.23
0.23
1.09
0.86
0.46
Other non-current liabilities
0.31
0.23
0.15
0.07
Total liabilities
18
20.7
28.7
25.1
20.7
14.1
25.3
5.81
Total debt
0.22
0.42
1.37
Paid-in capital
157
171
187
193
188
184
181
215
Retained earnings
-68.1
-103
-135
-154
-167
-174
-195
-203
Treasury stock
0
-6.88
-7.03
-7.2
-6.65
-6.46
-4.73
-1.88
Other comprehensive income
-1.07
0.35
-0.89
-1.16
-1.22
-1.17
-1.23
8.15
Shareholders' equity
87.6
60.9
44.2
30.5
13.5
2.75
-19.3
Minority interests
-0.1
-0.17
-0.17
Total equity
87.6
60.8
44
30.3
13.5
2.75
-19.3
18.9
Total liabilities and equity
106
81.5
72.7
55.4
34.1
16.8
6.05
24.7
Cash flow statement
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-11.4
-36.1
-25.1
-16
-24.1
-11.7
-25.8
0.32
Depreciation and amortization
0.15
0.5
0.27
0.52
0.31
Stock-based compensation
11.4
15.8
2.67
1.54
1.49
1.35
3.89
3.51
Change in receivables
-6.44
-4.39
-1.13
1.02
-0.16
2.88
1.79
Change in payables
0.53
-0.17
2.45
1.22
-2.31
-0.46
0.48
0.93
Cash from operations
-7.76
-23.2
-13.6
-14.5
-15.9
-10.6
-4.76
-25.2
Capital expenditures
-3.01
-1.9
-0.31
-0.15
-0.03
-0
Cash from investing
-3.02
-26.9
5.78
7.51
-0.03
-0
-0.7
Debt issued
0.89
2.87
5.32
Debt repaid
-0.43
Stock issued
13.6
0.97
23.6
Share buybacks
-1.98
Cash from financing
81.8
-5.35
-0.01
1.1
13.2
1.97
4.13
23.4
Exchange rate effect
1.85
0.5
-0.69
-0.79
-0.26
0.01
-0.15
Net change in cash
72.8
-55
-8.54
-6.66
-2.97
-8.57
-0.77
Free cash flow
-10.8
-25.1
-13.9
-14.6
-15.9
-4.76
Interest paid
0.63
0.03
0.03
0.05
0.06
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.87 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
2.8%
Gross profit / revenue.
Operating margin
-582.2%
Operating income / revenue.
Pre-tax margin
717.9%
Pre-tax income / revenue.
Net margin
38.1%
Net income / revenue.
Operating cash flow margin
-2,978.0%
Cash from operations / revenue.
Return on assets (ROA)
2.1%
Net income / average total assets.
Stock-based pay / revenue
414.6%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-87.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-68.3%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-55.9%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-99.5%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-88.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-77.0%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
308.8%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-10.2%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-19.4%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
9.4%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
21.2%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
13.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
10.7x
Current assets / current liabilities.
Quick ratio
0.46x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.06x
(Cash + short-term investments) / current liabilities.
Market cap + total debt - cash - short-term investments.
P/E
153x
Market cap / net income. Only when net income is positive.
P/S
58.3x
Market cap / revenue.
EV/Sales
58.1x
Enterprise value / revenue.
Earnings yield
0.7%
Net income / market cap (the inverse of P/E).
What was Token Cat Ltd's revenue in fiscal 2025?
Token Cat Ltd reported revenue of $847.0K for fiscal 2025, 87.4% lower than the year before.
Was Token Cat Ltd profitable in fiscal 2025?
Yes. Net income was $323.0K, a net margin of 38.1%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.