What is Token Cat Ltd's earnings per share (EPS)?

Token Cat Ltd (TC) reported diluted earnings per share of $0.01 for fiscal year 2025. This represents a 120.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Token Cat Ltd Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Token Cat Ltd (TC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TC FY2025 2026-05-09

FY2025's apparent recovery came from balance-sheet repair and financing, not from a core operation that produced meaningful gross profit.

In FY2025, reported profit and operating performance diverged: net income was $323K even though operating income was -$4.9M. Because operating cash flow was -$25.2M and financing supplied $23.4M, the improved equity position was funded externally rather than earned through normal operations.

The revenue base now carries almost no economic cushion: gross margin fell to 2.9% from 68.3% in FY2024. With only $24K of gross profit against $5.0M of SG&A, the present cost structure sits far above what current sales can support, so the operating loss is being created mainly below the gross line rather than at the product-cost level.

The balance sheet looks more liquid on paper than in cash: the current ratio was 10.7x, but cash ended the year at just $140K. That gap matters because most of the year's cash need was bridged by financing, so near-term flexibility depends on monetizing non-cash current assets and accessing outside capital more than on cash generated inside the business itself.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Token Cat Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Token Cat Ltd has an operating margin of -582.2%, meaning the company retains $-582 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -182.9% the prior year.

Growth

Token Cat Ltd's revenue declined 87.4% year-over-year, from $6.7M to $847K. This contraction results in a growth score of 0/100.

Leverage

Token Cat Ltd carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 10.66, Token Cat Ltd holds $10.66 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Token Cat Ltd generates a 1.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

4/9

Token Cat Ltd passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

-78.08x

For every $1 of reported earnings, Token Cat Ltd generates $-78.08 in operating cash flow (-$25.2M OCF vs $323K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$847K

YoY-87.4%

5Y CAGR-55.9%

Token Cat Ltd generated $847K in revenue in fiscal year 2025. This represents a decrease of 87.4% from the prior year.

EBITDA

N/A

Net Income

$323K

YoY+101.3%

Token Cat Ltd reported $323K in net income in fiscal year 2025. This represents an increase of 101.3% from the prior year.

EPS (Diluted)

$0.01

YoY+120.0%

Token Cat Ltd earned $0.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 120.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$140K

YoY-84.1%

5Y CAGR-61.8%

Token Cat Ltd held $140K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

8.25B

Token Cat Ltd had 8.25B shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

2.8%

YoY-65.5pp

5Y CAGR-70.3pp

Token Cat Ltd's gross margin was 2.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 65.5 percentage points from the prior year.

Operating Margin

-582.2%

YoY-399.3pp

5Y CAGR-530.3pp

Token Cat Ltd's operating margin was -582.2% in fiscal year 2025, reflecting core business profitability. This is down 399.3 percentage points from the prior year.

Net Margin

38.1%

YoY+420.4pp

5Y CAGR+87.6pp

Token Cat Ltd's net profit margin was 38.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 420.4 percentage points from the prior year.

Return on Equity

1.7%

5Y CAGR+58.5pp

Token Cat Ltd's ROE was 1.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$847K-87.4%	$6.7M-70.5%	$22.9M-13.9%	$26.6M-52.7%	$56.1M+10.9%	$50.6M
Cost of Revenue	$823K-61.5%	$2.1M-78.0%	$9.7M-5.1%	$10.2M-23.6%	$13.4M-1.7%	$13.6M
Gross Profit	$24K-99.5%	$4.6M-65.0%	$13.2M-19.4%	$16.3M-61.8%	$42.7M+15.5%	$37.0M
R&D Expenses	N/A	$1.6M+2.6%	$1.6M-44.7%	$2.9M-48.7%	$5.6M+6.5%	$5.3M
SG&A Expenses	$5.0M-31.9%	$7.3M+15.6%	$6.3M-32.9%	$9.4M-17.9%	$11.4M-24.6%	$15.1M
Operating Income	-$4.9M+60.0%	-$12.3M+27.7%	-$17.0M+1.4%	-$17.3M+0.6%	-$17.4M+33.8%	-$26.3M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	$0+100.0%	-$790K	$0+100.0%	-$158K
Net Income	$323K+101.3%	-$25.8M-120.4%	-$11.7M+51.6%	-$24.1M-50.9%	-$16.0M+36.2%	-$25.1M
EPS (Diluted)	$0.01+120.0%	$-0.05-66.7%	$-0.03+62.5%	$-0.08-60.0%	$-0.05+37.5%	$-0.08

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$24.7M+308.8%	$6.0M-64.0%	$16.8M-50.7%	$34.1M-38.4%	$55.4M-23.8%	$72.7M
Current Assets	$24.7M+374.2%	$5.2M-40.3%	$8.7M-65.3%	$25.2M-22.0%	$32.3M-32.4%	$47.7M
Cash & Equivalents	$140K-84.1%	$879K-32.9%	$1.3M-86.7%	$9.8M+7.0%	$9.2M-46.7%	$17.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$933K-46.6%	$1.7M-57.0%	$4.1M-43.8%	$7.2M-3.7%	$7.5M-25.7%	$10.1M
Goodwill	N/A	N/A	$6.4M-2.9%	$6.6M-63.5%	$18.1M+2.4%	$17.7M
Total Liabilities	$5.8M-77.1%	$25.3M+80.2%	$14.1M-31.9%	$20.7M-17.6%	$25.1M-12.7%	$28.7M
Current Liabilities	$2.3M-83.6%	$14.1M+15.5%	$12.2M-22.4%	$15.7M-33.9%	$23.8M-11.8%	$27.0M
Long-Term Debt	N/A	$1.4M+223.9%	$423K+88.8%	$224K	N/A	N/A
Total Equity	$18.9M+198.1%	-$19.3M-802.7%	$2.7M-79.6%	$13.5M-55.9%	$30.5M-30.9%	$44.2M
Retained Earnings	-$202.9M-4.2%	-$194.7M-12.1%	-$173.7M-4.2%	-$166.8M-8.0%	-$154.4M-14.2%	-$135.1M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$24.7M-13.1%	$28.4M+370.2%	$6.0M-51.7%	$12.5M-25.5%	$16.8M-33.1%	$25.1M-26.3%	$34.1M-16.1%	$40.6M
Current Assets	$24.7M-10.5%	$27.6M+429.6%	$5.2M+11.2%	$4.7M-46.3%	$8.7M-48.5%	$16.9M-32.7%	$25.2M+22.7%	$20.5M
Cash & Equivalents	$140K-6.7%	$150K-82.9%	$879K+27.6%	$689K-47.4%	$1.3M-56.7%	$3.0M-69.3%	$9.8M+104.9%	$4.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$933K-58.1%	$2.2M+27.4%	$1.7M-22.1%	$2.2M-44.8%	$4.1M-21.9%	$5.2M-28.1%	$7.2M+20.1%	$6.0M
Goodwill	N/A	N/A	N/A	$6.3M-2.3%	$6.4M+2.1%	$6.3M-4.9%	$6.6M-61.7%	$17.2M
Total Liabilities	$5.8M-75.6%	$23.8M-5.9%	$25.3M+90.5%	$13.3M-5.4%	$14.1M-12.2%	$16.0M-22.4%	$20.7M+7.4%	$19.2M
Current Liabilities	$2.3M-87.5%	$18.5M+31.3%	$14.1M+33.2%	$10.6M-13.3%	$12.2M-6.5%	$13.1M-17.0%	$15.7M-7.7%	$17.1M
Long-Term Debt	N/A	$1.4M+1.9%	$1.4M-22.8%	$1.8M+319.6%	$423K	N/A	$224K	N/A
Total Equity	$18.9M+310.9%	$4.6M+123.9%	-$19.3M-2351.1%	-$787K-128.7%	$2.7M-69.9%	$9.1M-32.3%	$13.5M-37.2%	$21.4M
Retained Earnings	-$202.9M-2.2%	-$198.5M-1.9%	-$194.7M-11.1%	-$175.3M-0.9%	-$173.7M-6.7%	-$162.8M+2.3%	-$166.8M-7.4%	-$155.2M

TC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$25.2M-430.4%	-$4.8M+54.9%	-$10.6M+33.7%	-$15.9M-9.8%	-$14.5M-6.3%	-$13.6M
Capital Expenditures	N/A	$3K	N/A	$31K-79.6%	$152K-51.6%	$314K
Free Cash Flow	N/A	-$4.8M	N/A	-$15.9M-8.9%	-$14.6M-5.0%	-$13.9M
Investing Cash Flow	-$701K-23266.7%	-$3K	N/A	-$31K-100.4%	$7.5M+30.0%	$5.8M
Financing Cash Flow	$23.4M+466.3%	$4.1M+109.9%	$2.0M-85.1%	$13.2M+1104.7%	$1.1M+11080.0%	-$10K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	2.8%-65.5pp	68.3%+10.7pp	57.5%-3.9pp	61.5%-14.7pp	76.1%+3.0pp	73.1%
Operating Margin	-582.2%-399.3pp	-182.9%-108.4pp	-74.6%-9.4pp	-65.1%-34.1pp	-31.0%+20.9pp	-51.9%
Net Margin	38.1%+420.4pp	-382.3%-331.2pp	-51.1%+39.8pp	-90.9%-62.4pp	-28.5%+21.0pp	-49.5%
Return on Equity	1.7%	N/A	-425.8%-246.3pp	-179.4%-127.0pp	-52.4%+4.3pp	-56.7%
Return on Assets	1.3%+427.2pp	-425.9%-356.3pp	-69.5%+1.2pp	-70.8%-41.9pp	-28.9%+5.6pp	-34.5%
Current Ratio	10.66+10.3	0.37-0.3	0.71-0.9	1.60+0.2	1.36-0.4	1.77
Debt-to-Equity	0.31+0.4	-0.07-0.2	0.15+0.1	0.02-0.8	0.82+0.2	0.65
FCF Margin	N/A	-70.6%	N/A	-60.0%-33.9pp	-26.1%+1.5pp	-27.5%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	10.66+9.2	1.49+1.1	0.37-0.1	0.44-0.3	0.71-0.6	1.30-0.3	1.60+0.4	1.20
Debt-to-Equity	0.310.0	0.30+0.4	-0.07+2.2	-2.26-2.4	0.15-1.6	1.76+1.7	0.02-0.9	0.90
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Token Cat Ltd's annual revenue?

Token Cat Ltd (TC) reported $847K in total revenue for fiscal year 2025. This represents a -87.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Token Cat Ltd's revenue growing?

Token Cat Ltd (TC) revenue declined by 87.4% year-over-year, from $6.7M to $847K in fiscal year 2025.

Is Token Cat Ltd profitable?

Yes, Token Cat Ltd (TC) reported a net income of $323K in fiscal year 2025, with a net profit margin of 38.1%.

What is Token Cat Ltd's gross margin?

Token Cat Ltd (TC) had a gross margin of 2.8% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Token Cat Ltd's operating margin?

Token Cat Ltd (TC) had an operating margin of -582.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Token Cat Ltd's net profit margin?

Token Cat Ltd (TC) had a net profit margin of 38.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Token Cat Ltd's return on equity (ROE)?

Token Cat Ltd (TC) has a return on equity of 1.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Token Cat Ltd's operating cash flow?

Token Cat Ltd (TC) generated -$25.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Token Cat Ltd's total assets?

Token Cat Ltd (TC) had $24.7M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Token Cat Ltd have outstanding?

Token Cat Ltd (TC) had 8.25B shares outstanding as of fiscal year 2025.

What is Token Cat Ltd's current ratio?

Token Cat Ltd (TC) had a current ratio of 10.66 as of fiscal year 2025, which is generally considered healthy.

What is Token Cat Ltd's debt-to-equity ratio?

Token Cat Ltd (TC) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Token Cat Ltd's return on assets (ROA)?

Token Cat Ltd (TC) had a return on assets of 1.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Token Cat Ltd's cash runway?

Based on fiscal year 2025 data, Token Cat Ltd (TC) had $140K in cash against an annual operating cash burn of $25.2M. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Token Cat Ltd's Piotroski F-Score?

Token Cat Ltd (TC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Token Cat Ltd's earnings high quality?

Token Cat Ltd (TC) has an earnings quality ratio of -78.08x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Token Cat Ltd?

Token Cat Ltd (TC) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.