Overview
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- TickerTC on Nasdaq1
- IndustryServices-Business Services, NEC1
- HeadquartersBeijing, China1
- Incorporated inCayman Islands3
- Business address9F, Ruihai Building, No. 21 Yangfangdian Road, Beijing, F4 1000383
- Filer categoryNon-accelerated filer3
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Limited. In January 2013, we also established a wholly-owned subsidiary in China, TuanYuan Internet Technology (Beijing) Co., Ltd.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue72¢$823.0K
- Profit28¢$323.0K
Out of $847.0K in revenue.2
Financial statements
No quarterly figures reported.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $94.7M5 | $92.6M6 | $50.6M7 | $56.1M8 | 183.2M CNY9 | $22.9M10 | $6.7M11 | $847.0K2 |
| Cost of revenue | $26.7M5 | $26.8M6 | $13.6M7 | $13.4M8 | $10.2M9 | $9.7M10 | $2.1M11 | $823.0K2 |
| Gross profit | $68.0M5 | $65.8M6 | $37.0M7 | $42.7M8 | $16.3M9 | $13.2M10 | $4.6M11 | $24.0K2 |
| Research and development | $2.8M5 | $6.2M6 | $5.3M7 | $5.6M8 | $2.9M9 | $1.6M10 | $1.6M11 | |
| Operating expenses | $60.1M8 | $33.6M9 | $30.2M10 | $16.9M11 | $5.0M2 | |||
| Operating income | -$9.9M5 | -$37.5M6 | -$26.3M7 | -$17.4M8 | -$17.3M9 | -$17.0M10 | -$12.3M11 | -$4.9M2 |
| Income before tax | -$16.0M8 | -$24.9M9 | -$11.7M10 | -$25.8M11 | $6.1M2 | |||
| Income tax | $05 | $06 | -$158.0K7 | $08 | -$790.0K9 | $010 | ||
| Net income | -$11.4M5 | -$36.1M6 | -$25.1M7 | -$16.0M8 | -$24.1M9 | -$11.7M10 | -$25.8M11 | $323.0K2 |
| Earnings per share | -$0.0511 | |||||||
| Earnings per share (diluted) | -$0.0511 | |||||||
| Shares (weighted, basic) | 306.8M shares10 | 319.5M shares11 | 406.8M shares2 | 520.2M shares2 | 569.1M shares2 | |||
| Shares (weighted, diluted) | 306.8M shares10 | 319.5M shares11 | 406.8M shares2 | 520.2M shares2 | 569.1M shares2 |
No quarterly figures reported.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash | $83.1M6 | $29.7M7 | $17.2M8 | $9.2M9 | $9.8M10 | $1.3M11 | $863.0K11 | $140.0K2 |
| Receivables | $7.5M8 | $7.2M9 | $4.1M10 | $1.7M11 | $933.0K2 | |||
| Current assets | $101.8M5 | $76.3M6 | $47.7M7 | $32.3M8 | $25.2M9 | $8.7M10 | $5.2M11 | $24.7M2 |
| Property, plant and equipment | $544.0K8 | |||||||
| Goodwill | $18.1M8 | $6.6M9 | $6.4M10 | |||||
| Intangible assets | $2.8M8 | |||||||
| Total assets | $105.6M5 | $81.5M6 | $72.7M7 | $55.4M8 | $34.1M9 | $16.8M10 | $6.0M11 | $24.7M2 |
| Accounts payable | $4.6M8 | $2.0M9 | $1.5M10 | $1.9M11 | $929.0K2 | |||
| Short-term debt | $1.1M8 | $459.0K9 | $2.2M10 | $4.3M11 | ||||
| Current liabilities | $18.0M5 | $20.4M6 | $27.0M7 | $23.8M8 | $15.7M9 | $12.2M10 | $14.1M11 | $2.3M2 |
| Long-term debt | $224.0K9 | $423.0K10 | $1.4M11 | |||||
| Long-term liabilities | $1.3M8 | $4.9M9 | $1.8M10 | $11.2M11 | $3.5M2 | |||
| Total liabilities | $18.0M5 | $20.7M6 | $28.7M7 | $25.1M8 | $20.7M9 | $14.1M10 | $25.3M11 | $5.8M2 |
| Retained earnings | -$154.4M8 | -$166.8M9 | -$173.7M10 | -$194.7M11 | -$202.9M2 | |||
| Shareholders’ equity | $87.6M5 | $60.9M6 | $44.2M7 | $30.5M8 | $13.5M9 | $2.7M10 | -$19.3M11 | $18.9M2 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -$7.8M5 | -$23.2M6 | -$13.6M7 | -$14.5M8 | -$15.9M9 | -$10.6M10 | -$4.8M11 | -$25.2M2 |
| Stock-based compensation | $1.5M8 | $1.5M9 | $1.3M10 | $3.9M11 | $3.5M2 | |||
| Capital spending | $3.0M5 | $1.9M6 | $314.0K7 | $152.0K8 | $31.0K9 | $3.0K11 | ||
| Free cash flow | -$10.8M | -$25.1M | -$13.9M | -$14.6M | -$15.9M | -$4.8M | ||
| Cash from investing | $7.5M8 | -$31.0K9 | -$3.0K11 | -$701.0K2 | ||||
| Share buybacks | $2.0M6 | |||||||
| Cash from financing | $1.1M8 | $13.2M9 | $2.0M10 | $4.1M11 | $23.4M2 |
Corporate structure
Token Cat Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Token Cat Ltd
- SABBY MANAGEMENT, LLC Filed SCHEDULE 13G/A on Token Cat Ltd, latest Jan 2, 2025 (2 filings since Jan 4, 2023)
- KPartners Ltd Filed SC 13G/A on Token Cat Ltd, latest Jan 17, 2024
- Jianchen Sun Filed SC 13G/A on Token Cat Ltd, latest Feb 13, 2023
- Wei Wen Filed SC 13G/A on Token Cat Ltd, latest Feb 11, 2022
- Zhiwen Lan Filed SC 13G/A on Token Cat Ltd, latest Feb 11, 2022
- Token Cat Ltd Beijing, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Token Cat Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | 11.6M CNY11 Dec 31, 2024 | 11.9M CNY11 Dec 31, 2023 | −2.8% |
| Accumulated depreciation | 10.4M CNY11 Dec 31, 2024 | 10.8M CNY11 Dec 31, 2023 | −3.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $863.0K11 Dec 31, 2024 | $1.3M11 Dec 31, 2023 | −34.1% |
| Long-term investments | $835.0K11 Dec 31, 2024 | $784.0K10 Dec 31, 2023 | +6.5% |
Intangibles and goodwill
Former names
- TuanChe LtdJul 31, 2018 to Feb 21, 20253
Filings
90 filings to the SEC since October 2021: 6 annual reports, 6 large holders, 78 other. The latest 20:
- Oct 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 18, 2026S-8 REGISTRATION STATEMENT EDGAR
- May 8, 202620-F ANNUAL REPORT EDGAR
- Apr 30, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
- Mar 26, 2026S-8 REGISTRATION STATEMENT EDGAR
- Feb 27, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Feb 13, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Feb 6, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Feb 3, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jan 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jan 13, 2026SEC STAFF ACTION EDGAR
- Jan 7, 2026EFFECT EDGAR
- Jan 6, 2026CORRESP EDGAR
- Dec 17, 2025F-3 REGISTRATION STATEMENT EDGAR
- Dec 11, 2025S-8 REGISTRATION STATEMENT EDGAR
- Nov 6, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Oct 15, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Oct 9, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 17, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
The 90 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- SABBY MANAGEMENT, LLCSCHEDULE 13G/A, 2 filings Jan 4, 2023 to Jan 2, 202512
- KPartners LtdSC 13G/A, 1 filing Jan 17, 202413
- Jianchen SunSC 13G/A, 1 filing Feb 13, 202314
- Wei WenSC 13G/A, 1 filing Feb 11, 202215
- Zhiwen LanSC 13G/A, 1 filing Feb 11, 202216
SEC filer profile
How Token Cat Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARToken Cat Ltd1
- CIK0001743340
- Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)7389 Services-Business Services, NEC1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address9F, Ruihai Building, No. 21 Yangfangdian Road, Beijing, F4 1000381
- Phone008610639989021
- Shares outstanding8,253,410,439 Common Class A shares; 55,260,580 Common Class B shares as of Dec 31, 20254
- AuditorJWF Assurance PAC, Singapore PCAOB ID 7095; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceJul 31, 20181
- Filings171 in all: 6-K (80), CORRESP (16), SC 13G/A (9), UPLOAD (9), 20-F (8), F-1/A (6), SC 13G (6), F-3/A (5)1
All 25 form types
S-8 (5), 6-K/A (3), EFFECT (3), FWP (3), 424B5 (2), DRSLTR (2), F-1 (2), F-3 (2), NT 20-F (2), 20-F/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), SCHEDULE 13G/A (1), SEC STAFF ACTION (1)
- Latest filingsAnnual report (20-F) May 8, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| American depositary shares, each representing 4,800 Class A ordinary shares, par value US$0.0001 per share | TC | Nasdaq |
From the cover page of the 20-F filed May 8, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARToken Cat Ltd filings on SEC EDGAR
- 2SEC EDGARToken Cat Ltd 10-K for fiscal 2025
- 3SEC EDGARToken Cat Ltd filings on SEC EDGAR
- 4
- 5SEC EDGARToken Cat Ltd 10-K for fiscal 2018
- 6SEC EDGARToken Cat Ltd 10-K for fiscal 2019
- 7SEC EDGARToken Cat Ltd 10-K for fiscal 2020
- 8SEC EDGARToken Cat Ltd 10-K for fiscal 2021
- 9SEC EDGARToken Cat Ltd 10-K for fiscal 2022
- 10SEC EDGARToken Cat Ltd 10-K for fiscal 2023
- 11SEC EDGARToken Cat Ltd 10-K for fiscal 2024
- 12
- 13
- 14
- 15SEC EDGARWei Wen SC 13G/A on Token Cat Ltd
- 16SEC EDGARZhiwen Lan SC 13G/A on Token Cat Ltd