TC

MKT CAP:$29M

Token Cat Limited

Market Cap

$29M

Communication Services·Internet Content & Information·🇨🇳 China·NASDAQ

Communication·Internet·🇨🇳·NASDAQ

Stock Price

$9.83+$2.27 (+30.03%)

Apr 24, 2026

Company Details

Token Cat Ltd. operates as a holding company, which engages in the operation of an omni-channel automotive marketplace. It offers auto shows, group-purchase facilitation, and virtual dealership services. The company was founded by Wei Wen a...

CEO

Guangsheng Liu

IPO Date

Nov 20, 2018

Website

www.tuanche.com

Key Metrics TTM

Revenue

$5M

-67.7% YoY

Net Income

-$22M

EPS (Diluted)

-$10.66

Free Cash Flow

-$28M

Revenue / Share

$45.55

Gross Margin

73.3%

Operating Margin

-227.6%

Net Margin

-403.8%

FCF Margin

-527.0%

P/S

5.4x

P/E

—

Earnings Reports

Q2 2025

Sep 15, 2025

$1M-38.8%EPS -$0.42

Q1 2025

Mar 31, 2025

$1M-38.8%EPS -$0.42

FY 2024

Mar 28, 2025

$7M-69.7%EPS -$9.47

Q4 2024

Mar 28, 2025

$1M-76.0%EPS -$4.91

Q3 2024

Sep 30, 2024

$1MEPS -$4.91

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$19M	$14M	-$1M
Q3 21	$9M	$7M	-$6M
Q4 21	$12M	$9M	-$6M
Q1 22	$7M	$5M	-$3M
Q2 22	$7M	$5M	-$3M
Q3 22	$7M	$3M	-$4M
Q4 22	$7M	$3M	-$4M
Q1 23	$7M	$4M	-$4M
Q2 23	$7M	$4M	-$4M
Q4 23	$5M	$3M	-$5M
Q1 24	$2M	$2M	-$3M
Q2 24	$2M	$2M	-$3M
Q3 24	$1M	$820.1K	-$3M
Q4 24	$1M	$820.1K	-$3M
Q1 25	$1M	$1M	-$3M
Q2 25	$1M	$1M	-$3M

Valuation

Quarter	P/S	P/E
Q2 21	17.4x	—
Q3 21	20.2x	—
Q4 21	27.1x	—
Q1 22	23.9x	—
Q2 22	30.2x	—
Q3 22	64.7x	—
Q4 22	17.2x	—
Q1 23	12.5x	—
Q2 23	11.9x	—
Q4 23	8.1x	—
Q1 24	3.5x	—
Q2 24	4.8x	—
Q3 24	7.4x	—
Q4 24	6.8x	—
Q1 25	4.6x	—
Q2 25	6.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	-$12M	-$9M
Q4 21	-$13M	-$10M
Q3 22	-$4M	-$4M
Q4 22	-$4M	-$4M
Q1 23	-$4M	-$4M
Q2 23	-$4M	-$4M
Q4 23	-$2M	-$2M
Q1 24	-$810.1K	-$810.6K
Q2 24	-$810.1K	-$810.5K
Q3 24	-$2M	-$2M
Q4 24	-$2M	-$2M
Q1 25	-$12M	-$12M
Q2 25	-$12M	-$12M

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q3 20	$0
Q4 20	$3M
Q4 21	$3M
Q3 22	$7.0K
Q4 22	$7.0K
Q1 23	$0
Q2 23	$0
Q4 23	$0
Q1 24	$511
Q2 24	$511
Q3 24	$877
Q4 24	$877
Q1 25	$0
Q2 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+141.9%	+46.8%
Q3 21	-38.9%	-29.6%
Q4 21	-49.8%	-34.2%
Q1 22	-44.9%	-32.5%
Q2 22	-66.3%	-52.9%
Q3 22	-23.1%	-25.6%
Q4 22	-43.5%	-41.5%
Q1 23	+3.3%	+9.2%
Q2 23	+3.3%	+9.2%
Q4 23	-25.3%	-8.8%
Q1 24	-65.6%	-46.6%
Q2 24	-64.9%	-45.3%
Q3 24	-81.7%	-59.3%
Q4 24	-76.0%	-56.4%
Q1 25	-38.8%	-23.9%
Q2 25	-38.8%	-23.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$1M	13.1%
Q3 20	$0	0.0%
Q4 20	$3M	10.5%
Q4 21	$1M	11.8%
Q3 22	$0	0.0%
Q4 22	$2M	21.9%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$1M	48.0%
Q2 24	$1M	48.0%
Q3 24	$941.7K	76.4%
Q4 24	$941.7K	76.4%
Q1 25	$657.1K	45.5%
Q2 25	$657.1K	45.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 21	$1M	$2M	$12M
Q3 21	$1M	$2M	$9M
Q4 21	$1M	$4M	$11M
Q1 22	$904.0K	$2M	$6M
Q2 22	$904.0K	$2M	$6M
Q3 22	$542.5K	$3M	$4M
Q4 22	$542.5K	$3M	$4M
Q1 23	$560.4K	$2M	$6M
Q2 23	$560.4K	$2M	$6M
Q4 23	$262.7K	$2M	$6M
Q1 24	$635.6K	$2M	$3M
Q2 24	$635.6K	$2M	$3M
Q3 24	$233.1K	$2M	$1M
Q4 24	$233.1K	$2M	$1M
Q1 25	$100.1K	$2M	$2M
Q2 25	$100.1K	$2M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 21	$18M	$0	$18M
Q3 21	$15M	$0	$15M
Q4 21	$9M	$1M	$10M
Q1 22	$5M	$1M	$6M
Q2 22	$5M	$1M	$6M
Q3 22	$10M	$1M	$11M
Q4 22	$10M	$1M	$11M
Q1 23	$3M	$1M	$4M
Q2 23	$3M	$1M	$4M
Q4 23	$1M	$963.2K	$2M
Q1 24	$731.9K	$658.1K	$1M
Q2 24	$731.9K	$658.1K	$1M
Q3 24	$919.9K	$406.9K	$1M
Q4 24	$919.9K	$406.9K	$1M
Q1 25	$156.8K	$458.4K	$615.1K
Q2 25	$156.8K	$0	$156.8K

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	2M	+0.1%	+0.9%
Q3 21	2M	+0.5%	+0.7%
Q4 21	2M	0.0%	+0.6%
Q1 22	2M	+0.5%	+1.1%
Q2 22	2M	0.0%	+1.0%
Q3 22	2M	+6.8%	+7.3%
Q4 22	2M	0.0%	+7.3%
Q1 23	2M	+21.1%	+29.3%
Q2 23	2M	0.0%	+29.3%
Q4 23	2M	+3.6%	+25.5%
Q1 24	2M	+1.7%	+27.6%
Q2 24	2M	0.0%	+5.4%
Q3 24	2M	-2.0%	+3.3%
Q4 24	2M	0.0%	-0.3%
Q1 25	118K	-94.5%	-94.6%
Q2 25	118K	0.0%	-94.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$24.2K	799
Q3 21	$11.2K	799
Q4 21	$19.6K	621
Q1 22	$10.5K	621
Q2 22	$10.5K	621
Q3 22	$11.1K	621
Q4 22	$15.9K	431
Q1 23	$15.6K	431
Q2 23	$15.6K	431
Q4 23	$11.9K	431
Q1 24	$7.3K	324
Q2 24	$7.3K	324
Q3 24	$3.8K	324
Q4 24	$10.6K	116
Q1 25	$12.5K	116
Q2 25	$12.5K	116

Revenue / Employee