TC Nasdaq Services-Business Services, Nec Financials FY2016βFY2025
Token Cat Ltd had $0.8M of revenue in fiscal 2025, down 87.9% on the year before. Over five years, revenue changed β55.6% a year on average.
Hi! I read Token Cat Ltdβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β87.9%
No. Sales fell 87.9% last year.
Does it make a profit?
38.3%
Yes. It keeps 38.3% of every sale as profit.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Token Cat Ltd had $0.8M of revenue in fiscal 2025, down 87.9% on the year before. Over five years, revenue changed β55.6% a year on average. Its operating margin was β582.4%, down 506.0Β pts: of every 100 in sales, about β582 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
KIRA Β· Token Cat Ltd made $0.3M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
KIRA Β· Token Cat Ltd owes $0.7M more than it holds in cash.
Cash, debt and the ratios that show how comfortably Token Cat Ltd can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.0M | $10.1M | $1.3M | $0.9M | $0.1M |
| Debt incl. finance leases | $1.1M | $0.7M | $2.6M | $5.7M | $0.9M |
| Debt / equity | 0.0x | 0.1x | 1.0x | β | 0.0x |
| Current ratio | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Quick ratio | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Total assets | $55.6M | $34.1M | $16.8M | $6.0M | $24.7M |
| Total liabilities | $25.2M | $20.7M | $14.1M | $25.3M | $5.8M |
| Shareholders' equity | $30.6M | $13.4M | $2.7M | β$19.3M | $18.9M |
| Net debt (β = net cash) | β$8.9M | β$9.4M | $1.3M | $4.9M | $0.7M |
KIRA Β· Its return on capital was β19.3%: every 100 invested in the business earned about β19 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
KIRA Β· Token Cat Ltd passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 5 / 9 | 2 / 8 | 3 / 8 | 4 / 8 | 2 / 9 | 3 / 9 | 2 / 9 | 4 / 9 |
| Accruals ratio | β | β26.5% | β6.2% | β13.8% | β14.0% | β2.3% | β18.8% | β4.5% | β186.4% | 161.7% |
| Altman Z'' | β | β21.31 | 7.55 | 0.34 | β4.87 | β8.88 | β16.93 | β36.23 | β121.21 | β18.69 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $17.7M | $41.5M | $98.4M | $93.3M | $47.8M | $55.4M | $27.2M | $22.9M | $6.8M | $0.8M |
| Gross profit | $15.0M | $28.8M | $70.7M | $66.3M | $35.0M | $42.2M | $16.7M | $13.2M | $4.7M | $0.0M |
| Research and development | $2.9M | $2.4M | $2.9M | $6.3M | $5.0M | $5.5M | $2.9M | $1.6M | $1.7M | β |
| Operating income | β$12.2M | β$10.6M | β$10.3M | β$37.8M | β$24.8M | β$17.2M | β$17.7M | β$3.5M | β$5.2M | β$4.8M |
| Pretax income | β$12.3M | β$11.2M | β$11.3M | β$36.4M | β$23.8M | β$15.8M | β$25.5M | β$0.4M | β$13.1M | $5.9M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | β$0.1M | $0.0M | β$0.8M | $0.0M | β | β |
| Net income | β$13.0M | β$13.4M | β$11.9M | β$36.4M | β$23.7M | β$15.8M | β$24.7M | β$11.7M | β$26.1M | $0.3M |
| Net income to common | β$15.6M | β$16.5M | β$17.2M | β$36.3M | β$23.6M | β$15.8M | β$24.7M | β$11.7M | β$26.1M | $0.3M |
| Diluted EPS | β | β | β | β$1.97 | β$1.25 | β$0.82 | β$1.24 | β$0.45 | β$0.80 | β |
| Diluted shares | 0.01B | 0.01B | 0.01B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.04B |
| Cash flow | ||||||||||
| Cash from operations | β$8.1M | β$8.8M | β$8.1M | β$23.4M | β$12.9M | β$14.3M | β$16.3M | β$10.6M | β$4.8M | β$24.5M |
| Capital expenditure | $0.0M | $0.0M | $3.1M | $1.9M | $0.3M | $0.2M | $0.0M | β | $0.0M | β |
| Free cash flow | β$8.2M | β$8.9M | β$11.2M | β$25.3M | β$13.2M | β$14.5M | β$16.3M | β | β$4.8M | β |
| Depreciation and amortization | $0.2M | $0.1M | $0.2M | $0.5M | $0.4M | $0.5M | $0.3M | β | β | β |
| Stock-based compensation | $0.4M | $0.3M | $11.8M | $16.0M | $2.5M | $1.5M | $1.5M | $1.3M | $3.9M | $3.4M |
| Share buybacks | β | β | β | $2.0M | β | β | β | β | β | β |
| Dividends and buybacks | β | β | β | $2.0M | β | β | β | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.6M | $10.9M | $84.1M | $27.9M | $16.8M | $10.0M | $10.1M | $1.3M | $0.9M | $0.1M |
| Total debt | β | $4.3M | $0.0M | β | β | $1.1M | $0.7M | $2.6M | $5.7M | $0.9M |
| Current assets | β | $16.8M | $102M | $76.3M | $47.6M | $32.4M | $25.2M | $8.7M | $5.2M | $24.7M |
| Current liabilities | β | $26.3M | $18.0M | $20.4M | $26.9M | $23.9M | $15.7M | $12.2M | $14.1M | $2.3M |
| Property and equipment, net | β | $0.1M | $1.7M | $2.9M | $0.9M | $0.5M | β | β | β | β |
| Goodwill | β | β | β | β | $17.7M | $18.2M | $6.6M | $6.4M | β | β |
| Intangible assets | β | β | β | β | $3.3M | $2.8M | β | β | β | β |
| Total assets | β | $17.3M | $106M | $81.5M | $72.6M | $55.6M | $34.1M | $16.8M | $6.0M | $24.7M |
| Total liabilities | β | $27.2M | $18.0M | $20.7M | $28.7M | $25.2M | $20.7M | $14.1M | $25.3M | $5.8M |
| Shareholders' equity | β$41.8M | β$61.5M | $87.5M | $60.9M | $44.1M | $30.6M | $13.4M | $2.7M | β$19.3M | $18.9M |
| Margins | ||||||||||
| Gross margin | 84.9% | 69.5% | 71.8% | 71.1% | 73.1% | 76.1% | 61.5% | 57.5% | 68.3% | 2.8% |
| Operating margin | β69.1% | β25.6% | β10.5% | β40.5% | β51.9% | β31.0% | β65.1% | β15.1% | β76.4% | β582.4% |
| EBITDA margin | β68.1% | β25.2% | β10.3% | β39.9% | β51.0% | β30.1% | β64.0% | β | β | β |
| Net margin | β73.8% | β32.3% | β12.1% | β39.0% | β49.5% | β28.5% | β90.9% | β51.1% | β382.3% | 38.3% |
| FCF margin | β46.1% | β21.4% | β11.4% | β27.1% | β27.5% | β26.1% | β60.0% | β | β70.6% | β |
| Returns | ||||||||||
| Return on capital | β | β | β238.4% | β | β | β62.5% | β349.8% | β68.0% | β | β19.3% |
| Return on capital employed | β | 118.7% | β11.7% | β61.9% | β54.4% | β54.2% | β96.5% | β75.5% | 64.7% | β21.4% |
| Return on equity | β | β | β91.3% | β49.0% | β45.1% | β42.3% | β112.3% | β144.7% | β | β |
| Return on assets | β | β77.4% | β19.4% | β38.9% | β30.8% | β24.7% | β55.1% | β46.0% | β228.7% | 2.1% |
| Return on tangible equity | β | β | β19.6% | β59.6% | β102.3% | β163.8% | β361.2% | β | β | 1.7% |
| Growth | ||||||||||
| Revenue growth | β | 135.1% | 136.9% | β5.2% | β48.7% | 15.9% | β50.9% | β15.7% | β70.2% | β87.9% |
| Share count change | β | 6.1% | 28.5% | 141.9% | 3.2% | 0.8% | 4.2% | 27.3% | 27.9% | 9.4% |
| Financial health | ||||||||||
| Debt / equity | β | β | 0.0x | β | β | 0.0x | 0.1x | 1.0x | β | 0.0x |
| Current ratio | β | 0.6x | 5.6x | 3.7x | 1.8x | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Quick ratio | β | 0.6x | 5.6x | 3.7x | 1.8x | 1.4x | 1.6x | 0.7x | 0.4x | 10.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.1% | 0.1% | 3.2% | 2.1% | 0.6% | 0.3% | 0.1% | β | 0.0% | β |
| Stock comp / revenue | 2.4% | 0.7% | 12.0% | 17.1% | 5.3% | 2.7% | 5.6% | 5.9% | 57.7% | 414.9% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 5.0 | 2.0 | 3.0 | 4.0 | 2.0 | 3.0 | 2.0 | 4.0 |
| Altman Z'' | β | β21.3 | 7.5 | 0.3 | β4.9 | β8.9 | β16.9 | β36.2 | β121.2 | β18.7 |
| Accruals ratio | β | β26.5% | β6.2% | β13.8% | β14.0% | β2.3% | β18.8% | β4.5% | β186.4% | 161.7% |
Source: SEC EDGAR XBRL filings (CIK 0001743340). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. Per-share figures are per US-listed share (1 ADS = 16 ordinary shares). For information only β not investment advice. Check the original filings before relying on any figure.
