Token Cat (TC) has just posted its H1 2025 numbers, with revenue of C¥19.8 million and a net income loss of C¥0.7 million, translating to basic EPS of C¥5.74 loss per share, while trailing 12 month figures show revenue of C¥36.6 million and a net loss of C¥148.0 million, or C¥1,200.49 loss per share. Over recent half year periods the company has seen revenue move from C¥32.3 million in H1 2024 to C¥16.9 million in H2 2024 and then to C¥19.8 million in H1 2025. Over the same periods, EPS shifted from a C¥463.45 loss to a C¥1,142.03 loss and then to a C¥5.74 loss. These figures frame the context for investors assessing how the swings in profitability and still negative margins fit into their expectations for the stock at C¥9.55.

See our full analysis for Token Cat.

With the headline numbers on the table, the next step is to see how this earnings profile lines up against the key narratives investors follow around Token Cat’s growth potential, risk profile, and path toward healthier margins.

TTM loss of C¥148.0 million keeps profitability in focus

• Over the trailing 12 months, Token Cat recorded total revenue of C¥36.6 million against a net loss of C¥148.0 million, so the business is still firmly loss making even as losses have narrowed at an average rate of 2.6% per year over the last five years.
• Bears highlight the continued losses, and the H1 2025 net loss of C¥0.7 million versus C¥147.3 million in H2 2024 tests that cautious view:
  • On a trailing basis, net loss of C¥148.0 million and basic EPS loss of C¥1,200.49 per share sit alongside H2 2024 half year net loss of C¥147.3 million and EPS loss of C¥1,142.03, so recent periods still show heavy losses even if the most recent half year looks lighter.
  • The 2.6% average annual reduction in losses over five years is relatively modest compared with the size of the trailing 12 month loss, which means the bearish focus on profitability pressure is still strongly grounded in the figures provided.

38.4x P/S multiple versus 1.2x peers

• Token Cat is trading on a P/S of 38.4x, compared with a peer average of 1.2x and a US Media industry average of 1.1x, so the stock is priced at a much higher sales multiple than comparable companies while still reporting a trailing 12 month net loss of C¥148.0 million.
• Critics point to this high multiple as a bearish valuation signal, and the current fundamentals back up that concern:
  • With trailing 12 month revenue of C¥36.6 million and no positive earnings to support a P/E metric, investors only have this elevated P/S against loss making operations to frame valuation against the current share price of C¥9.55.
  • The combination of a 38.4x P/S and continuing net losses over multiple reported periods means the bearish view that the stock is expensive relative to its financial profile is closely aligned with the reported data.

Shareholder dilution and older financials add extra risk

• Substantial shareholder dilution over the past year, alongside financial reports that are more than six months old, sits on top of trailing 12 month revenue of C¥36.6 million and a net loss of C¥148.0 million, so recent shareholders have seen both ownership impact and a lag in fresh financial detail.
• What stands out for a more cautious, bearish narrative is how these capital structure and reporting points compound the loss making profile:
  • Dilution means each share now represents a smaller claim on the same C¥36.6 million of trailing revenue and C¥148.0 million loss, which can matter even more when a company is not yet profitable.
  • The fact that the analysis is based on financials older than six months means investors are leaning heavily on these historical numbers when weighing risks tied to capital needs and ongoing losses.

If you want a structured breakdown of how these earnings, valuation multiples, and risks fit into the bigger investment story for Token Cat, it is worth seeing how other investors connect the dots in one place, then comparing that with your own view before making any moves. 📊 Read the what the Community is saying about Token Cat.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Token Cat's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Given the cautious tone of this review, it helps to look past the summary and compare the figures with your own expectations and risk tolerance. Before you decide what this means for your portfolio, take a moment to check the 2 important warning signs

See What Else Is Out There

Token Cat is still loss making on C¥36.6 million of trailing revenue, carries a very high 38.4x P/S multiple, and faces shareholder dilution risk.

If you are uneasy about paying a high sales multiple for a company with ongoing losses and dilution, it is worth checking 51 high quality undervalued stocks to hunt for stocks where current valuations line up more closely with their financial profile.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.