Earnings ·
Token Cat reports $28.1M net loss on RMB19.4M revenue amid RMB165.3M impairment and share issuance for digital assets
TCToken Cat Ltd
Token Cat Limited reported a net loss of US$28.1 million (RMB190.9 million) for the six months ended June 30, 2026, compared to a net loss of $0.7 million in the prior year period. Revenue from continuing operations reached RMB19.4 million ($2.9 million), generated entirely by its automotive electronics resale and advertising businesses following the disposition of legacy auto show operations. The company recognized a significant RMB165.3 million impairment charge on prepayments for an MCN live-streaming business that failed to deliver equipment or services. Additionally, Token Cat issued approximately 96 billion Class A ordinary shares in February 2026 in exchange for MFT digital tokens and received 3.4 million tokens in August; however, the company has not monetized these assets, leaving a substantial stock subscription receivable on its balance sheet. The company operates in the automotive electronics resale and digital advertising sectors.