Lucide Ledger

A filing-first public record from Lucide House.

Issue 006 | U.S. Pilot | US

TANH

TANTECH HOLDINGS LTD

Screen state: Passing Source state: Verified 20-F | 2026-05-14 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 98.5%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
73,990,681USD
Total Liabilities
13,625,100USD
NCAV
60,365,581USD
Cash
33,019,289USD
NCAV per share
35.42USD/share
Evidence
10 annual | 16 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
4
Unavailable
3
Requires inspection High NCAV Burn since the previous filing 60,365,581
Latest
60,365,5812025-12-31
Comparison
103,126,6442024-12-31
Change
-41.5%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 20-F 2025-12-31 · 0001477932-26-003132; REPORTED_FILING 20-F 2024-12-31

Requires inspection Material 1Y Share Increase 2,303,740
Latest
2,303,7402025-12-31
Comparison
423,1742024-12-31
Change
+444.4%

Basis: 1Y share change >= +2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001477932-26-003132; REPORTED_FILING 20-F 2024-12-31

Requires inspection Negative OCF -5,816,139
Latest
-5,816,1392025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001477932-26-003132

Supporting observation Current Ratio > 1.5 6.59
Latest
6.592025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001477932-26-003132

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Published only when a substantive filing-text profile has been prepared for this issue.

Not available for this issue.

A substantive filing-text profile was not prepared for this company. Financial statement evidence and filing links remain available above for direct inspection.

Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 16 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
USD
2024-12-31
20-F
USD
2023-12-31
20-F
USD
2022-12-31
20-F
USD
2021-12-31
20-F
USD
2020-12-31
20-F
USD
2019-12-31
20-F
USD
2018-12-31
20-F
USD
2017-12-31
20-F
USD
2016-12-31
20-F
USD
Revenue 38,359,163 42,940,136 47,318,420 53,490,294 55,263,673 42,283,670 49,230,570 29,561,399 43,084,397 47,665,674
Operating Income -12,204,968 3,984,318 1,832,065 4,572,763 -8,514,845 -10,344,960 -8,909,088 2,350,169 4,607,448 6,295,491
Net Income -31,023,243 -3,565,285 5,017,546 2,586,196 -8,358,129 -6,520,420 -6,356,967 1,976,767 3,767,215 4,299,251
Cash From Operations -5,816,139 3,985,150 5,260,290 8,293,001 -8,090,458 14,171,560 14,696,912 14,664,880 2,304,035 -7,033,052
Capex 0 -80,525 -182,988 -79,273 -220,308 -144,806 -92,369 -559,038 -82,263 -10,819
Free Cash Flow -5,816,139 3,904,625 5,077,302 8,213,728 -8,310,766 14,026,754 14,604,543 14,105,842 2,221,772 -7,043,871
Cash And Equivalents 33,019,289 35,190,663 29,091,098 18,976,684 43,144,049 37,119,195 12,440,457 7,748,416 9,941,040 5,942,842
Accounts Receivable 27,795,715 32,607,591 n/a 40,174,332 44,962,926 n/a n/a n/a 50,254,977 40,640,892
Inventory 152,353 191,248 1,235,576 898,686 1,069,698 671,251 595,627 1,957,058 2,762,016 1,198,750
Total Current Assets 73,990,681 117,802,393 115,670,579 106,756,817 105,807,889 81,900,747 68,161,627 70,313,944 89,244,885 63,656,829
Total Assets 123,974,476 142,951,806 141,686,597 134,132,004 134,527,058 116,295,245 115,450,777 134,194,014 138,487,726 94,302,667
Total Current Liabilities 11,226,980 11,755,968 17,608,160 13,540,791 21,767,056 16,803,857 19,133,641 22,154,815 26,789,262 14,096,598
Total Liabilities 13,625,100 14,675,749 18,681,365 18,196,610 21,990,347 16,803,857 20,918,516 24,208,327 28,875,348 14,096,598
Shareholders Equity 110,349,376 131,307,732 125,717,984 118,084,358 114,261,338 98,852,542 90,186,045 102,067,591 100,812,918 80,206,069
Shares Outstanding n/a 1,132,658 3,797,089 1,217,906 6,399,460 35,894,097 28,853,242 28,853,242 28,703,242 26,811,935
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 2,303,740 423,174 2,767,449 1,006,169 4,148,737 29,566,243 28,853,242 28,745,571 25,971,912 23,019,185
Weighted Avg Shares Basic 2,303,740 423,174 2,767,449 996,934 4,148,737 29,566,243 28,853,242 28,745,571 25,971,912 23,019,185
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 16 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K
USD
2024-12-31
6-K
USD
2024-06-30
6-K
USD
2023-12-31
6-K
USD
2023-06-30
6-K
USD
2022-12-31
6-K
USD
2022-06-30
6-K
USD
2021-12-31
6-K
USD
2021-06-30
6-K
USD
2021-06-30
6-K
USD
2020-12-31
6-K
USD
2020-06-30
6-K
USD
2020-06-30
6-K
USD
2019-12-31
6-K
USD
2019-12-31
6-K
USD
2019-06-30
6-K
USD
Revenue 20,527,588 42,940,136 21,484,736 47,318,420 19,741,709 53,490,294 26,969,417 55,263,673 20,633,188 20,633,188 42,283,670 22,889,784 22,889,784 49,230,570 49,230,570 20,950,575
Operating Income 3,258,256 3,984,318 2,316,671 3,658,827 1,893,848 5,933,911 3,171,785 -8,514,845 -5,740,392 -5,740,392 -10,344,960 1,804,806 1,804,806 -8,909,088 -8,909,088 1,895,579
Net Income 9,492,549 -3,565,285 1,108,040 5,582,847 1,892,524 2,586,196 1,872,244 -8,358,129 -6,570,478 -6,570,478 -6,520,420 1,224,415 1,224,415 -6,356,967 -6,356,967 665,131
Cash From Operations -3,400,497 5,362,937 4,445,522 5,260,290 -901,876 8,293,001 -2,354,598 -8,090,458 -1,656,029 -1,656,029 14,171,560 2,440,406 2,440,406 14,696,912 14,696,912 11,365,530
Capex -40,000 -80,525 -12,817 -182,988 -184,760 -79,273 -21,879 -220,308 -5,086 -5,086 -144,806 -9,524 -9,524 -92,369 -92,369 -104,815
Free Cash Flow -3,440,497 5,282,412 4,432,705 5,077,302 -1,086,636 8,213,728 -2,376,477 -8,310,766 -1,661,115 -1,661,115 14,026,754 2,430,882 2,430,882 14,604,543 14,604,543 11,260,715
Cash And Equivalents 32,374,918 35,190,663 34,196,461 29,091,098 24,718,222 18,976,684 10,802,613 43,144,049 40,711,801 40,711,801 37,119,195 15,418,825 15,418,825 12,440,457 12,440,457 n/a
Total Current Assets 75,832,183 117,802,393 117,971,350 115,670,579 112,048,158 106,756,817 107,673,710 105,807,889 86,198,453 86,198,453 81,900,747 67,802,071 67,802,071 68,161,627 68,161,627 n/a
Total Liabilities 27,891,381 14,675,749 19,087,122 18,681,365 19,825,841 18,196,610 17,646,334 21,990,347 17,991,957 17,991,957 16,803,857 19,800,468 19,800,468 20,918,516 20,918,516 n/a
Shares Outstanding n/a 1,132,658 8,343,755 3,797,089 3,457,906 1,217,906 1,219,937 266,640 42,874,097 42,874,097 35,894,097 28,853,242 28,853,242 28,853,242 28,853,242 n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 1,353,406 423,174 164,547 2,767,449 1,903,906 1,006,169 789,308 4,148,737 155,224 155,224,000 2,956,624 n/a 28,872,602 2,885,324 2,885,324 28,853,242
Weighted Avg Shares Basic n/a 423,174 5,573,989 2,767,449 1,903,906 996,934 773,083 4,148,737 155,224 155,224,000 2,956,624 n/a 28,872,602 2,885,324 2,885,324 28,853,242
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 75,832,183USD us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Total Liabilities 27,891,381USD us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Cash 32,374,918USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Shares Outstanding 1,353,406 us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
NCAV 47,940,802USD derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 35.42USD derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 98.5% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001588084
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001588084/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
15
Imported At
2026-08-15T12:52:53+00:00
Rendered At
2026-08-16T03:30:06+00:00

Run Audit

Mary Run
63eb9cbe01c34796bb5a9e8d156e6111
Mary As Of
2026-08-15
Accession
0001477932-26-003132
CIK
0001588084
Mary Filing Date
2026-05-14
Filing Currency
USD
Internal Discount
98.5%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=63eb9cbe01c34796bb5a9e8d156e6111; mary_as_of=2026-08-15; mary_filing_date=2026-05-14; mary_accession=0001477932-26-003132; mary_cik=0001588084; gnni_supporting_filing_date=2026-05-14; internal_discount=0.984849; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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