As you said, it's a free token. Whether you sell it at low or high price, you don't have capital for it so its still a profit.
I don't think op knows the meaning of 'selling at a loss' in the context of acquiring free tokens, or ones earned through bounties for that matter. The question is basically meaningless unless you purchased those tokens.
Me? If I either got an airdrop or some tokens through a bounty I'd probably sell them as soon as I could, regardless of the price. Since most ICOs are scams and churn out useless tokens, there's no logical reason to hold onto them, hoping for a higher price. You'd have to be a chump to do that.
Actually if you think deeper you are not losing money compared to those who have invested.
You don't have to think much deeper. You just have to not be an idiot.