TON Strategy Co
TONX- Exchange
- Nasdaq
- Industry
- Finance Services
- SEC CIK
- 0001566610
In the last 90 days, TON Strategy Co insiders filed 0 open-market purchases and 5 sales; 40 institutions reported holding it in 13F filings for Q2 2026, worth $86.3M in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 8, 2026, 1:32 PM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Net loss for FY2025: $148.5M (1161.9% of revenue).
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 31, 2026 | – | – | – | – |
| Revenue | $12.8M | $895.0K | $63.0K | $9.44M | $10.5M |
| Cost of revenue | $3.89M | $224.0K | – | $3.31M | $4.50M |
| Gross profit | – | – | – | $6.12M | $6.02M |
| Operating expenses | $49.2M | $12.5M | $13.9M | $44.9M | $39.7M |
| Research and development | – | – | – | $5.19M | $12.3M |
| Selling, general and administrative | $40.9M | $11.2M | $11.5M | $25.2M | $25.7M |
| Operating income | -$36.4M | -$11.6M | -$13.8M | -$38.8M | -$33.7M |
| Interest expense | – | – | $1.19M | $2.95M | $2.58M |
| Income tax | -$234.0K | – | – | – | $1.00K |
| Net income | -$148.5M | -$10.3M | -$22.0M | -$37.4M | -$34.5M |
| EPS, basic | $-5.96 | $-19.36 | $-2.21 | $-0.39 | – |
| EPS, diluted | $-5.96 | $-19.36 | $-2.21 | – | – |
| Weighted shares, basic | 25.1M | 592.5K | 6.80M | 97.1M | – |
| Weighted shares, diluted | 25.1M | 592.5K | 6.80M | – | – |
| Margins and growth | |||||
| Gross margin | – | – | – | 64.9% | 57.2% |
| Operating margin | -285.2% | -1301.0% | -21896.8% | -411.1% | -320.3% |
| Net margin | -1161.9% | -1154.1% | -34911.1% | -396.8% | -327.7% |
| Revenue growth, year over year | +1,327.8% | +1,320.6% | −99.3% | −10.3% | +5.6% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 31, 2026 | – | – | – | – |
| Cash and equivalents | $39.5M | $8.49M | $4.35M | $2.43M | $937.0K |
| Short-term investments | – | $4.91M | – | – | – |
| Accounts receivable | – | – | – | $1.02M | $1.38M |
| Inventory | – | – | – | – | $28.0K |
| Total current assets | $42.4M | $16.5M | $4.68M | $4.06M | $3.19M |
| Property, plant and equipment | $258.0K | $331.0K | $43.0K | $537.0K | $702.0K |
| Goodwill | $5.17M | – | – | $9.58M | $19.8M |
| Intangible assets | $48.0K | $178.0K | $117.0K | $833.0K | $3.95M |
| Total assets | $411.2M | $20.6M | $10.8M | $24.5M | $34.4M |
| Accounts payable | – | $731.0K | $1.41M | $4.64M | – |
| Short-term debt | – | – | $5.83M | $6.82M | $4.18M |
| Total current liabilities | $4.59M | $4.29M | $7.19M | $16.5M | $17.9M |
| Total liabilities | $4.77M | $4.61M | $7.71M | $19.3M | $21.1M |
| Shareholders' equity | $406.4M | $16.0M | $3.13M | $5.17M | $13.3M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Mar 31, 2026 | – | – | – | – |
| Operating cash flow | -$20.8M | – | – | -$19.4M | -$25.9M |
| Capital expenditures | $88.0K | $342.0K | $32.0K | $24.0K | $26.0K |
| Free cash flow | -$20.9M | – | – | -$19.4M | -$25.9M |
| Depreciation and amortization | $1.30M | $1.08M | $2.33M | $2.53M | $1.68M |
| Stock-based compensation | $19.1M | $2.08M | $2.50M | $4.46M | $5.67M |
| Share buybacks | $20.6M | – | – | – | – |
| Investing cash flow | -$294.5M | – | – | -$4.75M | -$2.26M |
| Financing cash flow | $346.5M | – | – | $25.6M | $27.2M |
| Net change in cash | $31.2M | $4.14M | $1.92M | $1.49M | -$878.0K |
| Ratio | |||||
| Stock-based compensation, % of revenue | 149.7% | 232.3% | 3973.0% | 47.2% | 53.9% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Aug 4, 2026 | 55.1M | +2,801.6% | SEC |
| May 6, 2026 | 56.5M | +3,886.8% | SEC |
| Mar 24, 2026 | 56.5M | +4,978.5% | SEC |
| Nov 5, 2025 | 59.1M | +5,850.3% | SEC |
| Aug 1, 2025 | 1.90M | −98.7% | SEC |
| May 8, 2025 | 1.42M | −98.6% | SEC |
| Mar 19, 2025 | 1.11M | −98.6% | SEC |
| Nov 1, 2024 | 993.1K | −93.9% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.