TON Strategy Financials
This page shows TON Strategy (TONX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
TON Strategy has an operating margin of -1301.0%, meaning the company retains $-1301 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -21896.8% the prior year.
TON Strategy's revenue surged 1320.6% year-over-year to $895K, reflecting rapid business expansion. This strong growth earns a score of 100/100.
TON Strategy carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.84, TON Strategy holds $3.84 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While TON Strategy generated -$8.8M in operating cash flow, capex of $342K consumed most of it, leaving -$9.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
TON Strategy generates a -63.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -703.8% the prior year.
TON Strategy passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, TON Strategy generates $0.85 in operating cash flow (-$8.8M OCF vs -$10.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
TON Strategy earns $-49.1 in operating income for every $1 of interest expense (-$11.6M vs $237K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
TON Strategy generated $895K in revenue in fiscal year 2024. This represents an increase of 1320.6% from the prior year.
TON Strategy's EBITDA was -$10.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.8% from the prior year.
TON Strategy generated -$9.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 3.8% from the prior year.
TON Strategy reported -$10.3M in net income in fiscal year 2024. This represents an increase of 53.0% from the prior year.
TON Strategy earned $-19.36 per diluted share (EPS) in fiscal year 2024. This represents an increase of 95.6% from the prior year.
TON Strategy held $8.5M in cash against $0 in long-term debt as of fiscal year 2024.
TON Strategy had 993,120 shares outstanding in fiscal year 2024. This represents an increase of 835.5% from the prior year.
TON Strategy's gross margin was 75.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 5.1 percentage points from the prior year.
TON Strategy's operating margin was -1301.0% in fiscal year 2024, reflecting core business profitability. This is up 20595.8 percentage points from the prior year.
TON Strategy's net profit margin was -1154.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 33757.0 percentage points from the prior year.
TON Strategy's ROE was -63.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 640.1 percentage points from the prior year.
TON Strategy invested $342K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 968.8% from the prior year.
TONX Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6M+70.0% | $2.1M+62.7% | $1.3M+80.5% | $723K+464.8% | $128K+245.9% | $37K+428.6% | $7K-75.9% | $29K |
| Cost of Revenue | $888K+45.3% | $611K+76.1% | $347K+159.0% | $134K+148.1% | $54K+74.2% | $31K+520.0% | $5K+100.7% | -$686K |
| Gross Profit | $2.7M+80.0% | $1.5M+57.8% | $958K+62.6% | $589K+695.9% | $74K+1133.3% | $6K+200.0% | $2K-99.7% | $715K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $24.1M+486.1% | $4.1M+23.4% | $3.3M-17.1% | $4.0M+90.3% | $2.1M-1.4% | $2.1M-27.7% | $3.0M+22.0% | $2.4M |
| Operating Income | -$21.7M-639.9% | -$2.9M-10.3% | -$2.7M+28.3% | -$3.7M-60.5% | -$2.3M+3.9% | -$2.4M+25.2% | -$3.2M-6.8% | -$3.0M |
| Interest Expense | N/A | N/A | $1K0.0% | $1K0.0% | $1K-90.0% | $10K-95.6% | $225K+9.8% | $205K |
| Income Tax | $14.4M+5793.3% | -$253K | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $84.3M+3649.5% | -$2.4M+7.3% | -$2.6M+19.6% | -$3.2M-62.2% | -$2.0M-13.5% | -$1.7M+49.8% | -$3.4M-18.2% | -$2.9M |
| EPS (Diluted) | $2.23 | $-1.79+28.7% | $-2.51 | N/A | $-3.82-14.0% | $-3.35+85.2% | $-22.60 | N/A |
TONX Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $661.9M+2697.6% | $23.7M+28.8% | $18.4M-11.0% | $20.6M-6.8% | $22.1M-7.9% | $24.0M+17.7% | $20.4M+88.4% | $10.8M |
| Current Assets | $58.4M+391.1% | $11.9M-16.5% | $14.3M-13.5% | $16.5M+4.1% | $15.8M-9.9% | $17.6M+21.2% | $14.5M+209.5% | $4.7M |
| Cash & Equivalents | $53.9M+930.5% | $5.2M-26.9% | $7.2M-15.8% | $8.5M-19.2% | $10.5M-38.9% | $17.2M+21.3% | $14.2M+225.8% | $4.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $865K+40.4% | $616K-40.1% | $1.0M+194.0% | $350K | N/A | N/A | N/A | N/A |
| Goodwill | $5.2M0.0% | $5.2M | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $22.4M+420.2% | $4.3M+12.6% | $3.8M-17.1% | $4.6M+12.3% | $4.1M-0.4% | $4.1M-35.8% | $6.4M-16.7% | $7.7M |
| Current Liabilities | $7.8M+119.1% | $3.6M-2.1% | $3.6M-15.1% | $4.3M+10.0% | $3.9M+0.4% | $3.9M-37.0% | $6.2M-14.2% | $7.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $639.1M+3197.8% | $19.4M+32.8% | $14.6M-9.9% | $16.2M-10.1% | $18.0M-9.4% | $19.9M+42.2% | $14.0M+348.0% | $3.1M |
| Retained Earnings | -$108.8M+43.3% | -$192.1M-1.3% | -$189.7M-1.4% | -$187.1M-1.9% | -$183.7M-1.5% | -$180.9M-1.0% | -$179.1M-2.0% | -$175.6M |
TONX Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.4M-312.1% | -$2.3M-113.6% | -$1.1M+42.6% | -$1.9M-12.9% | -$1.7M+45.7% | -$3.0M-37.7% | -$2.2M-4.1% | -$2.1M |
| Capital Expenditures | $14K+600.0% | $2K-97.0% | $66K-58.8% | $160K+52.4% | $105K+94.4% | $54K+134.8% | $23K+130.0% | $10K |
| Free Cash Flow | -$9.4M-312.4% | -$2.3M-101.4% | -$1.1M+43.9% | -$2.0M-15.3% | -$1.8M+43.3% | -$3.1M-38.7% | -$2.2M-4.6% | -$2.1M |
| Investing Cash Flow | -$290.0M-6588.6% | -$4.3M-2752.6% | -$152K | N/A | -$5.1M-6132.9% | -$82K-100.0% | -$41K | N/A |
| Financing Cash Flow | $348.1M+7307.1% | $4.7M+4083.1% | -$118K | N/A | $80K-98.7% | $6.1M-49.2% | $12.1M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TONX Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 75.4%+4.2pp | 71.2%-2.2pp | 73.4%-8.1pp | 81.5%+23.7pp | 57.8%+41.6pp | 16.2%-12.3pp | 28.6%-2436.9pp | 2465.5% |
| Operating Margin | -601.5%-463.3pp | -138.2%+65.6pp | -203.8%+309.4pp | -513.1%+1293.1pp | -1806.3%+4693.8pp | -6500.0%+39457.1pp | -45957.1%-35570.9pp | -10386.2% |
| Net Margin | 2336.8%+2448.7pp | -111.9%+84.6pp | -196.5%+244.5pp | -440.9%+1094.2pp | -1535.2%+3143.2pp | -4678.4%+44535.9pp | -49214.3%-39162.6pp | -10051.7% |
| Return on Equity | 13.2%+25.5pp | -12.3%+5.3pp | -17.6%+2.1pp | -19.7%-8.8pp | -10.9%-2.2pp | -8.7%+15.9pp | -24.6%+68.7pp | -93.3% |
| Return on Assets | 12.7%+22.8pp | -10.0%+3.9pp | -14.0%+1.5pp | -15.4%-6.6pp | -8.9%-1.7pp | -7.2%+9.7pp | -16.9%+10.0pp | -26.9% |
| Current Ratio | 7.48+4.1 | 3.34-0.6 | 3.91+0.1 | 3.84-0.2 | 4.05-0.5 | 4.52+2.2 | 2.35+1.7 | 0.65 |
| Debt-to-Equity | 0.04-0.2 | 0.22-0.0 | 0.26-0.0 | 0.28+0.1 | 0.23+0.0 | 0.21-0.3 | 0.46-2.0 | 2.47 |
| FCF Margin | -261.4%-153.7pp | -107.8%-20.7pp | -87.1%+192.9pp | -279.9%+1091.9pp | -1371.9%+6993.0pp | -8364.9%+23520.9pp | -31885.7%-24530.5pp | -7355.2% |
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Frequently Asked Questions
What is TON Strategy's annual revenue?
TON Strategy (TONX) reported $895K in total revenue for fiscal year 2024. This represents a 1320.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is TON Strategy's revenue growing?
TON Strategy (TONX) revenue grew by 1320.6% year-over-year, from $63K to $895K in fiscal year 2024.
Is TON Strategy profitable?
No, TON Strategy (TONX) reported a net income of -$10.3M in fiscal year 2024, with a net profit margin of -1154.1%.
What is TON Strategy's earnings per share (EPS)?
TON Strategy (TONX) reported diluted earnings per share of $-19.36 for fiscal year 2024. This represents a 95.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is TON Strategy's EBITDA?
TON Strategy (TONX) had EBITDA of -$10.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is TON Strategy's gross margin?
TON Strategy (TONX) had a gross margin of 75.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is TON Strategy's operating margin?
TON Strategy (TONX) had an operating margin of -1301.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is TON Strategy's net profit margin?
TON Strategy (TONX) had a net profit margin of -1154.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is TON Strategy's return on equity (ROE)?
TON Strategy (TONX) has a return on equity of -63.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is TON Strategy's free cash flow?
TON Strategy (TONX) generated -$9.1M in free cash flow during fiscal year 2024. This represents a -3.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is TON Strategy's operating cash flow?
TON Strategy (TONX) generated -$8.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are TON Strategy's total assets?
TON Strategy (TONX) had $20.6M in total assets as of fiscal year 2024, including both current and long-term assets.
What are TON Strategy's capital expenditures?
TON Strategy (TONX) invested $342K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How many shares does TON Strategy have outstanding?
TON Strategy (TONX) had 993,120 shares outstanding as of fiscal year 2024.
What is TON Strategy's current ratio?
TON Strategy (TONX) had a current ratio of 3.84 as of fiscal year 2024, which is generally considered healthy.
What is TON Strategy's debt-to-equity ratio?
TON Strategy (TONX) had a debt-to-equity ratio of 0.28 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is TON Strategy's return on assets (ROA)?
TON Strategy (TONX) had a return on assets of -50.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is TON Strategy's cash runway?
Based on fiscal year 2024 data, TON Strategy (TONX) had $8.5M in cash against an annual operating cash burn of $8.8M. This gives an estimated cash runway of approximately 12 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is TON Strategy's Piotroski F-Score?
TON Strategy (TONX) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are TON Strategy's earnings high quality?
TON Strategy (TONX) has an earnings quality ratio of 0.85x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can TON Strategy cover its interest payments?
TON Strategy (TONX) has an interest coverage ratio of -49.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is TON Strategy?
TON Strategy (TONX) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.