TON Strategy Company (TONX) Financials
Ticker history: VERB became TONX (TON Strategy Company) on . Earlier news and filings retain their original names and dates. View VERB history.
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 4, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 11, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TONX SEC filings page.
TON Strategy Company (TONX) reported $12.8M in revenue for fiscal year 2025, up 1327.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
FY2025 revenue scaled sharply, but overhead still overwhelmed gross profit, while financing—not operations—reshaped the balance sheet.
Assets expanded from$20.6M in FY2024 to$411.2M in FY2025, a scale change that needs to be read alongside the capital structure. Financing cash flow was$346.5M while operating cash flow was-$20.8M , so the balance-sheet expansion came through financing rather than cash generated by the business.
Gross margin was
Capital spending was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of TON Strategy Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
TON Strategy Company held $41.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $20.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and TON Strategy Company scores 52/100 among other emerging companies.
TON Strategy Company had 57M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and TON Strategy Company scores 91/100 among other emerging companies.
Not available for TON Strategy Company, so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
TON Strategy Company reported revenue of $12.8M in fiscal year 2025, against $895K in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and TON Strategy Company scores 98/100 among other emerging companies.
TON Strategy Company's operations used $20.8M of cash in fiscal year 2025, against $8.8M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and TON Strategy Company scores 18/100 among other emerging companies.
TON Strategy Company's cash, cash equivalents and investments came to $41.1M at the end of fiscal year 2025, against $4.8M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and TON Strategy Company scores 95/100 among other emerging companies.
TON Strategy Company scores 18.80, well above the 2.99 safe threshold. The largest contribution to the score comes from a market capitalization of $159.7M against total liabilities of $4.8M. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
TON Strategy Company passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
TON Strategy Company reported a net loss of $148.5M while operations used $20.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.
TON Strategy Company reported an operating loss of $36.4M against $1K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
TON Strategy Company generated $15.0M in revenue in Q2 2026. This represents an increase of 607.4% from the same quarter a year earlier. Against the prior quarter it is up 185.9%.
TON Strategy Company's EBITDA was $482K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
TON Strategy Company reported $76.8M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
TON Strategy Company earned $1.31 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
TON Strategy Company held $28.8M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
TON Strategy Company's gross margin was 94.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 23.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 19.6 percentage points.
TON Strategy Company's operating margin was 3.2% in Q2 2026, reflecting core business profitability. This is up 62.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 77.2 percentage points.
TON Strategy Company's quarterly ROE was 19.3% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 31.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 48.0 percentage points.
Not shown for Q2 2026: the reported ratio is above 100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for Q2 2026.
TONX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M+607.4% | $5.3M+302.5% | $5.7M+694.2% | $3.6M+2719.5% | $2.1M+5637.8% | $1.3M+18542.9% | $723K+2393.1% | $128K+341.4% |
| Cost of Revenue | $766K+25.4% | $1.3M+117.4% | $1.8M+1242.5% | $888K+1544.4% | $611K+1871.0% | $596K+11820.0% | $134K | $54K+980.0% |
| Gross Profit | $14.3M+842.7% | $4.0M+458.1% | $3.9M+569.4% | $2.7M+3577.0% | $1.5M+25100.0% | $709K+35350.0% | $589K-17.6% | $74K+208.3% |
| SG&A Expenses | $9.6M+976.4% | $7.8M+134.9% | $12.6M+213.0% | $24.1M+1040.0% | $891K-58.4% | $3.3M+12.4% | $4.0M+65.6% | $2.1M-25.9% |
| Operating Income | $479Kn/m | -$3.9Mn/m | -$10.8Mn/m | -$21.7Mn/m | -$1.3Mn/m | -$2.7Mn/m | -$3.7Mn/m | -$2.3Mn/m |
| EBITDA | $482Kn/m | -$3.9Mn/m | -$10.5Mn/m | -$21.4Mn/m | -$926Kn/m | -$2.4Mn/m | -$3.4Mn/m | -$2.0Mn/m |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $1K-99.6% | $1K-99.5% | $1K-99.5% |
| Income Tax | $2K+100.0% | N/A | -$14.4M | $14.4M | $1K | N/A | N/A | N/A |
| Net Income | $76.8Mn/m | -$91.0Mn/m | -$227.9Mn/m | $84.3Mn/m | -$2.4Mn/m | -$2.6Mn/m | -$3.2Mn/m | -$2.0Mn/m |
| EPS (Basic) | $1.32 | -$1.56 | N/A | $2.23 | -$1.79 | -$2.51 | -$2.20 | -$3.82 |
| EPS (Diluted) | $1.31 | -$1.56 | N/A | $2.23 | -$1.79 | -$2.51 | -$2.20 | -$3.82 |
| Diluted Shares (Avg) | 59M | 58M | N/A | 37M | 1M | 1M | N/A | 710,106 |
Not reported in any period shown, so not listed: R&D Expenses.
TONX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $403.5M+1605.7% | $321.7M+1651.2% | $411.2M+1892.6% | $661.9M+2889.9% | $23.7M-1.6% | $18.4M-10.1% | $20.6M+90.4% | $22.1M+174.4% |
| Current Assets | $31.7M+166.4% | $37.4M+162.2% | $42.4M+157.3% | $58.4M+269.3% | $11.9M-32.3% | $14.3M-1.7% | $16.5M+251.6% | $15.8M+1100.7% |
| Cash & Equivalents | $28.8M+450.4% | $34.8M+386.1% | $39.5M+418.5% | $53.9M+412.8% | $5.2M-69.6% | $7.2M-49.5% | $7.6M+75.0% | $10.5M+1045.4% |
| Short-Term Investments | $404K-92.1% | $0-100.0% | $0-100.0% | $0-100.0% | $5.1Mn/m | $5.1Mn/m | $4.9Mn/m | $5.1Mn/m |
| Accounts Receivable | N/A | $438K-57.4% | $441K+26.0% | $865K | $616K | $1.0M | $350K | N/A |
| Long-Term Investments | $938K+2.7% | $1.7M+535.7% | $1.6Mn/m | $1.3Mn/m | $913Kn/m | $263Kn/m | $0n/m | $0n/m |
| Goodwill | N/A | $5.2M | $5.2M | $5.2M | $5.2M | N/A | N/A | N/A |
| Total Liabilities | $5.0M+16.1% | $5.1M+33.2% | $4.8M+3.4% | $22.4M+445.8% | $4.3M+4.5% | $3.8M-40.4% | $4.6M-40.2% | $4.1M-53.2% |
| Current Liabilities | $5.0M+39.0% | $5.0M+38.2% | $4.6M+6.9% | $7.8M+100.2% | $3.6M-8.3% | $3.6M-40.9% | $4.3M-40.3% | $3.9M-53.8% |
| Non-Current Liabilities | $46K-93.8% | $63K-65.6% | $180K-43.8% | $14.6M+7025.9% | $744K+216.6% | $183K-28.8% | $320K-39.2% | $205K-37.1% |
| Total Equity | $398.8M+1957.7% | $316.6M+2068.9% | $406.5M+2408.9% | $639.1M+3444.9% | $19.4M-2.7% | $14.6M+4.2% | $16.2M+418.5% | $18.0Mn/m |
| Retained Earnings | -$351.0Mn/m | -$427.8Mn/m | -$336.7Mn/m | -$108.8Mn/m | -$192.1Mn/m | -$189.7Mn/m | -$187.1Mn/m | -$183.7Mn/m |
Not reported in any period shown, so not listed: Inventory, Long-Term Debt.
TONX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M-692.9% | -$4.7Mn/m | -$8.0Mn/m | -$12.7Mn/m | $1.0Mn/m | -$1.1Mn/m | -$1.9Mn/m | -$1.7Mn/m |
| Depreciation & Amortization | $3K-99.1% | $19K-93.4% | $342K+22.6% | $341K+24.9% | $336K+24.9% | $286K+11.7% | $279K-53.6% | $273K-51.6% |
| Stock-Based Compensation | N/A | $1.1M+17.1% | N/A | $15.0M+6740.5% | N/A | $958K+153.4% | N/A | $220K |
| Capital Expenditures | N/A | $9K-86.4% | $6K-96.3% | $14K-86.7% | $2K-96.3% | $66K+187.0% | $160K+1500.0% | $105K+517.6% |
| Free Cash Flow | N/A | -$4.7Mn/m | -$8.0Mn/m | -$12.7Mn/m | $1.0Mn/m | -$1.1Mn/m | -$2.0Mn/m | -$1.8Mn/m |
| Investing Cash Flow | N/A | -$21Kn/m | -$36Kn/m | -$290.0Mn/m | -$4.3Mn/m | -$152Kn/m | -$151K | -$5.1M |
| Financing Cash Flow | N/A | N/A | -$6.2Mn/m | $348.1M+435065.0% | $4.7M-23.4% | -$118K-101.0% | -$5K | $80K |
| Share Buybacks | N/A | N/A | $6.3M | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TONX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.9%+23.7pp | 75.3%+21.0pp | 68.7%-12.8pp | 75.4%+17.6pp | 71.2%+55.0pp | 54.3%+25.8pp | 81.5% | 57.8%-25.0pp |
| Operating Margin | 3.2%+62.6pp | -74.0% | -188.3% | -601.5% | -59.4% | -203.8% | -513.1% | -1806.3% |
| Net Margin | 511.0% | -1733.1% | -3968.6% | 2336.8% | -111.9% | -196.5% | -440.9% | -1535.2% |
| Return on Equity | 19.3%+31.5pp | -28.8%-11.2pp | -56.1%-36.4pp | 13.2%+24.1pp | -12.3%-3.6pp | -17.6%+7.0pp | -19.7%+73.6pp | -10.9% |
| Return on Assets | 19.0%+29.1pp | -28.3%-14.3pp | -55.4%-40.0pp | 12.7%+21.6pp | -10.0%-2.8pp | -14.0%+2.9pp | -15.4%+11.4pp | -8.9%+37.1pp |
| Current Ratio | 6.39+3.1x | 7.42+3.5x | 9.23+5.4x | 7.48+3.4x | 3.34-1.2x | 3.91+1.6x | 3.84+3.2x | 4.05+3.9x |
| Liabilities-to-Equity | 0.01-0.2x | 0.02-0.2x | 0.01-0.3x | 0.04-0.2x | 0.220.0x | 0.26-0.2x | 0.28-2.2x | 0.23 |
| Asset Turnover | 0.04-0.1x | 0.02-0.1x | 0.010.0x | 0.010.0x | 0.09+0.1x | 0.07+0.1x | 0.040.0x | 0.010.0x |
| FCF Margin | N/A | -89.4%-2.3pp | -139.3% | -352.6% | 47.2% | -87.1% | -279.9% | -1371.9% |
Not reported in any period shown, so not listed: Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| TON Strategy Company TONX | FY2025 | $12.8M | -$148.5M | N/A | $159.7M | 71/100 |
| AudioEye, Inc. AEYE | FY2025 | $40.3M | -$3.1M | -7.6% | $163.5M | 56/100 |
| eGain Corporation EGAN | FY2026 | $91.1M | $8.9M | 9.7% | $161.7M | 52/100 |
| Marti Technologies, Inc. MRT | FY2025 | $39.2M | -$41.4M | N/A | $175.9M | 37/100 |
| DHI Group, Inc. DHX | FY2025 | $127.8M | -$13.5M | -10.6% | $201.9M | 19/100 |
| Currenc Group Inc. CURR | FY2025 | $37.8M | -$18.4M | -48.7% | $199.9M | 55/100 |
Where TON Strategy Company Ranks
Frequently Asked Questions
TON Strategy Company (TONX) reported $12.8M in total revenue for fiscal year 2025. This represents a 1327.8% 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.
TON Strategy Company (TONX) revenue grew by 1327.8% year-over-year, from $895K to $12.8M in fiscal year 2025.
No, TON Strategy Company (TONX) reported a net loss of $148.5M in fiscal year 2025.
TON Strategy Company (TONX) had EBITDA of -$35.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
TON Strategy Company (TONX) had a gross margin of 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
TON Strategy Company (TONX) has a return on equity of -36.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
TON Strategy Company (TONX) recorded an outflow of $20.9M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
TON Strategy Company (TONX) recorded an outflow of $20.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
TON Strategy Company (TONX) had $411.2M in total assets as of fiscal year 2025, including both current and long-term assets.
TON Strategy Company (TONX) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
TON Strategy Company (TONX) had a current ratio of 9.23 as of fiscal year 2025, which is generally considered healthy.
TON Strategy Company (TONX) had a liabilities-to-equity ratio of 0.01 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
TON Strategy Company (TONX) had a return on assets of -36.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
TON Strategy Company (TONX) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $159.7M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
TON Strategy Company (TONX) trades at 5.4x sales, its market capitalization divided by $29.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $159.7M as of Nov 4, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
At the end of fiscal year 2025, TON Strategy Company (TONX) held $41.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $20.8M over that year. Dividing the one by the other, the reported balance equals about 24 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
TON Strategy Company (TONX) has an Altman Z-Score of 18.80, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
TON Strategy Company (TONX) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
TON Strategy Company (TONX) reported a net loss of $148.5M while operations used $20.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
TON Strategy Company (TONX) reported an operating loss of $36.4M against $1K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.
TON Strategy Company (TONX) scores 71 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is the average of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. For TON Strategy Company it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.