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 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).
A financing-driven balance-sheet expansion, not operating momentum, is the dominant mechanic visible in FY2025.
Between FY2024 and FY2025, cash rose to$39.5M from$7.6M and equity to$406.5M from$16.2M , even as operating cash burn worsened to-$20.8M . The pairing of a$346.5M financing inflow with a-$294.5M investing outflow shows the stronger balance sheet came from capital raised and redeployed, not from the business becoming self-funding.
Across FY2023-FY2025, gross margin stayed near
FY2025 looks like a small operating business inside a much larger asset base: revenue was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of TON Strategy'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 has an operating margin of -285.2%, meaning the company retains $-285 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 -1301.0% the prior year.
TON Strategy's revenue surged 1327.8% year-over-year to $12.8M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
TON Strategy carries a low D/E ratio of 0.01, meaning only $0.01 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 9.23, TON Strategy holds $9.23 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While TON Strategy generated -$20.8M in operating cash flow, capex of $88K consumed most of it, leaving -$20.9M 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 -36.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -63.7% the prior year.
TON Strategy passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, TON Strategy generates $0.14 in operating cash flow (-$20.8M OCF vs -$148.5M 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 $-36442.0 in operating income for every $1 of interest expense (-$36.4M vs $1K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
TON Strategy generated $12.8M in revenue in fiscal year 2025. This represents an increase of 1327.8% from the prior year.
TON Strategy's EBITDA was -$35.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 232.5% from the prior year.
TON Strategy reported -$148.5M in net income in fiscal year 2025. This represents a decrease of 1337.5% from the prior year.
TON Strategy earned $-5.96 per diluted share (EPS) in fiscal year 2025. This represents an increase of 69.2% from the prior year.
Cash & Balance Sheet
TON Strategy generated -$20.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 129.0% from the prior year.
TON Strategy held $39.5M in cash against $0 in long-term debt as of fiscal year 2025.
TON Strategy had 57M shares outstanding in fiscal year 2025. This represents an increase of 5592.2% from the prior year.
Margins & Returns
TON Strategy's gross margin was 69.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.4 percentage points from the prior year.
TON Strategy's operating margin was -285.2% in fiscal year 2025, reflecting core business profitability. This is up 1015.8 percentage points from the prior year.
TON Strategy's net profit margin was -1161.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 7.8 percentage points from the prior year.
TON Strategy's ROE was -36.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 27.2 percentage points from the prior year.
Capital Allocation
TON Strategy spent $20.6M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
TON Strategy invested $88K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 74.3% from the prior year.
TONX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7M+59.1% | $3.6M+70.0% | $2.1M+62.7% | $1.3M+80.5% | $723K+464.8% | $128K+245.9% | $37K+428.6% | $7K |
| Cost of Revenue | $2.0M+130.6% | $888K+45.3% | $611K+76.1% | $347K+159.0% | $134K+148.1% | $54K+74.2% | $31K+520.0% | $5K |
| Gross Profit | $3.7M+35.8% | $2.7M+80.0% | $1.5M+57.8% | $958K+62.6% | $589K+695.9% | $74K+1133.3% | $6K+200.0% | $2K |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $9.4M-61.1% | $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 |
| Operating Income | -$9.1M+57.9% | -$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 |
| Interest Expense | N/A | N/A | N/A | $1K0.0% | $1K0.0% | $1K-90.0% | $10K-95.6% | $225K |
| Income Tax | N/A | $14.4M+5793.3% | -$253K | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$227.9M-370.2% | $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 |
| EPS (Diluted) | N/A | $2.23 | $-1.79+28.7% | $-2.51 | N/A | $-3.82-14.0% | $-3.35+85.2% | $-22.60 |
TONX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $411.2M-37.9% | $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 |
| Current Assets | $42.4M-27.5% | $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 |
| Cash & Equivalents | $39.5M-26.8% | $53.9M+930.5% | $5.2M-26.9% | $7.2M-6.1% | $7.6M-27.6% | $10.5M-38.9% | $17.2M+21.3% | $14.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $441K-49.0% | $865K+40.4% | $616K-40.1% | $1.0M+194.0% | $350K | N/A | N/A | N/A |
| Goodwill | $5.2M0.0% | $5.2M0.0% | $5.2M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.8M-78.7% | $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 |
| Current Liabilities | $4.6M-41.3% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $406.5M-36.4% | $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 |
| Retained Earnings | -$336.7M-209.3% | -$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 |
TONX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.0M+15.2% | -$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 |
| Capital Expenditures | $6K-57.1% | $14K+600.0% | $2K-97.0% | $66K-58.8% | $160K+52.4% | $105K+94.4% | $54K+134.8% | $23K |
| Free Cash Flow | -$8.0M+15.2% | -$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 |
| Investing Cash Flow | -$36K+100.0% | -$290.0M-6588.6% | -$4.3M-2752.6% | -$152K-0.7% | -$151K+97.0% | -$5.1M-6132.9% | -$82K-100.0% | -$41K |
| Financing Cash Flow | -$6.2M-101.8% | $348.1M+7307.1% | $4.7M+4083.1% | -$118K-2260.0% | -$5K-106.3% | $80K-98.7% | $6.1M-49.2% | $12.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $6.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TONX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 64.3%-11.1pp | 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% |
| Operating Margin | -159.2%+442.3pp | -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% |
| Net Margin | -3968.6%-6305.4pp | 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% |
| Return on Equity | -56.1%-69.3pp | 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% |
| Return on Assets | -55.4%-68.2pp | 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% |
| Current Ratio | 9.23+1.8 | 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 |
| Debt-to-Equity | 0.01-0.0 | 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 |
| FCF Margin | -139.3%+122.1pp | -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% |
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Frequently Asked Questions
What is TON Strategy's annual revenue?
TON Strategy (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.
How fast is TON Strategy's revenue growing?
TON Strategy (TONX) revenue grew by 1327.8% year-over-year, from $895K to $12.8M in fiscal year 2025.
Is TON Strategy profitable?
No, TON Strategy (TONX) reported a net income of -$148.5M in fiscal year 2025, with a net profit margin of -1161.9%.
What is TON Strategy's EBITDA?
TON Strategy (TONX) had EBITDA of -$35.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is TON Strategy's gross margin?
TON Strategy (TONX) had a gross margin of 69.5% in fiscal year 2025, 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 -285.2% in fiscal year 2025, 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 -1161.9% in fiscal year 2025, 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 -36.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is TON Strategy's free cash flow?
TON Strategy (TONX) generated -$20.9M in free cash flow during fiscal year 2025. This represents a -129.0% 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 -$20.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are TON Strategy's total assets?
TON Strategy (TONX) had $411.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TON Strategy's capital expenditures?
TON Strategy (TONX) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TON Strategy's current ratio?
TON Strategy (TONX) had a current ratio of 9.23 as of fiscal year 2025, which is generally considered healthy.
What is TON Strategy's debt-to-equity ratio?
TON Strategy (TONX) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, 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 -36.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is TON Strategy's cash runway?
Based on fiscal year 2025 data, TON Strategy (TONX) had $39.5M in cash against an annual operating cash burn of $20.8M. This gives an estimated cash runway of approximately 23 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 3 out of 9, indicating weak 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 to 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 0.14x, 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 -36442.0x, 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.