TON Strategy Company (TONX) Financials
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 Sep 19, 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 $29.6M in revenue over the twelve months to Jun 30, 2026, up 592.3% from the prior twelve months. 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).
Capital-funded expansion is TON Strategy Co’s dominant mechanic: revenue scaled, but overhead intensity still overwhelms gross profit.
Operating economics and reported earnings diverged in FY2025: operating loss was-$36.4M , but net loss reached-$148.5M , so below-operating items shaped the headline result more than gross-profit performance alone. Gross margin also fell from75.0% in FY2024 to69.5% in FY2025, showing that expansion did not preserve the prior revenue mix or cost profile.
FY2025 gross profit of
Total assets expanded to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 48/100 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 80/100 among other emerging companies.
Not available for TON Strategy Company, and counted as zero in the overall score.
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 14/100 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 22.19, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($186.7M) relative to total liabilities ($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. This represents an increase of 138.5% from the same quarter a year earlier. Against the prior quarter it is up 112.5%.
TON Strategy Company reported $76.8M in net income in Q2 2026. This represents an increase of 3330.3% from the same quarter a year earlier. Against the prior quarter it is up 184.3%.
TON Strategy Company earned $1.31 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 184.0%.
Cash & Balance Sheet
TON Strategy Company recorded an outflow of $6.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 694.8% from the same quarter a year earlier. Against the prior quarter it is down 26.9%.
TON Strategy Company held $28.8M in cash as of Q2 2026; long-term debt is not reported for that period.
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 ROE was 19.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. 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
TON Strategy Company invested $7K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 250.0% from the same quarter a year earlier. Against the prior quarter it is down 22.2%.
Not reported for Q2 2026.
Not 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-Q | 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+119.5% | $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 | $479K+138.0% | -$3.9M-46.1% | -$10.8M-191.5% | -$21.7M-838.9% | -$1.3M+47.5% | -$2.7M+17.3% | -$3.7M-23.2% | -$2.3M+31.8% |
| EBITDA | $482K+138.5% | -$3.9M-62.9% | -$10.1M-195.7% | -$21.4M-947.9% | -$1.3M+41.3% | -$2.4M+19.9% | -$3.4M-42.3% | -$2.0M+27.8% |
| 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 | N/A | $14.4M | $1K | N/A | N/A | N/A |
| Net Income | $76.8M+3330.3% | -$91.0M-3450.6% | -$227.9M-7047.9% | $84.3M+4391.9% | -$2.4M-37.3% | -$2.6M+25.6% | -$3.2M-9.4% | -$2.0M+47.0% |
| EPS (Basic) | $1.32+173.7% | -$1.56+37.8% | -$11.82-437.3% | $2.23+158.4% | -$1.79+46.6% | -$2.51-11006.2% | -$2.20-216.4% | -$3.82-2825.0% |
| EPS (Diluted) | $1.31 | -$1.56 | -$11.81 | $2.23 | -$1.79 | -$2.51 | -$2.20-216.4% | -$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-Q | 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% | $5.1M | $5.1M | $4.9M | $5.1M |
| 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% | $1.6M | $1.3M | $913K | $263K | $0 | $0 |
| 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% | $18.0M+2621.5% |
| Retained Earnings | -$351.0M-82.7% | -$427.8M-125.5% | -$336.7M-80.0% | -$108.8M+40.7% | -$192.1M-6.2% | -$189.7M-5.9% | -$187.1M-6.5% | -$183.7M-6.3% |
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-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M-692.9% | -$4.7M-338.0% | -$8.0M-328.8% | -$12.7M-669.9% | $1.0M+133.0% | -$1.1M+51.6% | -$1.9M+12.2% | -$1.7M+14.6% |
| Depreciation & Amortization | $3K-66.7% | $19K-93.4% | $342K+22.6% | $341K+24.9% | $9K-96.7% | $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 | -$7K+250.0% | $9K-86.4% | $6K-96.3% | $14K-86.7% | $2K-96.3% | $66K+187.0% | $160K+1500.0% | $105K+517.6% |
| Free Cash Flow | -$6.0M-694.8% | -$4.7M-313.4% | -$8.0M-295.2% | -$12.7M-624.7% | $1.0M+132.4% | -$1.1M+49.1% | -$2.0M+5.1% | -$1.8M+10.0% |
| Investing Cash Flow | N/A | -$21K+86.2% | -$36K+76.2% | -$290.0M-5574.4% | -$4.3M-5187.8% | -$152K-270.7% | -$151K | -$5.1M |
| Financing Cash Flow | N/A | N/A | -$6.2M-124600.0% | $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-Q | 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 |
| Debt-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 | -39.7%-86.9pp | -89.4%-2.3pp | -139.3% | -352.6% | 47.2% | -87.1% | -279.9% | -1371.9% |
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.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| TON Strategy Company TONX | FY2025 | $12.8M | -$148.5M | N/A | $186.7M | 56/100 |
| ALT5 Sigma Corporation ALTS | FY2025 | $24.8M | -$344.5M | N/A | $119.6M | 23/100 |
| Digital Turbine, Inc. APPS | FY2026 | $565.3M | -$37.7M | -6.7% | $1.3B | 24/100 |
| Mitek Systems, Inc. MITK | FY2025 | $179.7M | $8.8M | 4.9% | $754.9M | 60/100 |
| AMTD Digital Inc. HKD | FY2025 | $136.1M | $97.0M | 71.3% | $537.4M | 58/100 |
| Rimini Street, Inc. (DE) RMNI | FY2025 | $421.5M | $37.1M | 8.8% | $408.9M | 50/100 |
Where TON Strategy Company Ranks
Frequently Asked Questions
What is TON Strategy Company's annual revenue?
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.
How fast is TON Strategy Company's revenue growing?
TON Strategy Company (TONX) revenue grew by 1327.8% year-over-year, from $895K to $12.8M in fiscal year 2025.
Is TON Strategy Company profitable?
No, TON Strategy Company (TONX) reported a net income of -$148.5M in fiscal year 2025.
What is TON Strategy Company's EBITDA?
TON Strategy Company (TONX) had EBITDA of -$35.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is TON Strategy Company's gross margin?
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.
What is TON Strategy Company's return on equity (ROE)?
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.
What is TON Strategy Company's free cash flow?
TON Strategy Company (TONX) recorded an outflow of $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 Company's operating cash flow?
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.
What are TON Strategy Company's total assets?
TON Strategy Company (TONX) had $411.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are TON Strategy Company's capital expenditures?
TON Strategy Company (TONX) invested $88K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is TON Strategy Company's current ratio?
TON Strategy Company (TONX) had a current ratio of 9.23 as of fiscal year 2025, which is generally considered healthy.
What is TON Strategy Company's debt-to-equity ratio?
TON Strategy Company (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 Company's return on assets (ROA)?
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.
What is TON Strategy Company's P/E ratio?
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 $186.7M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is TON Strategy Company's price-to-sales ratio?
TON Strategy Company (TONX) trades at 6.3x sales, its market capitalization divided by revenue of $29.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $186.7M as of Sep 19, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does TON Strategy Company's liquidity compare with its operating cash outflow?
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.
What is TON Strategy Company's Altman Z-Score?
TON Strategy Company (TONX) has an Altman Z-Score of 22.19, 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.
What is TON Strategy Company's Piotroski F-Score?
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.
Are TON Strategy Company's earnings high quality?
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.
Can TON Strategy Company cover its interest payments?
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.
How financially healthy is TON Strategy Company?
TON Strategy Company (TONX) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite 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. 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.