TON Strategy Company Reports Third Quarter 2026 Financial Results

Lower operating expenses lifted operating income, but unrealized GRAM losses pushed consolidated results into a net loss.

Rhea-AI Summary

TON Strategy Company (Nasdaq: TONX) reported third-quarter 2026 revenue of $13.1 million as lower GRAM prices reduced staking revenue sequentially. Revenue fell from $15.0 million in Q2, while operating expenses declined 39% to $8.4 million. Operating income rose to $4.0 million from approximately $0.5 million. A $27.2 million unrealized loss on GRAM holdings contributed to a $24.0 million consolidated net loss, versus $84.7 million net income a year earlier.

At September 30, the company held approximately 235.1 million GRAM, including approximately 232.9 million deployed in staking. Holdings were worth approximately $348.5 million, down from $369.5 million at June 30. Quarterly staking earned approximately 9.4 million GRAM at an annualized gross yield of approximately 16%. Cash and restricted cash fell to approximately $25.3 million from approximately $29.0 million; the company had no debt. It repurchased approximately 1.8 million shares for approximately $5.7 million.

11 points · 0 major

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1 major · 13 points

How the balance works

Positive

• Moderate pointQ3 operating income reached $3.977 million, versus approximately $0.5 million in Q2 and an $8.291 million year-earlier loss.
• Moderate pointQ3 operating expenses fell approximately 39% sequentially to $8.4 million.
• Moderate pointQ3 staking earned approximately 9.4 million GRAM, consistent with Q2, at approximately 16% annualized gross yield.
• Moderate pointQ3 repurchases returned approximately $5.7 million through purchases of approximately 1.8 million common shares. 3.5% of market cap
• Moderate pointNine-month revenue increased to $31.086 million from $0.707 million a year earlier.
• Moderate pointNine-month gross profit increased to $29.463 million from $0.684 million a year earlier.
• Moderate pointNine-month operating results improved to $0.767 million income from a $10.481 million year-earlier loss.

4 minor points

• Minor pointSeptember 30 treasury included approximately 232.9 million GRAM deployed in staking out of approximately 235.1 million held.
• Minor pointSeptember 30 balance sheet carried no debt.
• Minor pointQ3 discontinued-operations loss narrowed to $1.097 million from $13.113 million a year earlier.
• Minor pointNine-month discontinued-operations loss narrowed to $7.738 million from $16.043 million a year earlier.

Negative

• Major pointQ3 consolidated results swung to a $23.975 million net loss from $84.719 million year-earlier net income.
• Moderate pointQ3 revenue fell to $13.1 million from $15.0 million in Q2, primarily reflecting lower GRAM prices.
• Moderate pointNine-month continuing operations used $15.421 million operating cash, versus $9.021 million a year earlier.
• Moderate pointNine-month operating expenses increased to $28.696 million from $11.165 million a year earlier.
• Minor pointQ3 diluted results were a $0.42 loss per common share, versus $2.23 income a year earlier.

8 minor points

• Minor pointQ3 GRAM fair-value changes produced a $27.2 million unrealized loss, versus an $82.8 million Q2 net gain.
• Minor pointQ3 continuing operations recorded a $22.878 million net loss, versus $97.832 million year-earlier net income.
• Minor pointQ3 gross profit fell to $12.4 million from $14.3 million in Q2; margin remained approximately 95%.
• Minor pointGRAM holdings' fair value declined to approximately $348.5 million at September 30 from $369.5 million at June 30.
• Minor pointCash and restricted cash declined to approximately $25.3 million at September 30 from approximately $29.0 million at June 30.
• Minor pointNine-month consolidated results swung to a $38.401 million net loss from $79.929 million year-earlier net income.
• Minor pointNine-month diluted results were a $0.66 loss per common share, versus $5.85 income a year earlier.
• Minor pointNine-month continuing operations recorded a $30.663 million net loss, versus $95.972 million year-earlier net income.

Key Figures

Revenue: $13.1 million Gross profit: $12.4 million; 95% of revenue Operating expenses: $8.4 million +4 more

Revenue

$13.1 million

Q3 2026; compared with $15.0 million in Q2 2026

Gross profit

$12.4 million; 95% of revenue

Q3 2026

Operating expenses

$8.4 million

Q3 2026; compared with $13.8 million in Q2 2026

Operating income

$4.0 million

Continuing operations, Q3 2026; compared with $0.5 million in Q2 2026

Pre-tax loss

$22.9 million

Continuing operations, Q3 2026; compared with $83.5 million income in Q2 2026

Unrealized fair-value loss

$27.2 million

GRAM holdings, Q3 2026

Common stock repurchases

$5.738 million

Q3 2026

Previous Earnings Reports

1 past event · Latest: Aug 11

Same Type 1 event

1. Aug 11

   Earnings report

   24h Move

   +0.0%

   Q2 established a comparable baseline: $15.0 million revenue and $0.5 million operating income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

fair value, continuing operations, discontinued operations, unrealized loss

4 terms

fair value financial

"The Company’s digital assets had a fair value of approximately $348.5 million"

Fair value is an estimate of what an asset or company is really worth today, derived from expected future earnings, comparable market prices and other relevant facts—like agreeing a price for a used car after checking mileage, condition and similar listings. Investors use fair value to decide whether a stock looks overpriced or undervalued, which helps guide buy, hold or sell decisions and sets expectations for potential returns and risk.

View in glossary

continuing operations financial

"The Company’s third-quarter financial results reflect its GRAM treasury and staking activities as continuing operations."

Continuing operations are the parts of a company's business that it expects to keep running into the future, excluding divisions or activities it has sold, closed, or classified as discontinued. Investors watch continuing operations because they show the company’s core ability to generate revenue and profit over time — like evaluating the healthy, ongoing crops on a farm rather than one-off harvests from fields you've already sold.

discontinued operations financial

"Results of inherited legacy businesses are presented as discontinued operations."

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

unrealized loss financial

"The third quarter included a $27.2 million unrealized loss from changes in fair value"

An unrealized loss is the drop in value of an investment that you still own — it's a loss on paper, not one you've locked in by selling. It matters to investors because it changes the reported worth of a portfolio and can influence decisions about holding, selling, or rebalancing; like seeing a car’s resale value fall while you still drive it, the loss only becomes permanent if you sell.

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Earned $13.1 million of GRAM staking revenue

Held approximately 235.1 million GRAM at September 30, including approximately 232.9 million deployed in staking

Supported TON network upgrades as Telegram began the rollout of its native Gram Wallet

LAS VEGAS, Nov. 10, 2026 (GLOBE NEWSWIRE) -- TON Strategy Company (“TON Strategy” or the “Company”) (Nasdaq: TONX), a digital asset treasury company dedicated to supporting The Open Network (“TON”) ecosystem, today reported financial results for the third quarter ended September 30, 2026, and provided an update on recent operational and strategic developments.

Third Quarter and Recent Operational Highlights

• Held approximately 235.1 million GRAM at September 30, 2026, including approximately 232.9 million GRAM deployed in staking. The Company’s digital assets had a fair value of approximately $348.5 million as of September 30, 2026.
• Earned approximately 9.4 million GRAM during the third quarter of 2026, consistent with the prior quarter. The Company continued to benefit from elevated network-level staking rewards, generating an annualized gross staking yield of approximately 16%.
• Supported two TON network upgrades designed to advance the infrastructure to support broader adoption. Config -123 introduced shared smart contract architecture supporting Telegram’s native Gram Wallet, which began limited rollout on August 31. The upgrade will enable wallet functionality to be updated through network governance without requiring users to migrate to new wallet addresses. Config 30 was designed to increase network throughput by up to 30% and strengthen TON’s capacity to support greater transaction activity.
• Repurchased approximately 1.8 million shares of common stock for aggregate consideration of approximately $5.7 million during the third quarter of 2026.
• Appointed Oscar Suarez as an independent director and Chair of its Audit Committee. Suarez brings more than 40 years of accounting, tax, banking and public company governance experience.

Financial Results for the Third Quarter 2026
The Company’s third-quarter financial results reflect its GRAM treasury and staking activities as continuing operations. Results of inherited legacy businesses are presented as discontinued operations.

Total revenue was $13.1 million, compared with $15.0 million in Q2 2026. Revenue primarily consisted of GRAM staking rewards, which are recognized at the fair value of GRAM when earned. The sequential decline was primarily attributable to lower GRAM prices during the quarter.

Gross profit was $12.4 million, or 95% of revenue, compared with $14.3 million, or approximately 95% of revenue, in Q2 2026.

Total operating expenses were $8.4 million, compared with $13.8 million in Q2, a sequential decrease of approximately $5.4 million, or 39%. The decrease reflected lower Kingsway-related advisory fees, personnel costs, and professional services expenses, as well as elevated noncash expenses recognized in the prior quarter, partially offset by higher legal expenses in the current quarter.

Operating income from continuing operations was $4.0 million, compared with income of approximately $0.5 million in Q2 2026. The improvement reflected lower operating expenses.

Net loss from continuing operations before income taxes was $22.9 million, compared with income of approximately $83.5 million in Q2 2026. The third quarter included a $27.2 million unrealized loss from changes in fair value of the Company’s GRAM holdings, compared with an $82.8 million net gain from digital-asset fair-value changes in Q2 2026.

Digital assets held at September 30, 2026 had a fair value of approximately $348.5 million, compared with $369.5 million at June 30, 2026. The Company held approximately 235.1 million GRAM at September 30.

Cash and restricted cash totaled approximately $25.3 million at September 30, versus approximately $29.0 million at June 30. The Company had no debt.

Management Commentary

Chief Executive Officer Kevin Wilson stated, “Our Own, Advance, Compound strategy is grounded in three operating priorities: maintaining a productive GRAM treasury, managing a lean and efficient operating structure, and allocating capital to build long-term shareholder value. During Q3, our treasury earned approximately 9.4 million GRAM at an annualized gross staking yield of approximately 16%, benefiting from the higher validator rewards introduced by TON’s Catchain 2.0 upgrade in April. We also made progress toward a more efficient cost structure following the wind-down of inherited VERB operations. We continue to approach capital allocation with discipline, balancing opportunities to enhance long-term value per share with preserving U.S. dollar liquidity and maintaining a productive GRAM treasury amid elevated network-level staking rewards.

“We are encouraged by Telegram’s increasing integration with TON and the opportunities we believe it creates for adoption. TON combines fast settlement and low transaction costs with infrastructure designed to support activity at consumer scale. Telegram provides a distinctive distribution advantage by integrating TON’s capabilities into a platform used by more than one billion people, making it possible for users to transfer value directly within a familiar user interface.

“Near the end of Q3, Telegram began a limited rollout of its native Gram Wallet, which is intended to enable users to send GRAM directly to their Telegram contacts. The launch was supported by network upgrades approved by validators, including TON Strategy. In particular, a new network-governed smart contract architecture will allow Telegram to introduce wallet improvements without requiring users to migrate their assets to new addresses. Combined with faster block production and upgrades designed to increase throughput, we view these updates as meaningful progress toward making TON accessible for everyday consumer activity.

“GRAM is integrated into several existing Telegram services, including advertising payments and creator monetization, and TON supports blockchain-based ownership and transfer of Telegram usernames and gifts. We believe expanded native wallet access can make GRAM easier to use for payments and transfers, while opening additional opportunities for consumer applications built on TON. As a significant GRAM holder and network validator, we see TON Strategy is positioned to participate in that long-term opportunity.”

Conference Call

TON Strategy Company’s management will hold a conference call today (November 10, 2026) at 9:00 a.m. Eastern time to discuss these results.

U.S. dial-in: 1-877-407-0789
International dial-in: 1-201-689-8562
Conference ID: 13763322

The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website.

A replay of the call will be available on the investor relations section of the Company’s website after the conference call through November 24, 2026.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13763322

About TON Strategy Company

TON Strategy Company (Nasdaq: TONX) is focused on the accumulation of GRAM – the native cryptocurrency of Telegram’s billion-user platform – for long-term investment, whether acquired through deployment of proceeds from capital raising activity, staking rewards or via open market purchases. The Company aims to steadily expand its GRAM holdings, stake GRAM, and support the development of a tokenized economy inside Telegram.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this press release should be considered forward-looking statements, including, but not limited to, statements regarding: our business and growth strategy; market adoption; the performance of our GRAM treasury and staking activities; our plans regarding liquidity and market access around GRAM; return opportunities; the expected benefits and efficacy of the TON network upgrades and GRAM Wallet; and the expected financial and operating benefits of the wind-down of our legacy VERB operations. Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.

Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our incursion of significant net losses and uncertainty whether we will achieve or maintain profitable operations; our ability to grow and compete in the future, and to execute our business strategy; our decision to implement a cryptocurrency treasury strategy, whereby we acquire GRAM, the native cryptocurrency of The Open Network (“TON”) blockchain, and our dependence on TON and GRAM as a result of this strategy; our financial results and the market price of our common stock may be affected by the price of GRAM, and our GRAM holdings will be less liquid than cash and cash equivalents; changes in the broader digital asset regulatory landscape and as it relates to TON and GRAM and our failure to comply with applicable regulatory requirements and risks related to any actions we may take to prevent or correct such failure; the availability of opportunities to stake GRAM; the competitive market in which we operate; our ability to increase the number of our strategic relationships or grow the revenues received from our current strategic relationships; our ability to realize the anticipated cost savings and other benefits from the wind-down of our legacy VERB operations and to manage any remaining contractual, legal, administrative or other obligations associated with those operations; our ability to deliver our services, as we depend on third-party providers; our ability to attract and retain qualified management personnel; our susceptibility to cybersecurity incidents and other disruptions, particularly as it relates to our holdings of GRAM; our ability to maintain compliance with the listing requirements of the Nasdaq Capital Market; the impact of, and our ability to operate our business and effectively manage our growth under evolving and uncertain global economic, political, and social trends, including legislation banning or otherwise hampering the digital asset landscape, inflation, rising interest rates, and recessionary concerns; and other important factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as any such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and our Investor Relations page on our website at www.tonstrat.com/shareholders.

Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor Relations & Media Contact:
Alec Wilson
investors@tonstrat.com

-Financial Tables to Follow-

TON STRATEGY COMPANY CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share data)
		September 30, 2026				December 31, 2025
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents		$	25,302			$	39,493
Restricted cash			19				169
ERC receivable			-				734
Prepaid expenses and other current assets – related parties			-				163
Prepaid expenses and other current assets			1,601				1,319
Assets of discontinued operations – current			2,504				486
Total current assets			29,426				42,364
Assets of discontinued operations – non-current			1,158				9,151
Long-lived assets, net			15				20
Intangible assets, net			24				30
GRAM - unrestricted			171,949				89,628
GRAM - restricted			176,509				267,181
Other non-current assets – related party			-				2,790
Total assets		$	379,081			$	411,164
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	1,802			$	1,522
Accounts payable – related parties			1,603				269
Accrued expenses			800				558
Accrued officers’ compensation			1,025				245
Liabilities of discontinued operations - current			1,543				1,995
Total current liabilities			6,773				4,589
Long-term liabilities
Liabilities of discontinued operations - non-current			-				180
Total liabilities			6,773				4,769
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock, $0.0001 par value, 400,000,000 shares authorized, 55,427,314 and 56,530,617 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively			6				6
Additional paid-in capital			747,521				743,207
Accumulated deficit			(374,980	)			(336,725	)
Total stockholders’ equity in Ton Strategy Company			372,547				406,488
Non-controlling interests of discontinued operations			(239	)			(93	)
Total stockholders’ equity			372,308				406,395
Total liabilities and stockholders’ equity		$	379,081			$	411,164

TON STRATEGY COMPANY CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share data) (unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue
GRAM		$	8,804			$	199			$	20,951			$	199
GRAM – related party			4,261				508				10,135				508
Total Revenue			13,065				707				31,086				707
Cost of revenue			701				23				1,623				23
Gross profit			12,364				684				29,463				684
Operating expenses
Depreciation and amortization			3				8				7				25
General and administrative – related parties			1,356				3,277				6,658				3,895
General and administrative			7,028				5,690				22,031				7,245
Total operating expenses			8,387				8,975				28,696				11,165
Operating income (loss) from continuing operations			3,977				(8,291	)			767				(10,481	)
Other income (expense), net
Interest income			369				289				940				500
Unrealized gain on investments			-				(121	)			-				-
Other income (expense), net			(27,224	)			120,359				(32,368	)			120,358
Total other income (expense), net			(26,855	)			120,527				(31,428	)			120,858
Net income (loss) from continuing operations before income taxes			(22,878	)			112,236				(30,661	)			110,377
Income tax expense			-				14,404				2				14,405
Net income (loss) from continuing operations			(22,878	)			97,832				(30,663	)			95,972
Loss from discontinued operations, net of tax			(1,097	)			(13,113	)			(7,738	)			(16,043	)
Net income (loss)			(23,975	)			84,719				(38,401	)			79,929
Less: Net income (loss) attributable to non-controlling interests of discontinued operations			(7	)			383				(146	)			533
Net income (loss) attributable to Ton Strategy Company			(23,968	)			84,336				(38,255	)			79,396
Preferred dividends attributable to preferred shareholder			-				(67	)			-				(152	)
Deemed dividend due to redemption of Preferred Stock			-				(1,000	)			-				(1,000	)
Net income (loss) attributable to common shareholders		$	(23,968	)		$	83,269			$	(38,255	)		$	78,244
Income (loss) per share from continuing operations - basic		$	(0.40	)		$	2.62			$	(0.53	)		$	7.19
Income (loss) per share from continuing operations - diluted		$	(0.40	)		$	2.62			$	(0.53	)		$	7.18
Income (loss) per share from discontinued operations – basic		$	(0.02	)		$	(0.39	)		$	(0.13	)		$	(1.33	)
Income (loss) per share from discontinued operations – diluted		$	(0.02	)		$	(0.39	)		$	(0.13	)		$	(1.33	)
Income (loss) per share attributable to common shareholders - basic		$	(0.42	)		$	2.23			$	(0.66	)		$	5.86
Income (loss) per share attributable to common shareholders - diluted		$	(0.42	)		$	2.23			$	(0.66	)		$	5.85
Weighted average number of common shares outstanding – basic			57,236,910				37,262,322				57,881,153				13,352,515
Weighted average number of common shares outstanding – diluted			57,236,910				37,316,756				57,881,153				13,370,859

TON STRATEGY COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)
		Nine Months Ended September 30,
		2026				2025
Operating Activities:
Net income (loss)		$	(38,401	)		$	79,929
Loss from discontinued operations, net of tax			7,738				16,043
Adjustments to reconcile net income (loss) to net cash used in operating activities, net of discontinued operations:
Depreciation and amortization			7				25
Share-based compensation			10,052				2,927
Income tax expense			2				14,405
Non-cash consideration received in the form of GRAM			(20,957	)			(199	)
Non-cash consideration received in the form of GRAM – related party			(11,692	)			(508	)
Non-cash transaction fees paid with Digital Assets			18				245
Realized (Gains) / Losses on Digital Assets			(214	)			(259,775	)
Unrealized (Gains) / Losses on Digital Assets			32,588				139,417
Effect of changes in assets and liabilities, net of discontinued operations:
Prepaid expenses and other non-current and current assets – related parties			2,953				(2,840	)
Prepaid expenses and other current assets			(285	)			(2,162	)
ERC receivable			734				1,724
Accounts payable, accrued expenses, and accrued interest			702				360
Accounts payable, accrued expenses, and accrued interest - related parties			1,334				1,388
Net cash used in operating activities attributable to continuing operations			(15,421	)			(9,021	)
Net cash used in operating activities attributable to discontinued operations			(1,800	)			(3,756	)
Investing Activities:
Proceeds from sale of Digital Assets			8,608				-
Purchase of Digital Assets			-				(295,000	)
Purchases of property and equipment			(15	)			-
Purchases of investments – trading securities			-				(811	)
Proceeds from sale of investments - trading securities			-				5,724
Purchases of intangible assets			-				(16	)
Net cash provided by (used in) investing activities attributable to continuing operations			8,593				(290,103	)
Net cash provided by (used in) investing activities attributable to discontinued operations			25				(4,404	)
Financing Activities:
Proceeds from PIPE offering, net of offering costs			-				361,390
Proceeds from sale of common stock offerings			-				7,228
Repurchases of common stock			(5,738	)			(14,327	)
Proceeds from sale of preferred stock offering			-				5,000
Redemption of Series D - Preferred Stock			-				(6,152	)
Payments for offering costs related to preferred stock offerings			-				(300	)
Payments for deferred offering costs			-				(7	)
Payment of note payable			-				(118	)
Net cash provided by (used in) financing activities			(5,738	)			352,714
Net change in cash, cash equivalents, and restricted cash			(14,341	)			45,430
Cash, cash equivalents, and restricted cash - beginning of period			39,662				8,495
Cash, cash equivalents, and restricted cash - end of period		$	25,321			$	53,925

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Why did TON Strategy report a net loss in the third quarter of 2026?

TON Strategy recorded a $27.2 million unrealized loss from changes in the fair value of its GRAM holdings. Consolidated net loss was $23.975 million, despite $3.977 million of operating income from continuing operations.

How much GRAM did TON Strategy hold at September 30, 2026?

TON Strategy held approximately 235.1 million GRAM, including approximately 232.9 million deployed in staking. Its digital assets had a fair value of approximately $348.5 million at September 30, 2026.

How does TON Strategy recognize GRAM staking revenue?

GRAM staking rewards are recognized at their fair value when earned. Third-quarter revenue primarily consisted of those rewards. GRAM treasury and staking activities are presented as continuing operations, while inherited legacy businesses are presented as discontinued operations.

Which TON network upgrades did TON Strategy support during the third quarter of 2026?

TON Strategy supported Config -123 and Config 30. Config -123 introduced shared smart contract architecture supporting Telegram's native Gram Wallet, whose limited rollout began August 31. The architecture enables wallet updates through network governance without new wallet addresses. Config 30 was designed to increase network throughput by up to 30%.