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TON Strategy Co

TONX Clue Score51
United States Fiscal year ends December CIK 0001566610
$3.22 -0.62% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $3.22 −47.21% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 2 Sep 2025. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income−3.1Net income−4.3Fiscal year 2017Revenue0.0Operating income−4.7Net income−7.3Fiscal year 2018Revenue0.0 +433.3%Operating income−7.8Net income−12.1Fiscal year 2019Revenue9.1 +28,337.5%Operating income−15.8Net income−15.9Fiscal year 2020Revenue10.0 +9.5%Operating income−24.7Net income−25.0Fiscal year 2021Revenue10.5 +5.6%Operating income−33.7Net income−34.5Fiscal year 2022Revenue0.0 −99.9%Operating income−18.9Net income−37.4EPS, diluted−6.68Fiscal year 2023Revenue0.1 +687.5%Operating income−13.8Net income−22.0EPS, diluted−441.48Fiscal year 2024Revenue0.9 +1,320.6%Operating income−11.6Net income−10.3EPS, diluted−19.36Fiscal year 2025Revenue12.8 +1,327.8%Operating income−36.4Net income−148.5EPS, diluted−5.96
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a 0.0 0.0 9.1 10.0 10.5 0.0 0.1 0.9 12.8
Growth +433.3% +28,337.5% +9.5% +5.6% −99.9% +687.5% +1,320.6% +1,327.8%
Operating income −3.1 −4.7 −7.8 −15.8 −24.7 −33.7 −18.9 −13.8 −11.6 −36.4
Net income −4.3 −7.3 −12.1 −15.9 −25.0 −34.5 −37.4 −22.0 −10.3 −148.5
Growth
EPS, diluted n/a n/a n/a n/a n/a n/a −6.68 −441.48 −19.36 −5.96

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Operating margin−78,416.7%Net margin−121,100.0%Fiscal year 2018Gross margin−62.5%Operating margin−24,350.0%Net margin−37,896.9%Fiscal year 2019Gross margin46.5%Operating margin−174.0%Net margin−174.9%Free cash flow margin−90.8%Fiscal year 2020Gross margin51.8%Operating margin−248.2%Net margin−250.4%Free cash flow margin−166.7%Fiscal year 2021Gross margin57.2%Operating margin−320.3%Net margin−327.7%Free cash flow margin−246.0%Fiscal year 2022Gross margin76,550.0%Operating margin−235,925.0%Net margin−467,962.5%Free cash flow margin−242,825.0%Fiscal year 2023Operating margin−21,896.8%Net margin−34,911.1%Free cash flow margin−13,927.0%Fiscal year 2024Operating margin−1,301.0%Net margin−1,154.1%Free cash flow margin−1,017.5%Fiscal year 2025Operating margin−285.2%Net margin−1,161.9%Free cash flow margin−163.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a −62.5% 46.5% 51.8% 57.2% 76,550.0% n/a n/a n/a
Operating margin n/a −78,416.7% −24,350.0% −174.0% −248.2% −320.3% −235,925.0% −21,896.8% −1,301.0% −285.2%
Net margin n/a −121,100.0% −37,896.9% −174.9% −250.4% −327.7% −467,962.5% −34,911.1% −1,154.1% −1,161.9%
Free cash flow margin n/a n/a n/a −90.8% −166.7% −246.0% −242,825.0% −13,927.0% −1,017.5% −163.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.6Capital expenditure−0.0Free cash flow1.6Buybacks−0.2Fiscal year 2017Operating cash flow−1.7Fiscal year 2018Operating cash flow−4.2Buybacks−0.0Fiscal year 2019Operating cash flow−8.1Capital expenditure−0.1Free cash flow−8.3Fiscal year 2020Operating cash flow−16.3Capital expenditure−0.3Free cash flow−16.6Fiscal year 2021Operating cash flow−25.9Capital expenditure−0.0Free cash flow−25.9Fiscal year 2022Operating cash flow−19.4Capital expenditure−0.0Free cash flow−19.4Fiscal year 2023Operating cash flow−8.7Capital expenditure−0.0Free cash flow−8.8Fiscal year 2024Operating cash flow−8.8Capital expenditure−0.3Free cash flow−9.1Fiscal year 2025Operating cash flow−20.8Capital expenditure−0.1Free cash flow−20.9Buybacks−20.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.6 −1.7 −4.2 −8.1 −16.3 −25.9 −19.4 −8.7 −8.8 −20.8
Capital expenditure −0.0 n/a n/a −0.1 −0.3 −0.0 −0.0 −0.0 −0.3 −0.1
Free cash flow 1.6 n/a n/a −8.3 −16.6 −25.9 −19.4 −8.8 −9.1 −20.9
Growth
Buybacks −0.2 n/a −0.0 n/a n/a n/a n/a n/a n/a −20.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.0Shareholders’ equity−3.5Fiscal year 2017Cash0.0Shareholders’ equity−5.8Fiscal year 2018Cash0.6Shareholders’ equity−5.1Fiscal year 2019Cash1.0Total debt0.7Net cash (debt)0.3Shareholders’ equity11.4Debt to equity0.06Fiscal year 2020Cash1.8Total debt0.1Net cash (debt)1.7Shareholders’ equity10.7Debt to equity0.01Fiscal year 2021Cash0.9Total debt4.2Net cash (debt)−3.2Shareholders’ equity13.3Debt to equity0.31Fiscal year 2022Cash2.4Shareholders’ equity5.2Fiscal year 2023Shareholders’ equity3.1Fiscal year 2024Cash7.6Shareholders’ equity16.2Fiscal year 2025Cash39.5Shareholders’ equity406.5
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.0 0.0 0.6 1.0 1.8 0.9 2.4 n/a 7.6 39.5
Total debt n/a n/a n/a 0.7 0.1 4.2 n/a n/a n/a n/a
Net cash (debt) n/a n/a n/a 0.3 1.7 −3.2 n/a n/a n/a n/a
Shareholders’ equity −3.5 −5.8 −5.1 11.4 10.7 13.3 5.2 3.1 16.2 406.5
Debt to equity n/a n/a n/a 0.06 0.01 0.31 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024† 31 Dec 2024 FY2025† 31 Dec 2025
Revenue and profit
n/a 0.0 0.0 9.1 10.0 10.5 0.0 0.1 0.9 12.8
Growth +433.3% +28,337.5% +9.5% +5.6% −99.9% +687.5% +1,320.6% +1,327.8%
n/a 0.0 0.1 4.9 4.8 4.5 3.3 0.0 0.2 3.9
n/a n/a −0.0 4.2 5.2 6.0 6.1 n/a n/a n/a
Growth +22.1% +16.6% +1.7%
0.3 0.4 1.0 4.3 7.9 12.3 5.2 n/a n/a n/a
2.9 4.3 6.8 14.7 1.0 25.7 17.8 11.5 11.2 40.9
−3.1 −4.7 −7.8 −15.8 −24.7 −33.7 −18.9 −13.8 −11.6 −36.4
Growth
n/a n/a n/a −15.9 −25.0 −34.5 n/a n/a −10.5 −148.6
0.0 0.0 −0.0 0.0 0.0 0.0 n/a n/a n/a −0.2
−4.3 −7.3 −12.1 −15.9 −25.0 −34.5 −37.4 −22.0 −10.3 −148.5
Growth
Per share
n/a n/a n/a n/a n/a −0.55 −6.68 −441.48 −19.36 −5.96
n/a n/a n/a n/a n/a n/a −6.68 −441.48 −19.36 −5.96
Growth
n/a n/a n/a n/a n/a 63.3 2.4 0.0 0.6 25.1
n/a n/a n/a n/a n/a n/a 2.4 0.0 0.6 25.1
Growth −98.6% +1,642.8% +4,138.0%

† The diluted share count jumps at 2023 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.1% a year over five years.
  • Operating margin is down 36.9 points on five years ago, at -285.2%.
  • A net loss in 10 of 10 years on file.