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TONX

TON Strategy Co.

TONX

TON Strategy Co. • NASDAQ
$3.41 ▲ 8.60% (+0.27)
Market Cap $203.09 M
52w High $29.77
52w Low $2.73
Dividend Yield 0%
P/E 0.93
Volume 571.45K
Outstanding Shares 59.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.609M ▲ $24.088M ▲ $84.336M ▲ 2.337K% ▲ $2.23 ▲ $99.464M ▲
Q2-2025 $2.123M ▲ $4.446M ▲ $-2.376M ▲ -111.917% ▲ $-1.79 ▲ $-2.269M ▲
Q1-2025 $1.305M ▲ $3.617M ▼ $-2.564M ▲ -196.475% ▲ $-2.51 ▲ $-2.373M ▲
Q4-2024 $723K ▲ $4.299M ▲ $-3.188M ▼ -440.941% ▲ $-3.88 ▼ $-3.089M ▼
Q3-2024 $128K $2.386M $-1.965M -1.535K% $-3.82 $-1.691M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $53.04M ▲ $661.876M ▲ $22.42M ▲ $639.104M ▲
Q2-2025 $9.475M ▼ $23.659M ▲ $4.31M ▲ $19.38M ▲
Q1-2025 $11.356M ▼ $18.368M ▼ $3.827M ▼ $14.596M ▼
Q4-2024 $12.53M ▼ $20.635M ▼ $4.614M ▲ $16.202M ▼
Q3-2024 $15.592M $22.137M $4.108M $18.029M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $84.719M ▲ $0 ▲ $0 ▲ $0 ▼ $0 ▲ $0 ▲
Q2-2025 $-2.376M ▲ $-2.286M ▼ $-4.336M ▼ $4.7M ▲ $-1.922M ▼ $-2.288M ▼
Q1-2025 $-2.438M ▲ $-1.07M ▲ $-152K ▼ $-118K ▼ $-1.34M ▲ $-1.136M ▲
Q4-2024 $-3.369M ▼ $-1.864M ▼ $-151K ▲ $-5K ▼ $-2.02M ▲ $-2.026M ▼
Q3-2024 $-1.965M $-1.651M $-5.111M $80K $-6.682M $-1.756M

Revenue by Products

Product Q2-2022Q3-2022Q4-2022Q1-2023
SaaS Recurring Subscription Revenue
SaaS Recurring Subscription Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue is essentially negligible and has stayed that way for several years, which means the business is not yet generating meaningful sales from its strategy. At the same time, operating losses have been steady and persistent, so the company is spending more than it brings in year after year. Net losses have widened at times, and the extreme swings in per‑share figures mostly reflect reverse stock splits and capital structure changes rather than true economic improvement. In practical terms, this still looks like an early‑stage, loss‑making vehicle rather than a mature, fee‑generating asset manager.

Balance Sheet

Balance Sheet The balance sheet is very small, with only modest total assets and a thin capital base. Cash has recently improved from almost nothing, while debt is minimal, which reduces financial strain but also highlights how limited the resource pool is. Equity exists but is light, indicating a narrow cushion to absorb setbacks. Overall, the company has a lean, fragile balance sheet that depends heavily on maintaining access to capital and on the value of its crypto holdings, rather than on a broad set of tangible assets.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, meaning the core activities consume cash rather than generate it. Free cash flow is also negative, even though the company is not spending heavily on physical investments. This suggests that most of the cash burn is tied to funding ongoing operations and the strategic shift, not building long‑lived assets. The business is therefore reliant on external financing or asset value appreciation to sustain itself, a common but risky profile for a highly specialized, early‑stage strategy.

Competitive Edge

Competitive Edge TONX’s edge comes from being an early, public‑market proxy for Toncoin and the TON blockchain, with a close relationship to the TON Foundation and deep integration into the Telegram‑centered ecosystem. Its first‑mover status, sizable intended network stake, and leadership overlap with the foundation give it visibility and influence that are hard to replicate quickly. However, its competitive position is also very concentrated: success is tied to the health of a single blockchain, a single token, and the continued growth of Telegram’s mini‑app economy. Regulatory uncertainty around crypto and potential new entrants pursuing similar treasury strategies are additional pressures on its moat.

Innovation and R&D

Innovation and R&D Innovation here is mainly financial and strategic rather than traditional lab‑style R&D. TONX is experimenting with a novel treasury model: concentrating its balance sheet in one staked digital asset, using staking rewards to fund operations and share buybacks, and actively managing the gap between its share price and underlying asset value. It is also exploring future ideas like potential staking services for others and even tokenizing its own stock. Technological advancement comes mostly from riding on the TON blockchain’s roadmap and Telegram integration rather than building its own core technology, so the company’s “R&D” risk is really about execution, governance alignment, and keeping pace with rapid changes in the broader TON ecosystem.

Summary

TON Strategy Co. is effectively a small, publicly traded gateway to a single crypto ecosystem rather than a diversified asset manager. Financially, it has tiny revenue, ongoing losses, and steady cash burn, supported by a thin but mostly unlevered balance sheet. Strategically, it enjoys a unique, early position tied closely to the TON blockchain and Telegram, which could be powerful if that ecosystem scales as hoped. At the same time, the business model is highly concentrated and exposed to crypto volatility, regulatory shifts, and the fortunes of one network. Overall, TONX looks like a focused, experimental play on the TON ecosystem with meaningful upside potential but also elevated operational and financial risk given its small scale and lack of recurring, diversified income.

NEWS

November 18, 2025 · 6:32 PM UTC

TON Strategy Company Welcomes Coinbase's Launch of $TON Trading Across Global Platforms

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November 12, 2025 · 8:00 AM UTC

TON Strategy Company Reports Third Quarter 2025 Financial Results and Provides Update on TON Treasury Strategy

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September 29, 2025 · 8:30 AM UTC

TON Strategy Company to Stake $TON Reserves, Channel Cash Flows Into Buybacks

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September 12, 2025 · 8:30 AM UTC

TON Strategy Company Announces Initial Share Repurchases Under $250 Million Program, Buying Below Treasury Asset Value Per Share, and Start of Staking

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September 4, 2025 · 8:30 AM UTC

TONX (Formerly Verb) Exec Chairman Featured on CNBC ‘Squawk Box' Asia

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