TONX Nasdaq Finance Services Financials FY2016βFY2025
TON Strategy Co had $12.8M of revenue in fiscal 2025, up 1,327.8% on the year before. Over five years, revenue changed +5.1% a year on average.
Last close Β· Oct 23, 2026
$2.96
0.2%Hi! I read TON Strategy Coβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+1,327.8%
Yes. Sales grew 1,327.8% last year.
Does it make a profit?
β1,161.9%
No. It lost money last year.
Does profit turn into cash?
β163.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days TON Strategy Co did it, and the next one. Share prices often move a lot on those days.
Next results
November 11, 2026
Wednesday Β· in 16 days
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 11, 2026 | Q2 '26 | Before the market opens | 8-K β |
| May 12, 2026 | Q1 '26 | Before the market opens | 8-K β |
| Mar 31, 2026 | Q4 '25 | Before the market opens | 8-K β |
| Nov 12, 2025 | Q3 '25 | Before the market opens | 8-K β |
| Aug 6, 2025 | Q2 '25 | Before the market opens | 10-Q β |
| May 13, 2025 | Q1 '25 | Before the market opens | 10-Q β |
| Mar 25, 2025 | Q4 '24 | Before the market opens | 10-K β |
| Nov 5, 2024 | Q3 '24 | After the market closes | 10-Q β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· TON Strategy Co had $12.8M of revenue in fiscal 2025, up 1,327.8% on the year before. Over five years, revenue changed +5.1% a year on average. Its operating margin was β285.2%, up 1,015.8Β pts: of every 100 in sales, about β285 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· TON Strategy Co lost $148M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$20.9M in fiscal 2025, β163.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· TON Strategy Co returned $20.6M to shareholders in fiscal 2025. The diluted share count rose 4,137.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably TON Strategy Co can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.9M | $2.4M | $4.4M | $12.5M | $39.5M |
| Debt incl. finance leases | $4.2M | $6.8M | $5.8M | β | β |
| Debt / equity | 0.3x | 1.3x | 1.9x | β | β |
| Interest coverage | β13.1x | β13.4x | β11.6x | β49.1x | β36,442.0x |
| Current ratio | 0.2x | 0.2x | 0.7x | 3.8x | 9.2x |
| Quick ratio | 0.2x | 0.2x | 0.7x | 3.8x | 9.2x |
| Total assets | $34.4M | $24.5M | $10.8M | $20.6M | $411M |
| Total liabilities | $21.1M | $19.3M | $7.7M | $4.6M | $4.8M |
| Shareholders' equity | $13.3M | $5.2M | $3.1M | $16.2M | $406M |
| Net debt (β = net cash) | $3.2M | $4.4M | $1.5M | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· TON Strategy Co passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 8 | 5 / 8 | 3 / 9 | 2 / 9 | 4 / 9 | 4 / 9 | 5 / 8 | 3 / 8 |
| Accruals ratio | β5,641.2% | β5,697.2% | β1,610.1% | β53.3% | β28.4% | β25.8% | β61.2% | β75.0% | β9.9% | β59.2% |
| Altman Z'' | β1,091.13 | β1,771.65 | β237.30 | β11.54 | β15.42 | β19.71 | β28.67 | β62.46 | β25.79 | 86.83 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | β | $0.0M | $0.0M | $9.1M | $10.0M | $10.5M | $0.0M | $0.1M | $0.9M | $12.8M |
| Net interest income | β | β | β | β | β | β | β | β$1.2M | β$0.2M | β$0.0M |
| Gross profit | β | β$0.0M | β$0.0M | $4.2M | $5.2M | $6.0M | $6.1M | $0.0M | $0.7M | $8.9M |
| Research and development | $0.3M | $0.4M | $1.0M | $4.3M | $7.9M | $12.3M | $5.2M | β | β | β |
| Operating income | β$3.1M | β$4.7M | β$7.8M | β$15.8M | β$24.7M | β$33.7M | β$18.9M | β$13.8M | β$11.6M | β$36.4M |
| Interest expense | $0.3M | $0.6M | $0.4M | $0.2M | $0.9M | $2.6M | $1.4M | $1.2M | $0.2M | $0.0M |
| Pretax income | β$4.3M | β$7.3M | β$12.1M | β$15.9M | β$25.0M | β$34.5M | β | β | β$10.5M | β$149M |
| Income tax | $0.0M | $0.0M | β$0.0M | $0.0M | $0.0M | $0.0M | β | β | β | β$0.2M |
| Net income | β$4.3M | β$7.3M | β$12.1M | β$15.9M | β$25.0M | β$34.5M | β$37.4M | β$22.0M | β$10.3M | β$148M |
| Net income to common | β | β | β | β$15.9M | β$28.9M | β$34.8M | β$37.7M | β$22.2M | β$11.5M | β$150M |
| Diluted EPS | β$0.05 | β$1.03 | β$1.23 | β$0.79 | β$0.80 | β$0.55 | β$6.68 | β$441.48 | β$19.36 | β$5.96 |
| Diluted shares | 0.08B | 0.01B | 0.01B | 0.02B | 0.04B | 0.06B | 0.00B | 0.00B | 0.00B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | $1.6M | β$1.7M | β$4.2M | β$8.1M | β$16.3M | β$25.9M | β$19.4M | β$8.7M | β$8.8M | β$20.8M |
| Capital expenditure | $0.0M | β | β | $0.1M | $0.3M | $0.0M | $0.0M | $0.0M | $0.3M | $0.1M |
| Free cash flow | $1.6M | β | β | β$8.3M | β$16.6M | β$25.9M | β$19.4M | β$8.8M | β$9.1M | β$20.9M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $1.0M | $1.5M | $1.7M | $1.1M | $2.3M | $1.1M | $1.3M |
| Stock-based compensation | $1.3M | $2.5M | β | β | $6.1M | $5.7M | $4.5M | $2.5M | $2.1M | $19.1M |
| Acquisitions | β | β | β | $0.6M | β | β | β | β | β | $4.2M |
| Share buybacks | $0.2M | β | $0.0M | β | β | β | β | β | β | $20.6M |
| Dividends and buybacks | $0.2M | β | $0.0M | β | β | β | β | β | β | $20.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.0M | $0.0M | $0.6M | $1.0M | $1.8M | $0.9M | $2.4M | $4.4M | $12.5M | $39.5M |
| Total debt | β | β | β | $0.7M | $0.1M | $4.2M | $6.8M | $5.8M | β | β |
| Current assets | $0.0M | $0.1M | $0.7M | $2.6M | $3.7M | $3.2M | $4.1M | $4.7M | $16.5M | $42.4M |
| Current liabilities | $3.6M | $5.9M | $4.9M | $11.2M | $16.9M | $17.9M | $16.5M | $7.2M | $4.3M | $4.6M |
| Inventory | β | β | β | $0.1M | $0.0M | $0.0M | β | β | β | β |
| Property and equipment, net | $0.1M | $0.0M | $0.0M | $0.7M | $0.9M | $0.7M | $0.5M | $0.0M | $0.3M | $0.3M |
| Goodwill | β | β | β | $16.3M | $20.1M | $19.8M | $9.6M | β | β | $5.2M |
| Intangible assets | β | β | β | $5.4M | $5.2M | $4.0M | $0.1M | $0.1M | $0.2M | $0.0M |
| Total assets | $0.1M | $0.1M | $0.9M | $28.4M | $32.5M | $34.4M | $24.5M | $10.8M | $20.6M | $411M |
| Total liabilities | $3.6M | $5.9M | $6.0M | $16.9M | $21.8M | $21.1M | $19.3M | $7.7M | $4.6M | $4.8M |
| Shareholders' equity | β$3.5M | β$5.8M | β$5.1M | $11.4M | $10.7M | $13.3M | $5.2M | $3.1M | $16.2M | $406M |
| Margins | ||||||||||
| Gross margin | β | β33.3% | β62.5% | 46.5% | 51.8% | 57.2% | 76,550.0% | 69.8% | 75.0% | 69.5% |
| Operating margin | β | β78,416.7% | β24,350.0% | β174.0% | β248.2% | β320.3% | β235,925.0% | β21,896.8% | β1,301.0% | β285.2% |
| EBITDA margin | β | β78,050.0% | β24,287.5% | β162.5% | β233.1% | β304.4% | β222,075.0% | β18,196.8% | β1,180.7% | β275.0% |
| Net margin | β | β121,100.0% | β37,896.9% | β174.9% | β250.4% | β327.7% | β467,962.5% | β34,911.1% | β1,154.1% | β1,161.9% |
| FCF margin | β | β | β | β90.8% | β166.7% | β246.0% | β242,825.0% | β13,927.0% | β1,017.5% | β163.2% |
| Net interest share of revenue | β | β | β | β | β | β | β | β1,893.7% | β26.5% | β0.0% |
| Returns | ||||||||||
| Return on capital | β | β | β | β111.7% | β216.2% | β160.8% | β156.0% | β236.8% | β | β |
| Return on capital employed | 90.3% | 81.3% | 195.3% | β92.4% | β157.9% | β204.4% | β237.1% | β377.8% | β71.3% | β9.0% |
| Return on equity | β | β | β | β498.2% | β224.9% | β286.6% | β405.0% | β530.6% | β106.9% | β70.3% |
| Return on assets | β4,101.8% | β7,406.7% | β2,449.9% | β108.8% | β82.0% | β103.0% | β127.1% | β124.5% | β65.6% | β68.8% |
| Return on tangible equity | β | β | β | β | β | β | β | β736.6% | β71.6% | β37.3% |
| Growth | ||||||||||
| Revenue growth | β | β | 433.3% | 28,337.5% | 9.5% | 5.6% | β99.9% | 687.5% | 1,320.6% | 1,327.8% |
| Share count change | β | β91.1% | 39.5% | 104.5% | 78.4% | 75.8% | β96.2% | β98.6% | 1,642.6% | 4,137.8% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | 0.1x | 0.0x | 0.3x | 1.3x | 1.9x | β | β |
| Interest coverage | β9.2x | β8.5x | β21.5x | β85.1x | β27.7x | β13.1x | β13.4x | β11.6x | β49.1x | β36,442.0x |
| Current ratio | 0.0x | 0.0x | 0.1x | 0.2x | 0.2x | 0.2x | 0.2x | 0.7x | 3.8x | 9.2x |
| Quick ratio | 0.0x | 0.0x | 0.1x | 0.2x | 0.2x | 0.2x | 0.2x | 0.7x | 3.8x | 9.2x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | 1.6% | 3.2% | 0.2% | 250.0% | 50.8% | 38.2% | 0.7% |
| Stock comp / revenue | β | 42,220.0% | β | β | 61.4% | 53.9% | 55,687.5% | 3,973.0% | 232.3% | 149.7% |
| Payouts / FCF | 10.4% | β | β | β | β | β | β | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | 3.0 | 5.0 | 3.0 | 2.0 | 4.0 | 4.0 | 5.0 | 3.0 |
| Altman Z'' | β1,091.1 | β1,771.6 | β237.3 | β11.5 | β15.4 | β19.7 | β28.7 | β62.5 | β25.8 | 86.8 |
| Accruals ratio | β5,641.2% | β5,697.2% | β1,610.1% | β53.3% | β28.4% | β25.8% | β61.2% | β75.0% | β9.9% | β59.2% |
Source: SEC EDGAR XBRL filings (CIK 0001566610). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
