Detailed financial statements for TON Strategy Co. (TONX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
TON Strategy Company, through its subsidiaries, operates as an interactive video-based social commerce company. The company operates in three segments: TON, MARKET.live, and Go Fund Yourself. The company offers digital asset treasury and Web3 ecosystem. It also provides MARKET.live, a livestream social shopping platform that allows brands, retailers, and creators to broadcast shopping events on various social media channels.
Analysis Summary
TON Strategy Co. reported revenue of $12.8M in the most recent fiscal year, growing at a 5-year CAGR of 5.1%.
Trailing-twelve-month margins: gross margin 83.1%, operating margin -105.1%, net margin -5.3%.
At the current price of $2.94, TONX has negative trailing earnings (P/E not meaningful) and an ROE of -35.90%. Market capitalisation stands at $166M.
Balance sheet quality for TONX: current ratio of 9.2, net cash position of $39.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $6000 | $32000 | $9.1M | $10.0M | $10.5M | $8000 | $63000 | $895000 | $12.8M |
| Cost of Revenue | 0 | $8000 | $52000 | $4.9M | $4.8M | $4.5M | $3000 | $19000 | $224000 | $3.9M |
| Gross Profit | 0 | -$2000 | -$20000 | $4.2M | $5.2M | $6.0M | $5000 | $44000 | $671000 | $8.9M |
| Research & Development | $257803 | $375000 | $980000 | $4.3M | $7.9M | $12.3M | $5.2M | 0 | 0 | 0 |
| Selling, General & Admin | $2.9M | $4.3M | $6.8M | $14.7M | $20.5M | $25.7M | $17.8M | $11.5M | $11.2M | $40.9M |
| Operating Expenses | $3.1M | $4.7M | $7.8M | $20.1M | $29.9M | $39.7M | $18.9M | $13.8M | $12.3M | $42.2M |
| Operating Income | -$3.1M | -$4.7M | -$7.8M | -$15.8M | -$24.7M | -$33.7M | -$18.9M | -$13.8M | -$11.6M | -$33.3M |
| EBITDA | -$3.5M | -$6.3M | -$9.5M | -$12.7M | -$22.3M | -$29.7M | -$13.4M | -$11.3M | -$9.2M | -$147.3M |
| Interest Expense | $739174 | $973000 | $1.8M | $1.8M | $646000 | $2.6M | $1.4M | $2.4M | $237000 | $1000 |
| Pre-tax Income | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$16.0M | -$14.8M | -$10.5M | -$148.6M |
| Income Tax | $866 | $2000 | $1000 | $2000 | $1000 | $1000 | 0 | 0 | 0 | -$234000 |
| Net Income | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$37.4M | -$22.0M | -$10.3M | -$148.5M |
| EPS | $0.00 | $0.00 | $0.00 | $0.00 | $-6421.60 | $-4400.72 | $-3105.28 | $-651.80 | $-19.36 | $-5.96 |
| EPS (Diluted) | $0.00 | $0.00 | $0.00 | $0.00 | $-6421.60 | $-4400.72 | $-3105.28 | $-651.80 | $-19.36 | $-5.96 |
| Shares Outstanding (Diluted) | 0 | 0 | 0 | 0 | $4501 | $7915 | $12135 | $33994 | $592478 | $25.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $3.6M | $5.7M | $5.3M | $15.0M |
| Gross Profit | $2.7M | $3.7M | $4.0M | $14.3M |
| Operating Income | -$21.7M | -$6.0M | -$3.9M | $479000 |
| EBITDA | $99.5M | -$242.4M | -$3.9M | $83.5M |
| Net Income | $84.3M | -$227.9M | -$91.0M | $76.5M |
| EPS | $2.23 | $-3.77 | $-1.56 | $1.32 |
| EPS (Diluted) | $2.23 | $-3.78 | $-1.56 | $1.31 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $16762 | $10560 | $634000 | $983000 | $1.8M | $937000 | $2.4M | $4.4M | $7.6M | $39.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $4.9M | 0 |
| Receivables | $8468 | 0 | $1000 | $1.3M | $919000 | $1.4M | 0 | 0 | $2.8M | $1.2M |
| Inventory | 0 | 0 | 0 | $103000 | $34000 | $28000 | 0 | 0 | 0 | 0 |
| Total Current Assets | $36101 | $51469 | $718000 | $2.6M | $3.7M | $3.2M | $4.1M | $4.7M | $16.5M | $42.4M |
| Property, Plant & Equipment | $52066 | $30554 | $11000 | $4.0M | $3.6M | $2.9M | $8.1M | $261000 | $671000 | $389000 |
| Goodwill | 0 | 0 | 0 | $16.3M | $20.1M | $19.8M | 0 | 0 | 0 | $5.2M |
| Intangible Assets | $535158 | 0 | 0 | $5.4M | $5.2M | $8.3M | $83000 | $4.1M | $3.2M | $48000 |
| Total Assets | $104203 | $90803 | $898000 | $28.4M | $32.5M | $34.4M | $24.5M | $10.8M | $20.6M | $411.2M |
| Accounts Payable | $431650 | $665000 | $1.1M | $4.3M | $2.6M | $3.8M | $4.0M | $1.4M | $731000 | $1.9M |
| Short-term Debt | $2.8M | $3.1M | $930000 | $844000 | $1.1M | $40000 | $5.8M | $1.8M | $20000 | 0 |
| Total Current Liabilities | $3.6M | $5.9M | $4.9M | $11.2M | $16.9M | $17.9M | $16.5M | $7.2M | $4.3M | $4.6M |
| Long-term Debt | 0 | 0 | $1.1M | $1.1M | $1.5M | $875000 | $1.2M | $362000 | $98000 | 0 |
| Total Liabilities | $3.6M | $5.9M | $6.0M | $16.9M | $21.8M | $21.1M | $19.3M | $7.7M | $4.6M | $4.8M |
| Retained Earnings | -$21.3M | -$28.5M | -$40.7M | -$56.6M | -$81.5M | -$116.0M | -$153.5M | -$175.6M | -$187.1M | -$336.7M |
| Total Equity | -$3.5M | -$5.8M | -$5.1M | $11.4M | $10.7M | $13.3M | $5.2M | $3.1M | $16.2M | $406.5M |
| Total Debt | $2.8M | $3.1M | $2.0M | $5.9M | $6.1M | $3.8M | $9.0M | $2.4M | $464000 | $209000 |
| Net Debt | $2.8M | $3.1M | $1.4M | $4.9M | $4.3M | $2.9M | $6.5M | -$2.0M | -$12.1M | -$39.3M |
| Working Capital | -$3.5M | -$5.8M | -$4.2M | -$8.6M | -$13.2M | -$14.7M | -$12.5M | -$2.5M | $12.2M | $37.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $53.0M | $39.5M | $34.8M | $28.8M |
| Total Assets | $661.9M | $411.2M | $321.7M | $403.5M |
| Total Liabilities | $22.4M | $4.8M | $5.1M | $5.0M |
| Total Equity | $639.1M | $406.4M | $316.6M | $398.8M |
| Total Debt | $247000 | $209000 | $168000 | $198000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.3M | -$7.3M | -$12.1M | -$15.9M | -$25.0M | -$34.5M | -$37.4M | -$22.0M | -$10.5M | -$148.4M |
| Depreciation & Amortization | $21301 | $22000 | $20000 | $1.4M | $2.1M | $2.2M | $2.5M | $2.3M | $1.1M | $1.3M |
| Stock-based Compensation | $1.3M | $2.5M | 0 | 0 | $6.1M | $5.7M | $4.5M | $2.5M | $2.1M | $19.1M |
| Change in Working Capital | $487373 | $784000 | $568000 | $1.1M | $142000 | -$269000 | -$618000 | -$38000 | -$1.7M | -$3.4M |
| Operating Cash Flow | -$1.6M | -$1.7M | -$4.2M | -$8.1M | -$16.3M | -$25.9M | -$19.4M | -$10.6M | -$8.8M | -$20.8M |
| Capital Expenditure | -$2494 | 0 | 0 | -$146000 | -$317000 | -$2.3M | -$4.8M | -$306000 | -$342000 | -$88000 |
| Acquisitions | 0 | 0 | 0 | -$14.4M | $229000 | $11000 | $3000 | 0 | 0 | 0 |
| Stock Repurchased | -$166226 | 0 | -$20000 | 0 | 0 | 0 | 0 | 0 | 0 | -$26.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.6M | -$1.7M | -$4.2M | -$8.3M | -$16.6M | -$28.2M | -$24.2M | -$10.9M | -$9.1M | -$20.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$9.4M | -$8.0M | -$4.7M | -$7.1M |
| Capital Expenditure | -$22000 | -$6000 | -$9000 | $7000 |
| Free Cash Flow | -$9.4M | -$8.0M | -$4.7M | -$7.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $15.0M | $1.6M | $1.1M | $5.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +433.3% | +28337.5% | +9.5% | +5.6% | -99.9% | +687.5% | +1320.6% | +1327.8% |
| Net Income Growth (YoY) | | -70.0% | -66.9% | -31.3% | -56.8% | -38.2% | -8.6% | +41.3% | +53.0% | -1337.5% |
| EPS Growth (YoY) | | | | | | +31.5% | +29.4% | +79.0% | +97.0% | +69.2% |
| Shares Change (YoY) | | | | | | +75.8% | +53.3% | +180.1% | +1642.9% | +4138.0% |
| FCF Growth (YoY) | | -4.4% | -147.9% | -98.8% | -101.0% | -69.5% | +14.2% | +54.9% | +16.5% | -129.0% |
| Gross Margin | | -33.3% | -62.5% | 46.5% | 51.8% | 57.2% | 62.5% | 69.8% | 75.0% | 69.5% |
| Operating Margin | | -78416.7% | -24350.0% | -174.0% | -248.2% | -320.3% | -235925.0% | -21896.8% | -1301.0% | -260.7% |
| EBITDA Margin | | -104483.3% | -29618.8% | -139.4% | -223.3% | -282.0% | -168000.0% | -17968.3% | -1027.5% | -1152.8% |
| Net Margin | | -121100.0% | -37896.9% | -174.9% | -250.4% | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |
| FCF Margin | | -27950.0% | -12990.6% | -90.8% | -166.7% | -267.5% | -301962.5% | -17306.3% | -1017.5% | -163.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | | | | | $-3690.51 | $-3556.66 | $-1990.69 | $-320.73 | $-15.37 | $-0.83 |
| Dividends Per Share | | | | | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 0 | 0 | 0 | 0 | $4501 | $7915 | $12135 | $33994 | $592478 | $25.1M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | -35.90% |
| Return on Invested Capital | -7.81% |
| Return on Assets | -39.17% |
| Gross Margin | 83.13% |
| Operating Margin | -105.07% |
| Net Margin | -533.54% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 6.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 0.00 | 0.00 | 0.00 | -2.06 | -2.25 | -0.42 | -0.05 | -0.34 | -0.33 |
| P/B | 0.00 | 0.00 | 0.00 | 0.00 | 5.53 | 5.89 | 3.08 | 0.37 | 0.24 | 0.12 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 5.96 | 7.46 | 1990.14 | 18.56 | 4.33 | 3.91 |
| Gross Margin | 0.0% | -33.3% | -62.5% | 46.5% | 51.8% | 57.2% | 62.5% | 69.8% | 75.0% | 69.5% |
| Operating Margin | 0.0% | -78416.7% | -24350.0% | -174.0% | -248.2% | -320.3% | -235925.0% | -21896.8% | -1301.0% | -260.7% |
| Net Margin | 0.0% | -121100.0% | -37896.9% | -174.9% | -250.4% | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |