TON Strategy Co
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $12.8M | $895,000 | $63,000 | $8,000 | $10.5M |
| Research and development | — | — | — | $5.2M | $12.3M |
| Operating expenses | $49.2M | $12.5M | $13.9M | $18.9M | $39.7M |
| Operating income | -$36.4M | -$11.6M | -$13.8M | -$18.9M | -$33.7M |
| Interest expense | $1,000 | $237,000 | $1.2M | $1.4M | $2.6M |
| Pretax income | -$148.6M | -$10.5M | — | — | -$34.5M |
| Income tax expense | -$234,000 | — | — | — | $1,000 |
| Net income | -$148.5M | -$10.3M | -$22.0M | -$37.4M | -$34.5M |
| Balance Sheet | |||||
| Cash and equivalents | $39.5M | $7.6M | — | $2.4M | $937,000 |
| Current assets | $42.4M | $16.5M | $4.7M | $4.1M | $3.2M |
| Total assets | $411.2M | $20.6M | $10.8M | $24.5M | $34.4M |
| Current liabilities | $4.6M | $4.3M | $7.2M | $16.5M | $17.9M |
| Total liabilities | $4.8M | $4.6M | $7.7M | $19.3M | $21.1M |
| Total debt | — | — | — | $2.0M | $5.0M |
| Stockholders' equity | $406.5M | $16.2M | $3.1M | $5.2M | $13.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$20.8M | -$8.8M | -$8.7M | -$19.4M | -$25.9M |
| Depreciation and amortization | $1.3M | $1.1M | $2.3M | $1.1M | $1.7M |
| Stock-based compensation | $19.1M | $2.1M | $2.5M | $4.5M | $5.7M |
| Capital expenditure | $88,000 | $342,000 | $32,000 | $20,000 | $26,000 |
| Free cash flow | -$20.9M | -$9.1M | -$8.8M | -$19.4M | -$25.9M |
| Share repurchases | $20.6M | — | — | — | — |
| Impairments | $3.1M | — | — | $12.0M | $0 |
Shares outstanding 56.5M
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.