TON Strategy Co (TONX) Cash Flow Statement
Where TONX’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$20.8M
- Capital expenditures
- $88,000 0.7% of revenue
- Free cash flow
- −$20.9M −163.2% margin
- Returned to shareholders
- $26.7M
- Change in cash
- $31.2M cash at year-end $39.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TONX operating cash flow, capex and free cash flow
TONX cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$1.6M2016 | −$20.8M2025 | — | |
| Capital expenditures | $2,4942016 | $88,0002025 | +48.6%/yr | |
| Free cash flow | −$1.6M2016 | −$20.9M2025 | — | |
| Free cash flow margin | −27,950.0%2017 | −163.2%2025 | +27,786.8 pts | |
| Stock-based compensation | $1.3M2016 | $19.1M2025 | +34.8%/yr | |
| Share buybacks (net) | $166,2262016 | $26.7M2025 | +75.9%/yr | |
| Capex / revenue | 0.0%2017 | 0.7%2025 | +0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TONX cash flow by activity
TONX net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TONX cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$148.4M | −$10.5M | −$22.0M | −$37.4M | −$34.5M | −$25.0M | −$15.9M | −$12.1M | −$7.3M | −$4.3M |
| Depreciation & amortization | $1.3M | $1.1M | $2.3M | $1.1M | $2.2M | $2.1M | $1.4M | $20,000 | $22,000 | $21,301 |
| Stock-based compensation | $19.1M | $2.1M | $2.5M | $4.5M | $5.7M | $6.1M | $4.2M | $3.4M | $2.5M | $1.3M |
| Change in working capital | −$3.4M | −$1.7M | −$38,000 | −$618,000 | −$269,000 | $142,000 | $1.1M | $568,000 | $784,000 | $487,373 |
| Other non-cash items | $110.6M | $305,000 | $6.6M | $13.1M | $980,000 | $346,000 | $1.1M | $4.0M | $2.2M | $860,016 |
| Cash from operating activities | −$20.8M | −$8.8M | −$10.6M | −$19.4M | −$25.9M | −$16.3M | −$8.1M | −$4.2M | −$1.7M | −$1.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$88,000 | −$342,000 | −$306,000 | −$4.8M | −$2.3M | −$317,000 | −$146,000 | $0 | $0 | −$2,494 |
| Investments (net) | −$290.1M | −$5.4M | $4.4M | −$4.7M | −$2.3M | — | — | — | — | — |
| Acquisitions & other investing | −$4.4M | $342,000 | $306,000 | $4.8M | $2.3M | $229,000 | −$14.4M | — | — | $0 |
| Cash from investing activities | −$294.5M | −$5.4M | $4.4M | −$4.7M | −$2.3M | −$88,000 | −$14.6M | — | — | −$2,494 |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | −$26.7M | $0 | — | — | — | — | — | −$20,000 | — | −$166,226 |
| Net borrowing (repayment) | −$118,000 | −$19,000 | −$1.5M | $6.1M | $0 | — | — | — | — | — |
| Shares issued | $373.6M | $18.6M | $12.2M | $24.1M | $22.1M | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$300,000 | −$285,000 | −$2.6M | −$4.5M | $5.2M | $17.2M | $23.1M | $4.8M | $1.7M | $1.7M |
| Cash from financing activities | $346.5M | $18.3M | $8.1M | $25.6M | $27.3M | $17.2M | $23.1M | $4.8M | $1.7M | $1.5M |
| Summary | ||||||||||
| Net change in cash | $31.2M | $4.1M | $1.9M | $1.5M | −$878,000 | $832,000 | $349,000 | $623,000 | −$6,000 | −$86,257 |
| Cash at end of period | $39.7M | $8.5M | $4.4M | $2.4M | $937,000 | $1.8M | $983,000 | $634,000 | $11,000 | $16,762 |
| Free cash flow | −$20.9M | −$9.1M | −$10.9M | −$24.2M | −$28.2M | −$16.6M | −$8.3M | −$4.2M | −$1.7M | −$1.6M |
| Free cash flow margin | −163.2% | −1,017.5% | −17,306.3% | −301,962.5% | −267.5% | −166.7% | −90.8% | −12,990.6% | −27,950.0% | — |
| Capex / revenue | 0.7% | 38.2% | 485.7% | 59,387.5% | 21.6% | 3.2% | 1.6% | 0.0% | 0.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $76.5M | −$91.0M | −$228.3M | $84.7M | −$2.4M | −$2.4M | −$3.4M | −$2.0M | −$1.7M | −$3.4M | −$3.5M | −$3.8M |
| Depreciation & amortization | $3,000 | $19,000 | $342,000 | $341,000 | $336,000 | $286,000 | $279,000 | $273,000 | $269,000 | $256,000 | $564,000 | $583,000 |
| Stock-based compensation | $5.5M | $1.1M | $1.6M | $15.0M | $1.5M | $958,000 | $1.1M | $220,000 | $360,000 | $378,000 | $583,000 | $431,000 |
| Change in working capital | $4.1M | $675,000 | −$1.6M | −$2.0M | −$19,000 | $207,000 | −$48,000 | −$70,000 | −$2.0M | $429,000 | $597,000 | −$334,000 |
| Other non-cash items | −$93.2M | $84.4M | $220.0M | −$107.5M | −$1.8M | −$83,000 | $153,000 | −$109,000 | $88,000 | $173,000 | −$137,000 | −$526,000 |
| Cash from operating activities | −$7.1M | −$4.7M | −$8.0M | −$9.4M | −$2.3M | −$1.1M | −$1.9M | −$1.7M | −$3.0M | −$2.2M | −$1.9M | −$3.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$7,000 | −$9,000 | −$6,000 | −$22,000 | −$2,000 | −$66,000 | −$162,000 | −$105,000 | −$82,000 | −$41,000 | −$31,000 | −$113,000 |
| Investments (net) | $1.0M | $0 | $0 | −$290.0M | −$4.3M | −$152,000 | −$151,000 | −$5.1M | −$82,000 | — | — | — |
| Acquisitions & other investing | $52,000 | −$12,000 | −$30,000 | $22,000 | $2,000 | $66,000 | $162,000 | $105,000 | $82,000 | $0 | $0 | $4.8M |
| Cash from investing activities | $1.1M | −$21,000 | −$36,000 | −$290.0M | −$4.3M | −$152,000 | −$151,000 | −$5.1M | −$82,000 | −$41,000 | −$31,000 | $4.6M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | −$6.3M | −$20.5M | — | — | — | — | — | — | — | — |
| Net borrowing (repayment) | $0 | $0 | $0 | $0 | $0 | −$118,000 | −$5,000 | −$5,000 | — | — | — | — |
| Shares issued | $0 | $0 | $10,000 | $373.6M | $0 | $0 | $0 | $0 | $6.2M | $0 | $0 | $0 |
| Other financing | $0 | $0 | $7,000 | −$5.0M | $4.7M | $0 | $0 | $85,000 | −$89,000 | $12.1M | −$643,000 | −$1.3M |
| Cash from financing activities | $0 | $0 | −$6.2M | $348.1M | $4.7M | −$118,000 | −$5,000 | $80,000 | $6.1M | $12.1M | −$643,000 | −$1.3M |
| Summary | ||||||||||||
| Net change in cash | −$6.0M | −$4.7M | −$14.3M | $48.7M | −$1.9M | −$1.3M | −$2.0M | −$6.7M | $3.0M | $9.8M | −$2.6M | −$264,000 |
| Cash at end of period | $29.0M | $35.0M | $39.7M | $53.9M | $5.2M | $7.2M | $8.5M | $10.5M | $17.2M | $14.2M | $918,000 | $3.5M |
| Free cash flow | −$7.1M | −$4.7M | −$8.0M | −$9.4M | −$2.3M | −$1.1M | −$2.0M | −$1.8M | −$3.1M | −$2.2M | −$2.0M | −$3.7M |
| Free cash flow margin | −47.0% | −89.4% | −139.3% | −261.7% | −107.8% | −87.0% | −280.2% | −1,371.9% | −8,440.5% | −32,142.9% | −6,775.9% | −124,500.0% |
| Capex / revenue | 0.0% | 0.2% | 0.1% | 0.6% | 0.1% | 5.1% | 22.4% | 82.0% | 221.6% | 585.7% | 106.9% | 3,766.7% |
| Operating cash flow / net income | −0.09 | — | — | −0.11 | — | — | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TONX cash generation
In fiscal 2025 (ended December 31, 2025), TON Strategy generated -$20.8 million of cash from operations and spent $0.1 million on capital expenditures, leaving free cash flow of -$20.9 million, −163.2% of revenue. It returned $26.7 million to shareholders through dividends ($0) and net share buybacks ($26.7 million). Cash and equivalents rose by $31.2 million over the year.
Related: TONX income statement, TONX balance sheet. See the TONX stock overview for the latest quote and news.
TONX cash flow FAQ
What is TON Strategy's free cash flow?
TON Strategy's free cash flow was -$20.9 million in fiscal 2025: -$20.8 million of operating cash flow minus $0.1 million of capital expenditures It was -$9.1 million a year earlier..
How much cash does TON Strategy generate from operations?
TON Strategy generated -$20.8 million of cash from operating activities in fiscal 2025.
How much does TON Strategy spend on capital expenditures?
TON Strategy spent $0.1 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with $0.3 million the year before.
How much stock does TON Strategy buy back?
TON Strategy spent $26.7 million on net share repurchases in fiscal 2025.