TON Strategy Co (TONX) Income Statement
TONX 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTONX revenue and net income
Where TONX's revenue goes
2025Each bar shows an amount and its share of revenue. TONX kept −1,161.9% of revenue as net income.
TONX profit margins
TONX growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1,327.8% | +1,069.0% | +5.1% | — |
| Gross profit | +1,224.1% | +1,111.2% | +11.5% | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TONX quarterly EPS vs estimates
TON Strategy beat the analyst EPS estimate in 6 of the last 7 quarters. Next report: November 11, 2026 (estimate $-1.25).
TONX income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.8M | $895,000 | $63,000 | $8,000 | $10.5M | $10.0M | $9.1M | $32,000 | $6,000 | $0 |
| Cost of revenue | $3.9M | $224,000 | $19,000 | $3,000 | $4.5M | $4.8M | $4.9M | $52,000 | $8,000 | $21,301 |
| Gross profit | $8.9M | $671,000 | $44,000 | $5,000 | $6.0M | $5.2M | $4.2M | −$20,000 | −$2,000 | −$21,301 |
| Research & development | — | — | — | $5.2M | $12.3M | $7.9M | $4.3M | $980,000 | $375,000 | $257,803 |
| Sales, general & admin | $40.9M | $11.2M | $11.5M | $17.8M | $25.7M | $20.5M | $14.7M | $6.8M | $4.3M | $2.9M |
| Total operating expenses | $42.2M | $12.3M | $13.8M | $18.9M | $39.7M | $29.9M | $20.1M | $7.8M | $4.7M | $3.1M |
| Operating income | −$33.3M | −$11.6M | −$13.8M | −$18.9M | −$33.7M | −$24.7M | −$15.8M | −$7.8M | −$4.7M | −$3.1M |
| Interest income | $1.0M | $692,000 | $0 | — | — | — | — | — | — | — |
| Interest expense | $1,000 | $237,000 | $2.4M | $1.4M | $2.6M | $646,000 | $1.8M | $1.8M | $973,000 | $739,174 |
| Income before taxes | −$148.6M | −$10.5M | −$14.8M | −$16.0M | −$34.5M | −$25.0M | −$15.9M | −$12.1M | −$7.3M | −$4.3M |
| Income taxes | −$234,000 | — | — | $9.0M | $1,000 | $1,000 | $2,000 | $1,000 | $2,000 | $866 |
| Net income | −$148.5M | −$10.3M | −$22.0M | −$37.4M | −$34.5M | −$25.0M | −$15.9M | −$12.1M | −$7.3M | −$4.3M |
| EBITDA | −$147.3M | −$9.2M | −$11.3M | −$13.4M | −$29.7M | −$22.3M | −$12.7M | −$9.5M | −$6.3M | −$3.5M |
| EPS (diluted) | −$2.46 | −$32.94 | −$2756.60 | −$2924.77 | −$3174.48 | −$7440.00 | −$1040.68 | −$27131.32 | — | — |
| Gross margin | 69.5% | 75.0% | 69.8% | 62.5% | 57.2% | 51.8% | 46.5% | −62.5% | −33.3% | — |
| Operating margin | −260.7% | −1,301.0% | −21,896.8% | −235,925.0% | −320.3% | −248.2% | −174.0% | −24,350.0% | −78,416.7% | — |
| Net margin | −1,161.9% | −1,154.1% | −34,911.1% | −467,962.5% | −327.7% | −250.4% | −174.9% | −37,896.9% | −121,100.0% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M | $5.3M | $5.7M | $3.6M | $2.1M | $1.3M | $723,000 | $128,000 | $37,000 | $7,000 | $29,000 | $3,000 |
| Cost of revenue | $766,000 | $1.3M | $2.0M | $888,000 | $611,000 | $596,000 | $134,000 | $54,000 | $31,000 | $5,000 | $5,000 | $1,000 |
| Gross profit | $14.3M | $4.0M | $3.7M | $2.7M | $1.5M | $709,000 | $589,000 | $74,000 | $6,000 | $2,000 | $24,000 | $2,000 |
| Research & development | — | — | — | — | — | — | $250,000 | — | — | $249,000 | $538,000 | $539,000 |
| Sales, general & admin | $13.8M | $7.8M | $9.4M | $24.1M | $4.1M | $3.3M | $4.0M | $2.1M | $2.1M | $3.0M | $2.9M | $2.7M |
| Total operating expenses | $13.8M | $7.8M | $9.7M | $24.4M | $4.4M | $3.4M | $4.3M | $2.4M | $2.4M | $3.2M | $3.4M | $3.3M |
| Operating income | $479,000 | −$3.9M | −$6.0M | −$21.7M | −$2.9M | −$2.7M | −$3.7M | −$2.3M | −$2.4M | −$3.2M | −$3.4M | −$3.3M |
| Interest income | $272,000 | $340,000 | $532,000 | $289,000 | $90,000 | $121,000 | $331,000 | $193,000 | $168,000 | — | — | — |
| Interest expense | — | — | $0 | $0 | $0 | $1,000 | $1,000 | $1,000 | $10,000 | $225,000 | $219,000 | $299,000 |
| Income before taxes | $83.5M | −$91.0M | −$242.7M | $99.1M | −$2.6M | −$2.4M | −$3.4M | −$2.0M | −$1.7M | −$3.4M | −$3.5M | −$3.8M |
| Income taxes | $2,000 | $86,000 | −$14.4M | $14.4M | −$253,000 | — | — | — | — | $28,000 | $603,586 | — |
| Net income | $76.5M | −$91.0M | −$227.9M | $84.3M | −$2.4M | −$2.6M | −$3.2M | −$2.0M | −$1.7M | −$3.4M | −$3.7M | −$9.9M |
| EBITDA | $83.5M | −$3.9M | −$242.4M | $99.5M | −$2.3M | −$2.2M | −$3.1M | −$1.7M | −$1.7M | −$3.2M | −$2.8M | −$2.9M |
| EPS (diluted) | $0.01 | −$1.56 | — | $2.23 | −$1.79 | −$2.51 | −$3.56 | −$3.98 | −$3.40 | −$22.00 | −$116.04 | −$197.60 |
| Gross margin | 94.9% | 75.3% | 64.3% | 75.4% | 71.2% | 54.3% | 81.5% | 57.8% | 16.2% | 28.6% | 82.8% | 66.7% |
| Operating margin | 3.2% | −74.0% | −104.7% | −601.5% | −138.2% | −203.8% | −513.1% | −1,806.2% | −6,500.0% | −45,957.1% | −11,689.7% | −108,866.7% |
| Net margin | 509.5% | −1,733.1% | −3,968.6% | 2,336.8% | −111.9% | −196.5% | −440.9% | −1,535.2% | −4,678.4% | −49,214.3% | −12,789.7% | −328,533.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TONX's financial statements (latest annual report filed March 31, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TONX financial results
In fiscal year 2025 (ended December 31, 2025), TON Strategy reported revenue of $12.8 million, up 1,327.8% from the year before. It had a net loss of $148.5 million, a net profit margin of −1,161.9%. Diluted earnings per share came to −$2.46. Over five years revenue grew at an average rate of 5.1% a year.
See the TONX stock overview for the latest quote and news, or the TONX chart for price history and technical indicators.
TONX income statement FAQ
What is TON Strategy's annual revenue?
TON Strategy reported total revenue of $12.8 million for fiscal year 2025, which ended on December 31, 2025. That was up 1,327.8% from $0.9 million the previous year.
Is TON Strategy profitable?
No. TON Strategy reported a net loss of $148.5 million in fiscal 2025, a net profit margin of −1,161.9%; its operating margin was −260.7%.
What is TON Strategy's gross margin?
TON Strategy's gross margin was 69.5% in fiscal 2025: for every $100 of revenue, TON Strategy kept $70 after the direct cost of its products and services.
How fast is TON Strategy growing?
Revenue grew 5.1% a year on average over the last five fiscal years, from $10.0 million to $12.8 million.
What are TON Strategy's earnings per share?
TON Strategy earned $-2.46 per diluted share in fiscal 2025, compared with $-32.94 a year earlier.
When will TON Strategy report its next earnings?
TON Strategy is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 before the market opens.
When does TON Strategy's fiscal year end?
TON Strategy's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 31, 2026.