TON Strategy Co (TONX)
TON Strategy Co brought in $29.6M of revenue over the twelve months to June 30, 2026, up 592.3% from a year earlier. It posted a net loss of $157.8M. In fiscal 2025 capital spending exceeded operating cash flow by $20.9M. At June 30, 2026 it held $28.8M in cash. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on August 11, 2026.
Key facts about TON Strategy Co
- Net worth
- TON Strategy Co has a market value (market cap) of $179.5M at the latest share price, and shareholders' equity of $398.8M on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $12.8M (+1,327.8% year on year), with a net loss of $148.5M. Over the 12 months to June 30, 2026: revenue $29.6M, net loss $157.8M.
- Cash flow
- In fiscal 2025 operations used $20.8M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on August 11, 2026 and covers the period to June 30, 2026. Open on SEC EDGAR
- Next earnings report
- TON Strategy Co's next report was expected around November 10, 2026 and is not on file with the SEC yet.
What TON Strategy Co does
TON Strategy Co is registered with the SEC under industry code SIC 6199 (Finance Services). Its shares trade on NASDAQ under the ticker TONX.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $12.8M | -$148.5M | -$5.96 | -$20.9M |
| 2024 | $895K | -$10.3M | -$19.36 | -$9.1M |
| 2023 | $63K | -$22M | -$441.48 | -$8.8M |
| 2022 | $8K | -$37.4M | -$1,334.43 | -$19.4M |
| 2021 | $10.5M | -$34.5M | -$109.87 | -$25.9M |
| 2020 | $10M | -$25M | -$159.81 | -$16.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where TONX ranks in Finance
Latest SEC filings
What TON Strategy Co has filed recently, newest first. Each links to the original document on SEC EDGAR.
- October 27, 2026Activist stake changed SCHEDULE 13D/A
- September 16, 2026
- August 17, 2026
- August 11, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 607% to $15M versus the same quarter last year; diluted EPS $1.31 versus -$1.79.
- August 11, 2026
- August 10, 2026
- July 10, 2026
- July 1, 2026
- June 23, 2026
- June 12, 2026
Insider trades
What the people running TON Strategy Co did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders bought $19.8K and sold $793.3K worth of shares in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| November 3, 2026 | Olsen Sarah JosephineCFO & COO | Sold | 13,063 | $37.5K |
| November 3, 2026 | Olsen Sarah JosephineCFO & COO | Sold | 12,357 | $35.5K |
| November 3, 2026 | Marbach MaryGeneral Counsel/Corp Secretary | Sold | 1,827 | $5.2K |
| November 3, 2026 | Marbach MaryGeneral Counsel/Corp Secretary | Sold | 26,188 | $75.2K |
| September 4, 2026 | Rivard Bill JohnChief Accounting Officer | Sold | 12,500 | $41.3K |
| August 27, 2026 | Cary Nicolas ClaudeDirector | Received as pay | 80,000 | - |
| August 27, 2026 | Highfield Tucker MontanaDirector | Received as pay | 80,000 | - |
| August 27, 2026 | Suarez OscarDirector | Received as pay | 97,500 | - |
Who owns TONX
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Manuel Stotz13D, may seek influence with 8 related filers | 21.96% | October 27, 2026 |
| Aristeia Capital, L.L.C.13G, passive with 4 related filers | 8.66% | April 2, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 40 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Kingsway Capital Partners Ltd | 12,091,720 | new |
| VY Capital Management Co. Ltd. | 6,125,821 | new |
| Aristeia Capital, L.L.C. | 4,895,110 | 0 |
| Vanguard Capital Management LLC | 2,185,301 | -102,687 |
| Ribbit Management Company, LLC | 1,577,287 | 0 |
| Long Corridor Asset Management Ltd | 1,027,206 | new |
| BlackRock, Inc. | 854,838 | +133,955 |
| UBS Group AG | 798,578 | +112,137 |
| DRW Securities, LLC | 788,644 | 0 |
| Saba Capital Management, L.P. | 717,327 | -73,941 |
| Geode Capital Management, LLC | 538,426 | -42,100 |
| Arrington Capital Management, LLC | 378,549 | 0 |
| Vanguard Fiduciary Trust Co | 286,606 | -12,213 |
| Jane Street Group, LLC | 231,526 | new |
| Charles Schwab Investment Management Inc | 229,618 | -41,179 |
| State Street Corp | 212,306 | -1,150 |
| Goldman Sachs Group Inc | 202,070 | +20,302 |
| Yorkville Advisors Global, LP | 160,000 | -440,000 |
| Summit Trail Advisors, LLC | 144,967 | +78,002 |
| Northern Trust Corp | 102,668 | -2,000 |
Insiders
9 insiders reported holding 3,337,211 shares in total, about $10.9M at the last price.
| Holder | Shares |
|---|---|
| Olsen Sarah JosephineCFO & COO | 1,285,070 |
| Wilson Kevin MarkChief Executive Officer | 1,152,820 |
| Marbach MaryGeneral Counsel/Corp Secretary | 286,085 |
| Sohn EvanDirector | 155,399 |
| Cary Nicolas ClaudeDirector | 152,500 |
| Highfield Tucker MontanaDirector | 150,000 |
| Suarez OscarDirector | 97,500 |
| Rivard Bill JohnChief Accounting Officer | 45,331 |
| Cutaia Rory J.Director | 12,506 |
Questions about TONX
What does TON Strategy Co do?
TON Strategy Co is a company in the Finance sector, listed on NASDAQ as TONX. Its shares trade on NASDAQ under the ticker TONX.
What is TON Strategy Co's net worth?
TON Strategy Co has a market value (market cap) of $179.5M at the latest share price, and shareholders' equity of $398.8M on its balance sheet at June 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is TON Strategy Co profitable?
No. Over the twelve months to June 30, 2026 it reported a net loss of $157.8M on revenue of $29.6M.
How much revenue does TON Strategy Co make?
Over the twelve months to June 30, 2026 TON Strategy Co reported revenue of $29.6M. That is 592.3% more than a year earlier.
When did TON Strategy Co last report?
Its most recent periodic report is the quarterly report (10-Q) filed on August 11, 2026. It covers the period to June 30, 2026. Its newest filing of any kind is the insider trade from November 4, 2026.
When is TON Strategy Co's next earnings report?
TON Strategy Co's next report was expected around November 10, 2026 and is not on file with the SEC yet.
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Where the numbers come from
Financial figures are the values TON Strategy Co tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.