TON Strategy Co TONX
to mean TON Strategy Company, individually, or as the context requires, collectively with its subsidiaries on a consolidated basis.
Strategy Company is a digital asset treasury and Web3 ecosystem company focused on supporting The Open Network, a public blockchain originally
developed to integrate with Telegram, one of the world's largest messaging platforms. The Open Network blockchain is designed to
process transactions quickly and at scale, enabling a range of decentralized applications and digital services that can be accessed directly
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.8M | $895.0K | $63.0K | $8.0K | $10.5M | $10.0M | $9.1M | $32.0K | $6.0K | — |
| Cost of revenue | $3.9M | $224.0K | $19.0K | $3.3M | $4.5M | $4.8M | $4.9M | $52.0K | $8.0K | — |
| Gross profit | $8.9M | $671.0K | $44.0K | $6.1M | $6.0M | $5.2M | $4.2M | -$20.0K | -$2.0K | — |
| R&D | — | — | — | $5.2M | $12.3M | $7.9M | $4.3M | $980.0K | $375.0K | $257.8K |
| SG&A | $40.9M | $11.2M | $11.5M | $17.8M | $25.7M | $1.0M | $14.7M | $6.8M | $4.3M | $2.9M |
| Total operating expenses | $49.2M | $12.5M | $13.9M | $18.9M | $39.7M | $29.9M | $20.1M | $7.8M | -$4.7M | -$3.1M |
| Operating income | -$36.4M | -$11.6M | -$13.8M | -$18.9M | -$33.7M | -$24.7M | -$15.8M | -$7.8M | -$4.7M | -$3.1M |
| Interest expense | $1.0K | $237.0K | $1.2M | $1.4M | $2.6M | $894.0K | $186.0K | $362.0K | $555.0K | $340.6K |
| Pre-tax income | -$148.6M | -$10.5M | — | — | -$34.5M | -$25.0M | -$15.9M | -$12.1M | -$7.3M | -$4.3M |
| Income tax | $234.0K | — | — | — | $1.0K | $1.0K | $2.0K | $1.0K | $2.0K | $866 |
| Net income | -$148.5M | -$10.3M | -$22.0M | -$37.4M | -$34.5M | -$25.0M | -$15.9M | -$12.1M | -$7.3M | -$4.3M |
| EPS, basic | -5.96 | -19.36 | -441.48 | -6.68 | -0.55 | — | — | — | — | — |
| EPS, diluted | -5.96 | -19.36 | -441.48 | -6.68 | -0.55 | -0.80 | -0.79 | -1.23 | -1.03 | -0.05 |
| Shares, diluted (wtd. avg.) | $25.1M | $592.5K | $34.0K | $2.4M | $63.3M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $39.5M | $7.6M | — | $2.4M | $937.0K | $1.8M | $983.0K | $634.0K | $11.0K | $16.8K |
| Short-term investments | — | $4.9M | — | — | — | — | — | — | — | — |
| Receivables | — | — | — | $1.0M | $1.4M | $919.0K | $1.3M | $1.0K | — | $8.5K |
| Inventory | — | — | — | — | $28.0K | $34.0K | $103.0K | — | — | — |
| Total current assets | $42.4M | $16.5M | $4.7M | $4.1M | $3.2M | $3.7M | $2.6M | $718.0K | $52.0K | $36.1K |
| Property, plant and equipment | $258.0K | $331.0K | $43.0K | $533.0K | $702.0K | $862.0K | $720.0K | $11.0K | $31.0K | $52.1K |
| Goodwill | $5.2M | — | — | $9.6M | $19.8M | $20.1M | $16.3M | — | — | — |
| Other intangibles | $48.0K | $178.0K | $117.0K | $83.0K | $4.0M | $5.2M | $5.4M | — | — | — |
| Total assets | $411.2M | $20.6M | $10.8M | $24.5M | $34.4M | $32.5M | $28.4M | $898.0K | $92.0K | $104.2K |
| Accounts payable | — | $731.0K | $1.4M | $4.0M | $3.8M | $2.6M | $4.3M | $1.1M | $665.0K | $431.6K |
| Short-term debt | — | — | $5.8M | $6.8M | $4.2M | $110.0K | $732.0K | — | — | — |
| Total current liabilities | $4.6M | $4.3M | $7.2M | $16.5M | $17.9M | $16.9M | $11.2M | $4.9M | $5.9M | $3.6M |
| Total liabilities | $4.8M | $4.6M | $7.7M | $19.3M | $21.1M | $21.8M | $16.9M | $6.0M | $5.9M | $3.6M |
| Retained earnings | -$336.7M | -$187.1M | -$175.6M | -$153.5M | -$116.0M | -$81.5M | -$56.6M | -$40.7M | -$28.5M | -$21.3M |
| Total equity | $406.5M | $16.2M | $3.1M | $5.2M | $13.3M | $10.7M | $11.4M | -$5.1M | -$5.8M | -$3.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$20.8M | -$8.8M | -$8.7M | -$13.7M | -$25.9M | -$16.3M | -$8.1M | -$4.2M | -$1.7M | -$1.6M |
| Depreciation and amortisation | $1.3M | $1.1M | $2.3M | $1.1M | $1.7M | $1.5M | $1.0M | $20.0K | $22.0K | $21.3K |
| Stock-based compensation | $19.1M | $2.1M | $2.5M | $4.5M | $5.7M | $6.1M | — | — | $2.5M | $1.3M |
| Capital expenditure | $88.0K | $342.0K | $32.0K | $20.0K | $26.0K | $317.0K | $146.0K | — | — | $2.5K |
| Investing cash flow | -$294.5M | -$5.4M | -$306.0K | -$4.7M | -$2.3M | -$88.0K | -$14.6M | — | — | -$2.5K |
| Financing cash flow | $346.5M | $18.3M | $10.7M | $29.7M | $27.2M | $17.2M | $23.1M | $4.8M | $1.7M | $1.5M |
| Buybacks | $20.6M | — | — | — | — | — | — | $20.0K | — | $166.2K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-020423.
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