TONX
TON Strategy Co
Next earnings Aug 4, 2026 · consensus $-1.36 EPS, $2.14M rev
Last earnings +4.2% on 2026-05-12
$2.88
▲ +9.92%$2.88▼ -57.65%
over 1Y
L $1.80H $22.45
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+9.9%
1W+18.5%
1M-27.3%
3M+20.5%
YTD+19.5%
1Y-57.6%
Avoid
Conviction
Horizon
Long (>12mo)
Street · 7 analysts
Buy
A Toncoin proxy dressed as an operating company — $148M loss, 50x dilution, and value that lives or dies on one volatile crypto.
Net income -$148M · FY2025
TONX is not really an equity story; it is a leveraged bet on Toncoin. The 10-K is explicit that 'our core business is the management of its corporate treasury holdings of Toncoin' and that the price of TON — a 'highly volatile asset' — drives both financial results and the share price. Total assets ballooned +1892% to $411M with only $39.5M in cash, so roughly $370M of the $406M equity is digital assets that can reprice violently. The filing itself catalogs the tail risks: exchange/holder liquidations, stablecoin de-pegs, and the fact that co-founder Pavel Durov's August 2024 arrest alone triggered a 20% Toncoin drop. That is an unknowable, un-underwritable risk for a self-directed retail investor.
The operating fundamentals underneath the treasury are poor. FY2025 revenue of $12.8M looks like +1327% growth, but that is off an $895K base and a lumpy history (revenue was $8K in 2022 and $63K in 2023) — there is no durable growth trend, just a bolt-on of MARKET.live/LyveCom/Go Fund Yourself acquisitions. Meanwhile the company lost $148M (net margin -1162%, operating margin -285%), burned $20.8M of operating cash, and carries a -$337M accumulated deficit. Diluted EPS was -$5.96. This is a cash-consuming collection of small media/commerce units wrapped around a crypto wallet.
Is TONX a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBear put spread (caution)~90d expiry
- Long put 3 @ ~0.69 est
- Short put 2.5 @ ~0.41 est
debit $28max +$22max −$28BE 2.72
AVOID means we wouldn't engage at all — if expressing the short side anyway, only with capped risk.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $10.5M | $8.00K | $63.0K | $895K | $12.8M |
| Gross profit | $6.02M | $6.12M | — | — | — |
| Operating income | -$33.7M | -$18.9M | -$13.8M | -$11.6M | -$36.4M |
| Net income | -$34.5M | -$37.4M | -$22.0M | -$10.3M | -$148M |
| Diluted EPS | — | -$6.68 | -$441.48 | -$19.36 | -$5.96 |
| Net margin | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$129M
EV / EBITDA—
EV / Sales10.1
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-91.2%
FCF yield-12.8%
Quality & risk
ROIC (est.)-7.0%
Free cash flow-$20.9M
Total debt$5.83M
Net cash$33.7M
Altman Z-Score19.19 safe
Piotroski F-Score3/8
Capital returns
Buyback yield12.6%
Dividend yield (est.)—
Shareholder yield12.6%
Shares Δ YoY+4978.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Reg FD disclosure2026-07-01
Reg FD update; furnished press release/exhibits on TON treasury & business progress
- 8-K Delisting notice2026-06-23
Received Nasdaq notice of failure to meet a continued-listing standard
- 8-K Officer / director change2026-06-12
Annual meeting vote results filed alongside a board/officer change
- 8-K Earnings results2026-05-12
Q1'26 details Toncoin treasury, staking income and continued operating losses
- 10-Q Quarterly report2026-05-12
Q1'26 details Toncoin treasury, staking income and continued operating losses
- DEF 14A Proxy statement2026-04-30
DEF 14A proxy: director elections and routine governance items
- 8-K Officer / director change2026-04-16
Announced a director/officer appointment or departure
- 8-K/A Amended 8-K2026-04-02
8-K/A amended prior filing, adding LyveCom acquisition financial statements
- 8-K Earnings results2026-03-31
FY25 10-K: pivot to TON treasury; $406M equity, ~50x dilution, $148M loss
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-07-012026-07-01open ↗8-KPeriod ending 2026-06-182026-06-23open ↗8-KPeriod ending 2026-06-092026-06-12open ↗4Period ending 2026-05-152026-05-15open ↗4/APeriod ending 2026-05-142026-05-15open ↗4/APeriod ending 2026-05-142026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗4Period ending 2026-05-142026-05-14open ↗4Period ending 2026-05-142026-05-14open ↗10-QPeriod ending 2026-03-312026-05-12open ↗8-KPeriod ending 2026-05-122026-05-12open ↗3Period ending 2026-05-042026-05-11open ↗
Frequently asked
- Is TON Strategy Co (TONX) a buy?
- TONX currently carries a Avoid rating with 4/5 conviction, derived from its latest SEC filings. A Toncoin proxy dressed as an operating company — $148M loss, 50x dilution, and value that lives or dies on one volatile crypto.
- What is TON Strategy Co's quality score?
- TONX scores 42.68770216069349/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001566610, latest 10-Q filed 2026-05-12) · EODHD · Proprietary analysis · as of 7/3/2026, 3:55:05 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 11:55 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.