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TON Strategy Company

TONX Technology Software Application

TON Strategy Company’s revenue for fiscal 2025 (year ended December 2025) was $12.8 million, up 1,327.8% from fiscal 2024.

Revenue
+1,736.1%
EPS
+173.7%
Free cash flow
−103.9%

Quarter to June 2026, against a year earlier

2.74 0.13 −4.53%
Market cap
$158.1M
P/E
0.0×
Fwd P/E
−0.5×
Dividend yield
—
F-score
5/9
Altman Z
4.99
Beneish M
7.50
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.09
Sold, $m 1.76
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 4 — — 1 — — —
Sell 3 — — — — — — — 1 1 — 2
Insider Ownership 48.77%

Capital & Financial Ratios $m

Size
Market Cap 158.06
Revenue ttm 31.75
Net income ttm (158.03)
Free cash flow ttm (322.23)
Net debt Q (28.97)
Valuation
P/E 0.00
Forward P/E (0.51) (negative: loss-making)
Price / sales 5.01
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.40
Financial health
Current ratio Q 6.39 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (2,659.00)
Growth
Revenue growth Q +1,736.06% (above 0%: growing)
Operating income growth Q +137.96% (above 0%: growing)
EPS, this year +58.52% (at or above 15%: strong)
EPS, next year A +34.37% (at or above 15%: strong)
Revenue, next year A −26.35% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.1×, against a ten-year median of 3.5×; over the ten years it ranged from −150× in 2024 to 4,483× in 2019.
P/S against its own 10 years 34.59%
10-year low 10-year high
P/B against its own 10 years 17.35%
10-year low 10-year high
EV/Sales against its own 10 years 32.75%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4 13 40 29
Receivables — 3 1 1
Inventory — — — —
Other — — — 1
5 16 42 32
2023 2024 2025 Q'26
Payables 1 1 2 2
ST’ Debt — — — —
Other 0 0 1 —
7 4 5 5

Compound Annual Growth %

10y 5y 3y
Sales — 5.10% 1,068.97%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 106.80% 328.48%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate −1.90 Actual −1.00

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −1.90 −1.00 Beat by 0.90

EPS $

Mar Jun Sep Dec Year
’26 (1.56) 1.31 — — —
’25 (2.51) (1.79) 2.23 (4.08) (5.96)
’24 (22.00) (3.35) (3.82) (3.55) (19.36)
’23 (318.00) (490.00) (136.00) (41.13) (652.00)
’22 (720.00) (560.00) (640.00) (1.28k) (3.12k)
’21 (1.28k) (1.52k) (1.12k) (560.00) (4.40k)
’20 (1.84k) (880.00) (1.44k) (2.32k) (6.40k)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 5 15 — — —
’25 1 1 4 8 13
’24 0 0 0 1 1
’23 0 0 0 0 0
’22 3 2 0 (3) 0
’21 3 2 3 3 11
’20 2 3 3 2 10
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) (6) — — —
’25 (1) (2) (9) (8) (21)
’24 (2) (3) (2) (2) (9)
’23 (3) (2) (2) (2) (9)
’22 (6) (2) (3) (2) (14)
’21 (7) (7) (7) (5) (26)
’20 (2) (2) (5) (7) (16)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (5) (5) — — —
’25 (1) (2) (305) (8) (316)
’24 (2) (3) (2) (2) (9)
’23 (3) (2) (2) (2) (9)
’22 (8) (4) (3) (3) (18)
’21 (7) (7) (7) (8) (28)
’20 (2) (3) (5) (7) (17)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 0 0 9 10 11 0 0 1 13 32 +160.6% 9 — — (26.3%)
Gross margin, % 0.00 (33.33) (62.50) 46.48 51.82 57.20 62.50 69.84 74.97 69.53 83.12 +69.5 pt
EBT (4) (7) (12) (16) (25) (34) (16) (15) (11) (149) (152) +48.3%
EBT margin, % 0.00 (121,066.67) (37,893.75) (174.90) (250.43) (327.69) (199,475.00) (23,561.90) (1,174.30) (1,163.04) (480.28) (1,163.0) pt
Net income (4) (7) (12) (16) (25) (34) (37) (22) (11) (148) (158) +48.3%
Per share, $
Per share, $ Revenue 0.00 6.67 26.67 3,640.00 2,214.44 1,332.15 0.66 1.85 1.51 0.51 0.55 n/m
Earnings (429.55) (8,214.18) (9,828.50) (6,320.00) (6,400.00) (4,400.00) (3,120.00) (652.00) (19.36) (5.96) (2.09) (37.8%)
Cash flow (160.40) (1,863.33) (3,464.17) (3,247.20) (3,620.89) (3,273.67) (1,130.83) (257.12) (14.79) (0.83) (0.48) (44.3%)
Capex (0.25) 0.00 0.00 (58.40) (70.44) (286.46) (392.31) (9.00) (0.72) (11.76) (5.05) +53.4%
Free cash flow (160.65) (1,863.33) (3,464.17) (3,305.60) (3,691.33) (3,560.13) (1,523.14) (266.12) (15.52) (12.59) (5.54) (24.6%)
Book value (346.82) (6,432.22) (4,212.50) 4,578.00 2,387.78 1,686.33 426.94 91.91 27.04 16.19 6.85 n/m
Shares, m 0 0 0 0 0 0 0 0 1 25 45 +138.6%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — 0.00 1,426.50 3.41 5.96 7.45 6.55 39.13 4.33 3.67 5.01 166.3
P/B — 0.00 0.00 2.71 7.73 5.88 3.05 17.00 0.24 0.12 0.40 4.1
EV/Sales — 0.00 1,439.97 3.42 5.93 7.44 6.05 (24.22) (10.54) 0.77 4.10 158.8
EV/FCF — (6.45) (11.05) (3.76) (3.55) (2.78) (0.79) 0.17 1.03 (0.03) (0.40) (3.0)
Cash, $m
Cash, $m Operating cash flow (2) (2) (4) (8) (16) (26) (14) (9) (9) (21) (28) +32.9%
Capex 0 — — 0 0 (2) (5) 0 0 (295) (294) +266.1%
Free cash flow (2) (2) (4) (8) (17) (28) (18) (9) (9) (316) (322) +79.8%
Balance, $m
Balance, $m Working capital (4) (6) (4) (9) (13) (15) (12) (3) 12 38 27 n/m
Net debt 0 0 0 0 0 0 (1) (4) (13) (40) (29) +137.0%
Shareholders’ equity (3) (6) (5) 11 11 13 5 3 16 406 399 n/m
Returns, %
Returns, % ROA (2,484.94) (7,406.73) (2,449.90) (108.81) (94.93) (104.02) (127.91) (125.43) (72.90) (69.31) (74.39) +2,415.6 pt
ROIC 0.00 0.00 0.00 (85.85) (148.83) (158.90) (298.49) 0.00 (268.44) (6.21) (6.08) (6.2) pt
ROE 147.11 156.98 223.66 (498.22) (302.30) (331.72) (407.65) (834.42) (141.93) (70.85) (76.97) (218.0) pt
People
People Employees 3 7 10 125 108 112 77 23 19 25 — +26.6%
Revenue/emp, $m 0.00 0.00 0.00 0.07 0.09 0.09 0.00 0.00 0.05 0.51 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

TON Strategy Company vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DHX DHI Group, Inc. $186.7M 23.2× 21.8× +0.36% (above 0%: growing) n/m +67.44% (above 0%: growing) 79.17% 11.98% Compare
MRT MARTI TECH INC $167.8M — (loss-making) — (loss-making) — n/m +152.22% (above 0%: growing) 76.55% (0.68%) Compare
TONX TON Strategy Company $158.1M — (loss-making) — (loss-making) +1,736.06% (above 0%: growing) n/m −103.88% (below 0%: shrinking) 94.90% 3.19%
AEYE Audioeye, Inc. $153.0M — (loss-making) — (loss-making) +7.20% (above 0%: growing) n/m +138.28% (above 0%: growing) 82.93% 11.45% Compare
EGAN eGain Corporation $149.3M 18.1× — (loss-making) −4.67% (below 0%: shrinking) −95.58% (below 0%: shrinking) +151.21% (above 0%: growing) 71.61% 4.87% Compare
DUOT Duos Technologies Group, Inc. $148.9M 4.1× 3.5× +29.51% (above 0%: growing) n/m +354.75% (above 0%: growing) 55.80% 0.80% Compare
BVC BitVentures Limited $137.3M 8.2× 1.5× +95.82% (above 0%: growing) +76.47% (above 0%: growing) — 0.00% 0.00% Compare
HUCK Huckleberry.ai, Inc. $135.0M — (loss-making) — (loss-making) −3.68% (below 0%: shrinking) n/m −890.68% (below 0%: shrinking) 77.13% (3.11%) Compare
TRAK ReposiTrak Inc. $125.8M 16.6× 15.7× −3.20% (below 0%: shrinking) +22.22% (above 0%: growing) −17.59% (below 0%: shrinking) 85.73% 33.74% Compare
Median of peers $149.1M 16.6× 9.6× +0.36% +22.22% +138.28% 76.84% 2.84%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 30 April 2026

Ownership

Directors and executive officers, together 21.43%
Kingsway Capital Partners Limited 21.27%
Manuel Stotz 21.27%
Vy Capital Management Company Limited 10.84%
Aristeia Capital, L.L.C. 8.66%
TOMS Capital Investment Management LP 7.35%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

TON Strategy Company (TONX) Latest News

27 Oct

Impact 4 · · Business Wire

11 Aug

Impact 4 · · The Motley Fool transcript
Impact 3 · · Moby transcript

2 Jul

Impact 3 · · Stocktwits

9 Jun

Impact 3 · · beincrypto.com

8 Jun

Impact 4 · · cryptoprowl.com

1 Jun

Impact 4 · · The Motley Fool transcript

12 May

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript

20 Apr

Impact 4 ·

1 Apr

Impact 4 · · Moby

31 Mar

Impact 4 · · GuruFocus.com

24 Feb

Impact 4 · · Exec Edge

18 Dec

Impact 4 · · Exec EdgeCoinDeskCoinDeskCoinDeskCoinDeskCoinDeskExec EdgeCoinDesk

12 Nov

Impact 4 · · GlobeNewswire

3 Nov

Impact 4 · · cryptonews.com
Impact 4 · · decrypt.co
Impact 4 · · coindesk.com

23 Oct

Impact 4 · · 99bitcoins.com

14 Aug

Impact 4 ·

13 Aug

Impact 4 · · ACCESS Newswire

6 Aug

Impact 3 · · Zacks

4 Aug

Impact 4 · · MT Newswires
Impact 3 · · decrypt.co

24 Jul

Impact 3 ·

26 Jun

Impact 4 · · GlobeNewswire

5 Jun

Impact 4 · · Zacks

13 May

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
stockrow.com/TONX · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com