# TON Strategy Co: overview TONX · Nasdaq · CIK 1566610 · [Financials](/sectors/financials.md) · fiscal year ends Dec 31 Pages: [Overview](/companies/tonx.md) · [Financials](/companies/tonx/financials.md) · [Filings](/companies/tonx/filings.md) · [Insiders](/companies/tonx/insiders.md) Latest reported revenue: [$15.0m](/filings/0001493152-26-037002.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 11, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001493152-26-037002). ## Last eight quarters | Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) | | --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | $m | [0.1](/filings/0001493152-25-021741.md) | [0.7 d](/filings/0001493152-26-013931.md) | [1.3](/filings/0001493152-26-022422.md) | [2.1](/filings/0001493152-25-011636.md) | [3.6](/filings/0001493152-25-021741.md) | [5.7 d](/filings/0001493152-26-013931.md) | [5.3](/filings/0001493152-26-022422.md) | [15.0](/filings/0001493152-26-037002.md) | | Gross margin | % | not reported | not reported | [54.3%](/filings/0001493152-26-022422.md) | not reported | not reported | not reported | [75.3%](/filings/0001493152-26-022422.md) | [94.9%](/filings/0001493152-26-037002.md) | | Operating margin | % | [(1806.3%)](/filings/0001493152-25-021741.md) | [(513.1%) d](/filings/0001493152-26-013931.md) | [(203.8%)](/filings/0001493152-26-022422.md) | [(59.4%)](/filings/0001493152-26-037002.md) | [(601.5%)](/filings/0001493152-25-021741.md) | [(159.2%) d](/filings/0001493152-26-013931.md) | [(74.0%)](/filings/0001493152-26-022422.md) | [3.2%](/filings/0001493152-26-037002.md) | | Net margin | % | [(1535.2%)](/filings/0001493152-25-021741.md) | [(440.9%) d](/filings/0001493152-26-013931.md) | [(196.5%)](/filings/0001493152-26-022422.md) | [(111.9%)](/filings/0001493152-26-037002.md) | [2336.8%](/filings/0001493152-25-021741.md) | [(3968.6%) d](/filings/0001493152-26-013931.md) | [(1733.1%)](/filings/0001493152-26-022422.md) | [511.0%](/filings/0001493152-26-037002.md) | | Diluted EPS | $ per share | [(3.82)](/filings/0001493152-25-021741.md) | not reported | [(2.51)](/filings/0001493152-26-022422.md) | [(1.79)](/filings/0001493152-26-037002.md) | [2.23](/filings/0001493152-25-021741.md) | not reported | [(1.56)](/filings/0001493152-26-022422.md) | [1.31](/filings/0001493152-26-037002.md) | | Free cash flow | $m | [(1.8) d](/filings/0001493152-25-021741.md) | [(2.0) d](/filings/0001493152-26-013931.md) | [(1.1)](/filings/0001493152-26-022422.md) | [(2.3) d](/filings/0001493152-25-011636.md) | [(9.4) d](/filings/0001493152-25-021741.md) | [(8.0) d](/filings/0001493152-26-013931.md) | [(4.7)](/filings/0001493152-26-022422.md) | [(6.0) d](/filings/0001493152-26-037002.md) | - Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; Gross profit: us-gaap:GrossProfit. Derived values: 12-month figure less the 9-month figure. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure. ## Last five fiscal years | Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) | | --- | --- | ---: | ---: | ---: | ---: | ---: | | Revenue | $m | [10.5](/filings/0001493152-23-012571.md) | [0.0](/filings/0001493152-24-012416.md) | [0.1](/filings/0001641172-25-000518.md) | [0.9](/filings/0001493152-26-013931.md) | [12.8](/filings/0001493152-26-013931.md) | | Gross margin | % | [57.2%](/filings/0001493152-23-012571.md) | [76550.0%](/filings/0001493152-23-012571.md) | not reported | not reported | not reported | | Operating margin | % | [(320.3%)](/filings/0001493152-23-012571.md) | [(235925.0%)](/filings/0001493152-24-012416.md) | [(21896.8%)](/filings/0001641172-25-000518.md) | [(1301.0%)](/filings/0001493152-26-013931.md) | [(285.2%)](/filings/0001493152-26-013931.md) | | Net margin | % | [(327.7%)](/filings/0001493152-23-012571.md) | [(467962.5%)](/filings/0001493152-24-012416.md) | [(34911.1%)](/filings/0001641172-25-000518.md) | [(1154.1%)](/filings/0001493152-26-013931.md) | [(1161.9%)](/filings/0001493152-26-013931.md) | | Diluted EPS | $ per share | [(0.55)](/filings/0001493152-22-008470.md) | [(6.68)](/filings/0001493152-24-012416.md) | [(441.48)](/filings/0001641172-25-000518.md) | [(19.36)](/filings/0001493152-26-013931.md) | [(5.96)](/filings/0001493152-26-013931.md) | | Free cash flow | $m | [(25.9)](/filings/0001493152-23-012571.md) | [(19.4)](/filings/0001493152-23-012571.md) | [(8.8)](/filings/0001641172-25-000518.md) | [(9.1)](/filings/0001493152-26-013931.md) | [(20.9)](/filings/0001493152-26-013931.md) | - Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Gross margin (gross profit / revenue). XBRL Gross profit: us-gaap:GrossProfit; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. - Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareBasicAndDiluted; Diluted EPS: us-gaap:EarningsPerShareDiluted. - Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations. Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing. ## Insider purchases and sales The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/tonx/insiders.md) None in coverage. ## Funds that report holding it From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md) | Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before | | --- | --- | ---: | ---: | --- | --- | | [Kingsway Capital Partners Ltd](/funds/2145813.md) | 2026-06-30 | $30.8m | 12,091,720 | | Not compared | | [VY Capital Management Co. Ltd.](/funds/1628622.md) | 2026-06-30 | $15.6m | 6,125,821 | | Not compared | | [ARISTEIA CAPITAL, L.L.C.](/funds/1080171.md) | 2026-06-30 | $12.5m | 4,895,110 | | Unchanged | | [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $5.6m | 2,185,301 | | Reduced −102,687 | | [Ribbit Management Company, LLC](/funds/1836733.md) | 2026-06-30 | $4.0m | 1,577,287 | | Unchanged | | [Long Corridor Asset Management Ltd](/funds/1845501.md) | 2026-06-30 | $2.6m | 1,027,206 | | New +1,027,206 | | [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $2.2m | 854,838 | | Added +133,955 | | [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $2.0m | 798,578 | | Added +112,137 | | [DRW Securities, LLC](/funds/1481986.md) | 2026-06-30 | $2.0m | 788,644 | | Unchanged | | [Saba Capital Management, L.P.](/funds/1510281.md) | 2026-06-30 | $1.8m | 717,327 | | Reduced −73,941 | ## Recent filings [All 664 filings](/companies/tonx/filings.md) | Filed | Accepted | Form | What it is | Accession | | --- | --- | --- | --- | --- | | 2026-09-16 | 16:26 ET | [8-K](/filings/0001493152-26-042920.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001493152-26-042920 | | 2026-08-17 | 16:15 ET | [8-K](/filings/0001493152-26-038746.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001493152-26-038746 | | 2026-08-11 | 09:00 ET | [10-Q](/filings/0001493152-26-037002.md) | Quarterly report, period 2026-06-30 | 0001493152-26-037002 | | 2026-08-11 | 08:15 ET | [8-K](/filings/0001493152-26-036987.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001493152-26-036987 | | 2026-08-10 | 16:05 ET | [8-K](/filings/0001493152-26-036859.md) | 1.02 Termination of a material agreement; 9.01 Financial statements and exhibits | 0001493152-26-036859 | | 2026-07-01 | 16:00 ET | [8-K](/filings/0001493152-26-031538.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001493152-26-031538 | | 2026-06-23 | 16:05 ET | [8-K](/filings/0001493152-26-029781.md) | 3.01 Delisting notice | 0001493152-26-029781 | | 2026-06-12 | 09:45 ET | [8-K](/filings/0001493152-26-028384.md) | 5.02 Departure or appointment of officers or directors; 5.07 Shareholder vote results; 9.01 Financial statements and exhibits | 0001493152-26-028384 | | 2026-05-12 | 09:00 ET | [10-Q](/filings/0001493152-26-022422.md) | Quarterly report, period 2026-03-31 | 0001493152-26-022422 | | 2026-05-12 | 08:55 ET | [8-K](/filings/0001493152-26-022417.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001493152-26-022417 | ## Latest annual report [Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001493152-26-013931.md), filed Mar 31, 2026. ## Forecast league Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/a02cce98-8e32-47e0-ab8c-759acfa5e598) ## About the filer - CIK: 1566610 - Tickers: TONX - Exchange: Nasdaq - SIC code: 6199 Finance Services - State of incorporation: NV - Filer category: Non-accelerated filer
Smaller reporting company Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 27, 2026, 08:25 ET. No prices; not investment advice.