TONX - NASDAQ

TON Strategy Co.

TONX·NASDAQ

$3.76

-5.1%

Financial ServicesAsset Management

The first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$212.56M

EPS-5.9600

P/E Ratio-0.63

Earnings Date08/05/2026

-20.77M

Operating Cash Flow

137%

3Y+7.0%

5Y+27.0%

10Y+1195.0%

-294.54M

Investing Cash Flow

5370%

3Y+6104.0%

5Y+334608.0%

10Y+11809964.0%

346.48M

Financing Cash Flow

1794%

3Y+1251.0%

5Y+1913.0%

10Y+22691.0%

TON Strategy Co. Cash Conversion Engine

TONX · NASDAQ

FCF Components

Net Income-148.39M

Depreciation & Amortization1.30M

Stock-Based Compensation19.14M

Change in Working Capital-3.38M

Others110.80M

Capital Expenditures-88.00K

Free Cash Flow-20.86M

Cash Flow Quality Analysis

FCF Conversion Rate

14.1%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

CapEx Intensity

-0.4%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-129.0%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$3.38M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

TON Strategy Co. Cash Flow Statement

TONX • NASDAQ

TON Strategy Co. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Nov 2013	Dec 2012
OPERATING ACTIVITIES
Net Income	-148.4M	-10.5M	-22M	-37.4M	-34.5M	-25M	-15.9M	-12.1M	-7.3M	-4.3M	-7M	-5.2M	-4.6M	-3.4M
Depreciation & Amortization	1.3M	1.1M	2.3M	2.5M	2.2M	2.1M	1.4M	20K	21.5K	21.3K	362.6K	14.7K	1.6K	0.0
Change in Deferred Taxes	-234K	0.0	0.0	0.0	0.0	0.0	-1M	0.0	1.2M	0.0	0.0	112K	0.0	0.0
Stock-Based Compensation	19.1M	2.1M	2.5M	4.5M	0.0	6.1M	4.2M	3.4M	2.5M	1.3M	1.6M	834.6K	2.9M	0.0
Other Non-Cash Items	110.8M	305K	6.6M	11.7M	6.6M	346K	5.3M	7.4M	1.1M	860K	1.4M	362.5K	250K	165.9K
Cash Taxes Paid	(3K)	(1K)	(2K)	(1K)	(0.0)	(1K)	(2K)	(1K)	(2K)	(800.0)	(0.0)	(0.0)	(0.0)	(0.0)
Change in Working Capital	-3.4M	-1.7M	-38K	-618K	-269K	142K	1.1M	568K	784.8K	487.4K	689.5K	126.6K	159.1K	0.0
Cash from Operating Activities	-20.8M	-8.8M	-10.6M	-19.4M	-25.9M	-16.3M	-8.1M	-4.2M	-1.7M	-1.6M	-2.9M	-3.7M	-1.2M	-3.2M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	-88K	-342K	-32K	-4.8M	-2.3M	-317K	-146K	(0.0)	(0.0)	-2.5K	-62K	-110.8K	-29.3K	(0.0)
Acquisitions, Net	(0.0)	(0.0)	(0.0)	(3K)	(11K)	(229K)	-14.4M	(0.0)	(0.0)	(0.0)	-43.9K	(0.0)	(0.0)	(0.0)
Purchase of Investments	-811K	-5.5M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Sale/Maturity of Investments	5.7M	545K	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Items	-299.4M	-86K	4.5M	-1K	0.0	0.0	-14.4M	0.0	0.0	-2.5K	-43.9K	-199.4K	0.0	0.0
Cash from Investing Activities	-294.5M	-5.4M	(4.4M)	-4.7M	-2.3M	-88K	-14.6M	(0.0)	(0.0)	-2.5K	-105.9K	-310.2K	-29.3K	(0.0)
FINANCING ACTIVITIES
Net Issuance of Common Stock	341.9M	18.6M	9.2M	24.1M	25.7M	16.8M	18.5M	3M	796K	1.4M	0.0	4.5M	0.0	0.0
Net Issuance of Debt	-118K	-19K	-1.5M	6.1M	1.6M	-618K	670K	927K	813K	162.4K	1.9M	1.5M	0.0	0.0
Share Repurchases	-26.7M	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-20K	(0.0)	-166.2K	(0.0)	(0.0)	(0.0)	(0.0)
Other Financing Items	5.9M	-285K	-2.6M	-4.5M	0.0	1.1M	-827K	3.9M	858K	0.0	0.0	-938.1K	1.4M	3.2M
Cash from Financing Activities	346.5M	18.3M	8.1M	25.6M	27.3M	17.2M	23.1M	4.8M	1.7M	1.5M	1.9M	5.1M	1.4M	3.2M
CASH FLOW SUMMARY
Net Change in Cash	31.2M	4.1M	1.9M	1.5M	-878K	832K	349K	623K	-6.2K	-86.3K	-1.1M	1M	124.2K	0.0
Cash at Beginning of Period	8.5M	4.4M	2.4M	937K	1.8M	983K	634K	11K	16.8K	103K	1.2M	124.2K	0.0	0.0
Cash at End of Period	39.7M	8.5M	4.4M	2.4M	937K	1.8M	983K	634K	10.6K	16.8K	103K	1.2M	124.2K	0.0
Free Cash Flow	-20.9M	-9.1M	-10.9M	-24.2M	-28.2M	-16.6M	-8.3M	-4.2M	-1.7M	-1.6M	-2.9M	-3.8M	-1.3M	-3.2M

SEC Filings

TONX - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
10-Q 10-Q 2026 Q1 Q1	May 12, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	May 12, 2026	May 12, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	April 30, 2026	April 30, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 16, 2026	April 16, 2026	2026	View Filing
8-K/A 8-K/A 2026 (Amended) N/A	April 02, 2026	March 31, 2026	2026	View Filing
10-K 10-K 2025 FY FY	March 31, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	March 31, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 26, 2026	March 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	March 02, 2026	February 26, 2026	2026	View Filing
8-K 8-K 2026 N/A	January 28, 2026	January 26, 2026	2026	View Filing

Showing 1 to 10 of 258 filings

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