Despite achieving a robust 69.5% average gross margin, the company struggles with a -260.67% operating margin, suggesting that current revenue levels are insufficient to cover fixed administrative costs.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 16.73M | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 11.88M | 8.88M | 671K | 44K | 5K | 6.02M | 5.16M | 4.23M | -20K | -2K | 0 | -362.63K | 0 | 6.97K | 0 |
| Gross Margin % | 71.05% | 69.53% | 74.97% | 69.84% | 62.5% | 57.2% | 51.82% | 46.48% | -62.5% | -33.33% | - | - | - | 100% | - |
| Gross Profit Growth % | - | 1224.14% | 1425% | 780% | -99.92% | 16.58% | 22.08% | 21250% | -900% | - | 100% | - | -100% | - | - |
| Operating Expenses | 45.13M | 42.2M | 12.31M | 13.84M | 18.88M | 39.73M | 29.9M | 20.06M | 7.77M | 4.7M | 3.13M | 5.42M | 4.86M | 4.58M | 3.4M |
| OpEx % of Revenue | - | 330.2% | 1375.98% | 21966.67% | 235987.5% | 377.54% | 300.06% | 220.48% | 24287.5% | 78383.33% | - | - | - | 65770.13% | - |
| Selling, General & Admin | 38.59M | 40.89M | 11.24M | 11.51M | 17.77M | 25.71M | 20.46M | 14.71M | 6.79M | 4.33M | 2.87M | 5.33M | 4.71M | 4.1M | 790.55K |
| SG&A % of Revenue | - | 319.99% | 1255.64% | 18266.67% | 222137.5% | 244.3% | 205.3% | 161.65% | 21225% | 72133.33% | - | - | - | 58801.58% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -30.65M | -33.31M | -11.64M | -13.79M | -18.87M | -33.71M | -24.74M | -15.83M | -7.79M | -4.71M | -3.13M | -6.8M | -4.86M | -4.58M | -3.4M |
| Operating Margin % | -183.26% | -260.67% | -1301.01% | -21896.83% | -235925% | -320.33% | -248.24% | -174% | -24350% | -78416.67% | - | - | - | -65770.13% | - |
| Operating Income Growth % | - | -186.08% | 15.59% | 26.91% | 44.01% | -36.28% | -56.23% | -103.21% | -65.61% | -50.27% | 53.98% | -39.84% | -6.19% | -34.78% | - |
| EBITDA | -29.62M | -32.01M | -10.57M | -11.46M | -17.77M | -31.48M | -22.68M | -14.44M | -7.77M | -4.68M | -3.11M | -6.44M | -4.85M | -4.58M | 0 |
| EBITDA Margin % | -177.05% | -250.46% | -1180.67% | -18196.83% | -222075% | -299.14% | -227.62% | -158.71% | -24287.5% | -78050% | - | - | - | -65746.47% | - |
| EBITDA Growth % | -196.78% | -202.89% | 7.82% | 35.47% | 43.57% | -38.8% | -57.04% | -85.83% | -65.96% | -50.59% | 51.72% | -32.79% | -5.9% | - | - |
| D&A (Non-Cash Add-back) | 1.04M | 1.3M | 1.08M | 2.33M | 1.11M | 2.23M | 2.06M | 1.39M | 20K | 22K | 21.3K | 362.63K | 14.67K | 1.65K | 3.4M |
| EBIT | -150.07M | -148.62M | -10.57M | -13.65M | -14.55M | -31.91M | -24.31M | -14.07M | -9.5M | -6.29M | -3.53M | -6.8M | -4.86M | -4.58M | 0 |
| Net Interest Income | 1.25M | 1.03M | 929K | -2.43M | -1.41M | -2.58M | -646K | -3.47M | -2.63M | -973K | -739.17K | -151.98K | 0 | 0 | 0 |
| Interest Income | 1.25M | 1.03M | 692K | 0 | 0 | 0 | 0 | 1.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 1K | -237K | 2.43M | 1.41M | 2.58M | 646K | 1.84M | 1.83M | 973K | 739.17K | 151.98K | 314.32K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -237.14M | -148.63M | -10.33M | -14.84M | -15.96M | -34.48M | -24.95M | -15.92M | -12.13M | -7.26M | -4.27M | -6.96M | -5.18M | -4.58M | -3.4M |
| Pretax Margin % | -1417.7% | -1163.04% | -1154.08% | -23561.9% | -199475% | -327.68% | -250.43% | -174.9% | -37893.75% | -121066.67% | - | - | - | -65770.13% | - |
| Income Tax | -148K | -234K | 0 | 0 | 0 | 1K | 1K | 2K | 1K | 2K | 866 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.06% | 0.16% | 0% | 0% | 0% | -0% | -0% | -0.01% | -0.01% | -0.03% | -0.02% | 0% | 0% | 0% | 0% |
| Net Income | -236.95M | -148.48M | -10.33M | -21.99M | -37.44M | -34.49M | -24.96M | -15.92M | -12.13M | -7.27M | -4.27M | -6.96M | -5.18M | -4.58M | -3.4M |
| Net Margin % | -1416.59% | -1161.9% | -1154.08% | -34911.11% | -467962.5% | -327.69% | -250.44% | -174.92% | -37896.88% | -121100% | - | - | - | -65770.13% | - |
| Net Income Growth % | -2407.97% | -1337.5% | 53.04% | 41.25% | -8.56% | -38.19% | -56.78% | -31.26% | -66.9% | -70% | 38.55% | -34.29% | -13.05% | -34.78% | - |
| Net Income (Continuing) | -236.99M | -148.39M | -10.33M | -14.84M | -15.96M | -34.49M | -24.96M | -15.92M | -12.13M | -7.27M | -4.27M | -6.96M | -5.18M | -4.58M | -3.4M |
| Discontinued Operations | 0 | 0 | 0 | -7.15M | -21.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -7K | -93K | -181K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.41 | -5.96 | -0.02 | -652.00 | -3106.00 | -4400.00 | -6422.35 | -6320.00 | -9840.00 | -7324.60 | -32.22 | -66.55 | -75.65 | -76.36 | -439.19 |
| EPS Growth % | 74.6% | -34152.87% | 100% | 79.01% | 29.41% | 31.49% | -1.62% | 35.77% | -34.34% | -22633.08% | 51.59% | 12.03% | 0.93% | 82.61% | - |
| EPS (Basic) | - | -5.96 | -0.02 | -652.00 | -3106.00 | -4400.00 | -6400.00 | -6320.00 | -9840.00 | -7324.60 | -32.22 | -66.55 | -75.65 | -76.36 | -439.19 |
| Diluted Shares Outstanding | 582.09M | 251.09M | 592.48K | 33.99K | 12.13K | 7.92K | 4.5K | 2.52K | 1.23K | 992 | 132.67K | 104.51K | 68.47K | 60K | 7.74K |
| Basic Shares Outstanding | 582.09M | 251.09M | 592.48K | 49.82K | 12.13K | 7.92K | 4.5K | 2.52K | 1.23K | 992 | 132.67K | 104.51K | 68.47K | 60K | 7.74K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and asset volatility
As reported in recent financial filings, TONX has achieved a dramatic 1327% year-over-year revenue expansion, reflecting the rapid adoption of its staking-as-a-service model within the TON ecosystem, though this growth remains highly sensitive to the underlying market price of the digital assets held in treasury.
The revenue trajectory suggests that the company is successfully capturing validator rewards, yet the lack of consistency in quarter-over-quarter growth implies that this expansion is heavily tied to cyclical crypto-market conditions. Investors should monitor whether this growth can decouple from token price appreciation to demonstrate sustainable, organic network participation.
Based on the provided income statement data, TONX maintains a robust gross margin averaging approximately 69.5%, yet the company struggles with a -260.67% operating margin, indicating that the current revenue scale is insufficient to absorb the fixed costs associated with maintaining a public listing.
The wide gap between gross and operating profitability suggests that the firm's cost structure is heavily front-loaded with administrative and regulatory overhead. This implies that until the asset base scales significantly, the company will likely remain unable to achieve operational break-even through staking rewards alone.
According to the company's historical income statements, the reported net income is subject to extreme fluctuations, including a -1161.90% net margin, which appears to be driven by non-cash fair value adjustments rather than the underlying cash-generating capability of the firm's validator operations.
The erratic nature of the bottom line warrants further investigation into how much of the reported income is derived from unrealized gains versus actual staking yield. Analysts should treat these figures with caution, as they likely mask the true cash-on-cash performance of the treasury's core activities.
As evidenced by the quarterly expense trends, TONX faces significant SG&A burdens that consistently outpace gross profit, suggesting that the company's current operational footprint is designed for a much larger scale of assets under management than it currently possesses.
The persistent reliance on stock-based compensation and high administrative costs suggests that management is prioritizing growth and regulatory compliance over immediate expense discipline. This cost structure may necessitate future capital raises if the company cannot achieve a more favorable ratio of assets to overhead.
Based on the reported figures, the primary risk to the investment thesis is the potential for margin compression if the regulatory environment shifts or if the premium to net asset value narrows as more direct investment vehicles for the TON ecosystem become available to institutional investors.
Short-term performance may be bolstered by market sentiment, but the underlying income statement suggests a business model that is currently burning cash to maintain its status as a regulated proxy. Investors should consider whether the company's value proposition remains intact if its first-mover advantage is eroded by broader market access.
Quick answers to the most common questions about buying TONX stock.
TON Strategy Co. (TONX) reported a net loss of $148.5M for the fiscal year ending 2025.
TON Strategy Co. (TONX) reported an operating income of $-33.3M, resulting in an operating profit margin of -260.7%. This margin reflects the operational efficiency of the business before interest and taxes.
TON Strategy Co. (TONX) generated $8.9M in gross profit for the year, representing a gross profit margin of 69.5%. This demonstrates the company's core pricing power and production efficiency.