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TON Strategy cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$4.7M in Q1 2026

Operating cash flow−$4.7M
Capital spending−$9K
Free cash flow−$4.7M

Analysis

In Q1 2026, TON Strategy generated −$4.7M of operating cash flow and spent $9K on capital projects, leaving free cash flow of −$4.7M. That is $3.6M less than in Q1 2025 (−$1.1M).

Operating cash flow was −$4.7M against net income of −$91.0M. The largest differences: stock-based pay +$1.1M, payables +$489K, deferred revenue −$119K.

Free cash flow

TON Strategy: free cash flow by quarterTON Strategy: free cash flow by quarter−$1.8MQ3 2024−$2.0MQ4 2024−$1.1MQ1 2025−$2.3MQ2 2025−$9.4MQ3 2025−$8.0MQ4 2025−$4.7MQ1 2026
Operating cash flow less capital spending.
TON Strategy: operating cash flow against capital spendingTON Strategy: operating cash flow against capital spendingOperating cash flowCapital spending−$1.7M$105KQ3 2024−$1.9M$160KQ4 2024−$1.1M$66KQ1 2025−$2.3M$2KQ2 2025−$9.4M$14KQ3 2025−$8.0M$6KQ4 2025−$4.7M$9KQ1 2026
Latest (Q1 2026): Operating cash flow −$4.7M, Capital spending $9K.

Capital allocation, year by year

TON Strategy: where the cash came from (up) and went (down), by fiscal yearTON Strategy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$25.9MFY2021: Net borrowing $1.6MFY2021: Shares issued $22.9MFY2021: Asset sales $11KFY2021: Capital spending −$26K$24.5MFY2021FY2022: Operating cash flow −$19.4MFY2022: Net borrowing $1.1MFY2022: Shares issued $24.4MFY2022: Asset sales $3KFY2022: Capital spending −$20K$25.5MFY2022FY2023: Operating cash flow −$8.7MFY2023: Net borrowing −$1.4MFY2023: Shares issued $12.2MFY2023: Capital spending −$32K$12.2MFY2023FY2024: Operating cash flow −$8.8MFY2024: Net borrowing −$19KFY2024: Shares issued $18.6MFY2024: Capital spending −$342K$18.6MFY2024FY2025: Operating cash flow −$20.8MFY2025: Net borrowing −$118KFY2025: Shares issued $12.2MFY2025: Capital spending −$88KFY2025: Acquisitions −$4.2MFY2025: Buybacks −$20.6M$12.2MFY2025
Over these 5 years operating cash flow totalled −$83.5M; the largest uses were operating cash flow ($83.5M) and buybacks ($20.6M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$29.2M
Debtnone
Net cash$29.2M
Cash runway19 months

TON Strategy is burning cash: its operations consume cash, a free cash flow of −$18.8M a year at the current rate against $29.2M of cash and investments: a runway of about 19 months before any new financing.

Where the cash came from and went

TON Strategy: sources (+) and uses (−) of cash, Q1 2026TON Strategy: sources (+) and uses (−) of cash, Q1 2026Cash drawn (+) / kept (−)$4.7MOperating cash flow−$4.7MOther investing−$12KCapital spending−$9K

From profit to cash

TON Strategy: net income to operating cash flow, Q1 2026TON Strategy: net income to operating cash flow, Q1 2026Net income−$91.0MDepreciation & amortization$19KStock-based pay$1.1MReceivables$3KPayables$489KDeferred revenue−$119KOperating cash flow−$4.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202519—217-198
Q2 202535—78-42
Q1 202548—175-127

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026−$4.7M−$9K———$4.7M−$4.7M
Q4 2025−$8.0M−$6K−$6.3M——$14.3M−$8.0M
Q3 2025−$9.4M−$14K——$300K−$48.7M−$9.4M
Q2 2025−$2.3M−$2K———$1.9M−$2.3M
Q1 2025−$1.1M−$66K—−$118K—$1.3M−$1.1M
Q4 2024−$1.9M−$160K—−$5K—$2.0M−$2.0M
Q3 2024−$1.7M−$105K—−$5K—$6.7M−$1.8M

TON Strategy: income statement and cash flow

TON Strategy, Q2 2026: revenue $15.0M (+607% year over year), operating margin 3.2%. The chart follows the revenue to costs, profit and cash.

TON Strategy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.