Filing Flows › TON Strategy (TONX) › Q1 2026 › vs Q4 2025
TON Strategy (TONX) Q1 2026 vs Q4 2025 (quarter over quarter)
TON Strategy's revenue fell $489K (-9%) from $5.7M in Q4 2025 to $5.3M in Q1 2026. The biggest changes: Market Live −$293K (-15%); Ton −$268K (-8%); Go Fund Yourself +$72K (+15%).
TON Strategy, Q1 2026: revenue $5.3M (+302% year over year), operating margin -74.0%, net loss $91.0M, operating cash flow −$4.7M. The chart draws each line against Q4 2025, the increases inside each band.
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Ton | $3.0M | $3.3M | −$268K | -8% |
| Market Live | $1.7M | $2.0M | −$293K | -15% |
| Go Fund Yourself | $547K | $475K | $72K | +15% |
| Revenue | $5.3M | $5.7M | −$489K | -9% |
| Net loss | $91.0M | $228M | −$137M | -60% |
| Costs & expenses | $96.2M | $248M | −$152M | -61% |
| Operating costs | $9.1M | $14.9M | −$5.7M | -39% |
| Interest & other, net | $87.1M | $234M | −$146M | -63% |
| Cost of revenue | $1.3M | $2.0M | −$752K | -37% |
| Operating cash sources | $91.0M | $228M | −$137M | -60% |
| Depreciation & amortization | $19K | $342K | −$323K | -94% |
| Share-based compensation | $1.1M | $1.6M | −$462K | -29% |
| Working capital & other | $85.1M | $218M | −$133M | -61% |
| Cash used in operations | $4.7M | $8.0M | −$3.3M | -41% |
| Net loss absorbed | $91.0M | $228M | −$137M | -60% |
Questions
How much did TON Strategy's revenue grow quarter over quarter in Q1 2026?
TON Strategy's revenue fell $489K (-9%) from $5.7M in Q4 2025 to $5.3M in Q1 2026.
What drove TON Strategy's revenue change in Q1 2026?
Market Live −$293K (-15%); Ton −$268K (-8%); Go Fund Yourself +$72K (+15%).