Filing Flows › TON Strategy (TONX) › Q1 2026
TON Strategy (TONX) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
TON Strategy (TONX) reported revenue of $5.3M for the first quarter 2026 (Q1 2026), +303% from a year earlier and -9% from the quarter before. Operating margin was -74.0%.
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.3M | -9% | +303% |
| Operating profit | −$3.9M | — | — |
| Net earnings | −$91.0M | — | — |
| Operating cash flow | −$4.7M | — | — |
What changed
Revenue was $5.3M in Q1 2026, up 303% year over year and down 9% from the previous quarter. Ton was the largest line at 57% of revenue. Market Live added $1.1M year over year (up 204%), 29% of the total change. Go Fund Yourself declined 26%.
Gross margin was 75.3%, up 21.0 points from Q1 2025. Operating costs exceeded revenue by $3.9M, an operating margin of -74.0%. Operating expenses grew 133% against revenue growth of 303%. The quarter ended with a net loss of $91.0M, narrower than the previous quarter's $228.3M loss. Net interest and other expense of $87.1M was the main reason.
Operating cash flow was −$4.7M. Non-cash charges added back $19K of depreciation and amortization and $1.1M of share-based compensation. Working capital and other items added $85.1M. Capital expenditures of $9K exceeded it, leaving free cash flow of −$4.7M.
Questions
What was TON Strategy's revenue in the first quarter 2026?
TON Strategy (TONX) reported revenue of $5.3M for the first quarter 2026 (Q1 2026), +303% from a year earlier and -9% from the quarter before.
Was TON Strategy profitable in the first quarter 2026?
Operating loss was $3.9M (-74.0% of revenue) and net loss $91.0M.
Source: TON Strategy 10-Q on SEC EDGAR.