Filing Flows › TON Strategy (TONX) › Q3 2025
TON Strategy (TONX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
TON Strategy (TONX) reported revenue of $3.6M for the third quarter 2025 (Q3 2025), up 28-fold from a year earlier and +70% from the quarter before. Operating margin was -601.5%.
TON Strategy, Q3 2025: revenue $3.6M (28× year over year), operating margin -601.5%, net earnings $84.7M, operating cash flow −$9.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.6M | +70% | 28× |
| Operating profit | −$21.7M | — | — |
| Net earnings | $84.7M | — | — |
| Operating cash flow | −$9.4M | — | — |
What changed
Revenue was $3.6M in Q3 2025, up 2720% year over year and up 70% from the previous quarter. MARKET.live was the largest line at 43% of revenue. MARKET.live added $1.4M year over year (up 1390%), 41% of the total change.
Operating costs exceeded revenue by $21.7M, an operating margin of -601.5%. Total costs grew 938% against revenue growth of 2720%. The fastest-growing cost line was Cost of revenue (+1544%). Net earnings were $84.3M. The effective tax rate was 14.5%. Non-operating items added $120.8M, 122% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$9.4M. Non-cash charges added back $341K of depreciation and amortization and $15.0M of share-based compensation. Working capital and other items used $109.5M. Capital expenditures of $14K exceeded it, leaving free cash flow of −$9.4M.
Questions
What was TON Strategy's revenue in the third quarter 2025?
TON Strategy (TONX) reported revenue of $3.6M for the third quarter 2025 (Q3 2025), up 28-fold from a year earlier and +70% from the quarter before.
Was TON Strategy profitable in the third quarter 2025?
Operating loss was $21.7M (-601.5% of revenue) and net earnings $84.7M.
Source: TON Strategy 10-Q on SEC EDGAR.