Filing Flows › TON Strategy (TONX) › Q4 2025
TON Strategy (TONX) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
TON Strategy (TONX) reported revenue of $5.7M for the fourth quarter 2025 (Q4 2025), +694% from a year earlier and +59% from the quarter before. Operating margin was -159.2%.
TON Strategy, Q4 2025: revenue $5.7M (+694% year over year), operating margin -159.2%, net loss $228M, operating cash flow −$8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.7M | +59% | +694% |
| Operating profit | −$9.1M | — | — |
| Net earnings | −$228M | -370% | — |
| Operating cash flow | −$8.0M | — | — |
What changed
Revenue was $5.7M in Q4 2025, up 694% year over year and up 59% from the previous quarter. Ton was the largest line at 57% of revenue.
Operating costs exceeded revenue by $9.1M, an operating margin of -159.2%. Total costs grew 236% against revenue growth of 694%. The fastest-growing cost line was Cost of revenue (+1428%). The quarter ended with a net loss of $228.3M, after a profit of $84.7M the previous quarter. Minority interests bore $445K of it: to shareholders the quarter was a loss of $227.9M. Net interest and other expense of $233.6M was the main reason.
Operating cash flow was −$8.0M. Non-cash charges added back $342K of depreciation and amortization and $1.6M of share-based compensation. Working capital and other items added $218.4M. Capital expenditures of $6K exceeded it, leaving free cash flow of −$8.0M.
Questions
What was TON Strategy's revenue in the fourth quarter 2025?
TON Strategy (TONX) reported revenue of $5.7M for the fourth quarter 2025 (Q4 2025), +694% from a year earlier and +59% from the quarter before.
Was TON Strategy profitable in the fourth quarter 2025?
Operating loss was $9.1M (-159.2% of revenue) and net loss $228M.
Source: TON Strategy 10-K on SEC EDGAR.