TON Strategy Co
TONXNasdaqFinancials · Finance Services · NV · SEC filings ↗ · Compare ⊕
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SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $12.8M | $895,000 | $63,000 | $8,000 | $10.5M | $10.0M |
| Operating income | −$36.4M | −$11.6M | −$13.8M | −$18.9M | −$33.7M | −$24.7M |
| Net income | −$148.5M | −$10.3M | −$22.0M | −$37.4M | −$34.5M | −$25.0M |
| Total assets | $411.2M | $20.6M | $10.8M | $24.5M | $34.4M | $32.5M |
| Total liabilities | $4.8M | $4.6M | $7.7M | $19.3M | $21.1M | $21.8M |
| Equity | $406.5M | $16.2M | $3.1M | $5.2M | $13.3M | $10.7M |
| EPS (diluted) | $-5.96 | $-19.36 | $-441.48 | $-6.68 | $-0.55 | — |
| Shares out. | 1.1M | 79.3M | 154.8M | 80.2M | 62.5M | 29.9M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- −285.2%
- Net margin
- −1161.9%
- Return on equity
- −36.5%
- Return on assets
- −36.1%
- Return on capital (ROCE)
- −9.0%
- Liabilities / assets
- 1.2%
- Debt / equity
- 0.01×
- Book value / share
- $365.17
- Revenue growth (YoY)
- 1327.8%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- 86.83safe
- Accruals / assets
- −31.1%clean
- Piotroski F-Score
- 6/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 severe● 3 warning● 4 good- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Operating losses (negative operating margin)
- Reported a net loss
- Negative operating cash flow
- Revenue is growing year-over-year
- Conservative leverage (liabilities < 50% of assets)
- Clean earnings (low accruals)
- Altman Z″ in the safe zone
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 15, 2023
- NT 10-Kmissed a reporting deadline ↗Mar 31, 2023
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Aristeia Capital, L.L.C.Passive (13G)Apr 2, 2026
- Stotz ManuelActivist (13D)Aug 18, 2025
- Cutaia Rory J.Activist (13D)Aug 11, 2025
- Geiskopf James PActivist (13D)Aug 8, 2025
- Corsair Capital Management, L.P.Passive (13G)Feb 14, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 2.5M | 3.5 | -14.0% |
| Apr 30, 2026 | 2.9M | 10.6 | -0.8% |
| Apr 15, 2026 | 2.9M | 8.4 | +5.2% |
| Mar 31, 2026 | 2.8M | 5.5 | +12.0% |
| Mar 13, 2026 | 2.5M | 6.2 | +11.4% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 12, 2026
- Director / officer changeApr 16, 2026
- Results of operationsMar 31, 2026
- Item 5.08 · Other material eventMar 26, 2026
- Director / officer changeMar 2, 2026
- Director / officer change · Regulation FD disclosureJan 28, 2026
- Results of operationsNov 12, 2025
- Delisting / listing-standard noticeOct 29, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.