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TON Strategy (TONX)

Market Price (6/29/2026): $2.54 | Market Cap: $148.2 MilSector: Information Technology | Industry: Application Software

TON Strategy (TONX)

Market Price (6/29/2026): $2.54
Market Cap: $148.2 Mil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 663%

Weak multi-year price returns
2Y Excs Rtn is -114%, 3Y Excs Rtn is -148%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -206%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 115%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -146%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -147%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -163%

High stock price volatility
Vol 12M is 108%

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 663%
2 Weak multi-year price returns
2Y Excs Rtn is -114%, 3Y Excs Rtn is -148%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -35 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -206%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 115%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -146%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -147%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -163%
7 High stock price volatility
Vol 12M is 108%

TONX in ETFs

Weight = TONX's share of each fund

VTI0.00%
SCHA0.00%

Valuation & Metrics

FYE: 12/31TONX [1]S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]$16.7 Mil—
FY 2026 Sales$8.0 Mil—
Next FY Sales——
FY 2026 Sales Growth-52.2%—
Next FY Sales Growth—8.2%
EARNINGS
LTM Net Income (GAAP) [3]$-237.0 Mil—
FY 2026 Net Income (Non-GAAP)$-1.3 Bil—
Next FY Net Income (Non-GAAP)——
Next FY Net Income Growth—14.7%
FY 2026 EPS (Non-GAAP)$-5.27—
Next FY EPS (Non-GAAP)——
Next FY EPS Growth——
VALUATION
FY 2026 P/S18.53.3
Next FY P/S——
FY 2026 P/E—20.2
Next FY P/E——

[1] TONX forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 6/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).
TONXS&P 500
REVENUE GROWTHVERY GOOD
Rev LTM ($ Bil)0.0
Rev Chg Q302.5%8.8%
Rev Chg LTM662.7%7.5%
Rev Chg 3Y Avg1,455.9%5.9%
PROFITABILITYVERY POOR
Op Inc LTM ($ Bil)-0.0
CFO LTM ($ Bil)-0.0
Net Inc LTM ($ Bil)-0.2
Op Mgn LTM-206.5%18.4%
CFO/Rev LTM-145.8%21.4%
Net Inc Mgn-1,416.6%13.0%
VALUATIONVERY HIGH
P/S8.93.3
P/CFO-6.115.3
P/FCF-6.019.8
P/E-0.624.6
STABILITYVERY GOOD
Debt/Equity0.000.20
Cash/Assets0.110.07

AI Analysis | Feedback

MetricValueDateSource
Treasury Asset Value per share10.379262025Link
Percentage of $TON reserves staked82%9292025Link
Total Toncoin Holdings217,500,000 TON11082025Link
Percentage of Total Toncoin Supply Held8.630%11082025Link
Cumulative shares repurchased under the $250 million program1,505,5009292025Link
Anticipated annualized staking revenueapproximately $24M9292025Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/26/2026

TON Strategy (TONX) stock has gained about 30% since 2/28/2026 because of the following key factors:

1. Significant Increase in Toncoin (TON) Treasury Value and Strong Staking Performance. The fair value of TON Strategy's Toncoin holdings increased substantially, rising from approximately $272.0 million on March 31, 2026 (the end of fiscal Q1 2026), to an estimated $433.3 million by May 6, 2026. This 59% appreciation in the company's primary digital asset directly bolstered its treasury. Concurrently, TON Strategy reported robust preliminary May 2026 Toncoin staking yields of approximately 1.48%, an increase from 1.39% in April 2026, translating to an annualized yield of about 17.80% compared to 16.7% in April 2026.

2. Positive Fiscal Q1 2026 Earnings Surprise and Solid Financial Position. TON Strategy reported a narrower-than-expected net loss for fiscal Q1 2026 (quarter ended March 31, 2026), with an Earnings Per Share (EPS) of -$0.05. This significantly beat the consensus estimate of -$1.4484, representing a positive surprise of 96.55%. Despite reporting no revenue for the quarter in one instance, another report indicated $5.3 million in total revenue, including $3.0 million from staking. The company also maintained a strong financial foundation, holding approximately $35.0 million in cash and no debt as of March 31, 2026.

Show more
Updated on 6/26/2026

TON Strategy (TONX) stock has gained about 30% since 2/28/2026 because of the following key factors:

1. Significant Increase in Toncoin (TON) Treasury Value and Strong Staking Performance. The fair value of TON Strategy's Toncoin holdings increased substantially, rising from approximately $272.0 million on March 31, 2026 (the end of fiscal Q1 2026), to an estimated $433.3 million by May 6, 2026. This 59% appreciation in the company's primary digital asset directly bolstered its treasury. Concurrently, TON Strategy reported robust preliminary May 2026 Toncoin staking yields of approximately 1.48%, an increase from 1.39% in April 2026, translating to an annualized yield of about 17.80% compared to 16.7% in April 2026.

2. Positive Fiscal Q1 2026 Earnings Surprise and Solid Financial Position. TON Strategy reported a narrower-than-expected net loss for fiscal Q1 2026 (quarter ended March 31, 2026), with an Earnings Per Share (EPS) of -$0.05. This significantly beat the consensus estimate of -$1.4484, representing a positive surprise of 96.55%. Despite reporting no revenue for the quarter in one instance, another report indicated $5.3 million in total revenue, including $3.0 million from staking. The company also maintained a strong financial foundation, holding approximately $35.0 million in cash and no debt as of March 31, 2026.

3. Strategic TON Network Upgrades and Ecosystem Development. The Open Network (TON) underwent several impactful upgrades during this period. In April 2026, network enhancements reduced block times, significantly improved throughput by approximately 10x, and lowered transaction fees by about 6x. Further network upgrades, aimed at bolstering performance, scalability, and security, became effective on June 4, 2026. Additionally, the launch of the Acton Developer Toolchain on May 19, 2026, was highlighted as a move to simplify smart contract development, fostering ecosystem growth. The community's rebrand of Toncoin to "Gram" on June 15, 2026, to achieve a more unified currency identity, further underscored ongoing development.

4. New Leadership and Defined Strategic Priorities. The appointment of Kevin Wilson as Chief Executive Officer, effective May 4, 2026, provided new leadership. Wilson, with over 20 years of experience in fintech, outlined clear strategic priorities for TON Strategy. These include managing the treasury with a long-term per-share value perspective, enhancing market communication regarding the TON network, supporting deeper liquidity and institutional market access for Toncoin, and aligning company expenses with the core treasury strategy. This new direction likely contributed to increased investor confidence.

5. Broader Digital Asset Market Strength. Beyond company-specific achievements, the overall positive sentiment and strength in the broader digital asset market played a role in TON Strategy's stock performance. The substantial increase in the fair value of the company's Toncoin holdings, from $272.0 million to $433.3 million by early May 2026, was explicitly attributed to "network upgrades and broader digital asset market strength." This indicates a favorable macroeconomic environment for cryptocurrencies supported the appreciation of TON Strategy's core assets.

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Stock Movement Drivers

Fundamental Drivers

The 32.0% change in TONX stock from 2/28/2026 to 6/28/2026 was primarily driven by a 115.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)22820266282026Change
Stock Price ($)1.942.5632.0%
Change Contribution By: 
Total Revenues ($ Mil)817115.6%
P/S Multiple9.38.9-4.1%
Shares Outstanding (Mil)3758-36.1%
Cumulative Contribution32.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/28/2026
ReturnCorrelation
TONX32.0% 
Market (SPY)6.6%36.1%
Sector (XLK)30.7%42.4%

Fundamental Drivers

The -24.9% change in TONX stock from 11/30/2025 to 6/28/2026 was primarily driven by a -45.5% change in the company's P/S Multiple.
(LTM values as of)113020256282026Change
Stock Price ($)3.412.56-24.9%
Change Contribution By: 
Total Revenues ($ Mil)817115.6%
P/S Multiple16.48.9-45.5%
Shares Outstanding (Mil)3758-36.1%
Cumulative Contribution-24.9%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/28/2026
ReturnCorrelation
TONX-24.9% 
Market (SPY)7.3%32.9%
Sector (XLK)26.9%37.7%

Fundamental Drivers

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Market Drivers

5/31/2025 to 6/28/2026
ReturnCorrelation
TONX  
Market (SPY)25.1%30.4%
Sector (XLK)57.8%35.7%

Fundamental Drivers

null
null

Market Drivers

5/31/2023 to 6/28/2026
ReturnCorrelation
TONX  
Market (SPY)81.3%30.4%
Sector (XLK)125.1%35.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TONX Return-----84%22%-80%
Peers Return-8%-34%-15%89%-46%-3%-49%
S&P 500 Return27%-19%24%23%16%7%96%

Monthly Win Rates [3]
TONX Win Rate----0%50% 
Peers Win Rate50%25%52%78%53%43% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TONX Max Drawdown------43% 
Peers Max Drawdown-27%-42%-17%-55%-62%-44% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADSK, HIT, BMR, QNT, RTB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)

How Low Can It Go

TONX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2025 US Tariff Shock
  % Loss-25.7%-18.8%
  % Gain to Breakeven34.5%23.1%
  Time to Breakeven65 days79 days
2024 Yen Carry Trade Unwind
  % Loss-17.0%-7.8%
  % Gain to Breakeven20.4%8.5%
  Time to Breakeven92 days18 days
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-11.6%-12.2%
  % Gain to Breakeven13.2%13.9%
  Time to Breakeven58 days62 days

Compare to ADSK, HIT, BMR, QNT, RTB

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

TONX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.

EventXLKS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-33.1%-24.5%
  % Gain to Breakeven49.5%32.4%
  Time to Breakeven246 days427 days
2020 COVID-19 Crash
  % Loss-31.2%-33.7%
  % Gain to Breakeven45.2%50.9%
  Time to Breakeven78 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-23.8%-19.2%
  % Gain to Breakeven31.2%23.8%
  Time to Breakeven100 days105 days
2008-2009 Global Financial Crisis
  % Loss-51.5%-53.4%
  % Gain to Breakeven106.2%114.4%
  Time to Breakeven797 days1085 days

Compare to ADSK, HIT, BMR, QNT, RTB

In The Past

State Street Technology Select Sector SPDR ETF's stock fell -25.7% during the 2025 US Tariff Shock. Such a loss loss requires a 34.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About TON Strategy (TONX)

Verb Technology Company, Inc. develops and offers a robust Software-as-a-Service (SaaS) applications platform. Headquartered in American Fork, Utah, the company provides a comprehensive suite of digital tools designed to optimize various business functions, including customer relationship management, learning, and live e-commerce across international markets.

The company's primary product offerings include verbCRM for general customer relationship management and verbTEAMS, a specialized CRM tailored for small and medium-sized businesses and solopreneurs. It also features verbLEARN, a learning management system notable for its interactive in-video technology, and verbLIVE, an application facilitating live e-commerce. In addition to its SaaS platform, Verb Technology Company provides non-digital services to its enterprise clients, such as design, printing, and fulfillment for custom-branded welcome and starter kits.

Verb Technology Company, Inc. serves a diverse clientele ranging from large enterprises in sectors like life sciences, professional sports franchises, and educational institutions, to not-for-profit organizations. Its market reach also extends to the entertainment and burgeoning CBD industries, alongside small and medium-sized businesses and and independent professionals, highlighting a broad and adaptable customer base.

AI Analysis | Feedback

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  • Like Salesforce, but specialized in interactive video for sales, marketing, and training.
  • QVC for businesses that want to host their own live sales events.
```

AI Analysis | Feedback

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AI Analysis | Feedback

Verb Technology Company, Inc. (whose description was provided) primarily sells its Software-as-a-Service applications and non-digital services to other companies and organizations, rather than individuals.

The company serves clients across various sectors. While specific customer company names are not provided in the background information, its major customer categories include:

  • Large enterprises in the life sciences sector
  • Professional sports franchises
  • Educational institutions
  • Not-for-profit organizations
  • Clients in the entertainment industry
  • Clients in the CBD industry

AI Analysis | Feedback

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AI Analysis | Feedback

TON Strategy Company (TONX) underwent a rebranding from Verb Technology Company, Inc. in September 2025, pivoting to a TON treasury strategy. The current management team reflects this new strategic direction.

Manuel Stotz, Executive Chairman

Manuel Stotz serves as the Executive Chairman of TON Strategy Company. He is also the Founder & CEO of Kingsway Capital and the President of the TON Foundation. Kingsway Capital led the private placement transaction that enabled the company's strategic shift and rebranding.

Veronika Kapustina, Chief Executive Officer

Veronika Kapustina was appointed Chief Executive Officer on August 7, 2025. Prior to this role, she founded and advised Houghton Street Ventures LLP, an early-stage investment firm where she spearheaded its creation, team recruitment, and initial fund launch. Ms. Kapustina also served as an Advisor to the TON Foundation from January to July 2025. From 2010 to 2017, she was a Technology Investment Banker at Morgan Stanley in the UK and U.S., executing over 40 transactions valued at $37 billion, including equity and debt raises and M&A transactions for leading technology companies. She has held directorships at private companies such as VK Strategies Ltd. and Reframe Venture Ltd. (VentureESG).

Sarah Olsen, Chief Financial Officer and Chief Operating Officer

Sarah Olsen was appointed Chief Financial Officer and Chief Operating Officer on August 7, 2025. From 2022 to 2025, Ms. Olsen was the Co-founder and Managing Partner of Europa Digital Assets Limited, where she was responsible for alternative investment strategies focused on cryptocurrency markets. Before that, from 2020 to 2022, she was the Global Head of Corporate Development for Onyx by J.P. Morgan, J.P. Morgan's digital asset group, where she oversaw strategic investments, partnerships, and product development in the blockchain and Web3 sectors. Ms. Olsen has also served as a director for Europa Digital Assets Limited, Europa Opportunistic Master Fund, and Europa Opportunistic Offshore Fund.

Peter Smith, Special Advisor

Peter Smith serves as a Special Advisor to TON Strategy Company. He is also the CEO & Co-Founder of Blockchain.com.

AI Analysis | Feedback

null

AI Analysis | Feedback

  • Deep Integration and Feature Expansion by Major Enterprise and Social Platforms: Large, established enterprise software providers (e.g., Salesforce, Microsoft, Google) and major social media/e-commerce platforms (e.g., Shopify, TikTok, Instagram) are continuously expanding their ecosystems. There is a clear emerging threat that these dominant platforms could develop, acquire, or natively integrate advanced interactive video capabilities and comprehensive CRM, LMS, and live commerce functionalities, directly competing with and potentially rendering specialized standalone applications like Verb's less essential. This mirrors historical instances where comprehensive platforms absorbed specialized functionalities, diminishing the market for single-feature providers.
  • Rapid Advancements in AI-Powered Content Creation and Personalization: The accelerating development and adoption of artificial intelligence, particularly generative AI, in video production, editing, and dynamic personalization poses a significant emerging threat. If AI tools become highly proficient and accessible for automatically generating interactive video elements, personalizing video content, and streamlining live e-commerce experiences (such as those offered by Verb's "clickable in-video technology" and verbLIVE), it could democratize these capabilities. This could erode Verb's competitive differentiation and reduce the need for its specialized SaaS solutions, much like how new technologies or business models have disrupted established players by offering superior or more accessible alternatives.

    • AI Analysis | Feedback

    The addressable markets for TON Strategy's main products and services are outlined below:

    • Customer Relationship Management (CRM): The global CRM market size reached approximately $112.91 billion in 2025 and is projected to grow to about $262.74 billion by 2032. This market size is global.
    • Learning Management System (LMS): The global learning management system market size was estimated at approximately $28.58 billion in 2025 and is projected to reach around $123.78 billion by 2033. This market size is global.
    • Social Commerce (including Live eCommerce): The global social commerce market size was valued at approximately $784 billion in 2022 and is projected to reach about $9,864.6 billion by 2032. This market size is global.
    • Crowdfunding: The global crowdfunding market was valued at approximately $117.53 billion in 2023 and is projected to grow to about $2,801.29 billion by 2032. This market size is global.
    • Digital Asset Management (DAM) (relevant to TON Treasury Strategy): The global digital asset management market size was valued at approximately $4.85 billion in 2024 and is poised to grow to about $21.51 billion by 2033. This market size is global.
    • Telehealth (including Social Telehealth): The global telehealth market size was approximately $126.48 billion in 2024 and is anticipated to be worth about $876.66 billion by 2033. This market size is global.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for TON Strategy (symbol: TONX) over the next 2-3 years: * **Growth of Toncoin ($TON) Treasury and Staking Rewards:** A primary driver of future revenue growth is the company's strategic pivot to accumulating Toncoin ($TON), the native cryptocurrency of The Open Network (TON) blockchain. The company aims to build a significant digital asset treasury and generate sustainable staking rewards from its $TON holdings, which is expected to be a cash flow-positive revenue stream. * **Expansion of Social Commerce Platforms (MARKET.live and LyveCom):** The continued growth and expansion of its interactive video-based social commerce platform, MARKET.live, and the recently acquired AI social commerce platform, LyveCom, are expected to drive revenue. These platforms capitalize on the growing livestream shopping market, influencer-led retail, and AI-driven video commerce. * **Performance of "Go Fund Yourself" Business Unit:** The "Go Fund Yourself" initiative, an interactive social crowdfunding platform and TV show, has shown significant revenue contributions and accelerated growth since its launch in July 2024. * **Growth of Telehealth Platforms (Vanity Prescribed and Good Girl Rx):** The company's subscription-based telehealth portals, Vanity Prescribed and Good Girl Rx, are expected to contribute to recurring revenue growth. These platforms offer telehealth services, access to pharmaceuticals, including new weight-loss drugs, and virtual doctor visits.

    AI Analysis | Feedback

    Share Repurchases

    • TON Strategy Company authorized a $250 million stock repurchase program in September 2025.
    • The company has repurchased over 1,505,500 shares under this program by September 26, 2025, at an average price of $8.32 per share.
    • TON Strategy plans to utilize staking income from its Toncoin ($TON) holdings to fund ongoing share repurchases when its stock trades below net asset value.

    Share Issuance

    • In August 2025, TON Strategy Company completed a $558 million private placement (PIPE) financing, which included the issuance of common stock and pre-funded warrants.
    • The company has also launched a $1 billion at-the-market (ATM) program.
    • Management has stated that the company may consider issuing stock to acquire additional Toncoin ($TON) if its stock trades at a premium to its net asset value per share.

    Inbound Investments

    • TON Strategy Company secured a $558 million private investment in public equity (PIPE) financing in August 2025, marking a significant step in its pivot to a TON treasury strategy.

    Outbound Investments

    • TON Strategy Company used the proceeds from its $558 million private placement to acquire 217.5 million Toncoin ($TON) by Q3 2025, establishing itself as a long-term holder of the cryptocurrency.
    • The company commenced staking 82% of its $TON reserves, with plans to stake substantially all reserves by October 10, 2025, projecting approximately $24 million in annualized staking revenues once fully staked.
    • The company aims to expand its Toncoin holdings to exceed 5% of the total TON supply.

    Capital Expenditures

    • In a recent period, TON Strategy's capital expenditures amounted to $342K, which consumed the majority of its -$8.8M in operating cash flow.
    • The company's trailing twelve months (TTM) Capital Expenditure % Compound Annual Growth Rate (CAGR) over five years is 6.76%.
    • Over the past five years, TON Strategy Co.'s average Capital Expenditure % CAGR was 55.8%.

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    TSLA (5.4%)
    Tesla

    Higher CFO/Rev LTM (Value for TONX: -145.8%)

    META (57.7%)
    Meta Platforms
    GOOGL (41.3%)
    Alphabet
    LLY (28.3%)
    Eli Lilly
    AMZN (20.0%)
    Amazon.com
    TSLA (16.9%)
    Tesla

    Higher FCF/Rev LTM (Value for TONX: -146.9%)

    META (22.4%)
    Meta Platforms
    GOOGL (15.2%)
    Alphabet
    LLY (14.4%)
    Eli Lilly
    TSLA (7.2%)
    Tesla
    AMZN (-0.3%)
    Amazon.com

    Higher Total Yield (Value for TONX: -158.6%)

    META (5.4%)
    Meta Platforms
    GOOGL (4.2%)
    Alphabet
    AMZN (3.6%)
    Amazon.com
    LLY (2.9%)
    Eli Lilly
    TSLA (0.3%)
    Tesla

    Best Bets in Information Technology

    What You Pay

    P/EBIT (Value for TONX: -1.0x)

    APP (33.6x)
    AppLovin
    VRSN (20.1x)
    VeriSign
    NVDA (24.6x)
    NVIDIA
    QLYS (19.0x)
    Qualys
    ADEA (17.5x)
    Adeia
    IDCC (15.6x)
    InterDigital
    GEN (7.1x)
    Gen Digital
    ADBE (8.7x)
    Adobe
    FICO (24.4x)
    Fair Isaac
    PTC (8.3x)
    PTC

    P/E (Value for TONX: -0.6x)

    APP (40.6x)
    AppLovin
    VRSN (27.8x)
    VeriSign
    NVDA (29.3x)
    NVIDIA
    QLYS (21.8x)
    Qualys
    ADEA (27.7x)
    Adeia
    IDCC (19.4x)
    InterDigital
    GEN (15.2x)
    Gen Digital
    ADBE (11.3x)
    Adobe
    FICO (36.8x)
    Fair Isaac
    PTC (11.0x)
    PTC
    What You Get

    Rev Chg 3Y Avg (Value for TONX: 1455.9%)

    APP (37.0%)
    AppLovin
    VRSN (5.3%)
    VeriSign
    NVDA (121.7%)
    NVIDIA
    QLYS (10.6%)
    Qualys
    ADEA (4.4%)
    Adeia
    IDCC (14.8%)
    InterDigital
    GEN (15.1%)
    Gen Digital
    ADBE (11.0%)
    Adobe
    FICO (16.7%)
    Fair Isaac
    PTC (15.2%)
    PTC

    Rev Chg LTM (Value for TONX: 662.7%)

    APP (66.4%)
    AppLovin
    VRSN (6.8%)
    VeriSign
    NVDA (70.7%)
    NVIDIA
    QLYS (10.2%)
    Qualys
    ADEA (21.1%)
    Adeia
    IDCC (1.6%)
    InterDigital
    GEN (27.1%)
    Gen Digital
    ADBE (11.5%)
    Adobe
    FICO (22.6%)
    Fair Isaac
    PTC (27.7%)
    PTC

    Rev Chg Q (Value for TONX: 302.5%)

    APP (59.0%)
    AppLovin
    VRSN (6.6%)
    VeriSign
    NVDA (85.2%)
    NVIDIA
    QLYS (9.8%)
    Qualys
    ADEA (19.5%)
    Adeia
    IDCC (-2.4%)
    InterDigital
    GEN (27.0%)
    Gen Digital
    ADBE (12.7%)
    Adobe
    FICO (38.7%)
    Fair Isaac
    PTC (21.7%)
    PTC

    FCF/Rev 3Y Avg (Value for TONX: -5124.7%)

    APP (64.1%)
    AppLovin
    VRSN (57.7%)
    VeriSign
    NVDA (48.3%)
    NVIDIA
    QLYS (42.9%)
    Qualys
    ADEA (40.3%)
    Adeia
    IDCC (39.5%)
    InterDigital
    GEN (38.3%)
    Gen Digital
    ADBE (37.9%)
    Adobe
    FICO (34.8%)
    Fair Isaac
    PTC (31.5%)
    PTC
    [1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
    [2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

    Latest Trefis Analyses

    Title
    0ARTICLES

    Recent Active Movers

    Top Gainers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    DFTXDefinium Therapeutics, Inc.4.983.6%232.7%
    SLSSELLAS Life Sciences2.153.9%228.6%
    LILALiberty Latin America1.448.5%-3.5%
    LILAKLiberty Latin America1.447.6%-5.2%
    ABSIAbsci1.747.0%212.0%
    APGEApogee Therapeutics9.246.7%75.6%
    GRPNGroupon0.939.6%28.3%
    BBBlackBerry6.736.0%200.8%
    MANEVeradermics4.535.2%236.1%
    CCXIChurchill Capital XI0.834.5%35.1%

    Top Losers

    TickerCompanyMkt Cap (B)1W RtnYTD Rtn
    HTZHertz Global0.8-47.7%-48.6%
    HYLNHyliion0.8-45.4%140.2%
    VELOVelo3D0.4-44.3%21.1%
    NNENano Nuclear Energy1.0-29.6%-17.2%
    NVTSNavitas Semiconductor4.0-28.0%142.3%
    SOCSable Offshore1.1-27.3%-18.4%
    MSTRStrategy27.5-26.9%-45.8%
    MRLNMerlin0.4-25.9%-78.9%
    ONON Semiconductor35.7-25.5%67.4%
    RDWRedwire2.1-23.8%43.8%

    Top Gainers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    NVRIEnviri1.8296.7%344.0%
    REPLReplimune1.1147.4%19.7%
    ABSIAbsci1.7111.0%212.0%
    DFTXDefinium Therapeutics, Inc.4.991.1%232.7%
    BFLYButterfly Network2.390.0%133.9%
    QUREuniQure3.088.8%98.5%
    CDNLCardinal Infrastructure1.485.3%280.5%
    APGEApogee Therapeutics9.270.5%75.6%
    APPSDigital Turbine1.365.7%121.4%
    MBXMBX Biosciences2.464.1%65.9%

    Top Losers

    TickerCompanyMkt Cap (B)1M RtnYTD Rtn
    ADCTADC Therapeutics0.2-70.3%-71.1%
    FLYFirefly Aerospace4.1-55.4%14.2%
    RDWRedwire2.1-54.5%43.8%
    SATLSatellogic0.7-52.7%147.1%
    BKSYBlackSky Technology0.9-51.5%32.1%
    LUNRIntuitive Machines2.4-50.9%21.9%
    HTZHertz Global0.8-49.8%-48.6%
    TMCRMetals Royalty0.4-49.5%-52.1%
    MSTRStrategy27.5-46.6%-45.8%
    PLPlanet Labs PBC8.6-46.4%37.3%

    More From Trefis

    Research & Analysis

    Invest in Strategies

    Wealth Management

    Peer Comparisons

    Peers to compare with:

    Financials

    TONXADSKHITBMRQNTRTBMedian
    NameTON Stra.Autodesk Health I.Beamr Im.Quantinu.RTB Digi. 
    Mkt Price2.56196.261.041.5375.5711.577.07
    Mkt Cap0.141.40.1---0.1
    Rev LTM177,50734---34
    Op Inc LTM-352,027-1----1
    FCF LTM-252,694-4----4
    FCF 3Y Avg-141,764-1----1
    CFO LTM-242,781-1----1
    CFO 3Y Avg-141,8471---1

    Growth & Margins

    TONXADSKHITBMRQNTRTBMedian
    NameTON Stra.Autodesk Health I.Beamr Im.Quantinu.RTB Digi. 
    Rev Chg LTM662.7%18.3%52.3%---52.3%
    Rev Chg 3Y Avg1,455.9%13.8%----734.8%
    Rev Chg Q302.5%18.4%9.4%---18.4%
    QoQ Delta Rev Chg LTM30.9%4.2%2.3%---4.2%
    Op Inc Chg LTM-211.5%44.0%-197.6%----197.6%
    Op Inc Chg 3Y Avg-56.6%27.4%-----14.6%
    Op Mgn LTM-206.5%27.0%-3.3%----3.3%
    Op Mgn 3Y Avg-6,553.5%23.5%5.0%---5.0%
    QoQ Delta Op Mgn LTM54.2%2.1%-7.8%---2.1%
    CFO/Rev LTM-145.8%37.0%-2.1%----2.1%
    CFO/Rev 3Y Avg-5,011.6%27.6%4.9%---4.9%
    FCF/Rev LTM-146.9%35.9%-10.4%----10.4%
    FCF/Rev 3Y Avg-5,124.7%26.3%-1.5%----1.5%

    Valuation

    TONXADSKHITBMRQNTRTBMedian
    NameTON Stra.Autodesk Health I.Beamr Im.Quantinu.RTB Digi. 
    Mkt Cap0.141.40.1---0.1
    P/S8.95.51.7---5.5
    P/Op Inc-4.320.4-53.7----4.3
    P/EBIT-1.020.4-51.1----1.0
    P/E-0.628.3-73.8----0.6
    P/CFO-6.114.9-83.7----6.1
    Total Yield-158.6%3.5%-1.4%----1.4%
    Dividend Yield0.0%0.0%0.0%---0.0%
    FCF Yield 3Y Avg-3.3%----3.3%
    D/E0.00.10.0---0.0
    Net D/E-0.2-0.0-0.2----0.2

    Returns

    TONXADSKHITBMRQNTRTBMedian
    NameTON Stra.Autodesk Health I.Beamr Im.Quantinu.RTB Digi. 
    1M Rtn-35.7%-15.2%4.8%-16.4%25.2%165.4%-5.2%
    3M Rtn5.1%-14.6%-25.2%7.7%25.2%60.7%6.4%
    6M Rtn16.9%-34.7%-32.0%-18.6%25.2%60.7%-0.9%
    12M Rtn-79.3%-35.7%25.7%-50.6%25.2%60.7%-5.3%
    3Y Rtn-79.3%-4.8%-79.6%-46.7%25.2%60.7%-25.8%
    1M Excs Rtn-34.6%-15.0%13.5%-13.7%27.4%215.8%-0.1%
    3M Excs Rtn-18.4%-31.7%-48.9%-11.5%11.6%47.2%-15.0%
    6M Excs Rtn10.5%-40.5%-35.2%-29.9%18.7%54.3%-9.7%
    12M Excs Rtn-100.0%-55.8%16.1%-70.5%4.4%40.0%-25.7%
    3Y Excs Rtn-147.7%-74.1%-148.1%-113.4%-43.3%-7.8%-93.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/12/20263/31/202611/12/20258/6/20255/13/20253/25/202511/5/20248/14/20245/10/20244/1/202411/14/20238/14/2023
    Key Financials Quarterly            
    Total Revenue564211000000
    Ebitda-4-24299-2-2-3-2-1-3-2-3-3
    Operating Income-4-6-22-3-3-4-2-2-3-3-3-3
    Net Income-91-22884-2-3-3-2-2-3-3-4-10
    EPS-1.56-4.032.23-1.79-2.51-3.46-3.82-3.35-22.60-27.46-136.84-490.00
    Key Financials TTM            
    Total Revenue TTM17138421000000
    Ebitda TTM-149-14892-9-9-9-8-9-11-11-10-12
    Operating Income TTM-35-33-31-12-11-12-11-12-13-14-14-16
    Net Income TTM-237-14876-10-9-10-10-12-20-22-35-39
    Growth Rates Quarterly            
    Total Revenue Growth302.5%694.2%2719.5%5637.8%18542.9%2393.1%341.4%1133.3%250.0%480.0%866.7%-
    EBITDA Growth-62.9%-7746.0%5982.0%-56.3%19.9%-48.4%38.7%49.8%17.4%-171.4%44.0%22.1%
    Operating Income Growth-46.1%-62.0%-838.9%-22.0%17.3%-23.2%31.8%26.4%22.0%9.6%39.1%32.0%
    Net Income Growth-3450.6%-7047.9%4391.9%-37.3%25.6%-9.4%47.0%82.4%37.5%81.8%53.8%-54.6%
    Margins Quarterly            
    EBITDA Margin-73.6%-4220.9%2756.0%-106.9%-181.8%-427.2%-1321.1%-3924.3%-42342.9%-7179.3%-9510.3%-96466.7%
    Operating Income Margin-74.0%-104.7%-601.5%-138.2%-203.8%-513.1%-1806.2%-6500.0%-45957.1%-10386.2%-11689.7%-108866.7%
    Net Income Margin-1733.1%-3968.6%2336.8%-111.9%-196.5%-440.9%-1535.2%-4678.4%-49214.3%-10051.7%-12789.7%-328533.3%
    Cash & Debt            
    Total Cash35395391113161714414
    Total Debt000000001238
    Net Debt / (Cash)-35-39-53-9-11-12-15-17-13-225
    Cash Flows Quarterly            
    FCF from Operations-5-8-9-2-1-2-2-3-2-2-2-4
    Cash Flows TTM            
    FCF from Operations TTM-24-21-15-7-8-9-9-9-10-11-12-15
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-06-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-2.2%-3.2%-10.7%-5.2%-5.5%-7.8%-5.0%-5.2%-7.1%-6.8%-7.8%-7.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-4.9%-4.7%-3.8%-5.6%-5.7%-6.1%-5.9%-6.5%-7.1%-7.8%-8.1%-9.5%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    MARKET.live510  
    Go Fund Yourself400  
    TON40   
    Corporate000  
    Single Segment   0 
    Non-digital revenue    2
    Other digital revenue    1
    Software-as-a-Service (SaaS) recurring subscription revenue    7
    Total1310011


    Operating Income by Segment
    $ Mil202520242023
    Go Fund Yourself0-00
    MARKET.live-6-4-5
    TON-100 
    Corporate-21-7-9
    Total-36-12-14


    Assets by Segment
    $ Mil202520242016
    TON401  
    MARKET.live63 
    Go Fund Yourself41 
    Corporate 16 
    Digital  0
    Total411210


    Price Behavior

    Price Behavior
    Market Price$2.56 
    Market Cap ($ Bil)0.1 
    First Trading Date11/19/2014 
    Distance from 52W High-79.3% 
       50 Days200 Days
    DMA Price$7.46$7.46
    DMA Trenddownup
    Distance from DMA-65.7%-65.7%
     3M1YR
    Volatility121.5%108.3%
    Downside Capture490.85421.77
    Upside Capture272.95119.88
    Correlation (SPY)42.9% 
    TONX Betas & Captures as of 5/31/2026

     1M2M3M6M1Y3Y
    Beta4.642.941.892.34-0.13-0.42
    Up Beta9.123.090.661.93-1.720.58
    Down Beta-1.53-0.952.402.671.140.12
    Up Capture1050%394%443%278%77%7%
    Bmk +ve Days13283667141432
    Stock +ve Days132134587979
    Down Capture-186%295%88%193%190%96%
    Bmk -ve Days7132757109318
    Stock -ve Days7202965106106

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TONX
    TONX-79.4%108.3%-1.29-
    Sector ETF (XLK)46.1%23.5%1.5535.7%
    Equity (SPY)21.2%12.4%1.2630.4%
    Gold (GLD)21.8%27.7%0.7017.0%
    Commodities (DBC)21.8%18.6%0.927.7%
    Real Estate (VNQ)16.1%13.6%0.852.3%
    Bitcoin (BTCUSD)-44.2%42.5%-1.2540.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TONX
    TONX-27.0%108.3%-1.29-
    Sector ETF (XLK)21.5%25.3%0.7535.7%
    Equity (SPY)13.4%17.1%0.6130.4%
    Gold (GLD)17.8%18.3%0.7917.0%
    Commodities (DBC)7.4%19.5%0.287.7%
    Real Estate (VNQ)3.4%18.9%0.082.3%
    Bitcoin (BTCUSD)10.9%54.0%0.3940.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with TONX
    TONX-14.6%108.3%-1.29-
    Sector ETF (XLK)25.0%24.7%0.9135.7%
    Equity (SPY)15.2%18.0%0.7230.4%
    Gold (GLD)11.8%16.1%0.6017.0%
    Commodities (DBC)5.9%18.0%0.267.7%
    Real Estate (VNQ)5.6%20.7%0.232.3%
    Bitcoin (BTCUSD)54.7%66.4%0.9540.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date6152026
    Short Interest: Shares Quantity2.7 Mil
    Short Interest: % Change Since 53120266.2%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest9.5 days
    Basic Shares Quantity58.4 Mil
    Short % of Basic Shares4.5%

    Returns Analyses

    Earnings Returns History

    Updated 6/15/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/12/20264.2%1.2%-6.6%
    11/12/202514.3%-2.2%-15.1%
    SUMMARY STATS   
    # Positive210
    # Negative012
    Median Positive9.2%1.2% 
    Median Negative -2.2%-10.8%
    Max Positive14.3%1.2% 
    Max Negative -2.2%-15.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/12/20264.2%1.2%-6.6%
    11/12/202514.3%-2.2%-15.1%
    SUMMARY STATS   
    # Positive210
    # Negative012
    Median Positive9.2%1.2% 
    Median Negative -2.2%-10.8%
    Max Positive14.3%1.2% 
    Max Negative -2.2%-15.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/12/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/25/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/10/202410-Q
    12/31/202304/01/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/22/202310-Q
    12/31/202204/17/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/12/202610-Q
    12/31/202503/31/202610-K
    09/30/202511/12/202510-Q
    06/30/202508/06/202510-Q
    03/31/202505/13/202510-Q
    12/31/202403/25/202510-K
    09/30/202411/05/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/10/202410-Q
    12/31/202304/01/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/14/202310-Q
    03/31/202305/22/202310-Q
    12/31/202204/17/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/16/202210-Q
    12/31/202103/31/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/16/202110-Q
    03/31/202105/13/202110-Q
    12/31/202003/31/202110-K
    09/30/202011/16/202010-Q
    06/30/202008/14/202010-Q
    03/31/202005/15/202010-Q
    12/31/201905/14/202010-K
    09/30/201911/14/201910-Q
    06/30/201908/14/201910-Q

    Insider Activity

    Updated 5/14/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wilson, Kevin MarkChief Executive OfficerDirectBuy51420263.668,02029,35329,353Form
    2Olsen, Sarah JosephineCFO & COODirectBuy51420263.627,44026,93326,933Form
    3Cutaia, Rory JDirectSell121620252.5354,494137,87031,640Form
    4Cutaia, Rory JDirectSell121620252.6334,13289,699176,076Form
    5Cutaia, Rory JDirectSell121220252.7938,579107,635282,158Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Wilson, Kevin MarkChief Executive OfficerDirectBuy51420263.668,02029,35329,353Form
    2Olsen, Sarah JosephineCFO & COODirectBuy51420263.627,44026,93326,933Form
    3Cutaia, Rory JDirectSell121620252.5354,494137,87031,640Form
    4Cutaia, Rory JDirectSell121620252.6334,13289,699176,076Form
    5Cutaia, Rory JDirectSell121220252.7938,579107,635282,158Form
    6Cutaia, Rory JDirectSell121220253.14112,870354,412438,693Form
    7Cutaia, Rory JDirectSell12052025309.9015,1004,679,49078,274,852Form
    8Cutaia, Rory JDirectSell120520253.6337,200134,962971,147Form
    9Cutaia, Rory JDirectSell120520253.4426,30090,6041,050,315Form
    10Cutaia, Rory JDirectSell120220253.08107,723331,8951,020,369Form
    11Cutaia, Rory JDirectSell120220253.1336,483114,1551,373,331Form
    12Cutaia, Rory JDirectSell120220253.4433,543115,5561,637,708Form
    13Cutaia, Rory JDirectSell112620253.10241,171746,6651,575,647Form
    14Cutaia, Rory JDirectSell112620253.0542,800130,5402,287,808Form
    15Cutaia, Rory JDirectSell112620253.05106,969326,2552,418,348Form
    16Stotz, ManuelBy: Kingsway Frontier Consumer Opportunities (FC04) Growth Fund IV LtdBuy92920257.1170,000497,60216,333,274Form

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