TON Strategy (TONX)
Market Price (8/13/2026): $2.82 | Market Cap: $164.1 MilSector: Information Technology | Industry: Application Software
TON Strategy (TONX)
Market Price (8/13/2026): $2.82Market Cap: $164.1 MilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1274% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% | Weak multi-year price returns2Y Excs Rtn is -126%, 3Y Excs Rtn is -148% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52 | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -105% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 85% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -98%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -99% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -99% High stock price volatilityVol 12M is 106% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1274% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -43% |
| Weak multi-year price returns2Y Excs Rtn is -126%, 3Y Excs Rtn is -148% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.52 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -31 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -105% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 85% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -98%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -99% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -99% |
| High stock price volatilityVol 12M is 106% |
Qualitative Assessment
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TON Strategy (TONX) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Explosive Growth in Gram Staking Revenue and Profitability in Fiscal Q2 2026. TON Strategy reported a substantial increase in revenue for fiscal Q2 2026 (ended June 30, 2026), reaching $15.0 million from $3.0 million in fiscal Q1 2026, primarily driven by Gram-related staking activities. This revenue surge contributed to a net income attributable to common shareholders of $76.8 million, or $1.31 per diluted share, a significant turnaround from a $2.5 million net loss in Q2 2025. A key component of this profitability was an $82.8 million net gain from changes in the fair value of Gram holdings during the quarter.
2. Significant Performance Enhancements to The Open Network (TON) Ecosystem. In April 2026, the underlying TON network underwent major technical upgrades, including the Catchain 2.0 consensus upgrade, which reduced block times from approximately 2.5 seconds to 400 milliseconds and increased throughput by an estimated tenfold. Transaction finality also improved from roughly 10 seconds to 1 second, and transaction fees were reduced approximately sixfold. These improvements directly benefited TON Strategy by increasing validator reward issuance and network staking yields, leading to over a 3.5x increase in gross staking rewards in April compared to March.
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TON Strategy (TONX) stock has gained about 40% since 4/30/2026 because of the following key factors:
1. Explosive Growth in Gram Staking Revenue and Profitability in Fiscal Q2 2026. TON Strategy reported a substantial increase in revenue for fiscal Q2 2026 (ended June 30, 2026), reaching $15.0 million from $3.0 million in fiscal Q1 2026, primarily driven by Gram-related staking activities. This revenue surge contributed to a net income attributable to common shareholders of $76.8 million, or $1.31 per diluted share, a significant turnaround from a $2.5 million net loss in Q2 2025. A key component of this profitability was an $82.8 million net gain from changes in the fair value of Gram holdings during the quarter.
2. Significant Performance Enhancements to The Open Network (TON) Ecosystem. In April 2026, the underlying TON network underwent major technical upgrades, including the Catchain 2.0 consensus upgrade, which reduced block times from approximately 2.5 seconds to 400 milliseconds and increased throughput by an estimated tenfold. Transaction finality also improved from roughly 10 seconds to 1 second, and transaction fees were reduced approximately sixfold. These improvements directly benefited TON Strategy by increasing validator reward issuance and network staking yields, leading to over a 3.5x increase in gross staking rewards in April compared to March.
3. Successful Strategic Restructuring and Cost Reduction Initiatives. TON Strategy largely completed the wind-down of its inherited legacy operations, a move expected to eliminate approximately $4.0 million in annual cash operating costs. Additionally, the company terminated its advisory services agreement with Kingsway Capital Partners, with monthly payments ceasing in March 2026, further streamlining its financial commitments. These actions demonstrate a clear strategic focus on its core Gram treasury and TON ecosystem operations.
4. Substantial Increase in Digital Asset Holdings Value. The fair value of TON Strategy's digital asset holdings, primarily Gram, significantly increased from approximately $272.0 million at March 31, 2026, to about $369.5 million by June 30, 2026. This appreciation in the value of its core treasury asset, coupled with the company holding approximately 230.5 million units of Gram (with 229.9 million staked), underscores the strength of its digital asset strategy and directly contributed to the reported net gain from fair value changes.
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Stock Movement Drivers
Fundamental Drivers
The 41.4% change in TONX stock from 4/30/2026 to 8/12/2026 was primarily driven by a 178.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.03 | 2.87 | 41.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 30 | 178.0% |
| P/S Multiple | 10.8 | 5.6 | -47.6% |
| Shares Outstanding (Mil) | 57 | 58 | -2.9% |
| Cumulative Contribution | 41.4% |
Market Drivers
4/30/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| TONX | 41.4% | |
| Market (SPY) | 7.5% | 41.2% |
| Sector (XLK) | 18.4% | 37.1% |
Fundamental Drivers
The 10.0% change in TONX stock from 1/31/2026 to 8/12/2026 was primarily driven by a 425.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8122026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.61 | 2.87 | 10.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 6 | 30 | 425.5% |
| P/S Multiple | 17.3 | 5.6 | -67.3% |
| Shares Outstanding (Mil) | 37 | 58 | -36.0% |
| Cumulative Contribution | 10.0% |
Market Drivers
1/31/2026 to 8/12/2026| Return | Correlation | |
|---|---|---|
| TONX | 10.0% | |
| Market (SPY) | 11.9% | 34.4% |
| Sector (XLK) | 31.4% | 36.4% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2025 to 8/12/2026| Return | Correlation | |
|---|---|---|
| TONX | ||
| Market (SPY) | 23.3% | 30.2% |
| Sector (XLK) | 44.3% | 32.1% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/12/2026| Return | Correlation | |
|---|---|---|
| TONX | ||
| Market (SPY) | 74.7% | 30.2% |
| Sector (XLK) | 115.8% | 32.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TONX Return | - | - | - | - | -84% | 53% | -75% |
| Peers Return | -8% | -34% | -15% | 89% | -46% | -37% | -67% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TONX Win Rate | - | - | - | - | 0% | 62% | |
| Peers Win Rate | 50% | 25% | 52% | 78% | 53% | 32% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TONX Max Drawdown | - | - | - | - | - | -43% | |
| Peers Max Drawdown | -27% | -42% | -17% | -55% | -62% | -46% | |
| 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, HODO, SECZ.
[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 8/12/2026 (YTD)
How Low Can It Go
TONX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -17.0% | -7.8% |
| % Gain to Breakeven | 20.4% | 8.5% |
| Time to Breakeven | 92 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -10.0% | -9.5% |
| % Gain to Breakeven | 11.2% | 10.5% |
| Time to Breakeven | 15 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
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
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Asset Allocation
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TONX has limited trading history. Below is the Information Technology sector ETF (XLK) in its place.
| Event | XLK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.7% | -18.8% |
| % Gain to Breakeven | 34.5% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.1% | -24.5% |
| % Gain to Breakeven | 49.5% | 32.4% |
| Time to Breakeven | 246 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.2% | -33.7% |
| % Gain to Breakeven | 45.2% | 50.9% |
| Time to Breakeven | 78 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -23.8% | -19.2% |
| % Gain to Breakeven | 31.2% | 23.8% |
| Time to Breakeven | 100 days | 105 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -51.5% | -53.4% |
| % Gain to Breakeven | 106.2% | 114.4% |
| Time to Breakeven | 797 days | 1085 days |
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.
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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.
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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
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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.
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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.
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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%.
Peer Outperformance in Application Software
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.4% | 248.2% | 442.9% | TTMI 881% · FLEX 831% · FN 531% |
| Semiconductor Materials & Equipment | 27 | 166.0% | 98.9% | 147.0% | AEHR 2179% · AXTI 718% · KLAC 566% |
| Technology Distributors | 9 | 24.6% | 64.3% | 80.2% | CLMB 344% · AVT 170% · SNX 118% |
| Communications Equipment | 35 | 40.1% | 117.4% | 70.0% | AAOI 1861% · LITE 1086% · FEIM 892% |
| Electronic Components | 26 | 60.7% | 73.7% | 68.3% | CLS 3788% · BELFA 1493% · LPTH 576% |
| Semiconductors | 54 | 56.2% | 46.1% | 42.0% | POET 2078% · MU 1218% · NVDA 1014% |
| Technology Hardware, Storage & Peripherals | 22 | 38.9% | 67.0% | 19.3% | STX 1028% · DELL 958% · SMCI 936% |
| Internet Services & Infrastructure | 6 | 15.8% | 34.7% | 17.2% | DOCN 149% · VRSN 37% · GDDY 29% |
| Electronic Equipment & Instruments | 27 | 9.7% | 15.6% | -0.8% | PI 259% · OSIS 130% · SOTK 127% |
| IT Consulting & Other Services | 30 | -23.4% | -19.0% | -25.8% | CHRN 547005% · APLD 2048% · TSSI 1001% |
| Application Software ← | 124 | -18.3% | -19.8% | -42.5% | VIDA 234900% · PLTR 587% · RDVT 164% |
| Systems Software | 72 | -15.7% | 0.5% | -47.6% | QNC 939% · PANW 521% · ZETA 391% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| TON Strategy Earnings Notes | 12/16/2025 | |
| TON Strategy Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 2.09 |
| Mkt Cap | 0.2 |
| Rev LTM | 34 |
| Op Inc LTM | -1 |
| FCF LTM | -4 |
| FCF 3Y Avg | -1 |
| CFO LTM | -1 |
| CFO 3Y Avg | 1 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 52.3% |
| Rev Chg 3Y Avg | 668.9% |
| Rev Chg Q | 13.9% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | -197.6% |
| Op Inc Chg 3Y Avg | -14.5% |
| Op Mgn LTM | -3.3% |
| Op Mgn 3Y Avg | 5.0% |
| QoQ Delta Op Mgn LTM | 2.1% |
| CFO/Rev LTM | -2.1% |
| CFO/Rev 3Y Avg | 4.9% |
| FCF/Rev LTM | -10.4% |
| FCF/Rev 3Y Avg | -1.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| MARKET.live | 5 | 1 | 0 | ||
| Go Fund Yourself | 4 | 0 | 0 | ||
| TON | 4 | 0 | |||
| Corporate | 0 | 0 | 0 | ||
| Single Segment | 0 | ||||
| Non-digital revenue | 2 | ||||
| Other digital revenue | 1 | ||||
| Software-as-a-Service (SaaS) recurring subscription revenue | 7 | ||||
| Total | 13 | 1 | 0 | 0 | 11 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Go Fund Yourself | 0 | -0 | 0 |
| MARKET.live | -6 | -4 | -5 |
| TON | -10 | 0 | |
| Corporate | -21 | -7 | -9 |
| Total | -36 | -12 | -14 |
| $ Mil | 2025 | 2024 | 2016 |
|---|---|---|---|
| TON | 401 | ||
| MARKET.live | 6 | 3 | |
| Go Fund Yourself | 4 | 1 | |
| Corporate | 16 | ||
| Digital | 0 | ||
| Total | 411 | 21 | 0 |
Price Behavior
| Market Price | $2.87 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 11/19/2014 | |
| Distance from 52W High | -76.8% | |
| 50 Days | 200 Days | |
| DMA Price | $7.61 | $7.61 |
| DMA Trend | down | up |
| Distance from DMA | -62.3% | -62.3% |
| 3M | 1YR | |
| Volatility | 98.7% | 106.0% |
| Downside Capture | 334.81 | 382.92 |
| Upside Capture | 160.65 | 120.92 |
| Correlation (SPY) | 38.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.12 | 3.55 | 4.00 | 2.61 | -0.12 | -0.34 |
| Up Beta | 5.65 | 4.12 | 4.79 | 2.36 | -0.09 | 1.78 |
| Down Beta | 5.53 | 4.61 | 4.32 | 3.24 | -0.27 | 0.69 |
| Up Capture | 296% | 238% | 617% | 343% | 130% | 12% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 18 | 31 | 61 | 97 | 97 |
| Down Capture | 39% | 308% | 250% | 191% | 183% | 103% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 24 | 31 | 64 | 130 | 130 |
[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 | -76.9% | 106.0% | -0.98 | - |
| Sector ETF (XLK) | 43.8% | 25.9% | 1.36 | 32.1% |
| Equity (SPY) | 22.6% | 12.8% | 1.32 | 30.2% |
| Gold (GLD) | 31.4% | 28.4% | 0.95 | 16.4% |
| Commodities (DBC) | 37.9% | 20.1% | 1.48 | 6.2% |
| Real Estate (VNQ) | 14.3% | 13.8% | 0.73 | 0.1% |
| Bitcoin (BTCUSD) | -46.5% | 42.9% | -1.33 | 41.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TONX | |
|---|---|---|---|---|
| TONX | -25.3% | 106.0% | -0.98 | - |
| Sector ETF (XLK) | 20.5% | 25.8% | 0.71 | 32.1% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 30.2% |
| Gold (GLD) | 19.0% | 18.6% | 0.83 | 16.4% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 6.2% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 0.1% |
| Bitcoin (BTCUSD) | 9.9% | 52.8% | 0.37 | 41.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TONX | |
|---|---|---|---|---|
| TONX | -13.6% | 106.0% | -0.98 | - |
| Sector ETF (XLK) | 24.7% | 24.9% | 0.90 | 32.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 30.2% |
| Gold (GLD) | 12.0% | 16.2% | 0.61 | 16.4% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 6.2% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 0.1% |
| Bitcoin (BTCUSD) | 60.9% | 66.1% | 1.01 | 41.8% |
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Returns Analyses
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | 4.2% | 1.2% | -6.6% |
| 11/12/2025 | 14.3% | -2.2% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 0 | 1 | 2 |
| Median Positive | 9.2% | 1.2% | |
| Median Negative | -2.2% | -10.8% | |
| Max Positive | 14.3% | 1.2% | |
| Max Negative | -2.2% | -15.1% | |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/12/2026 | 4.2% | 1.2% | -6.6% |
| 11/12/2025 | 14.3% | -2.2% | -15.1% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 0 | 1 | 2 |
| Median Positive | 9.2% | 1.2% | |
| Median Negative | -2.2% | -10.8% | |
| Max Positive | 14.3% | 1.2% | |
| Max Negative | -2.2% | -15.1% | |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 04/17/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/11/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/31/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/25/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 04/01/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/22/2023 | 10-Q |
| 12/31/2022 | 04/17/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/31/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/15/2020 | 10-Q |
| 12/31/2019 | 05/14/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Insider Activity
Updated 7/22/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marbach, Mary | General Counsel/Corp Secretary | Direct | Buy | 5152026 | 3.52 | 1,600 | 5,632 | 5,632 | Form |
| 2 | Wilson, Kevin Mark | Chief Executive Officer | Direct | Buy | 5142026 | 3.66 | 8,020 | 29,353 | 29,353 | Form |
| 3 | Olsen, Sarah Josephine | CFO & COO | Direct | Buy | 5142026 | 3.62 | 7,440 | 26,933 | 26,933 | Form |
| 4 | Sohn, Evan | Direct | Buy | 5142026 | 3.58 | 2,770 | 9,930 | 19,355 | Form | |
| 5 | Cutaia, Rory J | Direct | Sell | 12162025 | 2.53 | 54,494 | 137,870 | 31,640 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Marbach, Mary | General Counsel/Corp Secretary | Direct | Buy | 5152026 | 3.52 | 1,600 | 5,632 | 5,632 | Form |
| 2 | Wilson, Kevin Mark | Chief Executive Officer | Direct | Buy | 5142026 | 3.66 | 8,020 | 29,353 | 29,353 | Form |
| 3 | Olsen, Sarah Josephine | CFO & COO | Direct | Buy | 5142026 | 3.62 | 7,440 | 26,933 | 26,933 | Form |
| 4 | Sohn, Evan | Direct | Buy | 5142026 | 3.58 | 2,770 | 9,930 | 19,355 | Form | |
| 5 | Cutaia, Rory J | Direct | Sell | 12162025 | 2.53 | 54,494 | 137,870 | 31,640 | Form | |
| 6 | Cutaia, Rory J | Direct | Sell | 12162025 | 2.63 | 34,132 | 89,699 | 176,076 | Form | |
| 7 | Cutaia, Rory J | Direct | Sell | 12122025 | 2.79 | 38,579 | 107,635 | 282,158 | Form | |
| 8 | Cutaia, Rory J | Direct | Sell | 12122025 | 3.14 | 112,870 | 354,412 | 438,693 | Form | |
| 9 | Cutaia, Rory J | Direct | Sell | 12052025 | 309.90 | 15,100 | 4,679,490 | 78,274,852 | Form | |
| 10 | Cutaia, Rory J | Direct | Sell | 12052025 | 3.63 | 37,200 | 134,962 | 971,147 | Form | |
| 11 | Cutaia, Rory J | Direct | Sell | 12052025 | 3.44 | 26,300 | 90,604 | 1,050,315 | Form | |
| 12 | Cutaia, Rory J | Direct | Sell | 12022025 | 3.08 | 107,723 | 331,895 | 1,020,369 | Form | |
| 13 | Cutaia, Rory J | Direct | Sell | 12022025 | 3.13 | 36,483 | 114,155 | 1,373,331 | Form | |
| 14 | Cutaia, Rory J | Direct | Sell | 12022025 | 3.44 | 33,543 | 115,556 | 1,637,708 | Form | |
| 15 | Cutaia, Rory J | Direct | Sell | 11262025 | 3.10 | 241,171 | 746,665 | 1,575,647 | Form | |
| 16 | Cutaia, Rory J | Direct | Sell | 11262025 | 3.05 | 42,800 | 130,540 | 2,287,808 | Form | |
| 17 | Cutaia, Rory J | Direct | Sell | 11262025 | 3.05 | 106,969 | 326,255 | 2,418,348 | Form | |
| 18 | Stotz, Manuel | By: Kingsway Frontier Consumer Opportunities (FC04) Growth Fund IV Ltd | Buy | 9292025 | 7.11 | 70,000 | 497,602 | 16,333,274 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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