TON Strategy Co(TONX)Stock Analysis
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Rank #2,251 of 2,879 stocks
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Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
TONX Stock Analysis & AI Quality Score
AI stock analysis and institutional research for TON Strategy Co (TONX), a Consumer Discretionary sector company. 13F Pro's AI-powered ranking engine scores TONX at 32.8/100 on a 32-signal composite quality model, placing it at rank #2,251 of 2,879 stocks — the bottom half of the AI-ranked universe. TONX scores in the top quartile across revenue growth (99.9), institutional flow (80.4). Areas of concern include revenue scale (4.0) and free cash flow (5.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 2.2/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), TON Strategy Co reports quarterly revenue of $5.3M, net income of $-91.0M, free cash flow of $-4.7M. Top institutional holders of TONX by reported 13-F value include ARISTEIA CAPITAL, L.L.C., VANGUARD CAPITAL MANAGEMENT, Ribbit Management Company,, based on the most recent SEC filings. TONX trades on the Nasdaq exchange and files with the SEC under CIK 1566610. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate TONX daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for TON Strategy Co directly from SEC EDGAR. TON Strategy Co's 13F Pro composite quality score has ranged between 33 and 59 since 2026, currently 32.8 — a declining long-term trajectory across 10 quarterly and live scoring snapshots.
Revenue
Q1 2026
$5.3M
Net Income
Q1 2026
$-91.0M
Free Cash Flow
Q1 2026
$-4.7M
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
+1327.8% YoYNet Income
-1337.5% YoYOperating Income
-213.0% YoYEPS (Diluted)
+69.2% YoYTotal Assets
+1892.6% YoYTotal Debt
Op. Cash Flow
-137.0% YoY| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $12.8M +1327.8% | $895.0K +1320.6% | $63.0K +687.5% | $8.0K -99.9% | $10.5M +5.6% | $10.0M |
| Net Income | $-148.5M -1337.5% | $-10.3M +53.0% | $-22.0M +41.3% | $-37.4M -8.6% | $-34.5M -38.2% | $-25.0M |
| Operating Income | $-36.4M -213.0% | $-11.6M +15.6% | $-13.8M +26.9% | $-18.9M +44.0% | $-33.7M -36.3% | $-24.7M |
| EPS (Diluted) | $-5.96 +69.2% | $-19.36 +95.6% | $-441.48 -6509.0% | $-6.68 | — | — |
| Total Assets | $411.2M +1892.6% | $20.6M +90.4% | $10.8M -55.7% | $24.5M -28.9% | $34.4M +5.8% | $32.5M |
| Total Debt | — | — | $5.8M -14.5% | $6.8M +63.1% | $4.2M +3700.9% | $110.0K |
| Operating Cash Flow | $-20.8M -137.0% | $-8.8M | — | $-19.4M +25.0% | $-25.9M -58.7% | $-16.3M |
AI Insight: TONX Financial Trends
TONX remains pre-revenue scale with persistent operating losses; a $84M net income spike in Q3 2025 reversed sharply to -$228M in Q4 2025, signaling large non-operating swings distorting the P&L.
• Revenue grew from $0M in Q2 2024 to $6M in Q4 2025, but decelerated to $5M in Q1 2026 — earliest sign of a growth stall.
• Operating losses widened dramatically to -$22M in Q3 2025 before narrowing to -$4M in Q1 2026, but losses persist every quarter.
• Equity surged from $15M in Q1 2025 to $639M in Q3 2025, then collapsed to $317M in Q1 2026 — extreme volatility with no debt data available.
• Operating cash outflows accelerated from -$1M in Q1 2025 to -$9M in Q3 2025, easing slightly to -$5M in Q1 2026.
⚠ Net income swung from +$84M in Q3 2025 to -$228M in Q4 2025 — non-operating items are masking true operating performance.
⚠ No debt data available across any quarter; capital structure and leverage risk remain entirely opaque.
⚠ Revenue dipped from $6M in Q4 2025 to $5M in Q1 2026 — monitor whether the growth trajectory has reversed.
AI Insight: TONX Ratio Trends
TONX shows sharply improving ROIC—from -91.6% in Q4 2024 to -4.9% in Q1 2026—but operating margins remain deeply negative, signaling structural losses persist.
• ROIC improved dramatically from -91.6% in Q4 2024 to -4.9% in Q1 2026, a ~87pp recovery over five quarters.
• Operating margin was -138.2% in Q2 2025, widened to -159.2% in Q4 2025, then narrowed to -74.0% in Q1 2026.
• ROE swung to a positive 52.8% in Q3 2025 but collapsed to -115.0% in Q1 2026, indicating highly volatile earnings.
• NPM of -196.5% in Q1 2025 improved to -111.9% in Q2 2025; subsequent quarters lack data, limiting trend visibility.
⚠ ROE swung from +52.8% in Q3 2025 to -115.0% in Q1 2026—a 168pp reversal, suggesting a volatile or one-off Q3 gain.
⚠ Operating margin remains deeply negative at -74.0% in Q1 2026; sustained improvement needed to confirm a structural turn.
⚠ Widespread data gaps across OpMargin, NPM, and D/E limit confident trend assessment across most periods.
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Available Research
13F Pro tracks comprehensive data for TON Strategy Co including:
Top Institutional Holders of TONX
ARISTEIA CAPITAL, L.L.C.
$12.1M4,895,110 shVANGUARD CAPITAL MANAGEMENT LLC
$5.7M2,287,988 shRibbit Management Company, LLC
$3.9M1,577,287 shSaba Capital Management, L.P.
$2.0M791,268 shDRW Securities, LLC
$1.9M788,644 shBlackRock, Inc.
$1.8M720,883 shUBS Group AG
$1.7M686,441 shYorkville Advisors Global, LP
$1.5M600,000 shGEODE CAPITAL MANAGEMENT, LLC
$1.4M580,526 shArrington Capital Management, LLC
$935.0K378,549 sh
| Fund | Value | Shares |
|---|---|---|
| ARISTEIA CAPITAL, L.L.C. | $12.1M | 4,895,110 |
| VANGUARD CAPITAL MANAGEMENT LLC | $5.7M | 2,287,988 |
| Ribbit Management Company, LLC | $3.9M | 1,577,287 |
| Saba Capital Management, L.P. | $2.0M | 791,268 |
| DRW Securities, LLC | $1.9M | 788,644 |
| BlackRock, Inc. | $1.8M | 720,883 |
| UBS Group AG | $1.7M | 686,441 |
| Yorkville Advisors Global, LP | $1.5M | 600,000 |
| GEODE CAPITAL MANAGEMENT, LLC | $1.4M | 580,526 |
| Arrington Capital Management, LLC | $935.0K | 378,549 |
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Popular Research
Is TONX a good stock to buy?
13F Pro's AI-powered analysis of TON Strategy Co (TONX) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Consumer Discretionary sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for TONX are available on the TONX stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own TONX?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling TONX. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of TON Strategy Co's investment landscape.