Verb Technology Company ((TONX)) has held its Q4 earnings call. Read on for the main highlights of the call.
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Verb Technology’s latest earnings call delivered a mixed message for investors, blending strong operational momentum with steep reported losses. Management highlighted rapid revenue growth, a now-active staking strategy, and a sizable Toncoin treasury, but these positives were overshadowed by large noncash losses from crypto price swings and a sharply higher expense base that weighed heavily on the bottom line.
Explosive Revenue and Gross Profit Growth
Verb Technology reported total revenue of $12.8M for 2025, up from just $0.9M in 2024, representing a jump of about 1,322%. Gross profit surged to $7.6M from $0.7M, nearly a tenfold increase, showing that the company is starting to monetize its strategy even though the business is still in its early stages.
Staking Powers New Revenue Stream
Staking, launched in August 2025, quickly became a meaningful contributor, generating roughly $4M in revenue and accounting for about 31% of the annual total. By year-end the company had 219.7M Toncoin staked and had earned 2.19M Toncoin in rewards, roughly 1% on the staked base during the initial implementation period.
Large Toncoin Treasury Underpins Strategy
The balance sheet is now dominated by digital assets, with Toncoin holdings carrying a fair value of about $356.8M as of December 31, 2025. Cash and restricted cash totaled roughly $39.7M, giving the company a sizable asset base to support its staking-focused strategy and providing a buffer as it refines its operating model.
Infrastructure and Transparency Build-Out
The fourth quarter marked the first full period with staking in place, and management emphasized that the core operational infrastructure is now largely built. Systems for custody, staking, reporting, and compliance were put in place, and a new analytics dashboard was launched to give investors more transparency into treasury activity and performance.
Public Company Framework and Governance
Verb Technology is structuring its Toncoin holdings and staking activities within a public-company framework designed to offer transparency and public-market access to the TON ecosystem. The board is conducting a CEO search to support the next phase of growth while keeping the current CEO in place to maintain continuity during the transition.
Net Loss Dominated by Crypto Fair Value Swings
Despite operational gains, the company posted a net loss before income taxes of $148.6M in 2025, compared with $10.5M a year earlier. The deterioration was driven largely by a $114.2M net loss on crypto assets, reflecting realized and unrealized fair value changes in Toncoin that underscored the earnings volatility tied to digital-asset prices.
Costs Surge and Operating Loss Widens
Total costs and expenses climbed to $49.2M from $12.5M, up nearly 294%, as the company absorbed noncash stock-based compensation and the costs of building out its treasury and infrastructure. Loss from operations widened to $36.4M versus $11.6M in 2024, highlighting that the current revenue base is not yet sufficient to cover the elevated cost structure.
Revenue Scale Still Modest Versus Risk Profile
While percentage growth rates are eye-catching, total revenue of $12.8M remains modest relative to the company’s expense levels and the size and volatility of its balance sheet. Staking generated about $4M and was only live for part of the year, underscoring both the potential of the model and the early-stage nature of the underlying business.
High Exposure to Digital-Asset Volatility
The large mark-to-market loss on Toncoin made clear that Verb Technology’s reported results are highly sensitive to crypto price movements. Operational progress and staking income could not offset the accounting impact of falling token prices, a dynamic that investors will need to weigh when assessing earnings quality and risk.
Emphasis on Financial Discipline and Liquidity
Management stressed the importance of disciplined cost control and prudent liquidity management as the company scales its treasury strategy. The focus is on balancing the amount of Toncoin staked, the treatment of staking rewards, and the cash needed to fund operations so that the business can extend its runway without overreaching on expenses.
Guidance: Active Treasury, Careful Cost Control
Looking ahead, management refrained from giving numeric targets but outlined a clear operational roadmap anchored in disciplined treasury management and transparency. The company plans to keep a substantial portion of its Toncoin position staked while preserving liquidity, to be deliberate in using or retaining rewards, to keep a close lid on expenses, and to update investors regularly through periodic filings and its new dashboard.
Verb Technology’s earnings call painted the picture of a company that has moved quickly to build a staking-driven treasury platform but is still grappling with the financial whiplash of crypto volatility and a heavy cost base. For investors, the story now hinges on whether management can convert its sizable Toncoin holdings into sustainable, less volatile earnings while tightening spending and managing risk.