TON Strategy Company (TONX) AI Stock Analysis

• Market Cap: $154.23M
• Dividend Yield: N/A
• Average Volume (3M): 500.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.85
• Revenue Growth: 3760.70%
• EPS Growth: 90.34%
• Country: US
• Employees: 18
• Sector: Technology
• Sector Strength: 88
• Industry: Asset Management
• EPS (TTM): 2.23
• Shares Outstanding: 59,090,523
• 10 Day Avg. Volume: 294,446
• 30 Day Avg. Volume: 500,789
• PEG Ratio: <0.01
• Price to Book (P/B): 0.24
• Price to Sales (P/S): 4.33
• P/FCF Ratio: -0.43
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 13.23
• Enterprise Value/Gross Profit: 18.87
• Enterprise Value/Ebitda: 1.12
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -5.27
• Revenue Forecast (FY): $8.00M

• Rating: 44 Neutral
• Price Target: $2.50 ▼(-20.38% Downside)

The score is primarily held back by weak financial performance—ongoing losses and negative operating/free cash flow—despite strong revenue growth and low leverage. Technicals are mixed with only modest near-term strength against a clear longer-term downtrend, while valuation is constrained by negative earnings and no dividend support. Nasdaq compliance uncertainty adds incremental downside risk.

Positive Factors

Revenue Growth

Sustained high top-line growth indicates strong client demand and successful service expansion. Over the next several months, this trend supports scaling opportunities, higher utilization of consultant capacity, and a larger repeat-client base that can convert into stabilizing retainer revenue.

Low Leverage

Very low financial leverage provides flexibility to fund operations or strategic investments without heavy interest burdens. This balance-sheet strength reduces bankruptcy risk, supports access to capital if needed, and cushions the company while working to return to positive cash flow.

Gross Margin Efficiency

Relatively strong gross margins imply efficient core service delivery and pricing power on client projects. If management controls operating expenses, these margins create a pathway to sustainable profitability as revenue scales and fixed-cost dilution improves operating leverage.

Negative Factors

Negative Cash Flow

Persistent negative operating and free cash flow signal ongoing cash burn that can deplete reserves and force external financing. Over months this constrains strategic flexibility, risks dilution or higher-cost debt, and limits the firm’s ability to invest in client acquisition or talent retention.

Weak Profitability

Ongoing negative EBIT and net margins indicate the business is not yet converting revenue into sustainable profits. This undermines return on equity and reinvestment capacity, making long-term growth dependent on meaningful expense reductions or durable margin improvements.

Nasdaq Compliance Risk

Regulatory reprimand highlights governance and execution weaknesses around corporate transactions. Continued compliance uncertainty can distract management, complicate future financings or strategic deals, and raise long-term investor and counterparty confidence risks if not fully remediated.

TON Strategy Company Business Overview & Revenue Model

Company Description

The first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.

How the Company Makes Money

TONX generates revenue primarily through consulting fees for its strategic advisory services, which are billed on a project basis or through retainer agreements with clients. Key revenue streams include customized consulting projects, workshops, and training programs. Additionally, the company may earn income from performance-based incentives tied to client outcomes. Strategic partnerships with technology firms and industry associations also enhance its service offerings and client reach, contributing to overall earnings.

TON Strategy Company Financial Statement Overview

Summary

Strong revenue growth (TTM +95.12%) is outweighed by persistent profitability issues (negative net profit and EBIT margins) and negative operating/free cash flow across periods. Balance sheet leverage is low (TTM debt-to-equity 0.0145), but negative ROE and ongoing cash burn keep financial quality weak.

Income Statement

TON Strategy Company shows significant revenue growth, particularly in the TTM period with a 95.12% increase. However, the company is struggling with profitability, as evidenced by negative net profit margins and EBIT margins across all periods. The gross profit margin is relatively strong, indicating efficient cost management at the gross level, but high operating expenses are eroding profitability.

Balance Sheet

The company's balance sheet reflects low leverage with a debt-to-equity ratio of 0.0145 in the TTM period, indicating prudent financial management. However, the return on equity is negative, suggesting that the company is not generating sufficient returns for its shareholders. The equity ratio is relatively stable, indicating a solid capital structure.

Cash Flow

Cash flow analysis reveals challenges, with negative operating and free cash flows in all periods. The free cash flow to net income ratio is slightly above 1, indicating that cash flow is somewhat aligned with net income, but the negative growth in free cash flow in the TTM period highlights ongoing cash management issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	7.76M	895.00K	63.00K	8.00K	10.52M	9.96M
Gross Profit	5.44M	671.00K	44.00K	5.00K	6.02M	5.16M
EBITDA	91.73M	-9.49M	-11.32M	-13.44M	-29.68M	-22.25M
Net Income	76.21M	-10.33M	-21.99M	-37.44M	-34.49M	-24.96M
Balance Sheet
Total Assets	661.88M	20.64M	10.84M	24.49M	34.43M	32.54M
Cash, Cash Equivalents and Short-Term Investments	53.04M	12.53M	4.35M	2.43M	937.00K	1.81M
Total Debt	247.00K	464.00K	2.38M	8.95M	3.81M	6.07M
Total Liabilities	22.42M	4.61M	7.71M	19.33M	21.11M	21.80M
Stockholders Equity	639.10M	16.20M	3.13M	5.17M	13.32M	10.74M
Cash Flow
Free Cash Flow	-5.45M	-9.11M	-10.90M	-24.16M	-28.15M	-16.61M
Operating Cash Flow	-5.22M	-8.77M	-10.60M	-19.41M	-25.88M	-16.29M
Investing Cash Flow	-4.64M	-5.38M	4.44M	-4.75M	-2.26M	-88.00K
Financing Cash Flow	4.58M	18.29M	8.08M	25.65M	27.26M	17.21M

TON Strategy Company Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.14
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TONX, the sentiment is Negative. The current price of 3.14 is above the 20-day moving average (MA) of 2.75, above the 50-day MA of 2.75, and below the 200-day MA of 6.82, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 45.62 is Neutral, neither overbought nor oversold. The STOCH value of 33.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TONX.

TON Strategy Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
TONX	44 Neutral	$154.23M	―	23.19%	―	3760.70%	90.34%
SMSI	44 Neutral	$13.64M	-0.35	-101.21%	―	-24.08%	70.11%
VS	44 Neutral	$5.93M	-2.90	-16.34%	―	2281.70%	90.92%

TON Strategy Company Corporate Events

TON Strategy launches leadership transition and governance overhaul

On January 26, 2026, TON Strategy Company and Chief Executive Officer Veronika Kapustina agreed that she would transition out of the CEO role, with Kapustina remaining in place during a search for her successor to ensure operational continuity. In a January 28, 2026 announcement from Las Vegas, the company detailed a broader leadership and governance overhaul designed to strengthen its foundations as a public company, including a formal process to appoint a new CEO and to expand its five-member board with additional independent directors, using Heidrick & Struggles to lead the director search and Intersection Growth Partners to run the CEO search, while maintaining its day-to-day execution of a Toncoin-centered digital asset treasury strategy and ongoing operations of its MARKET.live and LyveCom units.

The most recent analyst rating on (TONX) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on TON Strategy Company stock, see the TONX Stock Forecast page.