Stocks · Technology · Software - Application
TON Strategy Co. TONX
$3.59 +0.56% Close, Oct 5, 2026 · NASDAQ · Market cap $201.8M
Strong growthExpensive vs sectorHigh risk
Next earnings report: Nov 11, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Revenue over the last four quarters was $29.6M, up 592.3% from a year earlier, slowing from 662.7% a quarter earlier.
- Operating margin widened to -105.1% from -271.4% a year earlier.
- The diluted share count rose 4160.6% in a year.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 1%
- Revenue growth, 3-year CAGRTop 1%
- Revenue growth accelerationBottom 1%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 23%
- Gross marginTop 6%
- Operating marginBottom 9%
- Accruals (lower is better)Top 6%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 6%
- Free-cash-flow yieldBottom 9%
- EBITDA / enterprise valueBottom 5%
- Sales / enterprise valueBottom 37%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthBottom 7%
- 6-month returnTop 24%
- 1-year return vs S&P 500Bottom 11%
- Distance from 52-week highBottom 23%
- Trend checklist (0–4)Top 19%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 11%
- Consecutive EPS beatsBottom 31%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 20%
- Maximum drawdown, 3 yearsBottom 1%
- Beta vs S&P 500 (lower is better)Bottom 9%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 662.7% | 592.3% | ↓ |
| Gross margin | 67.4% | 83.1% | ↑ |
| Operating margin | -271.4% | -105.1% | ↑ |
| FCF margin | -168.4% | -98.6% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 592.3% | 662.7% | ↓ | Top 1% |
| Gross margin | 83.1% | 67.4% | ↑ | Top 6% |
| Operating margin | -105.1% | -271.4% | ↑ | Bottom 9% |
| Net margin | -533.5% | -235.9% | ↓ | — |
| Free-cash-flow margin | -98.6% | -168.4% | ↑ | — |
| Return on invested capital | -7.8% | — | Bottom 23% | |
| Revenue growth, 3-year CAGR | 1069.0% | — | Top 1% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -31.9%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 78.4%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- -637.9 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- Net cash
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -179.56%
- Shareholder yield
- -179.56%
- Share count change, 1 year
- +4160.6%
- Share count change, 3-year CAGR
- +1328.8%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 11, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 1
- Beats in the last 8 reports
- 6 of 8
- Average EPS surprise, last 4
- +73.4%
- Average 2-day reaction, last 8
- -1.3%
- Positive 20 days after report
- 2 of 8
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 11, 2026 | +199.2% | +0.0% | -7.5% | +6.2% | — |
| May 12, 2026 | -9.9% | +4.2% | +1.2% | -3.0% | -14.7% |
| Mar 24, 2026 | -113.0% | -3.4% | -15.8% | -18.6% | +10.3% |
| Nov 11, 2025 | +217.4% | -2.2% | -1.9% | -1.2% | -39.1% |
| Aug 6, 2025 | +12.3% | +3.3% | -10.9% | -37.1% | -77.5% |
| May 13, 2025 | +20.1% | +5.7% | +8.8% | +37.7% | +240.1% |
| Mar 25, 2025 | +12.7% | -4.4% | -18.4% | -23.3% | +15.4% |
| Nov 5, 2024 | +0.5% | -13.7% | -17.2% | -23.4% | -51.6% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 11, 2026 | $1.32 | -$1.33 | +199.2% | $15.0M |
| May 12, 2026 | -$1.56 | -$1.42 | -9.9% | $5.3M |
| Mar 24, 2026 | -$3.77 | -$1.77 | -113.0% | $5.7M |
| Nov 11, 2025 | $2.23 | -$1.90 | +217.4% | $3.6M |
| Aug 6, 2025 | -$1.79 | -$2.04 | +12.3% | $2.1M |
| May 13, 2025 | -$2.51 | -$3.14 | +20.1% | $1.3M |
| Mar 25, 2025 | -$2.20 | -$2.52 | +12.7% | $723,000 |
| Nov 5, 2024 | -$3.98 | -$4.00 | +0.5% | $128,000 |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| EV / Sales | 5.85× | — | — | Bottom 37% |
| Free-cash-flow yield | -14.47% | — | — | Bottom 9% |
| Earnings yield | -50.10% | — | — | Bottom 6% |
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 12
- Days above the 200-day average
- 31
- 50-day average slope (20 days)
- +3.8%
- 200-day average slope (20 days)
- +1.7%
- Distance from 50-day average
- +11.4%
- Distance from 200-day average
- +24.5%
- RSI (14)
- 52.5
- Relative volume
- 0.52×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 84.2%
- Volatility vs own 5-year history
- 21th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 2.58
- Correlation with S&P 500
- 0.30
- Current drawdown from 1-year high
- -48.8%
- Maximum drawdown, 3 years
- -98.8%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jul 15, 2021 | Feb 5, 2026 | -100.0% | 1145 days | Not yet recovered |
| Feb 24, 2021 | May 14, 2021 | -65.8% | 56 days | 42 days (Jul 15, 2021) |
| Dec 23, 2020 | Jan 28, 2021 | -23.4% | 23 days | 8 days (Feb 9, 2021) |
| Oct 19, 2020 | Oct 30, 2020 | -13.1% | 9 days | 24 days (Dec 4, 2020) |
| Feb 16, 2021 | Feb 18, 2021 | -11.0% | 2 days | 2 days (Feb 22, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $201.8M
- EPS, diluted (TTM)
- -$1.80
- Revenue (TTM)
- $29.6M
- 52-week range
- $1.75 – $7.14
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $10.5M | $8,000 | $63,000 | $895,000 | $12.8M |
| Gross profit | $6.0M | $5,000 | $44,000 | $671,000 | $8.9M |
| Operating income | -$33.7M | -$18.9M | -$13.8M | -$11.6M | -$33.3M |
| Net income | -$34.5M | -$37.4M | -$22.0M | -$10.3M | -$148.5M |
| EPS (diluted) | -$4,400.72 | -$3,105.28 | -$651.80 | -$19.36 | -$5.96 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $128,000 | $723,000 | $1.3M | $2.1M | $3.6M | $5.7M | $5.3M | $15.0M |
| Net income | -$2.0M | -$3.2M | -$2.6M | -$2.4M | $84.3M | -$227.9M | -$91.0M | $76.5M |
| EPS (diluted) | -$3.82 | -$3.46 | -$2.51 | -$1.79 | $2.23 | -$3.78 | -$1.56 | $1.31 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | -$25.9M | -$19.4M | -$10.6M | -$8.8M | -$20.8M |
| Capital expenditure | -$2.3M | -$4.8M | -$306,000 | -$342,000 | -$88,000 |
| Free cash flow | -$28.2M | -$24.2M | -$10.9M | -$9.1M | -$20.9M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $25.7M | $24.1M | $9.2M | $18.6M | $341.9M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $28.8M
- Total assets
- $403.5M
- Total liabilities
- $5.0M
- Total debt
- $198,000
- Net debt
- -$28.6M
- Shareholders’ equity
- $398.8M
As of Jun 30, 2026 (filed Aug 11, 2026).
Short interest
- Shares sold short
- 3,250,419
- Days to cover
- 8.64
- Change vs previous report
- +6.4%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Apr 19, 2023
- 1-for-40
- Feb 4, 2019
- 1-for-15