TON Strategy Co

Listed Company

TONXCIK 0001566610NasdaqNon-AcceleratedSmaller ReportingFinance ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$12.78M

Net Income

$-148.48M

Total Assets

$411.16M

Equity

$406.49M

Shares Out

56.53M

Op. Cash Flow

$-20.77M

Business

TON Strategy Co provides interactive video-based social commerce, crowdfunding media and telehealth services through three complementary business units that monetize livestream and shoppable video experiences. Its offerings include MARKET.live, a multi-vendor livestream social shopping platform with native integrations and frictionless checkout; GO FUND YOURSELF!, an interactive crowdfunding and reality‑show format that enables near‑real‑time investment and product sales; and Vanity Prescribed/GoodGirlRx, a telehealth and prescription fulfillment service. The company operates these units as distinct divisions and distributes content and services across social platforms (TikTok, Facebook, Instagram, YouTube, Twitch), CheddarTV, Shopify and merchant websites, mobile apps and strategic partner channels.

Summary from filing dated 2025-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Revenue	13	895,000	63,000	8,000	11
Cost of revenue, exclusive of depreciation and amortization shown separately below	4	224,000	19,000	3,000	—
Depreciation and amortization	1	1	2	1	2
Impairment	3	—	—	—	—
General and administrative	41	11	12	18	26
Total costs and expenses	49	13	14	19	40
Operating loss	−36	−12	−14	−19	−34
Interest income	1	692,000	—	—	—
Unrealized loss on short-term investments	—	−44,000	—	—	—
Interest expense	−1,000	−237,000	−1	—	—
Financing costs	—	−90,000	−1	—	—
Other income, net	−113	813,000	1	1	91,000
Total other income (expense), net	−112	1	−1	3	−774,000
Net loss before income taxes	−149	−11	−15	−16	—
Income tax expense (benefit)	−234,000	—	—	—	1,000
Net loss	−148	−11	−22	—	—
Less: Net income (loss) attributable to non-controlling interests	88,000	−181,000	—	—	—
Net loss attributable to Ton Strategy Company	−148	−10	−22	−37	−34
Preferred Stock dividend payable	−152,000	−243,000	—	—	—
Deemed dividend due to redemption of Preferred Stock	−1	−900,000	—	—	−348,000
Net loss to common stockholders	−150	−11	−22	−38	−35
Net income (loss) per share - basic	−5.96	−19.36	−441.48	−6.68	−0.55
Net income (loss) per share - diluted	−5.96	−19.36	−441.48	−6.68	—
Weighted average number of common shares outstanding - basic	25	592,478	33,995	2	63
Weighted average number of common shares outstanding - diluted	25	592,478	33,995	2	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	39	8	—	2	937,000
Restricted cash	169,000	878,000	—	—	—
Accounts receivable, net of allowance for credit losses of $5 and $0 as of December 31, 2025 and 2024, respectively	441,000	350,000	—	—	—
ERC receivable short-term	734,000	2	—	—	—
Short-term investments - trading	—	5	—	—	—
Prepaid expenses and other current assets	2	252,000	331,000	306,000	—
Total current assets	42	16	5	4	3
Long-lived assets, net	389,000	4	—	—	—
Intangible assets, net	48,000	178,000	117,000	83,000	4
Goodwill	5	—	—	10	20
TON - unrestricted	90	—	—	—	—
TON restricted	267	—	—	—	—
Other non-current assets	6	326,000	259,000	293,000	—
Total assets	411	21	11	24	34
Accrued expenses	589,000	2	2	526,000	4
Contract liabilities	155,000	134,000	—	1	986,000
Accrued payroll	828,000	425,000	420,000	528,000	—
Accrued officers compensation	245,000	534,000	648,000	764,000	—
Notes payable, current	—	20,000	2	4	—
Operating lease liabilities, current	129,000	124,000	67,000	355,000	592,000
Contingent liability, current	500,000	—	—	—	—
Total current liabilities	5	4	7	17	18
Notes payable, non-current	—	98,000	362,000	1	150,000
Contingent liability, non-current	100,000	—	—	—	—
Operating lease liabilities, non-current	80,000	222,000	164,000	2	2
Total liabilities	5	5	8	19	21
Commitments and contingencies (Note 14)	—	—	—	—	—
Common stock, $0.0001 par value, 400,000,000 shares authorized, 56,530,617 and 993,120 shares issued and outstanding as of December 31, 2025 and 2024	6,000	1,000	1,000	1,000	7,000
Additional paid-in capital	743	203	176	159	129
Accumulated deficit	−337	−187	−176	−153	−116
Stockholders equity in Ton Strategy Company	406	16	3	5	13
Non-controlling interests	−93,000	−181,000	—	—	—
Total stockholders equity	406	16	3	5	—
Total liabilities and stockholders equity	411	21	11	24	34

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	1	1	2	1	2
Share-based compensation	19	2	3	4	6
Realized (Gains) / Losses on Digital Assets	−260	—	—	—	—
Unrealized (Gains) / Losses on Digital Assets	374	—	—	—	—
Unrealized loss on investment in equity securities	26,000	—	—	—	—
Income tax expense (benefit)	−234,000	—	—	—	—
Reserve for credit losses	622,000	—	—	—	—
Non-cash consideration received in the form of convertible promissory notes	−3	—	—	—	—
Non-cash transaction fees paid with digital assets	254,000	—	—	—	—
Non-cash staking and custody fees paid with digital assets	442,000	—	—	—	—
Amortization of debt discount	—	99,000	310,000	341,000	2
Amortization of debt issuance costs	—	73,000	241,000	487,000	—
Non-cash finance costs	—	90,000	1	—	—
Change in fair value of derivative liability	—	−1,000	—	—	—
Accounts receivable	−693,000	−350,000	—	—	−763,000
ERC receivable	2	−930,000	—	—	—
Operating lease right-of-use assets	135,000	66,000	195,000	342,000	553,000
Other assets	—	−67,000	13,000	—	−224,000
Contract liabilities	21,000	134,000	—	354,000	714,000
Operating lease liabilities	−137,000	−73,000	−80,000	−397,000	−648,000
Net cash used in operating activities	−21	−9	—	−19	−26
Purchase of digital assets	−295	—	—	—	—
Purchases of investments trading securities	−811,000	−6	—	—	—
Proceeds from sale of investments trading securities	6	545,000	—	—	—
Purchase of LyveCom, Inc., net of cash acquired	−4	—	—	—	—
Purchases of software development costs	−100,000	—	−239,000	−5	−2
Purchases of property and equipment	−88,000	−342,000	−32,000	−20,000	−26,000
Purchases of intangible assets	−46,000	−86,000	−35,000	−82,000	—
Net cash used in investing activities	−295	−5	—	−5	−2
Proceeds from PIPE offering, net of offering costs	361	—	—	—	—
Proceeds from sale of common stock	7	19	9	24	22
Repurchases of common stock	−21	—	—	—	—
Proceeds from sales of preferred stock offering	5	—	3	—	—
Redemption of Series D Preferred Stock	−6	—	—	—	—
Payments for offering costs related to common stock offerings	—	−105,000	—	—	—
Payments for offering costs related to preferred stock offerings	−300,000	−180,000	—	—	—
Payment of note payable	−118,000	−19,000	−388,000	—	—
Net cash provided by financing activities	346	18	—	26	27
Net change in cash, cash equivalents and restricted cash	31	4	2	1	−878,000

Filings

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