TON Strategy Co Segments Disclosure
15. SEGMENT REPORTING
The Company currently operates three reportable segments, TON, MARKET.live and Go Fund Yourself.
The following tables summarize the Company’s reportable segment information and unallocated corporate expenses:
| Year ended December 31, 2025 | Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||
| Reportable Segments | Reportable Segments | |||||||||||||||||||||||||||||||||||||||
| MARKET.live | Go Fund Yourself | TON | Corporate | Consolidated | MARKET.live | Go Fund Yourself | TON | Corporate | Consolidated | |||||||||||||||||||||||||||||||
| Revenues | $ | 4,782 | $ | 4,020 | $ | 3,977 | $ | $ | 12,779 | $ | 637 | $ | 258 | $ | $ | $ | 895 | |||||||||||||||||||||||
| Costs and expenses: | - | |||||||||||||||||||||||||||||||||||||||
| Cost of revenue, exclusive of depreciation and amortization shown separately below | 2,623 | 1,043 | 228 | 3,894 | 164 | 60 | 224 | |||||||||||||||||||||||||||||||||
| Depreciation and amortization | 1,162 | 67 | 76 | 1,305 | 999 | 14 | 64 | 1,077 | ||||||||||||||||||||||||||||||||
| Impairment | 2,989 | 142 | 3,131 | |||||||||||||||||||||||||||||||||||||
| General and administrative | 3,812 | 2,705 | 13,543 | 20,831 | 40,891 | 3,686 | 553 | 6,999 | 11,238 | |||||||||||||||||||||||||||||||
| Total costs and expenses | 10,586 | 3,815 | 13,771 | 21,049 | 49,221 | 4,849 | 627 | 7,063 | 12,539 | |||||||||||||||||||||||||||||||
| Operating income (loss) | (5,804 | ) | 205 | (9,794 | ) | (21,049 | ) | (36,442 | ) | (4,212 | ) | (369 | ) | (7,063 | ) | (11,644 | ) | |||||||||||||||||||||||
| Total other income (expense), net | 53 | (113,704 | ) | 1,468 | (112,183 | ) | (23 | ) | 1,157 | 1,134 | ||||||||||||||||||||||||||||||
| Net income (loss) before income taxes | $ | (5,804 | ) | $ | 258 | $ | (123,498 | ) | $ | (19,581 | ) | $ | (148,625 | ) | $ | (4,235 | ) | $ | (369 | ) | $ | $ | (5,906 | ) | $ | (10,510 | ) | |||||||||||||
Total assets by reportable segment as of December 31, 2025 is as follows:
| TON | Go Fund Yourself | MARKET.Live | Consolidated | |||||||||||||
| ASSETS | ||||||||||||||||
| Current assets: | ||||||||||||||||
| Cash and cash equivalents | $ | 39,258 | $ | $ | 235 | $ | 39,493 | |||||||||
| Restricted cash | 169 | 169 | ||||||||||||||
| Accounts receivable | 2 | 439 | 441 | |||||||||||||
| ERC Receivable - short-term | 734 | 734 | ||||||||||||||
| Prepaid expenses and other current assets | 1,499 | 6 | 22 | 1,527 | ||||||||||||
| Total current assets | 41,662 | 6 | 696 | 42,364 | ||||||||||||
| Long-lived assets, net | 20 | 369 | 389 | |||||||||||||
| Intangible assets, net | 30 | 18 | 48 | |||||||||||||
| Goodwill | 5,165 | 5,165 | ||||||||||||||
| TON - unrestricted | 89,628 | 89,628 | ||||||||||||||
| TON - restricted | 267,181 | 267,181 | ||||||||||||||
| Other non-current assets | 2,789 | 3,591 | 9 | 6,389 | ||||||||||||
| Total assets | $ | 401,310 | $ | 3,984 | $ | 5,870 | $ | 411,164 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.