TON Strategy Company Reports Full Year 2025 Financial Results
LAS VEGAS, March 31, 2026 (GLOBE NEWSWIRE) -- TON Strategy Company (“TON Strategy” or the “Company”) (Nasdaq: TONX), a digital asset treasury company dedicated to holding Toncoin ($TON), today reported financial results for the full year ended December 31, 2025 and provided an update on its TON treasury operations.
Fourth Quarter and Recent Operational Highlights
Financial Results for the Full Year 2025
The Company’s financial results for 2025 reflect the implementation of the TON treasury strategy beginning in August 2025, alongside its legacy operating businesses.
Total revenue was $12.8 million, compared to $0.9 million in 2024, and included approximately $4.0 million from staking activities.
Gross profit was $7.6 million, compared to $0.7 million in 2024.
Total costs and expenses were $49.2 million, compared with $12.5 million in 2024, reflecting increased non-cash stock-based compensation expense, treasury implementation costs, and the buildout of infrastructure to support custody, staking, financial reporting, and compliance.
Loss from operations was $(36.4) million, compared with $(11.6) million in 2024.
Net loss before income taxes was $(148.6) million, compared with $(10.5) million in 2024. Net loss included a $(114.2) million net loss on crypto assets, reflecting realized and unrealized fair value changes in Toncoin holdings during the year.
Digital assets held at December 31, 2025 had a fair value of approximately $356.8 million.
Cash and restricted cash totaled approximately $39.7 million at December 31, 2025.
Management Commentary
Executive Chairman Manuel Stotz stated, “TON Strategy is built to hold Toncoin, stake a substantial portion of the position, and increase $TON held per share over time inside a public company structure. 2025 was about getting the strategy in place. We raised capital, built our initial position, and began staking in August, with the fourth quarter representing the first full fiscal period of staking. We believe TON is a differentiated network in its design for real economic activity across payments, digital services, and consumer applications at scale. Our approach is to hold and stake the asset within a public company structure designed to provide transparency and access to that exposure.”
Chief Financial Officer Sarah Olsen added, “Over the past several months, we put in place the custody, validator, reporting, and risk framework needed to support our treasury strategy inside a public company. With that foundation in place, our emphasis is on disciplined treasury management, including staking a substantial portion of our position while preserving appropriate liquidity and financial flexibility.”
CEO Transition Update
As previously announced in January 2026, the Company is conducting a formal search for a permanent Chief Executive Officer as part of a planned leadership transition. The Board remains actively engaged in the process, and Veronika Kapustina continues to serve as our Chief Executive Officer during the transition period.
Conference Call
TON Strategy Company’s management will hold a conference call today (March 31, 2026) at 9:00 a.m. Eastern time to discuss these results.
U.S. dial-in: 1-877-407-0789
International dial-in: 1-201-689-8562
Conference ID: 13759275
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website.
A replay of the call will be available on the investor relations section of the Company’s website after the conference call through April 14, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13759275
About TON Strategy Company
TON Strategy Company (Nasdaq: TONX) is focused on the accumulation of $TON – the native cryptocurrency of Telegram’s billion-user platform – for long-term investment, whether acquired through deployment of proceeds from capital raising activity, staking rewards or via open market purchases. The Company aims to steadily expand its $TON holdings, stake $TON, and support the development of a tokenized economy inside Telegram.
In addition, the Company continues to operate legacy business units, including MARKET.live, a multi-vendor livestream shopping platform, and LyveCom, an AI-powered social commerce innovator that enables brands and merchants to deliver omnichannel livestream shopping experiences across websites, apps, and social platforms.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this press release should be considered forward-looking statements, including, but not limited to, statements regarding: our business and growth strategy; market adoption; and the performance of our products and benefits to customers; . Without limiting the foregoing, in some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: our incursion of significant net losses and uncertainty whether we will achieve or maintain profitable operations; our ability to grow and compete in the future, and to execute our business strategy; our decision to implement a cryptocurrency treasury strategy, whereby we acquire Toncoin, the native cryptocurrency of The Open Network (“TON”) blockchain and our dependence on TON and Toncoin as a result of this strategy; our ability to maintain and expand our customer base and to convince our customers to increase the use of our services and/or platform; our financial results and the market price of our common stock may be affected by the price of Toncoin, and our Toncoin holdings will be less liquid than cash and cash equivalents; changes in the broader digital asset regulatory landscape and as it relates to TON and Toncoin and our failure to comply with applicable regulatory requirements and risks related to any actions we may take to prevent or correct such failure; the availability of opportunities to stake Toncoin; our ability to maintain and expand our customer base and to convince our customers to increase the use of our services and/or platform; the competitive market in which we operate; our ability to increase the number of our strategic relationships or grow the revenues received from our current strategic relationships; our ability to develop existing services or acceptable new services that keep pace with technological developments; our ability to successfully launch new product platforms, including MARKET.live, the rate of adoption of these platforms and the revenue generated from these platforms; our ability to deliver our services, as we depend on third party providers; our ability to attract and retain qualified management personnel; our susceptibility to cybersecurity incidents and other disruptions, particularly as it relates to our holdings of Toncoin; our ability to maintain compliance with the listing requirements of the Nasdaq Capital Market; the impact of, and our ability to operate our business and effectively manage our growth under evolving and uncertain global economic, political, and social trends, including legislation banning or otherwise hampering the digital asset landscape, inflation, rising interest rates, and recessionary concerns; and other important factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as any such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov and our Investor Relations page on our website at https://ir.tonstrat.com.
Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. The forward-looking statements in this press release are based on information available to us as of the date hereof, and we disclaim any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.
Investor Relations and Media Contact:
Gateway Group, Inc.
949-574-3860
TONX@gateway-grp.com
-Financial Tables to Follow-