TON Strategy Co
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 31, 2026
TONX$3.22+9.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Years Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Operating Activities: | ||
| Net loss | $(148,391) | $(10,510) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 1,305 | 1,077 |
| Share-based compensation | 19,136 | 2,079 |
| Impairment | 3,131 | - |
| Realized (Gains) / Losses on Digital Assets | (259,775) | - |
| Unrealized (Gains) / Losses on Digital Assets | 373,931 | - |
| Unrealized loss on investment in equity securities | 26 | - |
| Income tax expense (benefit) | (234) | - |
| Reserve for credit losses | 622 | - |
| Non-cash consideration received in the form of convertible promissory notes | (3,290) | - |
| Non-cash consideration received in the form of TON | (2,806) | - |
| Non-cash consideration received in the form of TON – related party | (1,738) | |
| Non-cash transaction fees paid with digital assets | 254 | - |
| Non-cash staking and custody fees paid with digital assets | 442 | - |
| Amortization of debt discount | - | 99 |
| Amortization of debt issuance costs | - | 73 |
| Non-cash finance costs | - | 90 |
| Unrealized loss on short-term investments | - | 44 |
| Change in fair value of derivative liability | - | (1) |
| Effect of changes in assets and liabilities, net of acquisition: | ||
| Accounts receivable | (693) | (350) |
| Prepaid expenses and other current assets | (1,098) | (58) |
| Prepaid expenses and other current assets – related parties | (2,953) | - |
| ERC receivable | 1,724 | (930) |
| Operating lease right-of-use assets | 135 | 66 |
| Other assets | - | (67) |
| Accounts payable, accrued expenses, and accrued interest | (650) | (438) |
| Accounts payable, accrued expenses, and accrued interest – related parties | 269 | - |
| Contract liabilities | 21 | 134 |
| Operating lease liabilities | (137) | (73) |
| Net cash used in operating activities | (20,769) | (8,765) |
| Investing Activities: | ||
| Purchase of digital assets | (295,000) | - |
| Purchases of investments – trading securities | (811) | (5,502) |
| Proceeds from sale of investments – trading securities | 5,724 | 545 |
| Purchase of LyveCom, Inc., net of cash acquired | (4,222) | - |
| Purchases of software development costs | (100) | - |
| Purchases of property and equipment | (88) | (342) |
| Purchases of intangible assets | (46) | (86) |
| Net cash used in investing activities | (294,543) | (5,385) |
| Financing Activities: | ||
| Proceeds from PIPE offering, net of offering costs | 361,400 | - |
| Proceeds from sale of common stock | 7,228 | 18,596 |
| Repurchases of common stock | (20,579) | - |
| Proceeds from sales of preferred stock offering | 5,000 | - |
| Redemption of Series D – Preferred Stock | (6,152) | - |
| Payments for offering costs related to common stock offerings | - | (105) |
| Payments for offering costs related to preferred stock offerings | (300) | (180) |
| Payment of note payable | (118) | (19) |
| Net cash provided by financing activities | 346,479 | 18,292 |
| Net change in cash, cash equivalents and restricted cash | 31,167 | 4,142 |
| Cash, cash equivalents and restricted cash - beginning of year | 8,495 | 4,353 |
| Cash, cash equivalents and restricted cash - end of year | $39,662 | $8,495 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.