TONX
TON Strategy Co
NasdaqCMUSDEQUITY
Technology
DELAYED
Buy
+41/100
Last price
3.58
▼ 0.01 (0.28%)
MARKET · —
Price
Chart style
Interval
Intraday intervals only cover recent history. The site picks the finest interval the range allows.
Overlays
Session levels
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Both series are rebased to 0% at the left edge, so the lines show relative performance rather than price.
Tool
1D
—
H —
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Range —
Vol —
vs
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Open
—
Prev close
3.59
Day high
3.64
Day low
3.53
Volume
143.83K
Market cap
$197.16M
P/E (TTM)
—
52W range
1.75 – 7.05
Trailing performance
Returnvs SPY
1W
-9.37%
-11.3%
1M
+7.83%
+6.7%
3M
+12.58%
+8.1%
6M
+72.12%
+53.9%
YTD
+79.90%
+65.7%
1Y
-47.89%
-64.3%
3Y
-97.44%
-179.7%
5Y
—
—
Price return only. Dividends are not reinvested, so total return on a dividend payer will be higher than shown.
Unusual options activity
Nothing crossed the thresholds in the expiries we scanned.
That is the normal state — most contracts trade well inside their existing open interest.
That is the normal state — most contracts trade well inside their existing open interest.
Contracts trading at or above their open interest, ranked by notional and where the print landed.
Free account
5 more panels on TONX open with an account.
Options chains and analytics, valuation ratios, insider filings, analyst targets and ownership. No card, no trial, nothing to cancel.
Insider net activity
Net shares
+3.39M
Net buying
Buy transactions
16
3.62M shares
Sell transactions
2
229.95K shares
Net transactions
+18
Buys less sells
Sell : buy shares
0.1 : 1
Mixed
Insider-held shares
17.33M
Total on file
Insider transactions
| Date | Insider | Action | Shares | Value | Held |
|---|---|---|---|---|---|
| Sep 4, 26 | RIVARD BILL JOHN Officer |
SELL | 12.50K | $41.25K | Direct |
| Aug 27, 26 | SOHN EVAN Director |
STOCK | 80.00K | $0 | Direct |
| Aug 27, 26 | SUAREZ OSCAR Director |
STOCK | 97.50K | $0 | Direct |
| Aug 27, 26 | CARY NICOLAS CLAUDE Director |
STOCK | 80.00K | $0 | Direct |
| Aug 27, 26 | HIGHFIELD TUCKER MONTANA Director |
STOCK | 80.00K | $0 | Direct |
| Aug 14, 26 | OLSEN SARAH JOSEPHINE Officer |
SELL | 217.45K | $598.73K | Direct |
| Aug 14, 26 | WILSON KEVIN MARK Chief Executive Officer |
BUY | 7.30K | $19.81K | Direct |
| Jul 21, 26 | MARBACH MARY L General Counsel |
STOCK | 312.50K | $0 | Direct |
| Jul 21, 26 | SOHN EVAN Director |
STOCK | 70.00K | $0 | Direct |
| Jul 21, 26 | CARY NICOLAS CLAUDE Director |
STOCK | 72.50K | $0 | Direct |
| Jul 21, 26 | OLSEN SARAH JOSEPHINE Chief Operating Officer |
STOCK | 1.52M | $0 | Direct |
| Jul 21, 26 | HIGHFIELD TUCKER MONTANA Director |
STOCK | 70.00K | $0 | Direct |
| Jul 21, 26 | HIGHFIELD TUCKER MONTANA Director |
STOCK | 70.00K | $0 | Direct |
| Jul 21, 26 | WILSON KEVIN MARK Chief Executive Officer |
STOCK | 1.14M | $0 | Direct |
What this is, and what it is not
These are SEC Form 4 filings — officers, directors and 10% owners reporting their own trades in the company's stock. Filing is due within two business days of the transaction, so this lags reality by days, and the provider adds its own lag on top.
A sale is not automatically bearish. Executives sell on scheduled 10b5-1 plans, to cover tax on vesting equity, and to diversify. Purchases with cash are generally the more informative signal, and they are far rarer.
This does not include congressional or senate trading. That comes from STOCK Act disclosures filed with the Senate eFD system and the House Clerk, which this data source does not carry.
Officer and director trades in their own stock, straight from Form 4 filings.
Insider holders
| Name | Relation | Shares held | Latest |
|---|---|---|---|
CARY NICOLAS CLAUDE |
Director | 152.50K | Stock Award(Grant) |
CORSAIR CAPITAL MANAGEMENT, INC. |
Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
GEISKOPF JAMES P |
Director and Beneficial Owner of more than 10% of a Class of Security | 800.76K | Stock Award(Grant) |
HIGHFIELD TUCKER MONTANA |
Director | 150.00K | Stock Award(Grant) |
KAPUSTINA VERONIKA |
Chief Executive Officer | 631.86K | Stock Award(Grant) |
MARBACH MARY L |
General Counsel | 314.10K | Stock Award(Grant) |
OLSEN SARAH JOSEPHINE |
Officer | 1.31M | Sale |
SOHN EVAN |
Director | 155.40K | Stock Award(Grant) |
STOTZ MANUEL |
Director and Beneficial Owner of more than 10% of a Class of Security | — | Purchase |
WILSON KEVIN MARK |
Chief Executive Officer | 1.15M | Purchase |
Fundamentals
Market cap$197.16M
Enterprise value$168.12M
Revenue (TTM)$30.80M
Gross profit$25.98M
EBITDA$-33.77M
Net income$-155.18M
EPS (TTM)$-9.72
Free cash flow$5.93M
Total cash$28.80M
Total debt$0
Book value / share$7.19
Shares outstanding55.07M
Float30.31M
Short % of float8.82%
Dividend yield0.00%
Beta (5Y)0.73
Valuation & profitability ratios
Trailing P/E—
Forward P/E—
PEG ratio—
Price / sales—
Price / book0.50
EV / revenue5.46
EV / EBITDA-4.98
Gross margin84.36%
Operating margin3.19%
Profit margin0.00%
Return on equity-73.85%
Return on assets-9.96%
Debt / equity—
Current ratio6.39
Fourteen ratios including P/E, PEG, EV/EBITDA, margins and return on equity.
Financial statements
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Total revenue | $12.78M | $895.00K | $63.00K | $8.00K | — | +1,327.8% |
| Operating revenue | $12.78M | $895.00K | $63.00K | $8.00K | — | +1,327.8% |
| Cost of revenue | $3.89M | $224.00K | $19.00K | $3.00K | — | +1,638.4% |
| Gross profit | $8.88M | $671.00K | $44.00K | $5.00K | — | +1,224.1% |
| Research & development | — | — | — | $5.19M | $12.35M | — |
| Selling, general & admin | $40.89M | $11.24M | $11.51M | $17.77M | — | +263.9% |
| Total operating expense | $42.20M | $12.31M | $13.84M | $18.88M | — | +242.6% |
| Operating income | -$33.31M | -$11.64M | -$13.79M | -$18.87M | — | -186.1% |
| Net interest income | $1.03M | $365.00K | -$2.43M | -$1.41M | — | +182.5% |
| Pre-tax income | -$148.63M | -$10.51M | -$14.84M | -$15.96M | — | -1,314.1% |
| Tax provision | -$234.00K | $0 | — | — | $1.00K | — |
| Net income | -$148.48M | -$10.33M | -$21.99M | -$37.44M | — | -1,337.5% |
| Net income to common | -$149.63M | -$11.47M | -$22.16M | -$37.68M | — | -1,204.3% |
| Basic EPS | -5.96 | -19.36 | -651.81 | -3,106.00 | — | +69.2% |
| Diluted EPS | -5.96 | -19.36 | -651.81 | -3,106.00 | — | +69.2% |
| EBIT | -$148.62M | -$10.27M | -$13.65M | -$14.55M | — | -1,346.7% |
| EBITDA | -$147.32M | -$9.20M | -$11.32M | -$13.44M | — | -1,502.0% |
| Basic shares | 25.11M | 592.48K | 33.99K | 12.13K | — | +4,138.0% |
| Diluted shares | 25.11M | 592.48K | 33.99K | 12.13K | — | +4,138.0% |
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 | YoY |
|---|---|---|---|---|---|---|
| Cash & equivalents | $39.49M | $7.62M | $4.35M | $2.43M | — | +418.5% |
| Cash & short-term investments | $39.49M | $12.53M | $4.35M | $2.43M | — | +215.2% |
| Accounts receivable | $441.00K | $350.00K | $0 | $1.02M | — | +26.0% |
| Inventory | — | — | — | — | $28.00K | — |
| Total current assets | $42.36M | $16.47M | $4.68M | $4.06M | — | +157.3% |
| Property, plant & equipment | $389.00K | $671.00K | $261.00K | $1.89M | — | -42.0% |
| Goodwill & intangibles | $5.21M | $3.17M | $4.11M | $6.26M | — | +64.4% |
| Total assets | $411.16M | $20.64M | $10.84M | $24.49M | — | +1,892.6% |
| Total current liabilities | $4.59M | $4.29M | $7.19M | $16.53M | — | +6.9% |
| Current debt | — | $20.00K | $1.79M | $5.80M | $40.00K | — |
| Long-term debt | — | $98.00K | $362.00K | $1.22M | $875.00K | — |
| Total debt | $209.00K | $464.00K | $2.38M | $8.95M | — | -55.0% |
| Total liabilities | $4.77M | $4.61M | $7.71M | $19.33M | — | +3.4% |
| Retained earnings | -$336.73M | -$187.09M | -$175.62M | -$153.46M | — | -80.0% |
| Shareholder equity | $406.49M | $16.20M | $3.13M | $5.17M | — | +2,408.9% |
| Working capital | $37.77M | $12.17M | -$2.50M | -$12.47M | — | +210.3% |
| Net tangible assets | $401.27M | $13.03M | -$982.00K | -$1.09M | — | +2,979.2% |
| Shares issued | 56.53M | 993.12K | 106.16K | 14.59K | — | +5,592.2% |
| Line item | 2025 | 2024 | 2023 | 2022 | YoY |
|---|---|---|---|---|---|
| Net income | -$148.39M | -$10.51M | -$14.84M | -$15.96M | -1,311.9% |
| Depreciation & amortisation | $1.30M | $1.08M | $2.33M | $1.11M | +21.2% |
| Stock-based compensation | $19.14M | $2.08M | $2.50M | $4.46M | +820.4% |
| Change in working capital | -$3.38M | -$1.72M | -$38.00K | -$1.20M | -97.1% |
| Operating cash flow | -$20.77M | -$8.77M | -$10.60M | -$19.41M | -137.0% |
| Capital expenditure | -$234.00K | -$428.00K | -$306.00K | -$4.75M | +45.3% |
| Investing cash flow | -$294.54M | -$5.38M | $4.44M | -$4.75M | -5,369.7% |
| Share buybacks | -$26.73M | $0 | — | — | — |
| Financing cash flow | $346.48M | $18.29M | $8.08M | $25.65M | +1,794.2% |
| Free cash flow | -$21.00M | -$9.19M | -$10.90M | -$24.15M | -128.5% |
| End cash position | $39.66M | $8.49M | $4.35M | $2.43M | +366.9% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Total revenue | $15.02M | $5.25M | $5.74M | $3.61M | $0 | — | +185.9% |
| Operating revenue | $15.02M | $5.25M | $5.74M | $3.61M | $0 | — | +185.9% |
| Cost of revenue | $766.00K | $1.30M | $2.05M | $888.00K | $0 | — | -40.9% |
| Gross profit | $14.25M | $3.96M | $3.69M | $2.72M | $0 | — | +260.2% |
| Selling, general & admin | $13.77M | $7.82M | $9.36M | $24.09M | $1.25M | — | +76.0% |
| Total operating expense | $13.77M | $7.84M | $9.70M | $24.43M | $1.26M | — | +75.6% |
| Operating income | $479.00K | -$3.88M | -$6.01M | -$21.71M | -$1.26M | — | +112.3% |
| Net interest income | $272.00K | $340.00K | $532.00K | $289.00K | $90.00K | — | -20.0% |
| Pre-tax income | $83.53M | -$90.95M | -$242.71M | $99.12M | -$1.13M | — | +191.8% |
| Tax provision | $2.00K | $0 | -$14.38M | $14.40M | $1.00K | — | — |
| Net income | $76.75M | -$91.04M | -$227.88M | $84.34M | -$2.38M | — | +184.3% |
| Net income to common | $76.75M | -$91.04M | -$227.88M | $83.27M | -$2.46M | — | +184.3% |
| Basic EPS | 1.32 | -1.56 | — | 2.23 | -1.79 | -2.51 | +184.6% |
| Diluted EPS | 1.31 | -1.56 | — | 2.23 | -1.79 | -2.51 | +184.0% |
| EBIT | $479.00K | -$3.88M | -$242.71M | $99.12M | -$1.26M | — | +112.3% |
| EBITDA | $482.00K | -$3.87M | -$242.36M | $100.07M | -$1.25M | — | +112.5% |
| Basic shares | 58.21M | 58.21M | — | 37.26M | 1.38M | 1.02M | 0.0% |
| Diluted shares | 58.67M | 58.21M | — | 37.32M | 1.38M | 1.02M | +0.8% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $28.80M | $34.78M | $39.49M | $53.04M | $4.35M | — | -17.2% |
| Cash & short-term investments | $28.80M | $34.78M | $39.49M | $53.04M | $9.47M | — | -17.2% |
| Accounts receivable | — | $438.00K | $441.00K | $865.00K | $616.00K | $1.03M | — |
| Total current assets | $31.69M | $37.36M | $42.36M | $58.43M | $11.90M | — | -15.2% |
| Property, plant & equipment | $3.00K | $366.00K | $389.00K | $568.00K | $615.00K | — | -99.2% |
| Goodwill & intangibles | $27.00K | $5.22M | $5.21M | $8.51M | $8.81M | — | -99.5% |
| Total assets | $403.55M | $321.66M | $411.16M | $661.88M | $23.66M | — | +25.5% |
| Total current liabilities | $4.96M | $5.04M | $4.59M | $7.81M | $3.57M | — | -1.6% |
| Total debt | — | $168.00K | $209.00K | $247.00K | $282.00K | $317.00K | — |
| Total liabilities | $5.00M | $5.10M | $4.77M | $22.42M | $4.31M | — | -1.9% |
| Retained earnings | -$351.01M | -$427.76M | -$336.73M | -$108.85M | -$192.12M | — | +17.9% |
| Shareholder equity | $398.78M | $316.57M | $406.49M | $639.10M | $19.38M | — | +26.0% |
| Working capital | $26.74M | $32.33M | $37.77M | $50.62M | $8.33M | — | -17.3% |
| Net tangible assets | $398.75M | $311.35M | $401.27M | $630.60M | $10.57M | — | +28.1% |
| Shares issued | 56.53M | 56.53M | 56.53M | 59.09M | 1.42M | — | 0.0% |
| Line item | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | YoY |
|---|---|---|---|---|---|---|---|
| Net income | $83.17M | -$90.95M | -$228.32M | $81.79M | $578.00K | — | +191.4% |
| Depreciation & amortisation | -$15.00K | $19.00K | $342.00K | $946.00K | -$269.00K | — | -178.9% |
| Stock-based compensation | $5.46M | $1.12M | $1.58M | $16.92M | -$322.00K | — | +386.2% |
| Change in working capital | $3.65M | $675.00K | -$1.57M | -$3.07M | $1.05M | — | +441.2% |
| Operating cash flow | -$7.07M | -$4.69M | -$7.99M | -$9.42M | -$2.29M | — | -50.9% |
| Capital expenditure | — | -$21.00K | -$36.00K | -$190.00K | -$110.00K | -$66.00K | — |
| Investing cash flow | $1.09M | -$21.00K | -$36.00K | -$290.02M | -$4.34M | — | +5,309.5% |
| Share buybacks | — | — | -$6.25M | — | — | — | — |
| Financing cash flow | $0 | $0 | -$6.24M | $348.13M | $4.70M | — | — |
| Free cash flow | -$7.05M | -$4.71M | -$8.03M | -$9.61M | -$2.23M | — | -49.8% |
| End cash position | $28.97M | $34.95M | $39.66M | $53.92M | $5.23M | — | -17.1% |
Options analytics
Put / call volume
0.00
Call-heavy session
Put / call open interest
—
Positioning, not flow
Max pain
2.50
-30.2% from spot
ATM implied vol
0.0%
Nearest strike to spot
Skew (10% OTM)
—
—
Call volume
12
Contracts, this expiry
Put volume
0
Contracts, this expiry
Heaviest call OI
2.50
0 contracts
Heaviest put OI
—
—
Max pain is the strike at which the largest dollar value of open contracts expires worthless. It describes current positioning; it is not a forecast and it moves as open interest changes.
Put/call ratios, max pain, implied volatility skew and where open interest is concentrated.
Earnings
Reported vs expected · EPS
| Quarter | Est. | Actual | Surprise |
|---|---|---|---|
| Sep 2025 | -1.90 | 2.23 | +217.4% |
| Jun 2025 | -2.04 | -1.79 | +12.3% |
| Mar 2025 | -2.99 | -2.51 | +16.0% |
| Dec 2024 | -2.52 | — | — |
Forward consensus
| Period | EPS | Analysts | Revenue | Growth |
|---|---|---|---|---|
| Current quarter | — | — | $0 | — |
| Next quarter | — | — | $0 | — |
| Current year | — | — | $0 | — |
| Next year | — | — | $0 | — |
Analyst targets & ownership
Mean target—
High target—
Low target—
Implied upside—
Analyst count—
ConsensusNONE
Strong buy / Buy— / —
Hold—
Sell / Strong sell— / —
Held by insiders31.47%
Held by institutions47.85%
Institutions holding43
Price targets, consensus spread, insider and institutional ownership.
Moving averages & technicals
SMA 10
3.76
-4.70% from price
SMA 20
3.51
+1.91% from price
SMA 50
3.23
+10.92% from price
SMA 100
3.29
+8.96% from price
SMA 200
2.89
+23.94% from price
EMA 12
3.64
-1.56% from price
EMA 26
3.50
+2.23% from price
EMA 50
3.36
+6.48% from price
RSI (14)
52.3
Neutral
MACD (12,26,9)
0.13
Hist -0.02
ATR (14)
0.28
7.93% of price
Realised vol 30D
93.0%
Annualised
Bollinger upper
4.27
20, 2σ
Bollinger lower
2.76
20, 2σ
50 / 200 cross
Golden
3.23 vs 2.89
Trend bias
Above 200
+23.94%
Options chain
Calls
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Puts
| Strike | Last | Bid | Ask | Vol | OI | IV |
|---|---|---|---|---|---|---|
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
| 000.00 | 0.00 | 0.00 | 0.00 | 0 | 0 | 0.0% |
Every listed expiry, both sides of the book, with volume, open interest and implied volatility.
Risk profile
Beta vs SPY
2.69
More volatile than market
Correlation to SPY
0.33
Loosely linked
Realised vol 30D
93.0%
Annualised
Market vol 1Y
13.0%
SPY, annualised
Max drawdown 1Y
-74.3%
Peak to trough
Max drawdown 5Y
-100.0%
Peak to trough
ATR 14
0.28
7.93% of price
Beta (reported)
0.73
5Y monthly, from filing
Short interest
Shares short
3.25M
Prior 2.61M
Change vs prior
+24.3%
Shorts adding
% of float
8.82%
Normal
% of shares out
5.90%
Against total outstanding
Days to cover
9.4
Crowded exit
Float
30.31M
Freely tradeable shares
Exchanges publish short interest twice a month with a settlement lag, so this is roughly two weeks behind. Days to cover divides shares short by average daily volume — it estimates how long covering would take, not whether it will happen.
Rating changes
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| May 30, 25 | Ascendiant Capital | MAINTAINED | Buy | Buy |
| Apr 21, 25 | Ascendiant Capital | MAINTAINED | Buy | Buy |
Dividends & splits
Forward rate—
Forward yield0.00%
5-year avg yield—
Payout ratio0.00%
Ex-dividend date—
Next pay date—
Last split1:200
Split dateOct 9, 2024
SEC filings
Corporate Changes & Voting Matters
8-K · 2026-09-16
Corporate Changes & Voting Matters
8-K · 2026-08-17
Periodic Financial Reports
10-Q · 2026-08-11
Corporate Changes & Voting Matters
8-K · 2026-08-10
Offering Registrations
S-8 · 2026-07-10
Corporate Changes & Voting Matters
8-K · 2026-07-01
Corporate Changes & Voting Matters
8-K · 2026-06-23
Corporate Changes & Voting Matters
8-K · 2026-06-12
Headlines
Top Premarket Gainers
MT Newswires · 9d ago
Ton Strategy Insider Sold Shares Worth $598,727, According to a Recent SEC Filing
MT Newswires · 50d ago
TON Strategy (TONX) Q2 2026 Earnings Call Transcript
Motley Fool · 56d ago
TON Strategy Co. Q2 2026 Earnings Call Summary
Moby · 56d ago
Here’s Why TON Strategy (TONX) is Among the 10 Fastest Growing Tech Penny Stocks to Buy
Insider Monkey · 85d ago
PRIVATE STRATEGY · BY QUALIFICATION
The same data. A different seat.
The research you are reading is the input layer for a discretionary options program we run for a small number of qualified investors. Minimum $1,000,000.