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Financial Services · Asset Management · United States · Updated May 10, 8:16pm
$3.64
Price
$205.8M
Market Cap
18
Employees
0.42
Beta
Veronika Kapustina
CEO
Business Description
The first NASDAQ‑listed publicly traded treasury for Toncoin ($TON), the native cryptocurrency of The Open Network (TON). The company accumulates and stakes $TON to build a long-term treasury, offering regulated market exposure to TON through structured capital deployment and staking rewards.
Business History
Price Overview
Last updated: May 11, 2026 1:54pm (just now)$3.39
-0.25 (-6.93%)
Day Range
$3.23 – $3.58
52-Week Range
$1.75 – $29.77
50-Day MA
$2.58
200-Day MA
$5.33
Volume
46,192.00
Share Structure
Outstanding
56,530,617.00
Float
32,325,903.00
Free Float
57.2%
Normal free float
— 57.2% of shares trade freely, ~42.8% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-0.61
Stock Price: $3.64
EPS (Diluted): -5.96
EPS (Diluted): -5.96
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.23
Stock Price: $3.64
Total Equity: $406.40M
Shares: 251,090,820
Total Equity: $406.40M
Shares: 251,090,820
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-1.03
Market Cap: $205.77M
Total Debt: $209,000
Cash: $39.49M
EBITDA: -$147.41M
Total Debt: $209,000
Cash: $39.49M
EBITDA: -$147.41M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$460.4M
Market Cap: $205.77M
Total Debt: $209,000
Cash: $39.49M
Total Debt: $209,000
Cash: $39.49M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
69.5%
Gross Profit: $8.89M
Revenue: $12.78M
Revenue: $12.78M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-285.2%
Operating Income: -$36.44M
Revenue: $12.78M
Revenue: $12.78M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-1,161.9%
Net Income: -$148.48M
Revenue: $12.78M
Revenue: $12.78M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-55.0%
Net Income: -$148.48M
Total Equity: $406.40M
Total Equity: $406.40M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
-8.9%
Operating Income: -$36.44M
Tax Rate: 0.2%
Equity: $406.40M
Total Debt: $209,000
Cash: $39.49M
Tax Rate: 0.2%
Equity: $406.40M
Total Debt: $209,000
Cash: $39.49M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
9.23
Current Assets: $42.36M
Current Liabilities: $4.59M
Current Liabilities: $4.59M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.00
Short-Term Debt: $129,000
Long-Term Debt: $80,000
Total Debt: $209,000
Total Equity: $406.40M
Long-Term Debt: $80,000
Total Debt: $209,000
Total Equity: $406.40M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$0.05
Revenue: $12.78M
Shares: 251,090,820
Shares: 251,090,820
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$1.62
Total Equity: $406.40M
Shares: 251,090,820
Shares: 251,090,820
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.08
Operating CF: -$20.77M
CapEx: -$88,000
Shares: 251,090,820
CapEx: -$88,000
Shares: 251,090,820
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $3.64
Stock Price: $3.64
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$148.48M
Net Income: -$148.48M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TONX against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.5M | $8,000 | $63,000 | $895,000 | $12.8M |
| Cost of Revenue | $4.5M | $3,000 | $19,000 | $224,000 | $3.9M |
| Gross Profit | $6.0M | $5,000 | $44,000 | $671,000 | $8.9M |
| Operating Expenses | $39.7M | $18.9M | $13.8M | $12.3M | $45.3M |
| Operating Income | -$33.7M | -$18.9M | -$13.8M | -$11.6M | -$36.4M |
| Net Income | -$34.5M | -$37.4M | -$22.0M | -$10.3M | -$148.5M |
| EBITDA | -$29.7M | -$13.4M | -$11.3M | -$9.5M | -$147.4M |
| EPS | $-4,400.00 | $-3,106.00 | $-652.00 | $-0.02 | $-5.96 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $937,000 | $2.4M | $4.4M | $7.6M | $39.5M |
| Total Current Assets | $3.2M | $4.1M | $4.7M | $16.5M | $42.4M |
| Total Assets | $34.4M | $24.5M | $10.8M | $20.6M | $411.2M |
| Current Liabilities | $17.9M | $16.5M | $7.2M | $4.3M | $4.6M |
| Long-Term Debt | $875,000 | $1.2M | $362,000 | $98,000 | $80,000 |
| Total Liabilities | $21.1M | $19.3M | $7.7M | $4.6M | $4.8M |
| Total Equity | $13.3M | $5.2M | $3.1M | $16.2M | $406.4M |
| Retained Earnings | -$116.0M | -$153.5M | -$175.6M | -$187.1M | -$336.7M |
Cash Flow (Annual)
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$25.9M | -$19.4M | -$10.6M | -$8.8M | -$20.8M |
| Capital Expenditure | -$2.3M | -$4.8M | $-306,000 | $-342,000 | $-88,000 |
| Free Cash Flow | -$28.2M | -$24.2M | -$10.9M | -$9.1M | -$20.9M |
| Acquisitions (net) | $11,000 | $3,000 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | -$26.7M |
| Net Change in Cash | $-878,000 | $1.5M | $1.9M | $4.1M | $31.2M |
Analyst Estimates (Annual)
| Metric | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue |
$2.3M $2.3M – $2.3M
|
$400,000 $400,000 – $400,000
|
$5.5M $5.5M – $5.5M
|
$8.0M $8.0M – $8.0M
|
| EBITDA |
-$2.3M -$2.3M – -$2.3M
|
$-400,000 $-400,000 – $-400,000
|
-$5.5M -$5.5M – -$5.5M
|
-$8.0M -$8.0M – -$8.0M
|
| Net Income |
-$353.1M -$353.1M – -$353.1M
|
-$4.4B -$4.4B – -$4.4B
|
-$2.0B -$2.0B – -$2.0B
|
-$1.3B -$1.3B – -$1.3B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -99.9% | +687.5% | +1,320.6% | +1,327.8% |
| Gross Profit Growth | -99.9% | +780.0% | +1,425.0% | +1,224.1% |
| Operating Income Growth | +44.0% | +26.9% | +15.6% | -213.0% |
| Net Income Growth | -8.6% | +41.3% | +53.0% | -1,337.5% |
| EBITDA Growth | +54.7% | +15.8% | +16.2% | -1,453.5% |
Insider Trading (Recent)
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-04-29 | Sohn Evan | J-Other | 12,146.00 | $0.00 | $0 |
| 2026-04-29 | Olsen Sarah Josephine | J-Other | 37,956.00 | $0.00 | $0 |
| 2026-04-29 | Olsen Sarah Josephine | J-Other | 631,864.00 | $0.00 | $0 |
| 2026-04-29 | Marbach Mary | J-Other | 311,908.00 | $0.00 | $0 |
| 2026-04-29 | Highfield Tucker Montana | J-Other | 12,146.00 | $0.00 | $0 |
| 2026-04-29 | Cary Nicolas Claude | J-Other | 14,803.00 | $0.00 | $0 |
| 2026-03-31 | Frascella Anthony M. | 0.00 | $0.00 | $0 | |
| 2026-03-31 | Hla Jonathan M. | 0.00 | $0.00 | $0 | |
| 2026-03-31 | Techar William R. | 0.00 | $0.00 | $0 | |
| 2026-03-31 | Lynch Robert H. Jr. | 0.00 | $0.00 | $0 | |
| 2026-03-31 | ARISTEIA CAPITAL, L.L.C. | 0.00 | $0.00 | $0 | |
| 2026-01-05 | Marbach Mary | 0.00 | $0.00 | $0 | |
| 2026-01-05 | Rivard Bill John | 0.00 | $0.00 | $0 | |
| 2021-11-17 | Rivard Bill John | 19.00 | $14,400.00 | $273,600 | |
| 2025-12-15 | CUTAIA RORY J. | S-Sale | 34,132.00 | $2.63 | $89,699 |
| 2025-12-16 | CUTAIA RORY J. | S-Sale | 54,494.00 | $2.53 | $137,870 |
| 2025-12-10 | CUTAIA RORY J. | S-Sale | 112,870.00 | $3.14 | $354,412 |
| 2025-12-12 | CUTAIA RORY J. | S-Sale | 38,579.00 | $2.79 | $107,635 |
| 2025-12-05 | CUTAIA RORY J. | S-Sale | 15,100.00 | $3.10 | $46,795 |
| 2025-12-03 | CUTAIA RORY J. | S-Sale | 26,300.00 | $3.45 | $90,604 |
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27