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TON Strategy Co cash flow statement

In fiscal 2025, TON Strategy Co's operations generated −$20.8m of cash; it spent $88,000 on capital projects, leaving free cash flow of −$20.9m. It returned $20.6m through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations−2−4−8−16−26−19−9−9−21−28
Depreciation and amortisation0012212111
Stock-based pay3——664321923
Capital spending——00000000
Free cash flow——−8−17−26−19−9−9−21−28
Free cash flow after stock pay———−23−32−24−11−11−40−51
Share buybacks—0——————21—
Shares issued13191722249197—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from TON Strategy Co's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to TON Strategy Co.