{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-013849","form_type":"8-K","ticker":"TONX","cik":"0001566610","company_name":"TON Strategy Co","filed_at":"2026-03-31T23:59:59+00:00","discovered_at":"2026-05-14T18:02:35.473007+00:00","generated_at":"2026-05-15T08:09:36.243702+00:00","sec_items":["2.02","9.01"],"event_type":"earnings","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"confidence":"high","headline":"TON Strategy reports FY 2025 net loss of $148.6M; holds 219.7M TON worth $356.8M","bullets":["Revenue $12.8M (vs $0.9M in 2024); gross profit $7.6M (vs $0.7M); staking contributed ~$4.0M.","Operating loss $(36.4)M; net loss $(148.6)M includes $(114.2)M net loss on crypto assets.","Held 219.7M units of $TON at fair value $356.8M; earned ~2.19M units of $TON in staking in 2025.","Cash and restricted cash $39.7M at Dec 31, 2025; launched analytics dashboard for treasury metrics.","CEO search ongoing; Veronika Kapustina continues as CEO during transition."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-013849","json":"https://secwatch.observer/filing/0001493152-26-013849.json","markdown":"https://secwatch.observer/filing/0001493152-26-013849.md","text":"https://secwatch.observer/filing/0001493152-26-013849.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/0001493152-26-013849-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-15T08:09:36.243702+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"e6ab825c073a14393c9e2978792443c92b21f045","claim":"TON Strategy Co reported the full year ended December 31, 2025 results: revenue $12.8 million, net income $(148.6) million.","evidence_excerpt":"Total revenue was $12.8 million, compared to $0.9 million in 2024, and included approximately $4.0 million from staking activities.","evidence_source":"SEC 8-K Item 2.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1566610/000149315226013849/0001493152-26-013849-index.htm","confidence":0.9,"family_label":"Earnings Releases","details":[{"label":"Period","value":"the full year ended December 31, 2025"},{"label":"Revenue","value":"$12.8 million"},{"label":"Net income","value":"$(148.6) million"},{"label":"Result","value":"reported results"}],"fact_type":"earnings_release"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}