TON Strategy Q2: staking rev $15M, op income $0.5M, 230.5M Gram held

TON Strategy Co

Q2 revenue $15.0M vs $3.0M in Q1; gross profit $14.3M (95% margin).
Operating income $0.5M vs $3.7M loss in Q1; pre-tax net income $83.5M on $82.8M Gram fair-value gain.
Held 230.5M Gram (229.9M staked) at June 30; fair value $369.5M vs $272.0M at Mar 31; annualized staking yield ~17%.
Legacy operations discontinued; expected to cut ~$4.0M annual cash costs; Kingsway advisory agreement terminated Aug 10.
Noncash charges: $5.5M accelerated stock comp and ~$2.9M Kingsway write-off; cash $29.0M, no debt.

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