secwatch.observer — SEC 8-K summary
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Issuer:     TON Strategy Co (TONX)
CIK:        0001566610
Form:       8-K
Filed at:   2026-08-11T12:15:29+00:00
Accession:  0001493152-26-036987
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1566610/000149315226036987/0001493152-26-036987-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1566610/000149315226036987/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-036987

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer