TON Strategy Company (TONX) investor relations material

Executive summary

• Priorities centered on a productive GRAM treasury, TON ecosystem development, disciplined capital allocation and long-term value per share.

• Held 235.1m GRAM at September 30, including 232.9m staked; Q3 staking generated 9.4m GRAM at ~16% annualized gross yield.

• Telegram began rolling out its native self-custodial Money wallet, while TON network upgrades supported wallet integration and throughput improvements.

Financial highlights

• Q3 revenue was $13.1m vs. $15.0m in Q2, down ~13% sequentially, primarily due to lower GRAM prices; 9M revenue was $31.1m.

• Gross profit was $12.4m at a 95% margin; operating expenses were $8.4m, down $5.4m or 39% QoQ.

• Continuing-operations operating income was $4.0m vs. ~$0.5m in Q2; lower operating expenses supported the sequential improvement.

• Continuing-operations net loss was $22.9m, including a $27.2m GRAM fair-value loss; total net loss was $24.0m, or $0.42 per basic and diluted share.

• 9M net loss was $38.4m; loss attributable to common shareholders was $38.3m, or $0.66 per share.

Outlook and guidance

• Legacy VERB discontinued-operations OPEX is expected to be no more than $150,000 in 2027, barring unforeseen expenses; the wind-down was substantially complete.

• Dollar liquidity target is ~12 months of OPEX, COGS and contra-revenue obligations, balancing operating flexibility with productive GRAM holdings.

• Wallet progress will be assessed through activated and active wallets, transactions per user, retention, payment volumes, application integrations, network activity, fee generation and GRAM demand.

• Additional repurchases remain under consideration, subject to market conditions, valuation, USD liquidity and preserving productive GRAM holdings.