TON Strategy Company (TONX) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered $15 million in Gram staking revenue, with holdings representing 4.4% of total Gram supply and 35% of staked Gram network-wide.

• The company completed the wind down of legacy operations, reducing annual cash operating costs by $4 million and focusing on the Gram treasury and TON ecosystem.

• Technical upgrades to the TON network improved speed, reduced transaction costs, and enhanced validator and developer infrastructure.

• The rebranding of the native asset from Toncoin to Gram was completed, restoring the original identity.

• Appointed a new CEO, Kevin Wilson, in May 2026, with a compensation package aligned to the digital asset strategy.

Financial highlights

• Total revenue reached $15 million in Q2 2026, up from $3 million in Q1, driven by higher Gram staking rewards.

• Gross profit was $14.3 million (95% margin), compared to $2.8 million in Q1.

• Operating income from continuing operations was $0.5 million, reversing a $3.7 million loss in Q1.

• Net income before taxes was $83.5 million, including an $82.8 million gain from Gram fair value changes.

• Cash and restricted cash totaled $29 million at quarter end, with no debt.

Outlook and guidance

• Majority of cost savings from the wind down of legacy operations expected to be visible in Q4, with some residual obligations continuing into next year.

• Management will evaluate Gram position, liquidity, share repurchases, and ecosystem investments to maximize long-term value per share.

• Staking yields are expected to evolve as the network matures, with a conservative approach to future planning.

• Existing liquidity is expected to fund operations for at least the next twelve months.

• No formal quantitative guidance provided, but the company highlights exposure to Gram price volatility and network-specific risks.