TON Strategy Company (TONX) Q3 2026 earnings summary

Executive summary

• Strategy focused on a productive GRAM treasury, TON ecosystem development, disciplined costs, and capital allocation to build long-term value per share.

• Held 235.1M GRAM at September 30, including 232.9M staked; Q3 rewards were 9.4M GRAM at ~16% annualized gross yield.

• Telegram began a limited rollout of its self-custodial Money wallet, enabling GRAM transfers among Telegram contacts; TON upgrades supported wallet functionality and network throughput.

Financial highlights

• Q3 revenue was $13.1M versus $15.0M in Q2, mainly due to lower GRAM prices; nine-month revenue was $31.1M.

• Gross profit was $12.4M at a 95% margin; operating expenses were $8.4M, down 39% QoQ, and continuing-operations operating income was $4.0M versus ~$0.5M in Q2.

• A $27.2M GRAM fair-value loss contributed to a $22.9M continuing-operations pretax loss; net loss was $24.0M, or $0.42 per common share.

• Nine-month net loss was $38.4M, including a $38.3M loss attributable to common shareholders, or $0.66 per share.

Outlook and guidance

• Priorities include maintaining productive GRAM holdings, a lean cost structure, and adequate U.S. dollar liquidity; no numerical financial guidance was stated.

• Dollar liquidity target is ~12 months of operating and related obligations; additional repurchases remain subject to market conditions, valuation, liquidity, and productive GRAM holdings.

• Legacy VERB discontinued-operations OPEX is expected to be no more than $150,000 in 2027, barring unforeseen expenses.

• Wallet progress will be assessed through active users, transactions, retention, payment volumes, integrations, network activity, fees, and GRAM demand.