v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 39,493 $ 7,617
Restricted cash 169 878
Accounts receivable, net of allowance for credit losses of $5 and $0 as of December 31, 2025 and 2024, respectively 441 350
ERC receivable – short-term 734 2,458
Short-term investments - trading 4,913
Prepaid expenses and other current assets 1,527  
Total current assets 42,364 16,468
Long-lived assets, net 389 3,663
Intangible assets, net 48 178
Goodwill 5,165
TON - unrestricted 89,628
TON – restricted 267,181
Other non-current assets 6,389  
Total assets 411,164 20,635
Current liabilities    
Accrued expenses 589 2,326
Contract liabilities 155 134
Accrued payroll 828 425
Accrued officers’ compensation 245 534
Notes payable, current 20
Operating lease liabilities, current 129 124
Contingent liability, current 500
Total current liabilities 4,589 4,294
Long-term liabilities    
Notes payable, non-current 98
Contingent liability, non-current 100
Operating lease liabilities, non-current 80 222
Total liabilities 4,769 4,614
Commitments and contingencies (Note 14)  
Stockholders’ equity    
Common stock, $0.0001 par value, 400,000,000 shares authorized, 56,530,617 and 993,120 shares issued and outstanding as of December 31, 2025 and 2024 6 1
Additional paid-in capital 743,207 203,295
Accumulated deficit (336,725) (187,094)
Stockholders’ equity in Ton Strategy Company 406,488 16,202
Non-controlling interests (93) (181)
Total stockholders’ equity 406,395 16,021
Total liabilities and stockholders’ equity 411,164 20,635
Related Party [Member]    
Current assets    
Prepaid expenses and other current assets 163
Other non-current assets 2,790
Current liabilities    
Accounts payable 269
Nonrelated Party [Member]    
Current assets    
Prepaid expenses and other current assets 1,364 252
Other non-current assets 3,599 326
Current liabilities    
Accounts payable $ 1,874 $ 731