v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 34,784 $ 39,493
Restricted cash 169 169
Accounts receivable, net of allowance for credit losses of $5 as of March 31, 2026 and December 31, 2025 438 441
ERC receivable – short-term 734 734
Prepaid expenses and other current assets 1,236  
Total current assets 37,361 42,364
Long-lived assets, net 366 389
Intangible assets, net 60 48
Goodwill 5,165 5,165
TON - unrestricted 72,446 89,628
TON - restricted 199,580 267,181
Other non-current assets, net of allowance for credit losses of $357 and $310 as of March 31, 2026 and December 31, 2025, respectively 6,686  
Total assets 321,664 411,164
Current liabilities    
Accrued expenses 1,034 589
Contract liabilities 36 155
Accrued payroll 416 828
Accrued officers’ compensation 1,424 245
Operating lease liabilities, current 105 129
Contingent liability, current 500
Total current liabilities 5,036 4,589
Long-term liabilities    
Contingent liability, non-current 100
Operating lease liabilities, non-current 63 80
Total liabilities 5,099 4,769
Commitments and contingencies (Note 11)
Stockholders’ equity    
Common stock, $0.0001 par value, 400,000,000 shares authorized, 56,530,617 shares issued and outstanding as of March 31, 2026 and December 31, 2025 6 6
Additional paid-in capital 744,329 743,207
Accumulated deficit (427,763) (336,725)
Total stockholders’ equity in Ton Strategy Company 316,572 406,488
Non-controlling interests (7) (93)
Total stockholders’ equity 316,565 406,395
Total liabilities and stockholders’ equity 321,664 411,164
Related Party [Member]    
Current assets    
Prepaid expenses and other current assets 150 163
Other non-current assets, net of allowance for credit losses of $357 and $310 as of March 31, 2026 and December 31, 2025, respectively 2,753 2,790
Current liabilities    
Accounts payable 306 269
Nonrelated Party [Member]    
Current assets    
Prepaid expenses and other current assets 1,086 1,364
Other non-current assets, net of allowance for credit losses of $357 and $310 as of March 31, 2026 and December 31, 2025, respectively 3,933 3,599
Current liabilities    
Accounts payable $ 1,715 $ 1,874