Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets

v3.25.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets    
Cash $ 53,040 $ 7,617
Restricted cash 885 878
Accounts receivable, net of allowance for credit losses of $55 and $0 as of September 30, 2025 and December 31, 2024, respectively 865 350
ERC receivable – short-term 734 2,458
Short-term investments - trading 4,913
Other digital assets 442
Prepaid expenses and other current assets 2,468 252
Total current assets 58,434 16,468
Long-lived assets, net 2,896 3,663
Intangible assets, net 1,014 178
Goodwill 5,165
TON – unrestricted 62,127
TON - restricted 525,673
Other non-current assets 6,567 326
Total assets 661,876 20,635
Current liabilities    
Accounts payable 3,765 731
Accrued expenses 2,098 2,326
Contract liabilities 448 134
Accrued payroll 574 425
Accrued officers’ compensation 284 534
Note payable, current 20
Operating lease liabilities, current 143 124
Contingent liability, current 500
Total current liabilities 7,812 4,294
Long-term liabilities    
Note payable, non-current 98
Contingent liability, non-current 100
Deferred tax liability – non-current 14,404
Operating lease liabilities, non-current 104 222
Total liabilities 22,420 4,614
Commitments and contingencies (Note 13)
Stockholders’ equity    
Common stock, $0.0001 par value, 400,000,000 shares authorized, 59,090,521 and 993,120 shares issued and outstanding as of September 30, 2025 and December 31, 2024 6 1
Additional paid-in capital 747,948 203,295
Accumulated deficit (108,850) (187,094)
Total stockholders’ equity in Ton Strategy Company 639,104 16,202
Non-controlling interests 352 (181)
Total stockholders’ equity 639,456 16,021
Total liabilities and stockholders’ equity $ 661,876 $ 20,635