TONX (TONX) financial statements
TONX reported revenue of $13M in fiscal 2025, up 160.6% a year over 8 years.
Net income was -$148M.
Free cash flow was -$21M, and the company returned $21M in net buybacks.
The diluted share count rose 1162% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TONX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $6,000 | $32,000 | $9M | $10M | $11M | $8,000 | $63,000 | $895,000 | $13M |
| Cost of revenue | — | $8,000 | $52,000 | $5M | $5M | $5M | $3M | $19,000 | $224,000 | $4M |
| Gross profit | — | -$2,000 | -$20,000 | $4M | $5M | $6M | $6M | — | — | — |
| Research and development | $257,803 | $375,000 | $980,000 | $4M | $8M | $12M | $5M | — | — | — |
| Selling, general and admin | $3M | $4M | $7M | $15M | $1M | $26M | $18M | $12M | $11M | $41M |
| Operating income | -$3M | -$5M | -$8M | -$16M | -$25M | -$34M | -$19M | -$14M | -$12M | -$36M |
| Interest expense | $340,580 | $555,000 | $362,000 | $186,000 | $153,000 | $3M | $1M | $1M | $237,000 | $1,000 |
| Pre-tax income | -$4M | -$7M | -$12M | -$16M | -$25M | -$34M | — | — | -$11M | -$149M |
| Income tax | $866 | $2,000 | -$1,000 | $2,000 | $1,000 | $1,000 | — | — | — | -$234,000 |
| Net income | -$4M | -$7M | -$12M | -$16M | -$25M | -$34M | -$37M | -$22M | -$10M | -$148M |
| EPS (diluted) | -$2.00 | -$41.20 | -$49.20 | -$31.60 | -$32.00 | -$22.00 | -$6.68 | -$441.48 | -$19.36 | -$5.96 |
| Diluted shares | 2M | 0M | 0M | 1M | 1M | 2M | 2M | 0M | 1M | 25M |
| Gross margin | — | -33.3% | -62.5% | 46.5% | 51.8% | 57.2% | 76550.0% | — | — | — |
| Operating margin | — | -78416.7% | -24350.0% | -174.0% | -248.2% | -320.3% | -235925.0% | -21896.8% | -1301.0% | -285.2% |
| Net margin | — | -121100.0% | -37896.9% | -174.9% | -250.4% | -327.7% | -467962.5% | -34911.1% | -1154.1% | -1161.9% |
Balance sheet
Fiscal years, from TONX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $16,762 | $11,000 | $634,000 | $983,000 | $2M | $937,000 | $2M | $4M | $13M | $39M |
| Receivables | $8,468 | — | $1,000 | $1M | $919,000 | $1M | $1M | — | — | — |
| Inventory | — | — | — | $103,000 | $34,000 | $28,000 | — | — | — | — |
| Total current assets | $36,101 | $52,000 | $718,000 | $3M | $4M | $3M | $4M | $5M | $16M | $42M |
| Property, plant and equipment | $52,066 | $31,000 | $11,000 | $720,000 | $862,000 | $702,000 | $533,000 | $43,000 | $331,000 | $258,000 |
| Goodwill | — | — | — | $16M | $20M | $20M | $10M | — | — | $5M |
| Total assets | $104,203 | $92,000 | $898,000 | $28M | $33M | $34M | $24M | $11M | $21M | $411M |
| Total current liabilities | $4M | $6M | $5M | $11M | $17M | $18M | $17M | $7M | $4M | $5M |
| Total liabilities | $4M | $6M | $6M | $17M | $22M | $21M | $19M | $8M | $5M | $5M |
| Shareholders' equity | -$3M | -$6M | -$5M | $11M | $11M | $13M | $5M | $3M | $16M | $406M |
| Net debt | -$16,762 | -$11,000 | -$634,000 | -$251,000 | -$2M | $3M | $4M | -$4M | -$8M | -$39M |
Cash flow
Fiscal years, from TONX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2M | -$2M | -$4M | -$8M | -$16M | -$26M | -$19M | -$9M | -$9M | -$21M |
| Capital spending | $2,494 | — | — | $146,000 | $317,000 | $2M | $5M | $271,000 | $342,000 | $188,000 |
| Free cash flow | -$2M | — | — | -$8M | -$17M | -$28M | -$24M | -$9M | -$9M | -$21M |
| Stock-based compensation | $1M | $3M | — | — | $6M | $6M | $4M | $3M | $2M | $19M |
| Share buybacks (net) | -$166,226 | — | -$20,000 | — | — | — | — | — | — | -$21M |
| Net borrowing | — | — | — | $721,000 | -$1M | $2M | -$4M | — | — | — |
| Free cash flow margin | — | — | — | -90.8% | -166.7% | -267.4% | -300887.5% | -14306.3% | -1017.5% | -164.0% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for TONX.
Open TONX in InvestinglyQuestions
What was TONX's revenue in 2025?
$13M in fiscal 2025, from its 10-K filing.
How much free cash flow does TONX generate?
-$21M in fiscal 2025 (operating cash flow minus capital spending).
From TONX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.