TON Strategy Co.

Q2 total revenue was $15 million versus $3 million in Q1, with gross profit of $14.3 million, or 95% of revenue, versus $2.8 million, also 95% of revenue, in Q1. Total costs and expenses were $13.8 million versus $6.5 million in Q1, and operating income from continuing operations was approximately $0.5 million versus an operating loss of $3.7 million. Net income from continuing operations before income taxes was approximately $83.5 million versus a net loss of approximately $91.3 million, reflecting an $82.8 million net gain from changes in the fair value of Gram holdings; Q1 included an approximately $87.9 million net loss from fair value changes. The company ended Q2 with approximately $369.5 million of digital assets fair value, approximately $29 million of cash and restricted cash, and no debt. For staking, TON Strategy earned approximately 9.4 million Gram in Q2 and generated $15 million of staking revenue, bringing cumulative staking revenue since staking began in August 2025 to approximately $22 million and cumulative rewards to approximately 13.8 million Gram. Management did not provide quarterly or full-year numeric guidance, but said the majority of legacy VERB wind-down savings should become visible in Q4 and that annual OpEx should decline by approximately $4 million to $5 million on a normalized basis.

Kevin Wilson said the quarter showed the productivity of the Gram treasury and the company’s progress in simplifying around that asset. He emphasized that TON’s technical upgrades, Telegram’s distribution, and the rebrand to Gram should improve utility and adoption over time, and he framed the opportunity as building an operating company around a strategically significant Gram position. He also introduced a capital framework centered on owning Gram, advancing selective ecosystem opportunities, and compounding per-share value rather than merely growing the asset base.

Sarah Olsen focused on the financial impact of staking and the balance sheet. She highlighted that revenue was $15 million, gross profit was $14.3 million at a 95% margin, and operating income from continuing operations was approximately $0.5 million despite two non-cash charges: $5.5 million tied to accelerated stock compensation and approximately $2.9 million related to the Kingsway advisory agreement termination. She also noted digital assets fair value of approximately $369.5 million, cash and restricted cash of approximately $29 million, no debt, and an expected $4 million to $5 million annual OpEx reduction from the legacy wind-down, with most savings expected in Q4.

Analysts asked when the VERB wind-down savings will show up and what residual costs remain; management said most of the $4 million to $5 million annual OpEx benefit should appear in Q4, though some legal, admin, and other wind-down costs may continue into next year. Questions also focused on adoption metrics, and Kevin said they are watching actual TON use inside Telegram, developer activity, active wallets, transaction volumes, assets staked, validator participation, and market-structure improvements like exchange availability and custodial support. On staking economics, Sarah said the company does not assume current yields will persist indefinitely and that future economics may change with governance, block rewards, and validator participation; Kevin also said staking as a service is not currently being pursued but could be evaluated later as part of the Advance pillar.