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Side-by-side financial comparison of AtlasClear Holdings, Inc. (ATCH) and TON Strategy Co (TONX). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.1M, roughly 1.1× AtlasClear Holdings, Inc.). AtlasClear Holdings, Inc. runs the higher net margin — 134.2% vs -3968.6%, a 4102.7% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 84.1%).
Atlas Comics was the 1950s comic-book publishing label that evolved into Marvel Comics. Magazine and paperback novel publisher Martin Goodman, whose business strategy involved having a multitude of corporate entities, used Atlas as the umbrella name for his comic-book division during this time. Atlas evolved out of Goodman's 1940s comic-book division, Timely Comics, and was located on the 14th floor of the Empire State Building. This company is distinct from the 1970s comic-book company, also...
ATCH vs TONX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.1M | $5.7M |
| Net Profit | $6.8M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -48.6% | -159.2% |
| Net Margin | 134.2% | -3968.6% |
| Revenue YoY | 84.1% | 694.2% |
| Net Profit YoY | 1716.5% | -7047.9% |
| EPS (diluted) | $0.05 | $-3.89 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $5.1M | $5.7M | ||
| Q3 25 | $4.3M | $3.6M | ||
| Q2 25 | $2.8M | $2.1M | ||
| Q1 25 | $2.5M | $1.3M | ||
| Q4 24 | $2.7M | $723.0K | ||
| Q3 24 | $2.8M | — | ||
| Q1 24 | $1.3M | — | ||
| Q4 22 | — | $-5.1M |
| Q4 25 | $6.8M | $-227.9M | ||
| Q3 25 | $-440.3K | $84.3M | ||
| Q2 25 | $-1.7M | $-2.4M | ||
| Q1 25 | $-2.9M | $-2.6M | ||
| Q4 24 | $-419.7K | $-3.2M | ||
| Q3 24 | $10.7M | — | ||
| Q1 24 | $-88.6M | — | ||
| Q4 22 | — | $-16.0M |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | -48.6% | -159.2% | ||
| Q3 25 | -20.6% | -601.5% | ||
| Q2 25 | -63.5% | -138.2% | ||
| Q1 25 | -42.2% | -203.8% | ||
| Q4 24 | -41.8% | -513.1% | ||
| Q3 24 | -33.6% | — | ||
| Q1 24 | -1091.5% | — | ||
| Q4 22 | — | — |
| Q4 25 | 134.2% | -3968.6% | ||
| Q3 25 | -10.4% | 2336.8% | ||
| Q2 25 | -60.6% | -111.9% | ||
| Q1 25 | -114.1% | -196.5% | ||
| Q4 24 | -15.3% | -440.9% | ||
| Q3 24 | 383.3% | — | ||
| Q1 24 | -6970.8% | — | ||
| Q4 22 | — | 315.6% |
| Q4 25 | $0.05 | $-3.89 | ||
| Q3 25 | $-0.01 | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | $-1.11 | $10.41 | ||
| Q3 24 | $-1.90 | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.1M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $21.7M | $406.5M |
| Total Assets | $77.6M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.1M | $39.5M | ||
| Q3 25 | $2.7M | $53.9M | ||
| Q2 25 | $7.5M | $10.4M | ||
| Q1 25 | $7.8M | $12.2M | ||
| Q4 24 | $6.9M | $12.5M | ||
| Q3 24 | $6.8M | — | ||
| Q1 24 | $7.2M | — | ||
| Q4 22 | — | $2.4M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $980.1K | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.1M | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | $21.7M | $406.5M | ||
| Q3 25 | $6.9M | $639.1M | ||
| Q2 25 | $-6.8M | $19.4M | ||
| Q1 25 | $-14.0M | $14.6M | ||
| Q4 24 | $-23.2M | $16.2M | ||
| Q3 24 | $-23.2M | — | ||
| Q1 24 | $-6.8M | — | ||
| Q4 22 | — | $5.2M |
| Q4 25 | $77.6M | $411.2M | ||
| Q3 25 | $73.6M | $661.9M | ||
| Q2 25 | $60.9M | $23.7M | ||
| Q1 25 | $55.0M | $18.4M | ||
| Q4 24 | $56.0M | $20.6M | ||
| Q3 24 | $56.0M | — | ||
| Q1 24 | $76.4M | — | ||
| Q4 22 | — | $24.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | 0.22× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $-8.0M | ||
| Q3 25 | $-2.5M | $-9.4M | ||
| Q2 25 | $1.9M | $-2.3M | ||
| Q1 25 | $-1.8M | $-1.1M | ||
| Q4 24 | $585.8K | $-1.9M | ||
| Q3 24 | $175.6K | — | ||
| Q1 24 | $-13.3M | — | ||
| Q4 22 | — | $-3.4M |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
| Q4 25 | 0.22× | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.02× | — | ||
| Q1 24 | — | — | ||
| Q4 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ATCH
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
