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Side-by-side financial comparison of Healthcare Triangle, Inc. (HCTI) 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 $3.1M, roughly 1.8× Healthcare Triangle, Inc.). Healthcare Triangle, Inc. runs the higher net margin — -143.4% vs -3968.6%, a 3825.2% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 43.4%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -12.6%).
Healthcare Triangle, Inc. is a healthcare technology firm that delivers cloud-native data management platforms, AI-powered clinical analytics, and digital workflow solutions. It serves U.S. healthcare providers, payers, and life science organizations, supporting clinical decision-making, care coordination, and operational efficiency across the care continuum.
HCTI vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.1M | $5.7M |
| Net Profit | $-4.5M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -141.4% | -159.2% |
| Net Margin | -143.4% | -3968.6% |
| Revenue YoY | 43.4% | 694.2% |
| Net Profit YoY | -234.0% | -7047.9% |
| EPS (diluted) | $-151.13 | $-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 | $3.1M | $5.7M | ||
| Q3 25 | $3.5M | $3.6M | ||
| Q2 25 | $3.6M | $2.1M | ||
| Q1 25 | $3.7M | $1.3M | ||
| Q4 24 | $2.2M | $723.0K | ||
| Q3 24 | $2.4M | — | ||
| Q2 24 | $3.0M | — | ||
| Q1 24 | $4.1M | — |
| Q4 25 | $-4.5M | $-227.9M | ||
| Q3 25 | $-1.9M | $84.3M | ||
| Q2 25 | $-1.4M | $-2.4M | ||
| Q1 25 | $-1.7M | $-2.6M | ||
| Q4 24 | $-1.3M | $-3.2M | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-1.5M | — | ||
| Q1 24 | $-1.9M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -141.4% | -159.2% | ||
| Q3 25 | -74.3% | -601.5% | ||
| Q2 25 | -38.2% | -138.2% | ||
| Q1 25 | -37.7% | -203.8% | ||
| Q4 24 | -22.5% | -513.1% | ||
| Q3 24 | -48.4% | — | ||
| Q2 24 | -46.2% | — | ||
| Q1 24 | -41.7% | — |
| Q4 25 | -143.4% | -3968.6% | ||
| Q3 25 | -54.6% | 2336.8% | ||
| Q2 25 | -38.4% | -111.9% | ||
| Q1 25 | -45.9% | -196.5% | ||
| Q4 24 | -61.6% | -440.9% | ||
| Q3 24 | -51.8% | — | ||
| Q2 24 | -50.6% | — | ||
| Q1 24 | -45.3% | — |
| Q4 25 | $-151.13 | $-3.89 | ||
| Q3 25 | $-0.42 | $2.23 | ||
| Q2 25 | $-0.58 | $-1.79 | ||
| Q1 25 | $-0.17 | $-2.51 | ||
| Q4 24 | $-16783.38 | $10.41 | ||
| Q3 24 | $-54.78 | — | ||
| Q2 24 | $-70.72 | — | ||
| Q1 24 | $-0.42 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.6M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.9M | $406.5M |
| Total Assets | $22.7M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.6M | $39.5M | ||
| Q3 25 | $1.6M | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | $6.8M | $12.2M | ||
| Q4 24 | $20.0K | $12.5M | ||
| Q3 24 | $28.0K | — | ||
| Q2 24 | $29.0K | — | ||
| Q1 24 | $301.0K | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $888.0K | — |
| Q4 25 | $9.9M | $406.5M | ||
| Q3 25 | $8.7M | $639.1M | ||
| Q2 25 | $10.2M | $19.4M | ||
| Q1 25 | $8.6M | $14.6M | ||
| Q4 24 | $-5.1M | $16.2M | ||
| Q3 24 | $-1.8M | — | ||
| Q2 24 | $-646.0K | — | ||
| Q1 24 | $-511.0K | — |
| Q4 25 | $22.7M | $411.2M | ||
| Q3 25 | $13.8M | $661.9M | ||
| Q2 25 | $14.6M | $23.7M | ||
| Q1 25 | $11.8M | $18.4M | ||
| Q4 24 | $2.0M | $20.6M | ||
| Q3 24 | $4.8M | — | ||
| Q2 24 | $6.0M | — | ||
| Q1 24 | $6.9M | — |
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 | $-6.8M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.8M | $-8.0M | ||
| Q3 25 | $-1.5M | $-9.4M | ||
| Q2 25 | $-2.6M | $-2.3M | ||
| Q1 25 | $-5.6M | $-1.1M | ||
| Q4 24 | $-811.0K | $-1.9M | ||
| Q3 24 | $715.0K | — | ||
| Q2 24 | $-935.0K | — | ||
| Q1 24 | $-50.0K | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | $-1.5M | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | -43.0% | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.1% | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCTI
| Software Services | $2.4M | 78% |
| Managed Services And Support | $609.0K | 19% |
| Other | $88.0K | 3% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
