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Side-by-side financial comparison of INTELLIGENT PROTECTION MANAGEMENT CORP. (IPM) and TON Strategy Co (TONX). Click either name above to swap in a different company.
INTELLIGENT PROTECTION MANAGEMENT CORP. is the larger business by last-quarter revenue ($6.1M vs $5.7M, roughly 1.1× TON Strategy Co). On growth, INTELLIGENT PROTECTION MANAGEMENT CORP. posted the faster year-over-year revenue change (2091.6% vs 694.2%). Over the past eight quarters, INTELLIGENT PROTECTION MANAGEMENT CORP.'s revenue compounded faster (54.7% CAGR vs 46.1%).
Intelligent Limited is a Holding Company and Parent company headquartered in Gloucestershire, United Kingdom and was incorporated on 21 May 2008. Intelligent Limited provides a group management structure for four companies and was born out of the operations of International Intelligence Limited, a company specialising in Intelligence, Counter Espionage and TSCM sweeping.
IPM vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $6.1M | $5.7M |
| Net Profit | — | $-227.9M |
| Gross Margin | 53.1% | 64.3% |
| Operating Margin | -13.4% | -159.2% |
| Net Margin | — | -3968.6% |
| Revenue YoY | 2091.6% | 694.2% |
| Net Profit YoY | — | -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 | $6.1M | $5.7M | ||
| Q3 25 | $6.2M | $3.6M | ||
| Q2 25 | $5.7M | $2.1M | ||
| Q1 25 | $5.5M | $1.3M | ||
| Q4 24 | — | $723.0K | ||
| Q4 23 | $-7.3M | — | ||
| Q3 23 | $2.8M | — | ||
| Q2 23 | $3.0M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | $-1.1M | $84.3M | ||
| Q2 25 | $-1.1M | $-2.4M | ||
| Q1 25 | $808.5K | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q4 23 | — | — | ||
| Q3 23 | $-181.6K | — | ||
| Q2 23 | $135.6K | — |
| Q4 25 | 53.1% | 64.3% | ||
| Q3 25 | 50.7% | 75.4% | ||
| Q2 25 | 50.1% | 71.2% | ||
| Q1 25 | 55.3% | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q4 23 | — | — | ||
| Q3 23 | 70.1% | — | ||
| Q2 23 | 73.8% | — |
| Q4 25 | -13.4% | -159.2% | ||
| Q3 25 | -23.0% | -601.5% | ||
| Q2 25 | -19.7% | -138.2% | ||
| Q1 25 | -24.2% | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q4 23 | — | — | ||
| Q3 23 | -14.1% | — | ||
| Q2 23 | -9.4% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | -17.4% | 2336.8% | ||
| Q2 25 | -18.3% | -111.9% | ||
| Q1 25 | 14.7% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q4 23 | — | — | ||
| Q3 23 | -6.6% | — | ||
| Q2 23 | 4.6% | — |
| Q4 25 | $-0.05 | $-3.89 | ||
| Q3 25 | $-0.08 | $2.23 | ||
| Q2 25 | $-0.08 | $-1.79 | ||
| Q1 25 | $0.06 | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q4 23 | $-0.03 | — | ||
| Q3 23 | $-0.02 | — | ||
| Q2 23 | $0.01 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $5.6M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $18.2M | $406.5M |
| Total Assets | $26.0M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $5.6M | $39.5M | ||
| Q3 25 | $7.3M | $53.9M | ||
| Q2 25 | $7.3M | $10.4M | ||
| Q1 25 | $9.7M | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q4 23 | $13.6M | — | ||
| Q3 23 | $13.7M | — | ||
| Q2 23 | $13.7M | — |
| Q4 25 | $18.2M | $406.5M | ||
| Q3 25 | $18.8M | $639.1M | ||
| Q2 25 | $19.9M | $19.4M | ||
| Q1 25 | $21.1M | $14.6M | ||
| Q4 24 | — | $16.2M | ||
| Q4 23 | $20.1M | — | ||
| Q3 23 | $20.4M | — | ||
| Q2 23 | $20.5M | — |
| Q4 25 | $26.0M | $411.2M | ||
| Q3 25 | $27.2M | $661.9M | ||
| Q2 25 | $29.8M | $23.7M | ||
| Q1 25 | $31.1M | $18.4M | ||
| Q4 24 | — | $20.6M | ||
| Q4 23 | $23.9M | — | ||
| Q3 23 | $24.1M | — | ||
| Q2 23 | $24.4M | — |
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 | $87.6K | $-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 | $87.6K | $-8.0M | ||
| Q3 25 | $133.0K | $-9.4M | ||
| Q2 25 | $-888.7K | $-2.3M | ||
| Q1 25 | $1.7M | $-1.1M | ||
| Q4 24 | — | $-1.9M | ||
| Q4 23 | $-99.0K | — | ||
| Q3 23 | $16.1K | — | ||
| Q2 23 | $-193.8K | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | 0.0% | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.16× | — | ||
| Q4 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — | ||
| Q2 23 | -1.43× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IPM
| Procurement Revenue | $5.4M | 88% |
| Other | $743.9K | 12% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
