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Side-by-side financial comparison of Spectral AI, Inc. (MDAI) 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 $4.1M, roughly 1.4× Spectral AI, Inc.). Spectral AI, Inc. runs the higher net margin — 25.7% vs -3968.6%, a 3994.3% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -46.3%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -19.6%).
Spectral AI, Inc. is a medical technology firm specializing in AI-powered diagnostic imaging solutions primarily for burn and wound care. It develops non-invasive imaging tools that enable healthcare providers to deliver faster, more accurate treatment assessments, serving clinical and healthcare partner networks across North America and European markets.
MDAI vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.1M | $5.7M |
| Net Profit | $1.1M | $-227.9M |
| Gross Margin | 45.2% | 64.3% |
| Operating Margin | -54.9% | -159.2% |
| Net Margin | 25.7% | -3968.6% |
| Revenue YoY | -46.3% | 694.2% |
| Net Profit YoY | 113.9% | -7047.9% |
| EPS (diluted) | $0.04 | $-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 | $4.1M | $5.7M | ||
| Q3 25 | $3.8M | $3.6M | ||
| Q2 25 | $5.1M | $2.1M | ||
| Q1 25 | $6.7M | $1.3M | ||
| Q4 24 | $7.6M | $723.0K | ||
| Q3 24 | $8.2M | — | ||
| Q2 24 | $7.5M | — | ||
| Q1 24 | $6.3M | — |
| Q4 25 | $1.1M | $-227.9M | ||
| Q3 25 | $-3.6M | $84.3M | ||
| Q2 25 | $-8.0M | $-2.4M | ||
| Q1 25 | $2.9M | $-2.6M | ||
| Q4 24 | $-7.6M | $-3.2M | ||
| Q3 24 | $-1.5M | — | ||
| Q2 24 | $-2.9M | — | ||
| Q1 24 | $-3.2M | — |
| Q4 25 | 45.2% | 64.3% | ||
| Q3 25 | 42.7% | 75.4% | ||
| Q2 25 | 45.2% | 71.2% | ||
| Q1 25 | 47.2% | 73.4% | ||
| Q4 24 | 44.0% | 81.5% | ||
| Q3 24 | 44.9% | — | ||
| Q2 24 | 44.3% | — | ||
| Q1 24 | 46.6% | — |
| Q4 25 | -54.9% | -159.2% | ||
| Q3 25 | -88.1% | -601.5% | ||
| Q2 25 | -41.9% | -138.2% | ||
| Q1 25 | -13.4% | -203.8% | ||
| Q4 24 | -14.6% | -513.1% | ||
| Q3 24 | -10.8% | — | ||
| Q2 24 | -32.7% | — | ||
| Q1 24 | -33.9% | — |
| Q4 25 | 25.7% | -3968.6% | ||
| Q3 25 | -93.7% | 2336.8% | ||
| Q2 25 | -157.3% | -111.9% | ||
| Q1 25 | 43.2% | -196.5% | ||
| Q4 24 | -99.8% | -440.9% | ||
| Q3 24 | -18.4% | — | ||
| Q2 24 | -38.3% | — | ||
| Q1 24 | -50.7% | — |
| Q4 25 | $0.04 | $-3.89 | ||
| Q3 25 | $-0.13 | $2.23 | ||
| Q2 25 | $-0.31 | $-1.79 | ||
| Q1 25 | $0.11 | $-2.51 | ||
| Q4 24 | $-0.42 | $10.41 | ||
| Q3 24 | $-0.08 | — | ||
| Q2 24 | $-0.16 | — | ||
| Q1 24 | $-0.19 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.4M | $39.5M |
| Total DebtLower is stronger | $9.3M | — |
| Stockholders' EquityBook value | $-5.7M | $406.5M |
| Total Assets | $21.4M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $15.4M | $39.5M | ||
| Q3 25 | $10.5M | $53.9M | ||
| Q2 25 | $10.5M | $10.4M | ||
| Q1 25 | $14.1M | $12.2M | ||
| Q4 24 | $5.2M | $12.5M | ||
| Q3 24 | $3.7M | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $10.2M | — |
| Q4 25 | $9.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $7.8M | — | ||
| Q4 24 | $2.8M | — | ||
| Q3 24 | $1.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-5.7M | $406.5M | ||
| Q3 25 | $-8.2M | $639.1M | ||
| Q2 25 | $-9.2M | $19.4M | ||
| Q1 25 | $-1.6M | $14.6M | ||
| Q4 24 | $-7.3M | $16.2M | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-4.7M | — | ||
| Q1 24 | $-2.5M | — |
| Q4 25 | $21.4M | $411.2M | ||
| Q3 25 | $15.3M | $661.9M | ||
| Q2 25 | $16.0M | $23.7M | ||
| Q1 25 | $20.7M | $18.4M | ||
| Q4 24 | $12.1M | $20.6M | ||
| Q3 24 | $11.6M | — | ||
| Q2 24 | $13.9M | — | ||
| Q1 24 | $15.5M | — |
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 | $-2.6M | $-8.0M |
| Free Cash FlowOCF − Capex | — | $-8.0M |
| FCF MarginFCF / Revenue | — | -139.3% |
| Capex IntensityCapex / Revenue | — | 0.1% |
| Cash ConversionOCF / Net Profit | -2.43× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.6M | $-8.0M | ||
| Q3 25 | $-2.5M | $-9.4M | ||
| Q2 25 | $-3.4M | $-2.3M | ||
| Q1 25 | $-1.5M | $-1.1M | ||
| Q4 24 | $469.0K | $-1.9M | ||
| Q3 24 | $-1.6M | — | ||
| Q2 24 | $-5.4M | — | ||
| Q1 24 | $-2.7M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-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 | — | -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 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | -2.43× | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.52× | — | ||
| 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
MDAI
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
