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Side-by-side financial comparison of MAXCYTE, INC. (MXCT) 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 $4.8M, roughly 1.2× MAXCYTE, INC.). MAXCYTE, INC. runs the higher net margin — -200.5% vs -3968.6%, a 3768.1% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -20.9%). MAXCYTE, INC. produced more free cash flow last quarter ($-2.9M vs $-8.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -7.4%).
MaxCyte Inc. is a global biotechnology company focused on developing cell engineering platforms and enabling technologies for cell and gene therapy advancement. Its proprietary non-viral cell modification systems are widely used by pharmaceutical, biotech and life science research entities to develop immunotherapies, gene-edited treatments and next-generation biologic drugs from preclinical research through commercialization.
MXCT vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.8M | $5.7M |
| Net Profit | $-9.6M | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -234.5% | -159.2% |
| Net Margin | -200.5% | -3968.6% |
| Revenue YoY | -20.9% | 694.2% |
| Net Profit YoY | 9.4% | -7047.9% |
| EPS (diluted) | — | $-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 | $4.8M | $5.7M | ||
| Q3 25 | $4.6M | $3.6M | ||
| Q2 25 | $5.8M | $2.1M | ||
| Q1 25 | $5.7M | $1.3M | ||
| Q4 24 | $6.1M | $723.0K | ||
| Q3 24 | $5.6M | — | ||
| Q2 24 | $5.0M | — | ||
| Q1 24 | $5.6M | — |
| Q4 25 | $-9.6M | $-227.9M | ||
| Q3 25 | $-12.4M | $84.3M | ||
| Q2 25 | $-12.4M | $-2.4M | ||
| Q1 25 | $-10.3M | $-2.6M | ||
| Q4 24 | $-10.6M | $-3.2M | ||
| Q3 24 | $-11.6M | — | ||
| Q2 24 | $-9.4M | — | ||
| Q1 24 | $-9.5M | — |
| 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 | -234.5% | -159.2% | ||
| Q3 25 | -307.4% | -601.5% | ||
| Q2 25 | -244.3% | -138.2% | ||
| Q1 25 | -214.1% | -203.8% | ||
| Q4 24 | -213.1% | -513.1% | ||
| Q3 24 | -250.4% | — | ||
| Q2 24 | -241.0% | — | ||
| Q1 24 | -219.8% | — |
| Q4 25 | -200.5% | -3968.6% | ||
| Q3 25 | -269.7% | 2336.8% | ||
| Q2 25 | -212.2% | -111.9% | ||
| Q1 25 | -178.7% | -196.5% | ||
| Q4 24 | -175.0% | -440.9% | ||
| Q3 24 | -205.9% | — | ||
| Q2 24 | -188.8% | — | ||
| Q1 24 | -170.6% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | $-0.12 | $2.23 | ||
| Q2 25 | $-0.12 | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q3 24 | $-0.11 | — | ||
| Q2 24 | $-0.09 | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $103.0M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $171.5M | $406.5M |
| Total Assets | $202.5M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.0M | $39.5M | ||
| Q3 25 | $105.7M | $53.9M | ||
| Q2 25 | $126.6M | $10.4M | ||
| Q1 25 | $138.3M | $12.2M | ||
| Q4 24 | $154.5M | $12.5M | ||
| Q3 24 | $153.8M | — | ||
| Q2 24 | $157.3M | — | ||
| Q1 24 | $157.5M | — |
| Q4 25 | $171.5M | $406.5M | ||
| Q3 25 | $180.3M | $639.1M | ||
| Q2 25 | $190.7M | $19.4M | ||
| Q1 25 | $199.4M | $14.6M | ||
| Q4 24 | $206.3M | $16.2M | ||
| Q3 24 | $213.3M | — | ||
| Q2 24 | $221.3M | — | ||
| Q1 24 | $226.4M | — |
| Q4 25 | $202.5M | $411.2M | ||
| Q3 25 | $213.5M | $661.9M | ||
| Q2 25 | $219.8M | $23.7M | ||
| Q1 25 | $230.0M | $18.4M | ||
| Q4 24 | $239.5M | $20.6M | ||
| Q3 24 | $248.6M | — | ||
| Q2 24 | $251.5M | — | ||
| Q1 24 | $257.9M | — |
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 | $-2.7M | $-8.0M |
| Free Cash FlowOCF − Capex | $-2.9M | $-8.0M |
| FCF MarginFCF / Revenue | -61.0% | -139.3% |
| Capex IntensityCapex / Revenue | 4.8% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-36.2M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.7M | $-8.0M | ||
| Q3 25 | $-7.5M | $-9.4M | ||
| Q2 25 | $-9.9M | $-2.3M | ||
| Q1 25 | $-14.4M | $-1.1M | ||
| Q4 24 | $-7.8M | $-1.9M | ||
| Q3 24 | $-4.4M | — | ||
| Q2 24 | $-4.8M | — | ||
| Q1 24 | $-10.6M | — |
| Q4 25 | $-2.9M | $-8.0M | ||
| Q3 25 | $-7.8M | $-9.4M | ||
| Q2 25 | $-10.4M | $-2.3M | ||
| Q1 25 | $-15.1M | $-1.1M | ||
| Q4 24 | $-8.0M | $-2.0M | ||
| Q3 24 | $-4.8M | — | ||
| Q2 24 | $-5.1M | — | ||
| Q1 24 | $-11.4M | — |
| Q4 25 | -61.0% | -139.3% | ||
| Q3 25 | -168.5% | -261.4% | ||
| Q2 25 | -179.2% | -107.8% | ||
| Q1 25 | -262.3% | -87.0% | ||
| Q4 24 | -131.6% | -279.9% | ||
| Q3 24 | -85.5% | — | ||
| Q2 24 | -103.3% | — | ||
| Q1 24 | -203.6% | — |
| Q4 25 | 4.8% | 0.1% | ||
| Q3 25 | 6.5% | 0.4% | ||
| Q2 25 | 10.0% | 0.1% | ||
| Q1 25 | 11.4% | 5.1% | ||
| Q4 24 | 2.4% | 22.1% | ||
| Q3 24 | 7.2% | — | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 14.4% | — |
| 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
MXCT
| Products | $4.2M | 87% |
| Other | $634.0K | 13% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
