vs
Side-by-side financial comparison of SES AI Corp (SES) 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 $4.6M, roughly 1.3× SES AI Corp). SES AI Corp runs the higher net margin — -373.5% vs -3968.6%, a 3595.1% gap on every dollar of revenue. TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-11.1M).
SES S.A. is a Luxembourgish communications satellite operator supplying video and data connectivity worldwide to broadcasters, content and internet service providers, mobile and fixed network operators, governments and institutions.
SES vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.6M | $5.7M |
| Net Profit | $-17.0M | $-227.9M |
| Gross Margin | 11.3% | 64.3% |
| Operating Margin | -387.7% | -159.2% |
| Net Margin | -373.5% | -3968.6% |
| Revenue YoY | — | 694.2% |
| Net Profit YoY | 50.7% | -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 | $4.6M | $5.7M | ||
| Q3 25 | $7.1M | $3.6M | ||
| Q2 25 | $3.5M | $2.1M | ||
| Q1 25 | $5.8M | $1.3M | ||
| Q4 24 | — | $723.0K | ||
| Q4 22 | — | $-5.1M | ||
| Q2 22 | — | $2.4M | ||
| Q1 22 | — | $2.7M |
| Q4 25 | $-17.0M | $-227.9M | ||
| Q3 25 | $-20.9M | $84.3M | ||
| Q2 25 | $-22.7M | $-2.4M | ||
| Q1 25 | $-12.4M | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q4 22 | — | $-16.0M | ||
| Q2 22 | — | $-6.4M | ||
| Q1 22 | — | $-7.0M |
| Q4 25 | 11.3% | 64.3% | ||
| Q3 25 | 51.1% | 75.4% | ||
| Q2 25 | 73.7% | 71.2% | ||
| Q1 25 | 78.7% | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q4 22 | — | — | ||
| Q2 22 | — | 65.2% | ||
| Q1 22 | — | 63.8% |
| Q4 25 | -387.7% | -159.2% | ||
| Q3 25 | -262.0% | -601.5% | ||
| Q2 25 | -652.3% | -138.2% | ||
| Q1 25 | -401.7% | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q4 22 | — | — | ||
| Q2 22 | — | -200.3% | ||
| Q1 22 | — | -271.5% |
| Q4 25 | -373.5% | -3968.6% | ||
| Q3 25 | -293.9% | 2336.8% | ||
| Q2 25 | -642.2% | -111.9% | ||
| Q1 25 | -214.6% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q4 22 | — | 315.6% | ||
| Q2 22 | — | -265.7% | ||
| Q1 22 | — | -259.7% |
| Q4 25 | $-0.05 | $-3.89 | ||
| Q3 25 | $-0.06 | $2.23 | ||
| Q2 25 | $-0.07 | $-1.79 | ||
| Q1 25 | $-0.04 | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q4 22 | — | — | ||
| Q2 22 | — | $-2.63 | ||
| Q1 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 | $29.5M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $214.8M | $406.5M |
| Total Assets | $272.6M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $29.5M | $39.5M | ||
| Q3 25 | $35.3M | $53.9M | ||
| Q2 25 | $11.8M | $10.4M | ||
| Q1 25 | $56.1M | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q4 22 | — | $2.4M | ||
| Q2 22 | — | $5.5M | ||
| Q1 22 | — | $3.7M |
| Q4 25 | $214.8M | $406.5M | ||
| Q3 25 | $228.2M | $639.1M | ||
| Q2 25 | $249.2M | $19.4M | ||
| Q1 25 | $269.9M | $14.6M | ||
| Q4 24 | — | $16.2M | ||
| Q4 22 | — | $5.2M | ||
| Q2 22 | — | $23.5M | ||
| Q1 22 | — | $15.8M |
| Q4 25 | $272.6M | $411.2M | ||
| Q3 25 | $288.8M | $661.9M | ||
| Q2 25 | $290.5M | $23.7M | ||
| Q1 25 | $306.0M | $18.4M | ||
| Q4 24 | — | $20.6M | ||
| Q4 22 | — | $24.5M | ||
| Q2 22 | — | $40.4M | ||
| Q1 22 | — | $38.1M |
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 | $-10.4M | $-8.0M |
| Free Cash FlowOCF − Capex | $-11.1M | $-8.0M |
| FCF MarginFCF / Revenue | -243.7% | -139.3% |
| Capex IntensityCapex / Revenue | 15.6% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-61.2M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-10.4M | $-8.0M | ||
| Q3 25 | $-14.3M | $-9.4M | ||
| Q2 25 | $-10.8M | $-2.3M | ||
| Q1 25 | $-22.8M | $-1.1M | ||
| Q4 24 | — | $-1.9M | ||
| Q4 22 | — | $-3.4M | ||
| Q2 22 | — | $-5.1M | ||
| Q1 22 | — | $-5.9M |
| Q4 25 | $-11.1M | $-8.0M | ||
| Q3 25 | $-14.7M | $-9.4M | ||
| Q2 25 | $-11.6M | $-2.3M | ||
| Q1 25 | $-23.7M | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | -243.7% | -139.3% | ||
| Q3 25 | -206.9% | -261.4% | ||
| Q2 25 | -329.6% | -107.8% | ||
| Q1 25 | -410.0% | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | 15.6% | 0.1% | ||
| Q3 25 | 6.0% | 0.4% | ||
| Q2 25 | 22.8% | 0.1% | ||
| Q1 25 | 15.8% | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 22 | — | — | ||
| Q2 22 | — | — | ||
| Q1 22 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SES
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
