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Side-by-side financial comparison of Solid Power, Inc. (SLDP) 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 $3.6M, roughly 1.6× Solid Power, Inc.). On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -18.6%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-23.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -21.9%).
Solid Energy was the largest coal mining company in New Zealand and is a state owned enterprise of the New Zealand Government.
SLDP vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.6M | $5.7M |
| Net Profit | — | $-227.9M |
| Gross Margin | — | 64.3% |
| Operating Margin | -730.1% | -159.2% |
| Net Margin | — | -3968.6% |
| Revenue YoY | -18.6% | 694.2% |
| Net Profit YoY | — | -7047.9% |
| EPS (diluted) | $-0.15 | $-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 | $3.6M | $5.7M | ||
| Q3 25 | $3.7M | $3.6M | ||
| Q2 25 | $6.5M | $2.1M | ||
| Q1 25 | $6.0M | $1.3M | ||
| Q4 24 | $4.5M | $723.0K | ||
| Q3 24 | $4.7M | — | ||
| Q2 24 | $5.1M | — | ||
| Q1 24 | $6.0M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | $-25.9M | $84.3M | ||
| Q2 25 | $-25.3M | $-2.4M | ||
| Q1 25 | $-15.2M | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q3 24 | $-22.4M | — | ||
| Q2 24 | $-22.3M | — | ||
| Q1 24 | $-21.2M | — |
| 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 | -730.1% | -159.2% | ||
| Q3 25 | -654.4% | -601.5% | ||
| Q2 25 | -398.9% | -138.2% | ||
| Q1 25 | -399.4% | -203.8% | ||
| Q4 24 | -561.1% | -513.1% | ||
| Q3 24 | -593.2% | — | ||
| Q2 24 | -530.8% | — | ||
| Q1 24 | -433.1% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | -693.1% | 2336.8% | ||
| Q2 25 | -390.7% | -111.9% | ||
| Q1 25 | -251.8% | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q3 24 | -482.0% | — | ||
| Q2 24 | -438.9% | — | ||
| Q1 24 | -356.2% | — |
| Q4 25 | $-0.15 | $-3.89 | ||
| Q3 25 | $-0.14 | $2.23 | ||
| Q2 25 | $-0.14 | $-1.79 | ||
| Q1 25 | $-0.08 | $-2.51 | ||
| Q4 24 | $-0.16 | $10.41 | ||
| Q3 24 | $-0.13 | — | ||
| Q2 24 | $-0.13 | — | ||
| Q1 24 | $-0.12 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $250.8M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $415.7M | $406.5M |
| Total Assets | $455.1M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $250.8M | $39.5M | ||
| Q3 25 | $251.2M | $53.9M | ||
| Q2 25 | $230.9M | $10.4M | ||
| Q1 25 | $240.9M | $12.2M | ||
| Q4 24 | $118.2M | $12.5M | ||
| Q3 24 | $132.0M | — | ||
| Q2 24 | $140.5M | — | ||
| Q1 24 | $146.6M | — |
| Q4 25 | $415.7M | $406.5M | ||
| Q3 25 | $381.2M | $639.1M | ||
| Q2 25 | $370.6M | $19.4M | ||
| Q1 25 | $397.1M | $14.6M | ||
| Q4 24 | $410.3M | $16.2M | ||
| Q3 24 | $439.4M | — | ||
| Q2 24 | $456.8M | — | ||
| Q1 24 | $479.4M | — |
| Q4 25 | $455.1M | $411.2M | ||
| Q3 25 | $416.1M | $661.9M | ||
| Q2 25 | $398.0M | $23.7M | ||
| Q1 25 | $419.4M | $18.4M | ||
| Q4 24 | $448.3M | $20.6M | ||
| Q3 24 | $470.9M | — | ||
| Q2 24 | $492.6M | — | ||
| Q1 24 | $516.2M | — |
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 | $-18.4M | $-8.0M |
| Free Cash FlowOCF − Capex | $-23.0M | $-8.0M |
| FCF MarginFCF / Revenue | -633.0% | -139.3% |
| Capex IntensityCapex / Revenue | 126.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-83.6M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.4M | $-8.0M | ||
| Q3 25 | $-14.3M | $-9.4M | ||
| Q2 25 | $-14.4M | $-2.3M | ||
| Q1 25 | $-26.3M | $-1.1M | ||
| Q4 24 | $-13.9M | $-1.9M | ||
| Q3 24 | $-9.9M | — | ||
| Q2 24 | $-11.1M | — | ||
| Q1 24 | $-29.1M | — |
| Q4 25 | $-23.0M | $-8.0M | ||
| Q3 25 | $-14.8M | $-9.4M | ||
| Q2 25 | $-17.1M | $-2.3M | ||
| Q1 25 | $-28.6M | $-1.1M | ||
| Q4 24 | $-18.6M | $-2.0M | ||
| Q3 24 | $-12.6M | — | ||
| Q2 24 | $-15.5M | — | ||
| Q1 24 | $-33.1M | — |
| Q4 25 | -633.0% | -139.3% | ||
| Q3 25 | -397.6% | -261.4% | ||
| Q2 25 | -264.2% | -107.8% | ||
| Q1 25 | -476.1% | -87.0% | ||
| Q4 24 | -416.5% | -279.9% | ||
| Q3 24 | -271.5% | — | ||
| Q2 24 | -305.8% | — | ||
| Q1 24 | -556.3% | — |
| Q4 25 | 126.5% | 0.1% | ||
| Q3 25 | 15.3% | 0.4% | ||
| Q2 25 | 41.5% | 0.1% | ||
| Q1 25 | 39.1% | 5.1% | ||
| Q4 24 | 105.5% | 22.1% | ||
| Q3 24 | 59.7% | — | ||
| Q2 24 | 86.8% | — | ||
| Q1 24 | 68.1% | — |
| 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
SLDP
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
