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Side-by-side financial comparison of Virgin Galactic Holdings, Inc (SPCE) 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 $4.2M, roughly 1.4× Virgin Galactic Holdings, Inc). Virgin Galactic Holdings, Inc runs the higher net margin — -2222.2% vs -3968.6%, a 1746.4% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 125.5%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-113.5M).
Virgin Galactic Holdings, Inc. is a British-American spaceflight company founded by Richard Branson and the Virgin Group conglomerate, which retains an 11.9% stake through Virgin Investments Limited.
SPCE vs TONX — Head-to-Head
Income Statement — Q2 FY2024 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.2M | $5.7M |
| Net Profit | $-93.8M | $-227.9M |
| Gross Margin | -546.6% | 64.3% |
| Operating Margin | -2412.1% | -159.2% |
| Net Margin | -2222.2% | -3968.6% |
| Revenue YoY | 125.5% | 694.2% |
| Net Profit YoY | 30.2% | -7047.9% |
| EPS (diluted) | $-4.36 | $-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 | — | $5.7M | ||
| Q3 25 | — | $3.6M | ||
| Q2 25 | — | $2.1M | ||
| Q1 25 | — | $1.3M | ||
| Q4 24 | — | $723.0K | ||
| Q2 24 | $4.2M | — | ||
| Q1 24 | $2.0M | — | ||
| Q4 23 | $2.8M | — |
| Q4 25 | — | $-227.9M | ||
| Q3 25 | — | $84.3M | ||
| Q2 25 | — | $-2.4M | ||
| Q1 25 | — | $-2.6M | ||
| Q4 24 | — | $-3.2M | ||
| Q2 24 | $-93.8M | — | ||
| Q1 24 | $-102.0M | — | ||
| Q4 23 | $-104.0M | — |
| Q4 25 | — | 64.3% | ||
| Q3 25 | — | 75.4% | ||
| Q2 25 | — | 71.2% | ||
| Q1 25 | — | 73.4% | ||
| Q4 24 | — | 81.5% | ||
| Q2 24 | -546.6% | — | ||
| Q1 24 | -1038.1% | — | ||
| Q4 23 | -766.4% | — |
| Q4 25 | — | -159.2% | ||
| Q3 25 | — | -601.5% | ||
| Q2 25 | — | -138.2% | ||
| Q1 25 | — | -203.8% | ||
| Q4 24 | — | -513.1% | ||
| Q2 24 | -2412.1% | — | ||
| Q1 24 | -5599.9% | — | ||
| Q4 23 | -4067.8% | — |
| Q4 25 | — | -3968.6% | ||
| Q3 25 | — | 2336.8% | ||
| Q2 25 | — | -111.9% | ||
| Q1 25 | — | -196.5% | ||
| Q4 24 | — | -440.9% | ||
| Q2 24 | -2222.2% | — | ||
| Q1 24 | -5139.1% | — | ||
| Q4 23 | -3701.8% | — |
| Q4 25 | — | $-3.89 | ||
| Q3 25 | — | $2.23 | ||
| Q2 25 | — | $-1.79 | ||
| Q1 25 | — | $-2.51 | ||
| Q4 24 | — | $10.41 | ||
| Q2 24 | $-4.36 | — | ||
| Q1 24 | $-5.10 | — | ||
| Q4 23 | $-14.49 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $775.7M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $394.8M | $406.5M |
| Total Assets | $1.1B | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $39.5M | ||
| Q3 25 | — | $53.9M | ||
| Q2 25 | — | $10.4M | ||
| Q1 25 | — | $12.2M | ||
| Q4 24 | — | $12.5M | ||
| Q2 24 | $775.7M | — | ||
| Q1 24 | $765.2M | — | ||
| Q4 23 | $874.0M | — |
| Q4 25 | — | $406.5M | ||
| Q3 25 | — | $639.1M | ||
| Q2 25 | — | $19.4M | ||
| Q1 25 | — | $14.6M | ||
| Q4 24 | — | $16.2M | ||
| Q2 24 | $394.8M | — | ||
| Q1 24 | $417.6M | — | ||
| Q4 23 | $505.5M | — |
| Q4 25 | — | $411.2M | ||
| Q3 25 | — | $661.9M | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | — | $18.4M | ||
| Q4 24 | — | $20.6M | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — | ||
| Q4 23 | $1.2B | — |
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 | $-79.1M | $-8.0M |
| Free Cash FlowOCF − Capex | $-113.5M | $-8.0M |
| FCF MarginFCF / Revenue | -2690.7% | -139.3% |
| Capex IntensityCapex / Revenue | 815.5% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-458.3M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-1.9M | ||
| Q2 24 | $-79.1M | — | ||
| Q1 24 | $-113.2M | — | ||
| Q4 23 | $-95.3M | — |
| Q4 25 | — | $-8.0M | ||
| Q3 25 | — | $-9.4M | ||
| Q2 25 | — | $-2.3M | ||
| Q1 25 | — | $-1.1M | ||
| Q4 24 | — | $-2.0M | ||
| Q2 24 | $-113.5M | — | ||
| Q1 24 | $-126.3M | — | ||
| Q4 23 | $-113.7M | — |
| Q4 25 | — | -139.3% | ||
| Q3 25 | — | -261.4% | ||
| Q2 25 | — | -107.8% | ||
| Q1 25 | — | -87.0% | ||
| Q4 24 | — | -279.9% | ||
| Q2 24 | -2690.7% | — | ||
| Q1 24 | -6362.8% | — | ||
| Q4 23 | -4046.9% | — |
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 5.1% | ||
| Q4 24 | — | 22.1% | ||
| Q2 24 | 815.5% | — | ||
| Q1 24 | 658.5% | — | ||
| Q4 23 | 653.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
SPCE
Segment breakdown not available.
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
