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Side-by-side financial comparison of TECOGEN INC. (TGEN) 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 $5.3M, roughly 1.1× TECOGEN INC.). TECOGEN INC. runs the higher net margin — -75.1% vs -3968.6%, a 3893.5% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -12.5%). TECOGEN INC. produced more free cash flow last quarter ($-2.6M vs $-8.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -7.3%).
TGEN vs TONX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.3M | $5.7M |
| Net Profit | $-4.0M | $-227.9M |
| Gross Margin | 36.8% | 64.3% |
| Operating Margin | -77.8% | -159.2% |
| Net Margin | -75.1% | -3968.6% |
| Revenue YoY | -12.5% | 694.2% |
| Net Profit YoY | -236.7% | -7047.9% |
| EPS (diluted) | $-0.14 | $-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 | $5.3M | $5.7M | ||
| Q3 25 | $7.2M | $3.6M | ||
| Q2 25 | $7.3M | $2.1M | ||
| Q1 25 | $7.3M | $1.3M | ||
| Q4 24 | $6.1M | $723.0K | ||
| Q3 24 | $5.6M | — | ||
| Q2 24 | $4.7M | — | ||
| Q1 24 | $6.2M | — |
| Q4 25 | $-4.0M | $-227.9M | ||
| Q3 25 | $-2.1M | $84.3M | ||
| Q2 25 | $-1.5M | $-2.4M | ||
| Q1 25 | $-659.9K | $-2.6M | ||
| Q4 24 | $-1.2M | $-3.2M | ||
| Q3 24 | $-930.4K | — | ||
| Q2 24 | $-1.5M | — | ||
| Q1 24 | $-1.1M | — |
| Q4 25 | 36.8% | 64.3% | ||
| Q3 25 | 30.4% | 75.4% | ||
| Q2 25 | 33.8% | 71.2% | ||
| Q1 25 | 44.3% | 73.4% | ||
| Q4 24 | 45.0% | 81.5% | ||
| Q3 24 | 44.1% | — | ||
| Q2 24 | 44.0% | — | ||
| Q1 24 | 41.6% | — |
| Q4 25 | -77.8% | -159.2% | ||
| Q3 25 | -29.2% | -601.5% | ||
| Q2 25 | -19.4% | -138.2% | ||
| Q1 25 | -8.2% | -203.8% | ||
| Q4 24 | -18.7% | -513.1% | ||
| Q3 24 | -15.5% | — | ||
| Q2 24 | -31.2% | — | ||
| Q1 24 | -17.0% | — |
| Q4 25 | -75.1% | -3968.6% | ||
| Q3 25 | -29.7% | 2336.8% | ||
| Q2 25 | -20.1% | -111.9% | ||
| Q1 25 | -9.1% | -196.5% | ||
| Q4 24 | -19.5% | -440.9% | ||
| Q3 24 | -16.5% | — | ||
| Q2 24 | -32.5% | — | ||
| Q1 24 | -17.9% | — |
| Q4 25 | $-0.14 | $-3.89 | ||
| Q3 25 | $-0.07 | $2.23 | ||
| Q2 25 | $-0.06 | $-1.79 | ||
| Q1 25 | $-0.03 | $-2.51 | ||
| Q4 24 | $-0.05 | $10.41 | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.06 | — | ||
| Q1 24 | $-0.04 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.4M | $39.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $21.6M | $406.5M |
| Total Assets | $37.0M | $411.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.4M | $39.5M | ||
| Q3 25 | $15.3M | $53.9M | ||
| Q2 25 | $1.6M | $10.4M | ||
| Q1 25 | $4.1M | $12.2M | ||
| Q4 24 | $5.4M | $12.5M | ||
| Q3 24 | $1.3M | — | ||
| Q2 24 | $841.9K | — | ||
| Q1 24 | $1.5M | — |
| Q4 25 | $21.6M | $406.5M | ||
| Q3 25 | $25.5M | $639.1M | ||
| Q2 25 | $9.1M | $19.4M | ||
| Q1 25 | $9.6M | $14.6M | ||
| Q4 24 | $10.2M | $16.2M | ||
| Q3 24 | $11.3M | — | ||
| Q2 24 | $12.2M | — | ||
| Q1 24 | $13.7M | — |
| Q4 25 | $37.0M | $411.2M | ||
| Q3 25 | $41.5M | $661.9M | ||
| Q2 25 | $28.4M | $23.7M | ||
| Q1 25 | $29.7M | $18.4M | ||
| Q4 24 | $31.1M | $20.6M | ||
| Q3 24 | $27.5M | — | ||
| Q2 24 | $27.2M | — | ||
| Q1 24 | $28.5M | — |
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 | $-2.6M | $-8.0M |
| FCF MarginFCF / Revenue | -49.3% | -139.3% |
| Capex IntensityCapex / Revenue | 0.9% | 0.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-10.3M | $-20.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-2.6M | $-8.0M | ||
| Q3 25 | $-3.6M | $-9.4M | ||
| Q2 25 | $-2.6M | $-2.3M | ||
| Q1 25 | $-1.2M | $-1.1M | ||
| Q4 24 | $4.2M | $-1.9M | ||
| Q3 24 | $-207.3K | — | ||
| Q2 24 | $-157.9K | — | ||
| Q1 24 | $248.2K | — |
| Q4 25 | $-2.6M | $-8.0M | ||
| Q3 25 | $-3.6M | $-9.4M | ||
| Q2 25 | $-2.7M | $-2.3M | ||
| Q1 25 | $-1.3M | $-1.1M | ||
| Q4 24 | $4.0M | $-2.0M | ||
| Q3 24 | $-489.6K | — | ||
| Q2 24 | $-609.6K | — | ||
| Q1 24 | $143.3K | — |
| Q4 25 | -49.3% | -139.3% | ||
| Q3 25 | -50.6% | -261.4% | ||
| Q2 25 | -37.7% | -107.8% | ||
| Q1 25 | -17.9% | -87.0% | ||
| Q4 24 | 66.6% | -279.9% | ||
| Q3 24 | -8.7% | — | ||
| Q2 24 | -12.9% | — | ||
| Q1 24 | 2.3% | — |
| Q4 25 | 0.9% | 0.1% | ||
| Q3 25 | 1.0% | 0.4% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 1.8% | 5.1% | ||
| Q4 24 | 2.1% | 22.1% | ||
| Q3 24 | 5.0% | — | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | 1.7% | — |
| 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
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
