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Side-by-side financial comparison of TON Strategy Co (TONX) and Kartoon Studios, Inc. (TOON). Click either name above to swap in a different company.
Kartoon Studios, Inc. is the larger business by last-quarter revenue ($9.7M vs $5.7M, roughly 1.7× TON Strategy Co). Kartoon Studios, Inc. runs the higher net margin — -54.4% vs -3968.6%, a 3914.2% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs 2.9%). Kartoon Studios, Inc. produced more free cash flow last quarter ($346.0K vs $-8.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 26.3%).
Kartoon Studios, Inc. is an entertainment company headed by Andy Heyward. The company was formed in 2010 as Genius Brands International (GBI) from the merger of Genius Brands International and A Squared Entertainment.
TONX vs TOON — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7M | $9.7M |
| Net Profit | $-227.9M | $-5.3M |
| Gross Margin | 64.3% | — |
| Operating Margin | -159.2% | -38.4% |
| Net Margin | -3968.6% | -54.4% |
| Revenue YoY | 694.2% | 2.9% |
| Net Profit YoY | -7047.9% | 8.5% |
| EPS (diluted) | $-3.89 | $-0.08 |
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 | $9.7M | ||
| Q3 25 | $3.6M | $9.9M | ||
| Q2 25 | $2.1M | $10.3M | ||
| Q1 25 | $1.3M | $9.5M | ||
| Q4 24 | $723.0K | $9.4M | ||
| Q3 24 | — | $8.7M | ||
| Q2 24 | — | $8.4M | ||
| Q1 24 | — | $6.1M |
| Q4 25 | $-227.9M | $-5.3M | ||
| Q3 25 | $84.3M | $-6.6M | ||
| Q2 25 | $-2.4M | $-6.2M | ||
| Q1 25 | $-2.6M | $-6.5M | ||
| Q4 24 | $-3.2M | $-5.8M | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | — | $-5.9M | ||
| Q1 24 | — | $-7.0M |
| 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 | -159.2% | -38.4% | ||
| Q3 25 | -601.5% | -29.3% | ||
| Q2 25 | -138.2% | -31.3% | ||
| Q1 25 | -203.8% | -32.4% | ||
| Q4 24 | -513.1% | -37.1% | ||
| Q3 24 | — | -29.2% | ||
| Q2 24 | — | -55.6% | ||
| Q1 24 | — | -103.6% |
| Q4 25 | -3968.6% | -54.4% | ||
| Q3 25 | 2336.8% | -66.5% | ||
| Q2 25 | -111.9% | -60.0% | ||
| Q1 25 | -196.5% | -68.7% | ||
| Q4 24 | -440.9% | -61.2% | ||
| Q3 24 | — | -23.6% | ||
| Q2 24 | — | -70.1% | ||
| Q1 24 | — | -115.9% |
| Q4 25 | $-3.89 | $-0.08 | ||
| Q3 25 | $2.23 | $-0.14 | ||
| Q2 25 | $-1.79 | $-0.13 | ||
| Q1 25 | $-2.51 | $-0.14 | ||
| Q4 24 | $10.41 | $-0.14 | ||
| Q3 24 | — | $-0.05 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $39.5M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $406.5M | $26.2M |
| Total Assets | $411.2M | $70.9M |
| 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 | $100.0K | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $406.5M | $26.2M | ||
| Q3 25 | $639.1M | $22.6M | ||
| Q2 25 | $19.4M | $28.4M | ||
| Q1 25 | $14.6M | $28.6M | ||
| Q4 24 | $16.2M | $35.0M | ||
| Q3 24 | — | $41.2M | ||
| Q2 24 | — | $42.7M | ||
| Q1 24 | — | $44.8M |
| Q4 25 | $411.2M | $70.9M | ||
| Q3 25 | $661.9M | $66.7M | ||
| Q2 25 | $23.7M | $70.0M | ||
| Q1 25 | $18.4M | $71.7M | ||
| Q4 24 | $20.6M | $85.5M | ||
| Q3 24 | — | $87.3M | ||
| Q2 24 | — | $89.0M | ||
| Q1 24 | — | $93.3M |
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 | $-8.0M | $381.0K |
| Free Cash FlowOCF − Capex | $-8.0M | $346.0K |
| FCF MarginFCF / Revenue | -139.3% | 3.6% |
| Capex IntensityCapex / Revenue | 0.1% | 0.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.9M | $-11.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $381.0K | ||
| Q3 25 | $-9.4M | $-5.5M | ||
| Q2 25 | $-2.3M | $-4.5M | ||
| Q1 25 | $-1.1M | $-1.8M | ||
| Q4 24 | $-1.9M | $-2.4M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | $-6.5M | ||
| Q1 24 | — | $3.8M |
| Q4 25 | $-8.0M | $346.0K | ||
| Q3 25 | $-9.4M | $-5.5M | ||
| Q2 25 | $-2.3M | $-4.5M | ||
| Q1 25 | $-1.1M | $-1.8M | ||
| Q4 24 | $-2.0M | $-2.4M | ||
| Q3 24 | — | $1.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $3.8M |
| Q4 25 | -139.3% | 3.6% | ||
| Q3 25 | -261.4% | -56.0% | ||
| Q2 25 | -107.8% | -44.1% | ||
| Q1 25 | -87.0% | -19.4% | ||
| Q4 24 | -279.9% | -25.6% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 62.7% |
| Q4 25 | 0.1% | 0.4% | ||
| Q3 25 | 0.4% | 0.4% | ||
| Q2 25 | 0.1% | 0.6% | ||
| Q1 25 | 5.1% | 0.2% | ||
| Q4 24 | 22.1% | 0.5% | ||
| Q3 24 | — | 0.4% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.6% |
| 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
TONX
| Market Live | $4.8M | 83% |
| Other | $960.0K | 17% |
TOON
| Other | $4.6M | 48% |
| CA | $2.8M | 29% |
| Content Distribution | $2.2M | 23% |
