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Side-by-side financial comparison of TON Strategy Co (TONX) and Velo3D, Inc. (VELO). Click either name above to swap in a different company.
Velo3D, Inc. is the larger business by last-quarter revenue ($9.4M vs $5.7M, roughly 1.6× TON Strategy Co). Velo3D, Inc. runs the higher net margin — -231.9% vs -3968.6%, a 3736.6% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -25.2%). TON Strategy Co produced more free cash flow last quarter ($-8.0M vs $-8.3M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -1.8%).
Velo3D, Inc. develops and sells advanced end-to-end metal additive manufacturing (3D printing) solutions, comprising industrial-grade printers, specialized processing software, and high-performance metal materials. It primarily serves global aerospace, defense, energy, semiconductor and industrial manufacturing markets, enabling customers to produce complex, high-precision metal parts that are difficult to manufacture with traditional methods.
TONX vs VELO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7M | $9.4M |
| Net Profit | $-227.9M | $-21.9M |
| Gross Margin | 64.3% | -73.6% |
| Operating Margin | -159.2% | -231.0% |
| Net Margin | -3968.6% | -231.9% |
| Revenue YoY | 694.2% | -25.2% |
| Net Profit YoY | -7047.9% | -2.9% |
| EPS (diluted) | $-3.89 | $-0.87 |
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 | $9.4M | ||
| Q3 25 | $3.6M | $13.6M | ||
| Q2 25 | $2.1M | $13.6M | ||
| Q1 25 | $1.3M | $9.3M | ||
| Q4 24 | $723.0K | $12.6M | ||
| Q3 24 | — | $8.2M | ||
| Q2 24 | — | $10.3M | ||
| Q1 24 | — | $9.8M |
| Q4 25 | $-227.9M | $-21.9M | ||
| Q3 25 | $84.3M | $-11.2M | ||
| Q2 25 | $-2.4M | $-13.3M | ||
| Q1 25 | $-2.6M | $-25.0M | ||
| Q4 24 | $-3.2M | $-21.3M | ||
| Q3 24 | — | $-21.9M | ||
| Q2 24 | — | $935.0K | ||
| Q1 24 | — | $-27.5M |
| Q4 25 | 64.3% | -73.6% | ||
| Q3 25 | 75.4% | 3.2% | ||
| Q2 25 | 71.2% | -11.7% | ||
| Q1 25 | 73.4% | 7.5% | ||
| Q4 24 | 81.5% | -3.5% | ||
| Q3 24 | — | 49.4% | ||
| Q2 24 | — | -28.0% | ||
| Q1 24 | — | -28.8% |
| Q4 25 | -159.2% | -231.0% | ||
| Q3 25 | -601.5% | -73.3% | ||
| Q2 25 | -138.2% | -85.4% | ||
| Q1 25 | -203.8% | -123.6% | ||
| Q4 24 | -513.1% | -167.0% | ||
| Q3 24 | — | -213.8% | ||
| Q2 24 | — | -187.7% | ||
| Q1 24 | — | -211.1% |
| Q4 25 | -3968.6% | -231.9% | ||
| Q3 25 | 2336.8% | -82.0% | ||
| Q2 25 | -111.9% | -97.7% | ||
| Q1 25 | -196.5% | -268.4% | ||
| Q4 24 | -440.9% | -168.5% | ||
| Q3 24 | — | -265.3% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | -281.2% |
| Q4 25 | $-3.89 | $-0.87 | ||
| Q3 25 | $2.23 | $-0.65 | ||
| Q2 25 | $-1.79 | $-0.94 | ||
| Q1 25 | $-2.51 | $-1.87 | ||
| Q4 24 | $10.41 | $7.06 | ||
| Q3 24 | — | $-35.52 | ||
| Q2 24 | — | $1.65 | ||
| Q1 24 | — | $-55.51 |
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 | $39.0M |
| Total DebtLower is stronger | — | $31.0M |
| Stockholders' EquityBook value | $406.5M | $38.2M |
| Total Assets | $411.2M | $105.3M |
| Debt / EquityLower = less leverage | — | 0.81× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.5M | $39.0M | ||
| Q3 25 | $53.9M | $11.8M | ||
| Q2 25 | $10.4M | $854.0K | ||
| Q1 25 | $12.2M | $3.9M | ||
| Q4 24 | $12.5M | $1.2M | ||
| Q3 24 | — | $1.6M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $10.9M |
| Q4 25 | — | $31.0M | ||
| Q3 25 | — | $23.0M | ||
| Q2 25 | — | $22.5M | ||
| Q1 25 | — | $21.7M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $32.3M | ||
| Q2 24 | — | $33.5M | ||
| Q1 24 | — | $44.0M |
| Q4 25 | $406.5M | $38.2M | ||
| Q3 25 | $639.1M | $29.9M | ||
| Q2 25 | $19.4M | $21.4M | ||
| Q1 25 | $14.6M | $32.8M | ||
| Q4 24 | $16.2M | $39.7M | ||
| Q3 24 | — | $34.4M | ||
| Q2 24 | — | $52.1M | ||
| Q1 24 | — | $45.5M |
| Q4 25 | $411.2M | $105.3M | ||
| Q3 25 | $661.9M | $93.7M | ||
| Q2 25 | $23.7M | $78.4M | ||
| Q1 25 | $18.4M | $91.3M | ||
| Q4 24 | $20.6M | $89.2M | ||
| Q3 24 | — | $110.8M | ||
| Q2 24 | — | $116.7M | ||
| Q1 24 | — | $136.1M |
| Q4 25 | — | 0.81× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | 0.94× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.97× |
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 | $-7.7M |
| Free Cash FlowOCF − Capex | $-8.0M | $-8.3M |
| FCF MarginFCF / Revenue | -139.3% | -88.3% |
| Capex IntensityCapex / Revenue | 0.1% | 6.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $-7.7M | ||
| Q3 25 | $-9.4M | $-6.0M | ||
| Q2 25 | $-2.3M | $-1.2M | ||
| Q1 25 | $-1.1M | $-12.3M | ||
| Q4 24 | $-1.9M | $-2.2M | ||
| Q3 24 | — | $-2.0M | ||
| Q2 24 | — | $-8.0M | ||
| Q1 24 | — | $-20.5M |
| Q4 25 | $-8.0M | $-8.3M | ||
| Q3 25 | $-9.4M | $-6.3M | ||
| Q2 25 | $-2.3M | $-3.0M | ||
| Q1 25 | $-1.1M | — | ||
| Q4 24 | $-2.0M | $-2.2M | ||
| Q3 24 | — | $-2.0M | ||
| Q2 24 | — | $-8.0M | ||
| Q1 24 | — | $-20.5M |
| Q4 25 | -139.3% | -88.3% | ||
| Q3 25 | -261.4% | -46.5% | ||
| Q2 25 | -107.8% | -22.2% | ||
| Q1 25 | -87.0% | — | ||
| Q4 24 | -279.9% | -17.7% | ||
| Q3 24 | — | -24.2% | ||
| Q2 24 | — | -77.1% | ||
| Q1 24 | — | -209.8% |
| Q4 25 | 0.1% | 6.4% | ||
| Q3 25 | 0.4% | 2.3% | ||
| Q2 25 | 0.1% | 13.3% | ||
| Q1 25 | 5.1% | 0.0% | ||
| Q4 24 | 22.1% | 0.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | -0.11× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -8.52× | ||
| 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% |
VELO
Segment breakdown not available.
