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Side-by-side financial comparison of TON Strategy Co (TONX) and Xos, Inc. (XOS). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.2M, roughly 1.1× Xos, Inc.). Xos, Inc. runs the higher net margin — -186.8% vs -3968.6%, a 3781.7% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -54.5%). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs -35.7%).
Xos, Inc. is an American manufacturer of commercial electric vehicles (EVs) and mobile EV chargers.
TONX vs XOS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.7M | $5.2M |
| Net Profit | $-227.9M | $-9.8M |
| Gross Margin | 64.3% | -50.5% |
| Operating Margin | -159.2% | -186.6% |
| Net Margin | -3968.6% | -186.8% |
| Revenue YoY | 694.2% | -54.5% |
| Net Profit YoY | -7047.9% | 48.6% |
| EPS (diluted) | $-3.89 | $-0.76 |
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 | $5.2M | ||
| Q3 25 | $3.6M | $16.5M | ||
| Q2 25 | $2.1M | $18.4M | ||
| Q1 25 | $1.3M | $5.9M | ||
| Q4 24 | $723.0K | $11.5M | ||
| Q3 24 | — | $15.8M | ||
| Q2 24 | — | $15.5M | ||
| Q1 24 | — | $12.6M |
| Q4 25 | $-227.9M | $-9.8M | ||
| Q3 25 | $84.3M | $2.1M | ||
| Q2 25 | $-2.4M | $-7.5M | ||
| Q1 25 | $-2.6M | $-10.2M | ||
| Q4 24 | $-3.2M | $-19.0M | ||
| Q3 24 | — | $-10.5M | ||
| Q2 24 | — | $-9.7M | ||
| Q1 24 | — | $-11.0M |
| Q4 25 | 64.3% | -50.5% | ||
| Q3 25 | 75.4% | 15.3% | ||
| Q2 25 | 71.2% | 8.8% | ||
| Q1 25 | 73.4% | 20.6% | ||
| Q4 24 | 81.5% | -32.4% | ||
| Q3 24 | — | 18.1% | ||
| Q2 24 | — | 13.1% | ||
| Q1 24 | — | 22.1% |
| Q4 25 | -159.2% | -186.6% | ||
| Q3 25 | -601.5% | -42.4% | ||
| Q2 25 | -138.2% | -38.5% | ||
| Q1 25 | -203.8% | -157.7% | ||
| Q4 24 | -513.1% | -127.0% | ||
| Q3 24 | — | -61.4% | ||
| Q2 24 | — | -73.2% | ||
| Q1 24 | — | -81.1% |
| Q4 25 | -3968.6% | -186.8% | ||
| Q3 25 | 2336.8% | 12.9% | ||
| Q2 25 | -111.9% | -40.8% | ||
| Q1 25 | -196.5% | -173.3% | ||
| Q4 24 | -440.9% | -165.4% | ||
| Q3 24 | — | -66.6% | ||
| Q2 24 | — | -62.2% | ||
| Q1 24 | — | -87.1% |
| Q4 25 | $-3.89 | $-0.76 | ||
| Q3 25 | $2.23 | $0.22 | ||
| Q2 25 | $-1.79 | $-0.91 | ||
| Q1 25 | $-2.51 | $-1.26 | ||
| Q4 24 | $10.41 | $-2.34 | ||
| Q3 24 | — | $-1.32 | ||
| Q2 24 | — | $-1.23 | ||
| Q1 24 | — | $-1.80 |
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 | $14.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $406.5M | $23.3M |
| Total Assets | $411.2M | $60.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.5M | $14.0M | ||
| Q3 25 | $53.9M | $14.1M | ||
| Q2 25 | $10.4M | $8.8M | ||
| Q1 25 | $12.2M | $4.8M | ||
| Q4 24 | $12.5M | $11.0M | ||
| Q3 24 | — | $8.4M | ||
| Q2 24 | — | $19.7M | ||
| Q1 24 | — | $46.2M |
| Q4 25 | $406.5M | $23.3M | ||
| Q3 25 | $639.1M | $31.1M | ||
| Q2 25 | $19.4M | $18.3M | ||
| Q1 25 | $14.6M | $24.8M | ||
| Q4 24 | $16.2M | $33.6M | ||
| Q3 24 | — | $50.8M | ||
| Q2 24 | — | $59.2M | ||
| Q1 24 | — | $67.8M |
| Q4 25 | $411.2M | $60.4M | ||
| Q3 25 | $661.9M | $73.8M | ||
| Q2 25 | $23.7M | $80.3M | ||
| Q1 25 | $18.4M | $87.7M | ||
| Q4 24 | $20.6M | $98.3M | ||
| Q3 24 | — | $120.5M | ||
| Q2 24 | — | $123.4M | ||
| Q1 24 | — | $135.0M |
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 | $2.4M |
| Free Cash FlowOCF − Capex | $-8.0M | — |
| FCF MarginFCF / Revenue | -139.3% | — |
| Capex IntensityCapex / Revenue | 0.1% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.9M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $2.4M | ||
| Q3 25 | $-9.4M | $3.1M | ||
| Q2 25 | $-2.3M | $4.6M | ||
| Q1 25 | $-1.1M | $-4.8M | ||
| Q4 24 | $-1.9M | $3.3M | ||
| Q3 24 | — | $-11.5M | ||
| Q2 24 | — | $-26.0M | ||
| Q1 24 | — | $-14.6M |
| Q4 25 | $-8.0M | — | ||
| Q3 25 | $-9.4M | — | ||
| Q2 25 | $-2.3M | — | ||
| Q1 25 | $-1.1M | — | ||
| Q4 24 | $-2.0M | — | ||
| Q3 24 | — | $-11.7M | ||
| Q2 24 | — | $-26.1M | ||
| Q1 24 | — | $-14.6M |
| Q4 25 | -139.3% | — | ||
| Q3 25 | -261.4% | — | ||
| Q2 25 | -107.8% | — | ||
| Q1 25 | -87.0% | — | ||
| Q4 24 | -279.9% | — | ||
| Q3 24 | — | -73.9% | ||
| Q2 24 | — | -168.1% | ||
| Q1 24 | — | -115.7% |
| Q4 25 | 0.1% | 0.0% | ||
| Q3 25 | 0.4% | 0.0% | ||
| Q2 25 | 0.1% | 0.0% | ||
| Q1 25 | 5.1% | 0.0% | ||
| Q4 24 | 22.1% | 0.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 0.2% |
| Q4 25 | — | — | ||
| Q3 25 | -0.11× | 1.45× | ||
| 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% |
XOS
Segment breakdown not available.
