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Side-by-side financial comparison of TON Strategy Co (TONX) and cbdMD, Inc. (YCBD). Click either name above to swap in a different company.
TON Strategy Co is the larger business by last-quarter revenue ($5.7M vs $5.0M, roughly 1.1× cbdMD, Inc.). cbdMD, Inc. runs the higher net margin — -5.6% vs -3968.6%, a 3962.9% gap on every dollar of revenue. On growth, TON Strategy Co posted the faster year-over-year revenue change (694.2% vs -1.9%). cbdMD, Inc. produced more free cash flow last quarter ($-977.3K vs $-8.0M). Over the past eight quarters, TON Strategy Co's revenue compounded faster (46.1% CAGR vs 7.1%).
cbdMD, Inc. is a U.S.-based consumer wellness company that manufactures and distributes hemp-derived CBD products, including tinctures, topicals, gummies, pet care items, and bath products. All offerings undergo third-party quality testing, and are sold via e-commerce platforms, brick-and-mortar retail stores, and wellness partner channels primarily across the United States.
TONX vs YCBD — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $5.7M | $5.0M |
| Net Profit | $-227.9M | $-283.1K |
| Gross Margin | 64.3% | 59.8% |
| Operating Margin | -159.2% | -5.7% |
| Net Margin | -3968.6% | -5.6% |
| Revenue YoY | 694.2% | -1.9% |
| Net Profit YoY | -7047.9% | -1975.7% |
| EPS (diluted) | $-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 | $5.0M | ||
| Q3 25 | $3.6M | $4.7M | ||
| Q2 25 | $2.1M | $4.6M | ||
| Q1 25 | $1.3M | $4.7M | ||
| Q4 24 | $723.0K | $5.1M | ||
| Q3 24 | — | $4.6M | ||
| Q2 24 | — | $5.2M | ||
| Q1 24 | — | $4.4M |
| Q4 25 | $-227.9M | $-283.1K | ||
| Q3 25 | $84.3M | $-680.0K | ||
| Q2 25 | $-2.4M | $-895.3K | ||
| Q1 25 | $-2.6M | $-480.8K | ||
| Q4 24 | $-3.2M | $15.1K | ||
| Q3 24 | — | $-152.8K | ||
| Q2 24 | — | $459.7K | ||
| Q1 24 | — | $-3.0M |
| Q4 25 | 64.3% | 59.8% | ||
| Q3 25 | 75.4% | 58.8% | ||
| Q2 25 | 71.2% | 61.5% | ||
| Q1 25 | 73.4% | 62.3% | ||
| Q4 24 | 81.5% | 66.5% | ||
| Q3 24 | — | 53.9% | ||
| Q2 24 | — | 65.8% | ||
| Q1 24 | — | 59.0% |
| Q4 25 | -159.2% | -5.7% | ||
| Q3 25 | -601.5% | -14.5% | ||
| Q2 25 | -138.2% | -19.6% | ||
| Q1 25 | -203.8% | -10.2% | ||
| Q4 24 | -513.1% | -1.7% | ||
| Q3 24 | — | -6.9% | ||
| Q2 24 | — | -7.4% | ||
| Q1 24 | — | -35.4% |
| Q4 25 | -3968.6% | -5.6% | ||
| Q3 25 | 2336.8% | -14.4% | ||
| Q2 25 | -111.9% | -19.4% | ||
| Q1 25 | -196.5% | -10.1% | ||
| Q4 24 | -440.9% | 0.3% | ||
| Q3 24 | — | -3.4% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | -68.8% |
| Q4 25 | $-3.89 | — | ||
| Q3 25 | $2.23 | — | ||
| Q2 25 | $-1.79 | — | ||
| Q1 25 | $-2.51 | — | ||
| Q4 24 | $10.41 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-1.35 |
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 | $3.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $406.5M | $9.0M |
| Total Assets | $411.2M | $11.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $39.5M | $3.4M | ||
| Q3 25 | $53.9M | $2.3M | ||
| Q2 25 | $10.4M | $1.1M | ||
| Q1 25 | $12.2M | $1.8M | ||
| Q4 24 | $12.5M | $2.0M | ||
| Q3 24 | — | $2.5M | ||
| Q2 24 | — | $2.4M | ||
| Q1 24 | — | $2.1M |
| Q4 25 | $406.5M | $9.0M | ||
| Q3 25 | $639.1M | $7.2M | ||
| Q2 25 | $19.4M | $6.1M | ||
| Q1 25 | $14.6M | $665.8K | ||
| Q4 24 | $16.2M | $1.8M | ||
| Q3 24 | — | $2.0M | ||
| Q2 24 | — | $3.0M | ||
| Q1 24 | — | $3.1M |
| Q4 25 | $411.2M | $11.8M | ||
| Q3 25 | $661.9M | $10.4M | ||
| Q2 25 | $23.7M | $9.9M | ||
| Q1 25 | $18.4M | $10.9M | ||
| Q4 24 | $20.6M | $11.5M | ||
| Q3 24 | — | $10.6M | ||
| Q2 24 | — | $13.8M | ||
| Q1 24 | — | $14.6M |
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 | $-812.5K |
| Free Cash FlowOCF − Capex | $-8.0M | $-977.3K |
| FCF MarginFCF / Revenue | -139.3% | -19.5% |
| Capex IntensityCapex / Revenue | 0.1% | 3.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-20.9M | $-2.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $-812.5K | ||
| Q3 25 | $-9.4M | $-240.7K | ||
| Q2 25 | $-2.3M | $-704.2K | ||
| Q1 25 | $-1.1M | $-189.5K | ||
| Q4 24 | $-1.9M | $-317.9K | ||
| Q3 24 | — | $167.4K | ||
| Q2 24 | — | $289.8K | ||
| Q1 24 | — | $-704.1K |
| Q4 25 | $-8.0M | $-977.3K | ||
| Q3 25 | $-9.4M | $-243.6K | ||
| Q2 25 | $-2.3M | $-705.7K | ||
| Q1 25 | $-1.1M | $-205.0K | ||
| Q4 24 | $-2.0M | $-482.3K | ||
| Q3 24 | — | $157.4K | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-708.7K |
| Q4 25 | -139.3% | -19.5% | ||
| Q3 25 | -261.4% | -5.2% | ||
| Q2 25 | -107.8% | -15.3% | ||
| Q1 25 | -87.0% | -4.3% | ||
| Q4 24 | -279.9% | -9.4% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -16.2% |
| Q4 25 | 0.1% | 3.3% | ||
| Q3 25 | 0.4% | 0.1% | ||
| Q2 25 | 0.1% | 0.0% | ||
| Q1 25 | 5.1% | 0.3% | ||
| Q4 24 | 22.1% | 3.2% | ||
| Q3 24 | — | 0.2% | ||
| Q2 24 | — | 0.0% | ||
| Q1 24 | — | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | -0.11× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -21.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.63× | ||
| 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% |
YCBD
| Sales Channel Directly To Consumer | $3.6M | 72% |
| Sales Channel Through Intermediary | $1.4M | 28% |
