TON Strategy Company earnings date
TON Strategy Company (37V) Q3 2026 Earnings Report
DE:37V Q3 2026 EPS Results
- Actual EPS
- -EUR 0.36
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- EUR 2.02
DE:37V Q3 2026 Revenue Results
- Actual Revenue
- EUR 11.85M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- +262.01%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/10/2026
- Time
- Before Open
- Conference Call
- Tuesday, November 10, 2026
TON Strategy Company's next earnings date is estimated for March 31, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was broadly positive. Management highlighted strong staking production, a 16% annualized gross staking yield, lower operating expenses, improved operating income, share repurchases, increased Gram per share, no debt, and meaningful TON infrastructure and Telegram wallet progress. These positives outweighed the sequential revenue decline, Gram fair value loss, lower reported digital asset value, reduced cash balance and ongoing litigation-related legal fees.
Management said that, barring any unforeseen expenses, OpEx with disc ops is expected to be no more than $150,000 for 2027, and that it tries to target about 12 months of U.S. dollar liquidity covering OpEx, COGS and any contra revenue obligations. Additional share repurchases continue to be one option available under the existing $250 million authorization, with decisions based on market conditions, valuation, U.S. dollar liquidity and preserving the productivity of the Gram treasury; no capital has been committed to opportunities involving institutional access to Gram, trading liquidity, custody or execution infrastructure, and any investment would need to demonstrate a compelling economic benefit to shareholders.
- Large and Productive Gram TreasuryAt September 30, the company held approximately 235.1 million Gram, with approximately 232.9 million, or 99%, deployed in staking. The treasury earned approximately 9.4 million additional Gram during Q3, consistent with Q2, and generated an annualized gross staking yield of approximately 16%.
- Higher Staking Economics Following Network UpgradesTON's Catchain 2.0 consensus upgrade shortened block production times and increased validator reward issuance. Along with improvements to the TON Virtual Machine, these changes supported substantially higher staking yields than those available earlier in the year.
- Increase in Net Treasury PositionThe company's net treasury position increased by approximately $4.6 million during the quarter, even after other treasury activity, including sales to support U.S. dollar liquidity.
- Operating Expense Reduction and Improved Operating IncomeTotal operating expenses declined to $8.4 million from $13.8 million in Q2 2026, a decrease of approximately $5.4 million, or 39%. Excluding share-based compensation, general and administrative expenses declined approximately $3.4 million, or 41%, to $4.9 million. Operating income from continuing operations increased to $4.0 million from approximately $0.5 million, a sequential improvement of approximately $3.5 million.
- Progress in Simplifying the BusinessThe company continued simplifying operations following the wind down of inherited VERB operations and stated that it remains focused on operating efficiently, treasury management and financial flexibility.
- Cumulative Staking Production and RevenueSince beginning staking in August 2025, the company has earned approximately 23.2 million Gram in total and recognized approximately $35.1 million in cumulative staking revenue.
- No Outstanding Debt and Financial FlexibilityAt September 30, the company had approximately $25.3 million in cash and restricted cash and no outstanding debt. Management said the company's cash resources and productive digital asset holdings support financial flexibility.
- Share Repurchases and Increased Gram per ShareDuring Q3, the company repurchased approximately 1.8 million common shares for an aggregate purchase amount of $5.7 million. Basic common shares outstanding declined by approximately 1.1 million to 55.4 million, and Gram held per common share increased 9% from December 31, 2025, to 4.24 Gram.
- TON Governance and Infrastructure ProgressTON Strategy participated in validator governance decisions supporting Telegram's native Gram wallet and increased network capacity. Config 123 introduced a shared smart contract design for wallet updates, while Config 30 was designed to increase network throughput by up to 30%. Management also cited a 6x reduction in network transaction fees, Telegram's increased leadership and participation in network validation, and the restoration of Gram as the native currency's original name.
- Telegram Native Gram Wallet RolloutTelegram began a limited rollout of Money, its native self-custodial Gram wallet, during Q3. The wallet is built directly into Telegram, allows users to send Gram to Telegram contacts without entering a blockchain address, sponsors network fees for up to 5 eligible transfers each day, and supports compatible TON applications through TON Connect.
- Broader TON and Telegram Ecosystem IntegrationManagement highlighted existing Gram and TON integrations within Telegram's digital economy, including sponsored placements, Gram-based advertising revenue for eligible channel owners, Gram withdrawals for eligible Telegram Stars earnings, and trading of collectibles, gifts and usernames through services such as Fragment. Telegram has more than 1 billion users, providing the distribution context cited by management for TON's consumer-scale opportunity.
- Potential Expansion of TON Strategy ServicesManagement said it sees opportunities over time to develop additional revenue streams around validation, staking infrastructure and other services supporting the TON ecosystem. It also identified potential value in initiatives that could improve institutional access to Gram, deepen trading liquidity and strengthen custody and execution infrastructure.
- Limited Ongoing VERB-Related Costs ExpectedWith the legacy VERB operations substantially wound down, management expects operating expenses associated with discontinued operations to be no more than $150,000 for 2027, barring unforeseen expenses.
DE:37V Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 31, 2027 | 2026 (Q4) | ―- | -3.66 | ― | ― |
| Nov 10, 2026 | 2026 (Q3) | ―-0.36 | 2.02 | -117.94% (-2.39) | |
| Aug 11, 2026 | 2026 (Q2) | ―1.29 | -1.62 | 179.46% (+2.91) | |
| May 12, 2026 | 2026 (Q1) | ―- | -2.28 | ― | |
| Mar 31, 2026 | 2025 (Q4) | ―-1.42 | -2.28 | 37.85% (+0.86) | |
| Nov 12, 2025 | 2025 (Q3) | -1.722.02 | -3.47 | 158.38% (+5.49) | |
| Aug 06, 2025 | 2025 (Q2) | -1.85-1.62 | -3.04 | 46.66% (+1.42) | |
| May 13, 2025 | 2025 (Q1) | -2.85-2.28 | -19.96 | 88.59% (+17.68) | |
| Mar 25, 2025 | 2024 (Q4) | -2.29-3.28 | -38.1 | 91.38% (+34.82) | |
| Nov 12, 2024 | 2024 (Q3) | -3.47-3.47 | -123.37 | 97.19% (+119.91) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
