I‑ON Digital Corp. (OTCQB: IONI) filed its 2025 Annual Report on Form 10‑K on April 15, 2026, reporting total revenue of $433,000, a 100 % gross margin, and a net loss of $2.884 million. The filing also disclosed a working‑capital deficit of $3.15 million and a cash balance of $106,735.
Revenue rose from $32,625 in 2024 to $433,000 in 2025, a jump of 1,232 %. The surge is largely attributable to the commencement of a Master Treasury Lease and Custody Agreement (MTLCA) with GGBR Inc. in July 2025, which enabled the company to recognize revenue from gold‑backed token minting under a new revenue recognition model that produces a 100 % gross margin.
Despite the revenue increase, the net loss widened to $2.884 million from $1.91 million in 2024. The larger loss reflects higher operating expenses driven by strategic investments in market infrastructure, personnel expansion, and one‑time costs associated with the MTLCA implementation. The company also incurred a $1.2 million debt settlement in February 2026, which was accounted for as a one‑time expense.
The 100 % gross margin is a direct result of the MTLCA’s revenue recognition framework, which treats the tokenization of gold as a service with no cost of goods sold. This margin profile is consistent with the company’s focus on digital asset platforms and indicates that the core business model can generate high profitability once scale is achieved.
Liquidity remains a concern, with a working‑capital deficit of $3.15 million and a cash balance of just $106,735. The company’s capital‑raising plans are therefore critical to sustain operations and fund further expansion of its Digital Asset Platform (DAP) and other RWA tokenization initiatives.
CEO Carlos X. Montoya said, “Our 2025 10‑K related reporting marks a pivotal step in I‑ON's evolution – from foundational buildout to scalable execution. We have put the core infrastructure, governance, and operational frameworks in place.” He added, “As we enter 2026, we believe the Company is positioned to participate in the convergence of traditional finance and digital asset markets, subject to prevailing market and regulatory conditions.”
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