Share count +783.0% in a year
Dilution: new shares, stock pay and buybacks
New Oct 14, 2026: At-the-market program: up to $200M of common stock (424B5) Email me when TRON files the next one
Shares offered
Since Nov 12, 2023: 1 at-the-market program, 1 sale of new shares, 6 shelf registrations; also 2 resales by holders.
- Oct 14, 2026 At-the-market program: up to $200M of common stock 424B5
- Mar 13, 2026 Shelf registration: shares and other securities, amount not fixed S-3/A
- Feb 6, 2026 Shelf registration: shares and other securities, amount not fixed S-3/A
- Oct 17, 2025 Shelf registration: shares and other securities, amount not fixed S-3/A
- Aug 22, 2025 Shelf registration: shares and other securities, amount not fixed S-3/A
- Jul 28, 2025 Shelf registration: shares and other securities, amount not fixed S-3
Every offering filing →“In accordance with the terms of the Sales Agreement, we may offer and sell shares of our Common Stock having an aggregate offering price of up to $200,000,000 from time to time through or to our Sales Agent.”
424B5, Oct 14, 2026 ↗
Bought back
-
no buyback line in the 10-K XBRL, year to Dec 31, 2025
Diluted shares: 102.64M in the year to Dec 31, 2025 2025 +783.0%2024 +0.8%2023 +18.3%
Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. Cash & buybacks, year by year → · How
Where the cash came from and where it went
No cash flow chart for banks and insurers: their operating cash flow moves with loans, deposits and trading, so it says little about how cash was spent.
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2025-12-31 | - | - | $28K | - | 102.64M |
| 2024-12-31 | - | - | $1.3M | - | 11.62M |
| 2023-12-31 | - | - | $1.3M | - | 7.69M |
| 2022-12-31 | - | - | - | - | 6.50M |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.