Strategy Inc

Listed Company

MSTRCIK 0001050446NasdaqLarge AcceleratedFinance ServicesDelawareFY ends Jun 30

Period

FY 2025

Revenue

$477.23M

Net Income

$-3.85B

Total Assets

$61.64B

Equity

$44.12B

Shares Out

—

Op. Cash Flow

$-67.24M

Business

Strategy Inc is the world’s first and largest Bitcoin Treasury Company that adopts bitcoin as its primary treasury reserve asset and also provides AI-powered enterprise analytics software. It acquires and holds bitcoin using capital raises and excess cash, offers securities to provide investor exposure to bitcoin, and sells the cloud-native Strategy One analytics platform with generative AI, HyperIntelligence, and related professional services. Its principal segments are Bitcoin treasury management and enterprise analytics software and services. It serves global commercial and government customers via direct sales, channel partners and hyperscaler cloud deployments, and custodial arrangements with institutional custodians.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	477	463	496	499	511
Total cost of revenues	149	129	110	103	92
Gross profit	328	334	386	396	419
Sales and marketing	123	138	150	147	160
Research and development	94	118	121	127	117
General and administrative	152	141	115	111	96
Unrealized loss on digital assets	5,403	0	0	—	—
Digital asset impairment losses	0	1,790	116	1,286	831
Total operating expenses	5,772	2,187	501	1,672	1,203
Loss from operations	−5,444	−1,853	−115	−1,276	−785
Interest expense, net	−65	−62	−49	−53	−29
(Loss) gain on debt extinguishment	0	−23	45	0	0
Other (expense) income, net	−17	4	−5	6	2
Loss before income taxes	−5,526	−1,934	−125	−1,322	−811
Benefit from income taxes	−1,678	−768	−554	147	−276
Net (loss) income	−3,848	−1,167	429	−1,470	−535
Dividends on preferred stock	−381	0	0	—	—
Net (loss) income attributable to common stockholders of Strategy	−4,230	−1,167	429	—	—
Basic (loss) earnings per share (in dollars per share)	−15.23	−6.06	3.14	−12.98	−53.44
Weighted average common shares outstanding - Basic (in shares)	278	193	137	113	10
Diluted (loss) earnings per share (in dollars per share)	−15.23	−6.06	2.64	−12.98	−53.44
Weighted average common shares outstanding - Diluted (in shares)	278	193	166	113	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	2,301	38	47	44	63
Restricted cash	2	2	2	7	1
Accounts receivable, net	206	181	184	189	189
Prepaid expenses and other current assets	55	31	35	24	14
Total current assets	2,564	252	268	265	268
Digital assets	58,854	41,790	3,626	1,840	—
Property and equipment, net	29	26	29	32	37
Right-of-use assets	47	55	57	61	67
Deposits and other assets	143	76	24	24	16
Deferred tax assets	5	360	758	188	320
Total assets	61,641	25,844	4,763	2,410	3,557
Accounts payable, accrued expenses, and operating lease liabilities	50	53	43	43	46
Accrued compensation and employee benefits	70	58	50	54	55
Accrued interest	6	6	1	3	1
Preferred dividends payable	27	0	—	—	—
Current portion of long-term debt, net	31	517,000	483,000	454,000	0
Deferred revenue and advance payments	272	238	228	217	210
Total current liabilities	456	355	323	317	312
Long-term debt, net	8,159	7,191	2,182	2,379	2,155
Deferred revenue and advance payments	5	5	9	13	8
Operating lease liabilities	46	56	61	67	77
Other long-term liabilities	5	5	22	17	26
Deferred tax liabilities	1,926	3,969	357,000	198,000	109,000
Total liabilities	10,598	7,614	2,598	2,793	2,578
Commitments and Contingencies	—	—	—	—	—
Total mezzanine equity	6,920	0	—	—	—
Preferred stock	0	0	0	0	0
Additional paid-in capital	37,807	20,412	3,958	1,841	1,727
Accumulated other comprehensive loss	−5	−15	−11	−14	−8
Retained earnings (accumulated deficit)	6,322	10,580	−999	−1,428	41
Total stockholders equity	44,123	18,230	2,165	−383	979
Total liabilities, mezzanine equity, and stockholders' equity	61,641	25,844	4,763	2,410	3,557

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	26	18	15	11	11
Reduction in carrying amount of right-of-use assets	9	8	9	8	8
Deferred taxes	−1,684	−776	−569	131	−284
Share-based compensation expense	53	77	70	64	44
Digital asset impairment losses	0	1,790	116	—	—
Amortization of issuance costs on long-term debt	25	15	9	9	7
Other	3	0	0	—	—
Accounts receivable	20	6	12	−5	3
Prepaid expenses and other current assets	−29	4	−11	−6	−25,000
Deposits and other assets	11	−11	−632,000	−7	−2
Accounts payable and accrued expenses	7	1	−634,000	−4	4
Accrued compensation and employee benefits	−47	−35	−12	−12	2
Accrued interest	70,000	4	−1	1	1
Deferred revenue and advance payments	−8	1	2	15	15
Operating lease liabilities	−11	−11	−10	−10	−10
Other long-term liabilities	903,000	−3	2	−8	−2
Net cash provided by (used in) operating activities	−67	−53	13	3	94
Purchases of digital assets	−22,467	−22,073	−1,902	—	—
Advance deposits on purchases of property and equipment	−37	−11	0	0	—
Purchases of property and equipment	−8	−3	−3	−2	−3
Net cash used in investing activities	−22,512	−22,086	−1,905	−279	−2,629
Proceeds from convertible senior notes	2,000	6,214	0	0	1,050
Issuance costs paid for convertible senior notes	−15	−81	0	—	—
Payments to settle conversions and redemption of convertible senior notes	−143,000	−398,000	0	0	—
Repayments of secured debt and third-party extinguishment costs	0	−515	−160	0	0
Proceeds from other long-term secured debt, net of lender fees	31	0	0	0	500
Principal payments of other long-term secured debt	−569,000	−539,000	−513,000	−246,000	0
Proceeds from sale of preferred stock under public offerings	7,036	0	0	—	—
Dividends paid on preferred stock	−381	0	0	—	—
Proceeds from sale of common stock under public offerings	16,272	16,363	2,029	47	1,000
Proceeds from exercise of stock options	42	184	31	1	41
Proceeds from sales under employee stock purchase plan	5	4	4	—	—
Payment of withholding tax on vesting of restricted stock units	0	−2	−4	−2	−5
Net cash provided by financing activities	24,844	22,133	1,890	265	2,542
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	−544,000	−2	444,000	−3	−3
Net increase (decrease) in cash, cash equivalents, and restricted cash	2,263	−9	−2	−14	4
Cash paid during the year for interest	47	45	41	43	20
Cash paid during the year for income taxes, net of tax refunds	13	1	30	22	7

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