Fourth quarter 2025 revenue rose to $5.2 million from $0.2 million a year earlier, driven by $5.1 million in staking rewards. Cost of revenue held at $0.2 million while SG&A jumped to $13.0 million and R&D remained at $0.9 million. Operating loss was $201.1 million, including non-cash charges of $178.3 million unrealized digital asset losses, $12.1 million realized losses and $2.1 million fund losses. Non-operating income of $526.6 million from a fair-value gain on a derivative liability drove reported net income to $325.6 million, or $4.25 per share.

Full year 2025 revenue reached $6.0 million versus $0.5 million in 2024, reflecting $5.5 million in staking rewards. Gross profit was $5.5 million against a prior-year loss. SG&A totaled $23.1 million and R&D $3.5 million. Operating loss was $243.8 million amid digital asset impairments. Non-operating income of $203.0 million from warrant amendments helped reduce the net loss to $40.9 million, or $1.85 per share. As of December 31, 2025, cash totaled $7.3 million and digital assets $293.7 million, for combined liquidity of $301.0 million.

The Company raised $29.9 million in 2025 through ATM programs to fund SOL purchases and repurchased $3.4 million of common stock in 2026 under a new buyback program. It launched a digital asset treasury with Anchorage Digital and Kamino to enable borrowing against natively staked SOL and plans a low-latency validation cluster in Asia Pacific. Management continues to evaluate equity and debt financings accretive to shareholder value.