Empery Digital Inc.

Empery Digital Inc. reported a net loss of $150.1 million for FY 2025, a significant increase from a $45.5 million loss in FY 2024. This was primarily driven by a $122.7 million unrealized loss on digital assets, which constituted 79.3% of total operating expenses. Revenue declined sharply to $975K from $3.98 million in the prior year, while gross margin was negative at -$363K due to cost of goods sold exceeding revenue. The company's strategic shift to a digital asset treasury strategy, initiated in July 2025, involved raising $501 million in private placements to acquire Bitcoin, resulting in total digital asset holdings of $357.0 million as of December 31, 2025. Despite a net cash outflow from operations of $17.8 million, financing activities provided $478.4 million, primarily from equity issuances, supporting a year-end cash position of $9.1 million.

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