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USBC, Inc. reported a net loss of $27.5M for the fiscal year 2025 transition period ended December 31, 2025, compared to no prior year data provided in the filing. The loss was driven by a $17.1M operating loss from $17.1M total operating expenses, including $16.9M in selling, general, and administrative expenses and $254K in research and development. Other expenses netted -$26.1M, primarily a -$27.2M change in fair value of digital assets, partially offset by $1.1M other derivative income, $38K interest income, and a -$15.7M income tax benefit. No revenue was generated, reflecting the company's pre-revenue development stage focused on tokenized deposit offerings and Bitcoin treasury strategy. Balance sheet highlights include total assets of $93.7M, with $86.6M in digital assets and $6.8M current assets anchored by $4.1M cash. Stockholders' equity stood at $81.5M. Cash flows showed -$4.6M used in operations and a net -$4.7M decrease in cash. Forward-looking, USBC advances its USBC tokenized deposit pilot (Phase 1 initiated March 2026), partnerships with Uphold and Vast Bank, and Bitcoin yield generation via derivatives, positioning for future financial technology growth amid regulatory and market risks.
USBC, Inc., a development-stage fintech company, reported a $27.5M net loss for the FY 2025 transition period ended December 31, 2025, with no prior period comparisons available. Operating loss was $17.1M from $17.1M expenses, including $16.9M SG&A and $254K R&D. Other net expenses of $26.1M stemmed from a $27.2M decline in digital asset fair value, offset by $15.7M tax benefit. Total assets grew to $93.7M, driven by $86.6M digital assets; equity at $81.5M. Cash declined $4.7M to $4.1M. Results reflect investments in tokenized deposit platform and Bitcoin treasury amid no revenue.
No revenue reported for the period, as USBC operates in pre-revenue development stage. Focus remains on USBC tokenized deposit program (Phase 1 pilot with internal users) and Bitcoin treasury strategy, with partnerships including Uphold and Vast Bank formalized January 2026. No segment revenue breakdowns disclosed.
Not applicable due to absence of revenue. Operating loss margin effectively -100% on zero revenue. Expenses dominated by SG&A ($16.9M), reflecting platform development, equity compensation ($11.9M in cash flow adjustments), and digital asset volatility (-$27.2M fair value change). Tax benefit of $15.7M mitigated pre-tax loss of $43.2M.
Net cash used in operating activities was $4.6M, adjusted for non-cash items like $11.9M stock compensation, -$27.2M digital asset change, and -$15.7M deferred taxes. No investing cash flows; financing used -$99K for note repayments. Ending cash $4.1M from $8.8M start. Balance sheet: $93.7M assets ($86.6M digital, $6.8M current), $12.1M liabilities (mostly deferred tax $8.3M), $81.5M equity with -$190.5M accumulated deficit offset by $271.7M APIC.
Management emphasizes completing USBC tokenized deposit rollout via multi-phase strategy (Phase 1 testing March 2026), Bitcoin treasury yield via options (managed by Hyrcanian), and divestiture of legacy sensor business (non-material). New $25M MLA credit facility (initial $5M drawn March 2026, Bitcoin-collateralized). Risks include regulatory uncertainty for tokenized deposits, Bitcoin volatility, competition from banks/fintech/stablecoins, and need for capital. No quantitative guidance; success tied to pilot outcomes, approvals, and market adoption.
EPS
-$0
Net Income
-$27.5M
Operating Income
-$17.1M