0001193125-26-125186
SEC filingMarblegate Capital Corporation reported FY 2025 total revenue of $48.5M, driven by fleet revenue ($29.3M), interest income ($13.5M), and other revenue ($5.7M). Operating income was $809K, but a significant provision for income taxes of $54.1M resulted in a net loss of -$44.1M and a net loss attributable to common stockholders of -$44.9M (-$1 per share). The company generated positive operating cash flow of $1.2M, but investing activities used $36.1M primarily for taxi vehicle purchases ($38.7M) and the TML asset acquisition ($15.9M). Financing activities provided $25.6M from new debt facilities. Total assets were $713.0M, with loans held for investment ($281.7M) and intangible assets ($359.0M) comprising the majority. The company secured new credit facilities totaling $42.2M in December 2025 to support operations and acquisitions.
Marblegate Capital Corporation reported FY 2025 total revenue of $48.5M, consisting of fleet revenue ($29.3M), interest income ($13.5M), and other revenue ($5.7M). Operating expenses totaled $47.7M, resulting in operating income of $809K. Other income of $9.3M, primarily from gains on loans held for investment ($8.6M), contributed to income before taxes of $10.1M. However, a provision for income taxes of $54.1M resulted in a net loss of -$44.1M. Net loss attributable to common stockholders was -$44.9M, or -$1.00 per basic share based on 71.0M weighted-average shares outstanding. The company's operating cash flow was $1.2M, while investing activities used $36.1M and financing activities provided $25.6M.
Revenue was generated from three primary sources: fleet revenue ($29.3M), interest income ($13.5M), and other revenue ($5.7M). The document indicates the Signal Taxi Acquisition contributed to fleet operating results, though specific segment breakdowns are not provided. Interest income decreased by $1.7M compared to the prior year, as noted in the operating activities discussion. The company's revenue streams are tied to its taxi fleet operations and loan portfolio management.
Operating margin was 1.7% ($809K operating income / $48.5M revenue). The significant provision for income taxes of $54.1M dramatically impacted profitability, turning pre-tax income of $10.1M into a net loss of -$44.1M. Operating expenses of $47.7M included general and administrative ($17.5M), professional fees ($10.1M), fleet servicing fees ($6.2M), service fee expense ($4.5M), management fee expense - related party ($5.9M), and depreciation expense ($3.3M).
Operating cash flow was $1.2M, with adjustments including depreciation ($3.3M), gains on loans ($8.6M), and deferred income taxes (-$54.1M). Investing activities used $36.1M primarily for purchases of rental vehicles ($38.7M) and the TML asset acquisition ($15.9M). Financing activities provided $25.6M from proceeds of term loan ($17.2M) and credit facility ($25.0M). Total assets were $713.0M, including loans held for investment ($281.7M), intangible assets ($359.0M), rental vehicles ($28.2M), and cash/cash equivalents ($25.3M). Total liabilities were $116.8M, with stockholders' equity of $596.3M.
The company believes existing cash, available borrowing capacity, and operating cash flow will fund working capital requirements for at least the next 12 months. In December 2025, the company executed a Credit Facility with DZ Bank (up to $120.0M available, $25.0M drawn) and an Auxilior Term Loan ($17.2M). Future capital requirements depend on success in collecting loan payments, resolving Non-MRP+ loans, medallion sales, fleet profitability, and maintaining debt covenant compliance. The company acknowledges it may require additional equity or debt financing and cannot assure that current measures will be sufficient to meet future commitments.