USBC (USBC) Q4 2025 earnings summary

Executive summary

• Completed a strategic pivot to digital financial technologies, focusing on tokenized deposit offerings and a Bitcoin treasury strategy after a $125M capital infusion from Goldeneye 1995 LLC, which included 1,000 Bitcoin and $15M cash in exchange for 357.8M shares.

• Entered a partnership with Vast Bank and Uphold to launch the first retail tokenized U.S. dollar deposit program, with a pilot planned before full retail launch pending regulatory and board approvals.

• Legacy non-invasive sensor business scaled back; potential divestiture under review to focus resources on fintech initiatives.

Financial highlights

• No operating revenue for FY2025 or FY2024; business remains pre-commercial.

• Net loss for FY2025 was $22.1M, up from $16.6M in FY2024, driven by higher SG&A expenses, including $7.4M in non-cash stock-based compensation.

• R&D expenses decreased to $1.75M (from $6.1M), reflecting reduced headcount and lower spend on legacy technology.

• SG&A increased to $16.3M (from $9.1M), mainly due to stock-based compensation, severance, and legal/advisory fees.

• Other expense, net, increased to $4.25M, reflecting higher interest expense, debt settlement losses, and digital asset fair value changes.

• Adjusted EBITDA for FY2025 was $(8.9)M, improved from $(11.8)M in FY2024.

• As of September 30, 2025, cash and equivalents were $8.8M, working capital $6.0M, and Bitcoin holdings valued at $115.0M (1,003 BTC).

Outlook and guidance

• Management expects continued operating losses in the near term as investment in tokenized deposit development continues.

• Sufficient liquidity for at least 12 months, but ongoing operations depend on additional capital and successful fintech product launch.

• Revenue generation is expected to begin with the commercial launch of the tokenized deposit platform.