Strategy Inc, (MSTR) Swings to a Loss in Q4 due to Mark-to-Market Bitcoin Losses

Strategy Inc (NASDAQ:MSTR) is one of the 13 High-Risk High-Reward Growth Stocks to Invest In.

On February 5, MSTR released its Q4-2025 earnings report, which delivered mixed results relative to analyst expectations. Revenue grew 1.9% YoY to $123.0 million (vs. street consensus of $118.5 million). Operating losses, meanwhile, reached $17.4 billion (vs. $1.0 billion in the prior year). On an after-tax basis, this operating loss translates to $12.4 billion in net losses (vs. $670.8 million in the prior year), yielding a loss per share of $42.93 (vs. $3.03 in the prior year).

Revenue was driven by strong growth in the subscription services and product licenses segments, which grew 62.1% YoY (to $51.8 million) and 26.3% YoY (to $59.6 million), respectively. Product support, however, was a drag, falling 16.9% YoY to $48.5 million. Other service revenues also fell slightly, by 1.8% YoY, to $14.9 million.

As for operating losses, the main drag was Bitcoin mark-to-market losses, which totaled $17.4 billion as Bitcoin prices fell 23.3% to $87,509 (from $114,056) during the quarter. Despite the unrealized losses from Bitcoin, the company continued to increase its stockpile, which has now reached 713,502 bitcoins at a cost basis of $54.26 billion (at an average cost of $76,052) as of February 1.

Strategy Inc. (NASDAQ:MSTR) is a publicly traded U.S. technology and Bitcoin treasury company that offers AI‑powered enterprise analytics software while holding Bitcoin as its primary treasury asset, providing investors with diversified exposure and business intelligence solutions. It rebranded from MicroStrategy in 2025.

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Disclosure: None. This article is originally published at Insider Monkey.