Strive, Inc. — Q3 2026 Earnings Summary

Financial Performance:

• Reported GAAP net income of $509.0 million for the three months ended September 30, 2026, compared to a net loss of $192.3 million for the comparable period in 2025.
• Net income per common share was $5.24 on a fully diluted basis for the three months ended September 30, 2026.
• Non-GAAP adjusted net income attributable to common stockholders was $494.6 million, or $5.46 per diluted common share, for the three months ended September 30, 2026.
• Total revenues for the three months ended September 30, 2026, were $2.7 million, up from $0.3 million in the prior year period.
• Investment advisory fees were $1.6 million for the quarter, compared to $0.2 million in the prior year period.
• Medical device revenues were $1.1 million for the quarter, with no comparable revenue in the prior year period.
• Total operating expenses were $38.7 million for the quarter, including a $14.7 million impairment of medical device research and development intangible assets.
• Net unrealized gain on digital assets was $533.7 million for the quarter, compared to a net unrealized loss of $10.1 million in the prior year period.
• Cash and cash equivalents totaled $285.4 million as of September 30, 2026, compared to $67.5 million as of December 31, 2025.
• Total assets were $2.7 billion as of September 30, 2026, compared to $745.5 million as of December 31, 2025.
• Total liabilities were $37.5 million as of September 30, 2026, compared to $14.3 million as of December 31, 2025.
• Mezzanine equity (Variable Rate Series A Preferred Stock) had a liquidation preference of $1.3 billion as of September 30, 2026, compared to $201.3 million as of December 31, 2025.
• Total stockholders' equity was $1.4 billion as of September 30, 2026, compared to $582.4 million as of December 31, 2025.
• For the nine months ended September 30, 2026, total revenues were $8.4 million, compared to $4.2 million in the prior year period.
• For the nine months ended September 30, 2026, the company reported a net loss of $14.5 million, compared to a net loss of $192.3 million in the prior year period.
• Non-GAAP adjusted net loss attributable to common stockholders for the nine months ended September 30, 2026, was $100.1 million.

Guidance and Future Outlook:

• Management stated that the company is evaluating various opportunities to leverage its balance sheet, including banking, brokerage, decentralized finance, reinsurance, structured ABS, and tokenization.
• The company believes it is in a better position to generate long-term returns in excess of Bitcoin for common equity shareholders following the recent issuance of SATS stock.

Business Segments and Product Lines:

• Acquired 8,136 bitcoin during the third quarter ended September 30, 2026, and 20,373 bitcoin during the nine months ended September 30, 2026.
• Acquired an additional 15,124 bitcoin during the period from October 1, 2026, through October 30, 2026.
• Q3 2026 Bitcoin Yield was 18.5%, with a BTC Gain per ADSO of 4,336.11 and a BTC $ Gain per ADSO of $3.62.
• Year-to-date Q3 2026 Bitcoin Yield was 63.2%, with a BTC Gain per ADSO of 10,764.11 and a BTC $ Gain per ADSO of $9.00.
• Bitcoin Yield for the period October 1, 2026, through October 30, 2026, was 19.3%, with a BTC Gain per ADSO of 5,359.93 and a BTC $ Gain per ADSO of $4.11.
• Strive Asset Management, LLC, a wholly owned subsidiary, manages over $2.9 billion in assets.

Market and Competitive Landscape:

• No specific market share, competitor names, or market trend data was provided in the press release.

Risks and Challenges:

• The company noted risks associated with Bitcoin and other digital assets, including changes in market price, general economic conditions, interest rates, exchange rates, and monetary policy.
• Risks include the possibility that anticipated benefits of the merger transaction with Semler Scientific, Inc. are not realized, including issues with integrating Bitcoin treasury strategies.
• Potential adverse reactions from clients, customers, or employees, and changes in business or employee relationships were cited as risks.
• Dilution caused by the issuance of additional shares of Class A common stock, SATA Stock, or SATS Stock was identified as a risk.
• The outcome of legal proceedings and regulatory considerations were listed as potential risks.

Management Commentary and Tone:

• Matthew Cole, Chairman & Chief Executive Officer, stated that Strive has successfully executed its treasury management strategy, delivering a strong Bitcoin yield year-to-date in 2026.
• Cole noted that the Bitcoin yield is the primary driver of the company's common equity outperformance relative to Bitcoin in 2026.
• Management expressed confidence that the company is in its best position to generate long-term returns in excess of Bitcoin for common equity shareholders.

Other Key Points:

• On October 20, 2026, the company completed a registered public offering of 7,000,000 shares of its SATS Stock, generating net proceeds of approximately $609.0 million.
• As of October 30, 2026, cash and cash equivalents totaled $490.4 million.
• The position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") had a fair value of $50.1 million as of October 30, 2026.
• Outstanding shares as of October 30, 2026, included 118,117,620 Class A common shares, 9,213,489 Class B common shares, 14,030,176 Variable Rate Series A Perpetual Preferred Stock shares, and 7,003,418 15.00% Series A Perpetual SATS Preferred Stock shares.
• The company adopted Accounting Standards Update No. 2023-08, requiring measurement of bitcoin at fair value with gains and losses recognized in net income.
• The company has historically not paid dividends on Class A common stock and makes no suggestion of future intent to do so.
• Ownership of securities does not represent an ownership interest in or redemption right with respect to the bitcoin held by the company.