Strive, Inc. — Q3 2026 Earnings Summary

Financial Performance

• GAAP net income for the three months ended September 30, 2026, was $509.0 million, compared to a net loss of $192.3 million for the comparable period in 2025.
• Net income per common share (fully diluted) for Q3 2026 was $5.24, versus a loss per share of $4.41 in the prior year period.
• Non-GAAP adjusted net income attributable to common stockholders for Q3 2026 was $494.6 million ($5.46 per diluted common share), compared to a non-GAAP adjusted loss of $13.0 million in the prior year period.
• Total revenues for Q3 2026 were $2.7 million, up from $0.3 million in the prior year period, driven by investment advisory fees ($1.6 million) and medical device revenues ($1.1 million).
• Total operating expenses for Q3 2026 were $38.7 million, compared to $19.5 million in the prior year period, primarily due to a $14.7 million impairment of medical device research and development intangible assets and increased employee compensation.
• Net unrealized gain on digital assets for Q3 2026 was $533.7 million, compared to a net unrealized loss of $10.1 million in the prior year period.
• As of September 30, 2026, total assets were $2.68 billion, up from $745.5 million as of December 31, 2025, with digital assets increasing to $2.34 billion from $668.5 million.
• Cash and cash equivalents were $285.4 million as of September 30, 2026, compared to $67.5 million as of December 31, 2025.
• For the nine months ended September 30, 2026, the Company reported a GAAP net loss of $14.5 million and a non-GAAP adjusted net loss of $26.2 million.

Guidance and Future Outlook

• Management stated the Company is evaluating various opportunities to leverage its balance sheet, including banking, brokerage, decentralized finance, reinsurance, structured ABS, and tokenization.
• The Company intends to continue executing its treasury management strategy to generate long-term returns in excess of Bitcoin for common equity shareholders.
• The Company noted that its ability to achieve positive Bitcoin Yield, Bitcoin Gain per ADSO, or Bitcoin $ Gain per ADSO may depend on factors outside its control, such as the price of Bitcoin and the availability of debt and equity financing on favorable terms.

Business Segments and Product Lines

• The Company acquired 8,136 Bitcoin during Q3 2026 and 20,373 Bitcoin for the nine months ended September 30, 2026.
• An additional 15,124 Bitcoin were acquired between October 1, 2026, and October 30, 2026.
• Q3 2026 Bitcoin Yield was 18.5%, with a Bitcoin Gain per ADSO of 4,336.11 SATs and a Bitcoin $ Gain per ADSO of $3.62.
• Year-to-date Q3 2026 Bitcoin Yield was 63.2%, with a Bitcoin Gain per ADSO of 10,764.11 SATs and a Bitcoin $ Gain per ADSO of $9.00.
• Strive Asset Management, LLC, a wholly owned subsidiary, manages over $2.9 billion in assets.
• The Company holds a position in Variable Rate Series A Perpetual Preferred Stock of Strategy Inc. ("STRC Stock") with a fair value of $50.1 million as of October 30, 2026.

Market and Competitive Landscape

• The Company adopted Accounting Standards Update No. 2023-08 (ASU 2023-08), requiring the measurement of Bitcoin at fair value in the statement of financial position and recognition of gains/losses from changes in fair value in net income.
• The Company's trading price is informed by numerous factors beyond its Bitcoin holdings and can deviate significantly from the market value of its Bitcoin.

Risks and Challenges

• Risks include the outcome of legal proceedings, potential failure to realize anticipated benefits of the merger transaction with Semler Scientific, Inc., and risks associated with Bitcoin and other digital assets.
• Dilution caused by the issuance of additional shares of Class A common stock, SATA Stock, or SATS Stock is a noted risk.
• The Company's assets, including Bitcoin, are subject to existing and future liabilities, including debt, and the preferential rights of preferred stockholders to dividends and assets in a liquidation.
• The Company has historically not paid dividends on Class A common stock and makes no suggestion of future intent to do so.

Management Commentary and Tone

• Matthew Cole, Chairman & CEO, stated that Strive has successfully executed its treasury management strategy, delivering a strong Bitcoin yield year-to-date in 2026, which he believes is the primary driver of common equity outperformance relative to Bitcoin.
• Management expressed confidence that with the recent issuance of SATS, Strive is in a better 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 15.00% Series A Perpetual SATS Preferred Stock for net proceeds of approximately $609.0 million.
• As of October 30, 2026, the Company had 118,117,620 Class A common shares and 9,213,489 Class B common shares outstanding.
• The Company had 14,030,176 shares of Variable Rate Series A Perpetual Preferred Stock (SATA) and 7,003,418 shares of 15.00% Series A Perpetual SATS Preferred Stock (SATS) outstanding as of October 30, 2026.
• The Company reported a $14.7 million impairment of medical device research and development intangible assets during Q3 2026.
• For the nine months ended September 30, 2026, the Company recorded a bargain purchase gain of $66.7 million and a loss on extinguishment of debt of $8.4 million.
• Dividends on preferred stock for Q3 2026 totaled $34.2 million, and for the nine months ended September 30, 2026, totaled $73.9 million.