Filing Flows › IP Strategy Holdings (IPST) › Q3 2025
IP Strategy Holdings (IPST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 18, 2025
IP Strategy Holdings (IPST) reported revenue of $3.0M for the third quarter 2025 (Q3 2025), +70% from a year earlier and +126% from the quarter before. Operating margin was -38.4%.
IP Strategy Holdings, Q3 2025: revenue $3.0M (+70% year over year), operating margin -38.4%, net earnings $196M, operating cash flow −$4.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.0M | +126% | +70% |
| Operating profit | −$1.1M | — | — |
| Net earnings | $196M | — | — |
| Operating cash flow | −$4.3M | — | — |
What changed
Revenue was $3.0M in Q3 2025, up 70% year over year and up 126% from the previous quarter. Crypto and Related was the largest line at 64% of revenue. Wholesale declined 53%.
Gross margin was 61.3%, up 25.5 points from a year earlier. Operating costs exceeded revenue by $1.1M, an operating margin of -38.4%. Operating expenses grew 10% against revenue growth of 70%. The fastest-growing cost line was General & admin (+36%). Net earnings were $196.3M. The effective tax rate was 20.1%. Non-operating items added $246.8M, 100% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$4.3M. Non-cash charges added back $262K of depreciation. Working capital and other items used $200.8M. Capital expenditures of $46K exceeded it, leaving free cash flow of −$4.3M.
Questions
What was IP Strategy Holdings' revenue in the third quarter 2025?
IP Strategy Holdings (IPST) reported revenue of $3.0M for the third quarter 2025 (Q3 2025), +70% from a year earlier and +126% from the quarter before.
Was IP Strategy Holdings profitable in the third quarter 2025?
Operating loss was $1.1M (-38.4% of revenue) and net earnings $196M.