Filing Flows › Marblegate Capital (MGTE) › Q2 2025
Marblegate Capital (MGTE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Marblegate Capital (MGTE) reported revenue of $17.8M for the second quarter 2025 (Q2 2025), +246% from a year earlier and +287% from the quarter before. Operating margin was 20.0%, net loss $47.3M (266.6% of revenue).
Marblegate Capital, Q2 2025: revenue $17.8M (+246% year over year), operating margin 20.0%, net loss $47.3M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $17.8M | +287% | +246% |
| Operating profit | $3.6M | — | — |
| Net earnings | −$47.3M | — | — |
| Operating cash flow | −$2.9M | — | — |
What changed
Revenue was $17.8M in Q2 2025, up 246% year over year and up 287% from the previous quarter.
Operating profit was $3.6M, a 20.0% margin (down 3.3 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, below the 23% margin then. Total costs grew 261% against revenue growth of 246%. The fastest-growing cost line was General & admin (+5414%). The quarter ended with a net loss of $47.3M, wider than the previous quarter's $3.7M loss.
Operating cash flow was −$2.9M. Non-cash charges added back $771K of depreciation. Working capital and other items added $43.7M. Capital expenditures of $20K exceeded it, leaving free cash flow of −$2.9M.
Questions
What was Marblegate Capital's revenue in the second quarter 2025?
Marblegate Capital (MGTE) reported revenue of $17.8M for the second quarter 2025 (Q2 2025), +246% from a year earlier and +287% from the quarter before.
Was Marblegate Capital profitable in the second quarter 2025?
Operating profit was $3.6M (20.0% of revenue) and net loss $47.3M.
Source: Marblegate Capital 10-Q on SEC EDGAR.