Filing Flows › Marblegate Capital (MGTE) › Q3 2025
Marblegate Capital (MGTE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 13, 2025
Marblegate Capital (MGTE) reported revenue of $12.0M for the third quarter 2025 (Q3 2025), +120% from a year earlier and -33% from the quarter before. Operating margin was -10.4%, net loss $1.3M (10.8% of revenue).
Marblegate Capital, Q3 2025: revenue $12.0M (+120% year over year), operating margin -10.4%, net loss $1.3M, operating cash flow $1.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $12.0M | -33% | +120% |
| Operating profit | −$1.2M | -135% | — |
| Net earnings | −$1.3M | — | — |
| Operating cash flow | $1.7M | — | -51% |
What changed
Revenue was $12.0M in Q3 2025, up 120% year over year and down 33% from the previous quarter.
Operating costs exceeded revenue by $1.2M, an operating margin of -10.4%. Total costs grew 267% against revenue growth of 120%. The fastest-growing cost line was General & admin (+3873%). The quarter ended with a net loss of $1.3M, narrower than the previous quarter's $47.3M loss. Non-operating items added $1.6M, 416% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.7M (down 51% year over year). Non-cash charges added back $778K of depreciation. Working capital and other items added $2.2M. Capital expenditures of $20.7M exceeded it, leaving free cash flow of −$19.0M.
Questions
What was Marblegate Capital's revenue in the third quarter 2025?
Marblegate Capital (MGTE) reported revenue of $12.0M for the third quarter 2025 (Q3 2025), +120% from a year earlier and -33% from the quarter before.
Was Marblegate Capital profitable in the third quarter 2025?
Operating loss was $1.2M (-10.4% of revenue) and net loss $1.3M.
Source: Marblegate Capital 10-Q on SEC EDGAR.