Filing Flows › Strategy (MSTR) › Q1 2025
Strategy (MSTR) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 5, 2025
Strategy (MSTR) reported revenue of $111M for the first quarter 2025 (Q1 2025), -4% from a year earlier and -8% from the quarter before.
Strategy, Q1 2025: revenue $111M (-4% year over year), net loss $4.2B, operating cash flow −$2.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111M | -8% | -4% |
| Operating profit | −$5.9B | — | — |
| Net earnings | −$4.2B | — | — |
| Operating cash flow | −$2.4M | — | — |
What changed
Revenue was $111.1M in Q1 2025, down 4% year over year and down 8% from the previous quarter. Maintenance was the largest line at 47% of revenue. Maintenance lost $10.2M year over year (down 16%), 243% of the total change.
Gross margin was 69.4%, down 4.5 points from a year earlier. Operating costs exceeded revenue by $5,921.4M, an operating margin of -5331.4%. Operating expenses grew 1976% against a revenue fall of 4%. The fastest-growing cost line was Other operating costs (+2982%). The quarter ended with a net loss of $4,217.4M, wider than the previous quarter's $670.8M loss.
Operating cash flow was −$2.4M. Non-cash charges added back $6.6M of depreciation and amortization and $11.8M of share-based compensation. Working capital and other items added $4,196.6M. Capital expenditures of $2.7M exceeded it, leaving free cash flow of −$5.1M.
Questions
What was Strategy's revenue in the first quarter 2025?
Strategy (MSTR) reported revenue of $111M for the first quarter 2025 (Q1 2025), -4% from a year earlier and -8% from the quarter before.
Source: Strategy 10-Q on SEC EDGAR.