Filing Flows › Belpointe Prep, LLC (OZ) › Q2 2025
Belpointe Prep, LLC (OZ) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Belpointe Prep, LLC (OZ) reported revenue of $2.0M for the second quarter 2025 (Q2 2025), +421% from a year earlier and +15% from the quarter before. Operating margin was -381.3%, net loss $7.6M (381.3% of revenue).
Belpointe Prep, LLC, Q2 2025: revenue $2.0M (+421% year over year), operating margin -381.3%, net loss $7.6M, operating cash flow −$2.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0M | +15% | +421% |
| Operating profit | −$7.6M | — | — |
| Net earnings | −$7.6M | — | — |
| Operating cash flow | −$2.4M | — | — |
What changed
Revenue was $2.0M in Q2 2025, up 421% year over year and up 15% from the previous quarter.
Operating costs exceeded revenue by $7.6M, an operating margin of -381.3%. Total costs grew 89% against revenue growth of 421%. The fastest-growing cost line was Other operating costs (+115%). The quarter ended with a net loss of $7.6M, narrower than the previous quarter's $8.6M loss. Minority interests bore $6K of it: to shareholders the quarter was a loss of $7.6M.
Operating cash flow was −$2.4M. Non-cash charges added back $2.4M of depreciation and amortization. Working capital and other items added $2.8M. Capital expenditures of $23.6M exceeded it, leaving free cash flow of −$26.0M.
Questions
What was Belpointe Prep, LLC's revenue in the second quarter 2025?
Belpointe Prep, LLC (OZ) reported revenue of $2.0M for the second quarter 2025 (Q2 2025), +421% from a year earlier and +15% from the quarter before.
Was Belpointe Prep, LLC profitable in the second quarter 2025?
Operating loss was $7.6M (-381.3% of revenue) and net loss $7.6M.