Filing Flows › Belpointe Prep, LLC (OZ) › Q3 2025
Belpointe Prep, LLC (OZ) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Belpointe Prep, LLC (OZ) reported revenue of $2.4M for the third quarter 2025 (Q3 2025), +177% from a year earlier and +19% from the quarter before. Operating margin was -509.5%, net loss $12.1M (509.5% of revenue).
Belpointe Prep, LLC, Q3 2025: revenue $2.4M (+177% year over year), operating margin -509.5%, net loss $12.1M, operating cash flow −$6.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4M | +19% | +177% |
| Operating profit | −$12.1M | — | — |
| Net earnings | −$12.1M | — | — |
| Operating cash flow | −$6.0M | — | — |
What changed
Revenue was $2.4M in Q3 2025, up 177% year over year and up 19% from the previous quarter.
Operating costs exceeded revenue by $12.1M, an operating margin of -509.5%. Total costs grew 87% against revenue growth of 177%. The fastest-growing cost line was Other operating costs (+93%). The quarter ended with a net loss of $12.1M, wider than the previous quarter's $7.6M loss. Minority interests bore $5K of it: to shareholders the quarter was a loss of $12.1M.
Operating cash flow was −$6.0M. Non-cash charges added back $2.3M of depreciation and amortization. Working capital and other items added $3.9M. Capital expenditures of $11.7M exceeded it, leaving free cash flow of −$17.7M.
Questions
What was Belpointe Prep, LLC's revenue in the third quarter 2025?
Belpointe Prep, LLC (OZ) reported revenue of $2.4M for the third quarter 2025 (Q3 2025), +177% from a year earlier and +19% from the quarter before.
Was Belpointe Prep, LLC profitable in the third quarter 2025?
Operating loss was $12.1M (-509.5% of revenue) and net loss $12.1M.