Filing Flows › Belpointe Prep, LLC (OZ) › Q4 2025
Belpointe Prep, LLC (OZ) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 20, 2026
Belpointe Prep, LLC (OZ) reported revenue of $3.1M for the fourth quarter 2025 (Q4 2025), +180% from a year earlier and +29% from the quarter before. Operating margin was -381.2%, net loss $11.7M (381.2% of revenue).
Belpointe Prep, LLC, Q4 2025: revenue $3.1M (+180% year over year), operating margin -381.2%, net loss $11.7M, operating cash flow −$10.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.1M | +29% | +180% |
| Operating profit | −$11.7M | — | — |
| Net earnings | −$11.7M | — | — |
| Operating cash flow | −$10.2M | — | — |
What changed
Revenue was $3.1M in Q4 2025, up 180% year over year and up 29% from the previous quarter.
Operating costs exceeded revenue by $11.7M, an operating margin of -381.2%. Total costs grew 58% against revenue growth of 180%. The fastest-growing cost line was Other operating costs (+61%). The quarter ended with a net loss of $11.7M, narrower than the previous quarter's $12.1M loss. Minority interests bore $10K of it: to shareholders the quarter was a loss of $11.7M.
Operating cash flow was −$10.2M. Non-cash charges added back $3.7M of depreciation and amortization. Working capital and other items used $2.3M. Capital expenditures of $5.9M exceeded it, leaving free cash flow of −$16.1M.
Questions
What was Belpointe Prep, LLC's revenue in the fourth quarter 2025?
Belpointe Prep, LLC (OZ) reported revenue of $3.1M for the fourth quarter 2025 (Q4 2025), +180% from a year earlier and +29% from the quarter before.
Was Belpointe Prep, LLC profitable in the fourth quarter 2025?
Operating loss was $11.7M (-381.2% of revenue) and net loss $11.7M.