Strategy Q1 FY25: where the revenue came from and where it went
The whole income statement of Strategy for this quarter, as one diagram: what earned the revenue, and what it went on.
- Period
- Jan 1 – Mar 31, 2025
- Reported
- May 5, 2025
Revenue$0.11B
−4% year over year
Gross profit$0.08B
69% margin
Operating profit−$5.92B
−5331% margin
Net profit−$4.22B
−3797% margin
Net profit is larger than what operations earned, because the statement adds $1.73B below it, under Tax benefit.
The numbers
| Item | Value | Share of revenue | Year over year |
|---|---|---|---|
| Revenue | 0.11 | 100% | −4% |
| Maintenance | 0.05 | 48% | −16% |
| Subscription & circulation | 0.04 | 33% | +62% |
| Technology service | 0.01 | 13% | −15% |
| License | 0.01 | 6% | −44% |
| Cost of revenue | −0.03 | 31% | |
| Gross profit | 0.08 | 69% margin | −5pp |
| Digital asset losses | −5.91 | 5321% | |
| R&D | −0.02 | 22% | −3pp |
| Sales & marketing | −0.03 | 25% | −4pp |
| G&A | −0.04 | 37% | +6pp |
| Operating profit | −5.92 | −5331% margin | −5155pp |
| Interest & other costs | −0.02 | ||
| Tax benefit | 1.73 | ||
| Net profit | −4.22 | −3797% margin | −3751pp |
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