USBC, Inc. USBC
USBC, Inc. (NYSE American: USBC) is a publicly traded, multi-disciplinary technology company that we believe is an industry-leading innovator in digital financial technologies. USBC develops transformative financial services, including digital assets and banking solutions as well as non-invasive health monitoring research. USBC has implemented a Bitcoin treasury strategy to bolster development and research across its various divisions. A key focus of USBC is the further development of the USBC tokenized deposit offering, a tokenized representation of a U.S.-dollar denominated bank deposit account that operates on blockchain technology and is embedded with digital identity. With a focus on inclusion, innovation, and risk management, USBC is dedicated to creating long-term shareholder value in a rapidly evolving financial landscape.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $4.4M | $0 | $121.9K | $1.8M | $4.3M | $4.9M | $6.0M |
| Cost of revenue | — | — | — | — | $0 | $69.7K | $1.4M | $3.5M | $4.0M | $5.0M |
| Gross profit | — | — | — | — | $0 | $52.2K | $426.5K | $821.6K | $907.8K | $987.9K |
| R&D | $1.8M | $6.1M | $7.7M | $5.4M | $4.0M | $2.0M | $1.3M | $570.5K | $79.4K | $325.8K |
| SG&A | $16.3M | $9.1M | $6.6M | $8.1M | $6.5M | $4.8M | $4.2M | $2.5M | $3.1M | $3.4M |
| Total operating expenses | $18.0M | $15.2M | $14.0M | $16.9M | $10.4M | — | — | — | — | — |
| Operating income | -$18.0M | -$15.2M | -$14.0M | -$12.6M | -$10.4M | -$6.8M | -$5.0M | -$2.3M | -$3.2M | -$2.7M |
| Interest expense | $1.2M | $830.9K | $389.6K | $8.0M | $14.9M | $6.1M | $2.9M | $1.2M | $377.0K | $323.9K |
| Pre-tax income | -$22.3M | -$16.6M | -$15.3M | -$20.1M | -$25.4M | -$13.6M | -$7.6M | -$3.3M | -$3.9M | -$1.7M |
| Income tax | $172.8K | $0 | $0 | $0 | $0 | $0 | — | — | — | — |
| Net income | -$22.1M | -$16.6M | -$15.3M | -$20.1M | -$25.4M | -$13.6M | -$7.6M | -$3.3M | -$3.9M | -$1.7M |
| EPS, diluted | -0.39 | -7.85 | — | — | -0.86 | -0.62 | -0.42 | -0.38 | -1.01 | -1.22 |
| Shares, diluted (wtd. avg.) | 63.1M | 2.2M | — | — | — | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $4.1M | $3.1M | $8.0M | $12.6M | $12.3M | $4.3M | $1.9M | $934.4K | $103.2K | $188.3K |
| Receivables | — | — | — | — | — | $0 | $63.0K | $320.5K | $693.3K | $809.0K |
| Inventory | — | — | — | — | — | $0 | $7.1K | $203.6K | $225.9K | $295.2K |
| Total current assets | $9.8M | $3.1M | $8.0M | $12.6M | $12.3M | $4.3M | $2.0M | $1.5M | $1.1M | $1.3M |
| Property, plant and equipment | $35.4K | $66.8K | $81.3K | $863.0K | $328.5K | $128.7K | $130.5K | $169.3K | $133.2K | $285.4K |
| Goodwill | — | — | — | — | — | — | — | — | $0 | $983.6K |
| Other intangibles | — | — | — | — | $0 | $101.1K | $274.4K | $447.8K | $0 | $43.8K |
| Total assets | $125.1M | $3.7M | $8.3M | $13.8M | $12.9M | $4.7M | $2.6M | $2.1M | $1.2M | $2.6M |
| Total current liabilities | $3.7M | $5.2M | $4.5M | $3.8M | $11.0M | $6.3M | $5.8M | $4.7M | $5.1M | $5.4M |
| Long-term debt | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Total liabilities | $28.0M | $5.8M | $4.5M | — | — | — | — | — | — | — |
| Retained earnings | -$163.1M | -$138.7M | -$121.8M | -$101.4M | -$81.3M | -$56.0M | -$42.4M | -$34.8M | -$31.5M | -$27.1M |
| Total equity | $97.1M | -$2.2M | $3.7M | $9.9M | $1.2M | -$1.9M | -$3.3M | -$2.6M | -$4.0M | -$2.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$7.6M | -$12.8M | -$10.4M | -$6.9M | -$6.9M | -$3.9M | -$3.1M | -$1.1M | -$1.3M | -$2.7M |
| Depreciation and amortisation | — | $80.9K | $313.0K | $321.0K | $200.8K | $243.0K | $259.3K | $132.6K | $81.3K | $178.8K |
| Stock-based compensation | $7.4M | $3.0M | $3.0M | — | $1.0M | $1.7M | $1.1M | $50.9K | $37.8K | $46.4K |
| Capital expenditure | $0 | $66.4K | $80.8K | $855.5K | $299.5K | $70.1K | $79.9K | $97.3K | $2.4K | $23.4K |
| Investing cash flow | $0 | -$66.4K | -$80.8K | -$855.5K | -$299.5K | -$70.1K | -$79.9K | -$97.3K | $33.9K | -$16.9K |
| Financing cash flow | $13.3M | $8.0M | $5.9M | $8.1M | $15.1M | $6.4M | $4.2M | $2.0M | $1.1M | $2.9M |
| Buybacks | — | — | $0 | $855.3K | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001074828-26-000020.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.0M | $4.9M | $4.3M | $1.8M | $121.9K | $0 | $4.4M | $0 | — | — |
| Gross profit | $987.9K | $907.8K | $821.6K | $426.5K | $52.2K | $0 | — | — | — | — |
| Net income | -$1.7M | -$3.9M | -$3.3M | -$7.6M | -$13.6M | -$25.4M | -$20.1M | -$15.3M | -$16.6M | -$22.1M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Officer or director change Item 5.02
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- New debt or obligation Item 2.03
- Other event Item 8.01
- New debt or obligation Item 2.03
- Other event Item 8.01
- Officer or director change Item 5.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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