MDB Capital Holdings LLC | 10-K: FY2025 Revenue: USD 4.911 M

Revenue: As of FY2025, the actual value is USD 4.911 M.

EPS: As of FY2025, the actual value is USD -1.91.

EBIT: As of FY2025, the actual value is USD -18.34 M.

Consolidated Financial Performance (in thousands)

Operating Income

• Total Operating Income, net: Increased to $4,911 in 2025 from $2,157 in 2024, representing a $2,754 increase .

Operating Costs

• Total Operating Costs: Decreased to $22,637 in 2025 from $30,790 in 2024, a reduction of - $8,153 .
• Net Operating Loss: Improved to - $17,726 in 2025 from - $28,633 in 2024, an improvement of $10,907 .

Other Income and Expenses

• Gain on deconsolidation of subsidiary: Was $0 in 2025 compared to $39,307 in 2024 .
• Equity in loss of equity method investee: Increased to - $4,282 in 2025 from - $420 in 2024 .

Net Income (Loss)

• Net Income (Loss) attributable to MDB Capital Holdings, LLC: Was - $21,245 in 2025, a decrease from $11,691 in 2024 .

Broker Dealer and Intellectual Property Service Segment (Public Ventures and PatentVest) (in thousands)

Operating Income

• Unrealized loss on investment securities, net from the licensed broker dealer: - $331 in 2025 compared to - $275 in 2024 .
• Unrealized gain on investment securities, net from non-licensed broker dealer: $85 in 2025 compared to $0 in 2024 .
• Realized gain on investment securities, net from the licensed broker dealer: $14 in 2025 compared to $0 in 2024 .
• Fee income (from licensed broker dealer): Increased to $4,282 in 2025 from $2,221 in 2024 .
• Impairment of investment securities: $0 in 2025 compared to - $200 in 2024 .
• Other operating income: $861 in 2025 compared to $411 in 2024 .
• Total operating income, net: $4,911 in 2025 compared to $2,157 in 2024 .

Operating Costs

• Compensation: Decreased to $2,875 in 2025 from $3,226 in 2024 .
• Operating expense, related party: Increased to $1,471 in 2025 from $1,301 in 2024 .
• Professional fees: Increased to $1,005 in 2025 from $820 in 2024 .
• Information technology: Increased to $968 in 2025 from $805 in 2024 .
• Clearing and other charges: Decreased to $556 in 2025 from $1,137 in 2024 .
• General and administrative-other: Decreased to $742 in 2025 from $806 in 2024 .
• Net operating loss: Improved to - $2,706 in 2025 from - $5,938 in 2024 .

Other Income and Expense

• Interest expense: Increased to - $990 in 2025 from - $779 in 2024 .

Technology Development Segment (MDB Minnesota One and eXoZymes) (in thousands)

Operating Income

• Total operating income, net: $0 for both 2025 and 2024 .

Operating Costs

• Compensation: $0 in 2025 compared to $2,062 in 2024 .
• Professional fees: Decreased to $64 in 2025 from $1,206 in 2024 .
• Information technology costs: $0 in 2025 compared to $34 in 2024 .
• Other general and administrative costs: $0 in 2025 compared to $133 in 2024 .
• Research and development costs: $0 in 2025 compared to $1,468 in 2024 .
• Net operating loss: Improved to - $64 in 2025 from - $4,903 in 2024 .

Cash Flow (Consolidated) (in thousands)

Operating Activities

• Net cash used in operating activities: Was - $5,684 in 2025, an improvement from - $9,038 in 2024 .

Investing Activities

• Net cash provided by (used in) investing activities: Was - $49 in 2025, a decrease from $22,892 in 2024 .

Financing Activities

• Net cash provided by financing activities: Was $0 in 2025, a decrease from $69 in 2024 .

Cash and Cash Equivalents

• Cash and cash equivalents at end of year: Decreased to $13,217 in 2025 from $20,437 in 2024 .
• Cash segregated in compliance with regulations: Increased to $2,331 in 2025 from $844 in 2024 .

Financial Condition (Consolidated) (in thousands)

Assets

• Total assets: Decreased to $63,740 in 2025 from $71,976 in 2024 .
• Investment securities, at fair value, held by the licensed broker dealer: Increased to $7,166 in 2025 from $5,858 in 2024 .
• Equity method investment: Decreased to $37,543 in 2025 from $41,764 in 2024 .

Liabilities and Equity

• Total liabilities: Increased to $3,161 in 2025 from $1,903 in 2024 .
• Payables to customers: Increased to $2,189 in 2025 from $773 in 2024 .
• Total MDB Capital Holdings, LLC Members’ equity: Decreased to $60,690 in 2025 from $70,163 in 2024 .

Unique Metrics and Commitments (in thousands)

Net Capital Requirement (Public Ventures)

• Net Capital: Public Ventures had net capital of $8,700 in 2025 and $10,700 in 2024, exceeding the minimum $250 required by SEC Rule 15c3-1 by $8,450 and $10,450 respectively .
• DTCC Membership Requirements: Public Ventures is committed to maintaining at least $5,000 of net capital in excess of the $250 minimum .

MDB Minnesota One Milestones

• Development Milestones: M1 is required to make payments to Mayo for achieving certain development milestones, including $250 for Phase II clinical trial initiation, $1,500 for Phase III clinical trial initiation, $2,000 for FDA New Drug Application (NDA) acceptance, and $5,000 for NDA approval, for the first instance of a licensed product . As of December 31, 2025, these development milestones have not been met .

Outlook / Guidance

• MDB Capital Holdings, LLC anticipates that its partner companies will not generate revenues or positive cash flow while owned and developing their businesses, retaining any cash for their own development . The Company expects to rely on cash on hand, dividends from Public Ventures and PatentVest, and capital raising activities to fund overall operations and partner companies . MDB Capital Holdings, LLC is monitoring external risks like inflation, supply chain issues, and a potential recession, and will adjust business and financing plans as more information becomes available .