Blackboxstocks (BLBX) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was $696,995, up 7.6% year-over-year, driven by educational class revenue, but nine-month revenue declined 9% to $1,802,856 due to fewer subscribers and lower average revenue per subscriber.

• Net loss for Q3 2025 was $720,607, an improvement from $780,833 in Q3 2024; nine-month net loss increased to $2,819,009 from $2,522,487 year-over-year.

• Operating expenses for Q3 2025 decreased 25.3% year-over-year, mainly due to lower professional fees, stock-based compensation, and reduced advertising as new pricing tiers were introduced.

• The company continues to operate at a loss and faces substantial doubt about its ability to continue as a going concern without additional financing or successful completion of a planned merger.

Financial highlights

• Gross margin for Q3 2025 was 53.7%, down from 54.7% in Q3 2024; nine-month gross margin was 43.6%, down from 49.2% year-over-year.

• EBITDA for Q3 2025 was $(210,575), an improvement from $(649,893) in Q3 2024; nine-month EBITDA was $(1,933,739), better than $(2,137,973) in the prior year.

• Cash at September 30, 2025 was $93,186, up from $17,036 at December 31, 2024.

• Net cash used in operations for the nine months ended September 30, 2025 was $2,649,753.

Outlook and guidance

• The company is pursuing a merger with REalloys, which is expected to provide $5 million in capital upon completion, but there is no assurance the merger or related financing will be completed.

• Additional capital may be needed to fund operations if the merger is not completed.