Blackboxstocks (BLBX) Q4 2025 earnings summary

Executive summary

• Entered into a Merger Agreement with REalloys Inc., with REalloys shareholders to own 92.7% of the combined entity post-closing, and existing shareholders retaining 7.3%.

• The Merger is subject to customary closing conditions, including regulatory and shareholder approvals, and is expected to result in a name change to REalloys Inc.

• The company operates a SaaS platform for stock and options analytics, with a subscription-based revenue model and a growing educational offering.

• The company continues to face going concern risks due to recurring losses and negative cash flows, but expects improved capital access post-merger.

Financial highlights

• Revenue for 2025 was $2.43 million, down 5.3% from $2.57 million in 2024, primarily due to lower subscriptions.

• Gross margin improved to 48.0% in 2025 from 44.0% in 2024, driven by lower data feed costs.

• Operating expenses increased 17% to $5.19 million in 2025, mainly due to higher stock-based compensation and professional fees related to the merger.

• Net loss widened to $4.43 million in 2025 from $3.47 million in 2024.

• Cash at year-end 2025 was $39,158, with negative operating cash flow of $3.16 million.

Outlook and guidance

• Management expects the merger with REalloys to provide greater access to capital and support future growth.

• New product launches and expanded educational offerings are anticipated to diversify revenue streams.

• The company plans to target both retail and professional traders, with new enterprise products and broader marketing.