CapForce (OPGN) Q4 2025 earnings summary

Executive summary

• Completed strategic repositioning from precision medicine to financial technology and capital markets advisory, including the acquisition of iCapX and launch of digital investment banking services.

• Achieved $30.2 million in revenue for 2025, driven by listing sponsorship services, with legacy product and lab service revenues discontinued.

• Net income for 2025 was $23.6 million, a significant increase from $12.0 million in 2024, reflecting the new business model and one-time gains in 2024.

• Operations are now focused on Asia, with a single major client accounting for all 2025 revenue.

Financial highlights

• Revenue increased to $30.2 million in 2025 from $5.2 million in 2024, primarily from listing sponsorship services.

• Operating expenses rose to $6.2 million in 2025 from $4.9 million in 2024, mainly due to increased service costs and technology investments.

• Net income for 2025 was $23.6 million, with EPS of $2.33 (basic) and $2.32 (diluted).

• Cash and cash equivalents at year-end 2025 were $0.5 million, with $6.5 million in additional equity financing available.

• Investment in equity securities valued at $35.0 million as of December 31, 2025, received as consideration for services.

Outlook and guidance

• Near-term funding expected primarily through financing from AEI Capital Ltd. until operations are self-sustaining.

• Focus on expanding client base beyond the current single client and launching additional fintech services.

• Anticipates continued growth in Asia-Pacific capital markets and digital investment banking demand.