10-Q · April 10, 2026
GDC reported no revenue and a net loss of $164,065,993 for the three months ended March 31, 2026, driven almost entirely by an unrealized fair value loss of $162,483,197 on digital assets. Cash fell sharply to $16,805…
Earnings analysis · 10-Q
GDC earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Q2 2026 showed a reported revenue rebound to $74.829 million and diluted EPS of $0.08, compared with no reported revenue and a $6.325 diluted loss in Q1 2026 in the supplied history. However, margin, cash-flow,…
Read full summary
Q2 2026 showed a reported revenue rebound to $74.829 million and diluted EPS of $0.08, compared with no reported revenue and a $6.325 diluted loss in Q1 2026 in the supplied history. However, margin, cash-flow, balance-sheet, and segment data were not included in the provided filing excerpt, limiting assessment of earnings quality. The company’s approximately $451 million Bitcoin holdings create substantial market-risk exposure, and management reported ineffective disclosure controls. The filing stated that there were no material changes to the risk factors from the December 31, 2025 Form 10-K and provided no quantitative guidance.
Reported figures
- Earnings per share
- $0.08
What stood out
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Revenue returned in Q2
Reported revenue was $74.829 million for Q2 2026, versus no revenue reported in the prior analysis for Q2 2025. Gross margin and operating margin were not disclosed in the provided filing text.
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EPS turned positive
Diluted EPS was $0.08 in Q2 2026, improving from a diluted loss of $6.325 in Q1 2026 and a diluted loss of $0.25 in Q2 2025, based on the supplied quarterly history.
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Large Bitcoin holdings
The company held Bitcoin with a fair value of approximately $451 million as of June 30, 2026, creating meaningful exposure to digital-asset price movements.
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Control weakness disclosed
Management disclosed that disclosure controls and procedures were not effective as of June 30, 2026, while also stating that there were no changes to internal control over financial reporting during the quarter that materially affected, or were reasonably likely to materially affect, those controls.
What to watch
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Bitcoin price volatility
A hypothetical 10% decline in Bitcoin prices as of June 30, 2026 would have reduced the carrying value of the company’s Bitcoin holdings by approximately $45 million and had a corresponding impact on results of operations.
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Digital-asset concentration
Bitcoin holdings had a fair value of approximately $451 million as of June 30, 2026; a significant decline in Bitcoin prices could materially adversely affect financial condition and results of operations.
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Ineffective disclosure controls
The company stated that its disclosure controls and procedures were not effective as of the end of the period covered by the report, increasing financial reporting and compliance risk.
Management's outlook
No quantitative revenue or EPS guidance was provided in the filing excerpt; no change to prior outlook was disclosed.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.