10-K · April 27, 2026
The Amendment to the Form 10-K (Transition Period ended December 31, 2025) supplements Part III corporate governance disclosures but does not change financial statements. Management is positioning USBC around…
Earnings analysis · 10-Q
USBC earnings analysis
Filed May 13, 2026 · Our reading of the company's report
The latest report
USBC, Inc. continues to report a challenging financial position in its Q1 2026 10-Q. With a net loss of $25.6 million, significantly up from -$3.6 million in the prior year, the firm faces increased operational and…
Read full summary
USBC, Inc. continues to report a challenging financial position in its Q1 2026 10-Q. With a net loss of $25.6 million, significantly up from -$3.6 million in the prior year, the firm faces increased operational and development costs, particularly related to its tokenized deposit program. Operating revenue remains nonexistent, reflecting ongoing development phases. Cash and cash equivalents totaled $2 million, indicating persistent liquidity concerns.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
What stood out
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Increased Net Loss
USBC reported a net loss of $25,554,000 for Q1 2026, up from a net loss of $3,578,000 in Q1 2025.
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Zero Revenue Generation
The company did not generate any revenue in Q1 2026, consistent with the same lack of revenue in Q1 2025.
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R&D Expense Decrease
R&D expenses declined to $218,000 in Q1 2026 from $418,000 in the same quarter last year.
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Significant SG&A Increase
SG&A expenses surged to $11,449,000 in Q1 2026, a rise of $9,660,000 compared to $1,789,000 in Q1 2025.
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Tokenized Deposit Program Focus
The increase in operational expenses is largely driven by investment in developing the USBC tokenized deposit program.
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Operational Cash Outflow
Net cash used in operating activities was $7,057,591, primarily due to the net loss for the quarter.
What to watch
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High Dependence on Additional Financing
The company indicated a significant need for liquidity sources, noting recurring losses and an accumulated deficit of $216.1 million as of March 31, 2026.
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Digital Asset Volatility Impact
The company reported a $20 million decline in the fair value of digital assets, which is subject to market fluctuations.
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Regulatory Integration Challenges
Future results will depend on the technical and regulatory integration with partner banks and financial technology providers.
Management's outlook
Management continues to foresee a challenging environment with expected ongoing losses as they develop the tokenized deposit program.
Earlier filings 4
10-K · March 25, 2026
USBC (f/k/a Know Labs) has pivoted to a fintech strategy centered on a USBC tokenized-deposit platform and a Bitcoin treasury. The filing documents partner agreements with Uphold and Vast Bank, initiation of an internal…
10-K · December 19, 2025
USBC, Inc. continues its strategic pivot to develop a fintech platform focusing on a tokenized deposit offering leveraging blockchain technology, with a successful $125 million private placement and partnerships with…
10-Q · August 14, 2024
Know Labs reported no revenue and remains pre-revenue. For the quarter ended June 30, 2024 the company recorded a net loss of $4.10M (quarter) and loss per share of $(0.05), with cash declining to $2.13M as of June 30,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.