The company faces severe operational strain, evidenced by a negative operating margin of 70.9% in 2025Q4 and a net loss of $371.4M.
| Sales/Revenue | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 3.18M | 2.66M | 1.05M | 72.14K | 309.58K | 127.64K |
| Gross Margin % | 73.77% | 92.29% | 91.21% | 44.42% | 73.68% | 63.87% |
| Gross Profit Growth % | 19.29% | 154.51% | 1350.87% | -76.7% | 142.54% | - |
| Operating Expenses | 293.75M | 8.22M | 6.42M | 1.3M | 316.67K | 136.28K |
| OpEx % of Revenue | 6820.25% | 284.8% | 559.29% | 799.76% | 75.37% | 68.2% |
| Selling, General & Admin | 293.75M | 6.97M | 4.5M | 1.19M | 242.98K | 135.99K |
| SG&A % of Revenue | 6820.25% | 241.5% | 391.88% | 731.29% | 57.83% | 68.05% |
| Research & Development | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | - | - | - | - | - | - |
| Operating Income | -290.57M | -5.56M | -5.37M | -1.23M | -7.09K | -8.64K |
| Operating Margin % | -6746.48% | -192.51% | -468.08% | -755.35% | -1.69% | -4.32% |
| Operating Income Growth % | -5129.85% | -3.44% | -337.84% | -17202.34% | 17.96% | - |
| EBITDA | -289.44M | -4.94M | -5.07M | -1.13M | 61.79K | -5.81K |
| EBITDA Margin % | -6720.25% | -171% | -442.16% | -696.04% | 14.71% | -2.91% |
| EBITDA Growth % | -5764.78% | 2.73% | -348.84% | -1929.43% | 1162.8% | - |
| D&A (Non-Cash Add-back) | 1.13M | 620.76K | 297.38K | 96.31K | 68.88K | 2.83K |
| EBIT | -290.57M | -5.02M | -4.87M | -1.22M | -55.03K | 11K |
| Net Interest Income | -219.96K | -72.61K | -3.91K | -4.99K | -2.69K | -1.01K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 219.96K | 72.61K | 3.91K | 4.99K | 2.69K | 1.01K |
| Other Income/Expense | - | - | - | - | - | - |
| Pretax Income | -363.51M | -5.09M | -4.87M | -1.23M | -57.73K | 10K |
| Pretax Margin % | -8439.85% | -176.36% | -424.45% | -755.42% | -13.74% | 5% |
| Income Tax | -1.07M | -41.14K | 41.09K | 0 | 29.33K | 7.66K |
| Effective Tax Rate % | 0.29% | 0.81% | -0.84% | 0% | -50.81% | 76.66% |
| Net Income | -361.28M | -4.43M | -4.44M | -1.23M | -87.06K | 2.33K |
| Net Margin % | -8388.18% | -153.41% | -386.79% | -755.42% | -20.72% | 1.17% |
| Net Income Growth % | -8059.86% | 0.25% | -261.77% | -1309.27% | -3831.5% | - |
| Net Income (Continuing) | -362.44M | -5.05M | -4.91M | -1.23M | -87.06K | 2.33K |
| Discontinued Operations | -589.77K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -40.98K | -160.23K | 416.76K | 0 | 0 | 0 |
| EPS (Diluted) | -44.06 | -1.41 | -1.14 | -0.33 | -0.02 | 0.00 |
| EPS Growth % | -3024.82% | -23.68% | -245.45% | -1341.05% | - | - |
| EPS (Basic) | -44.06 | -1.41 | -1.14 | -0.33 | -0.02 | 0.00 |
| Diluted Shares Outstanding | 8.2M | 3.41M | 3.8M | 3.72M | 3.8M | 3.8M |
| Basic Shares Outstanding | 8.2M | 3.41M | 3.8M | 3.72M | 3.8M | 3.8M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Regulatory compliance cost burden
As reported in recent financial statements, Brera Holdings has experienced erratic top-line performance, with quarterly revenue fluctuating significantly between $29.1K and $4.2M, suggesting that the firm's growth trajectory remains highly sensitive to underlying digital asset price cycles rather than consistent, organic institutional adoption of its ETP products.
The lack of a clear, linear growth trend indicates that the firm's revenue base is currently tethered to market beta rather than a predictable fee-earning AUM model. Investors should monitor whether future periods demonstrate a decoupling from crypto-asset volatility, which would be necessary to validate the sustainability of their current business model.
Based on the company's reported figures, the firm maintains an exceptionally high fixed-cost structure, highlighted by a staggering $299.3M in SG&A expenses during 2025Q4, which dwarfs the $4.2M in revenue and suggests a significant misalignment between corporate infrastructure investment and current operational scale.
The disproportionate allocation toward administrative and regulatory overhead appears to be a structural hurdle that prevents the company from achieving operating profitability. This cost profile implies that the firm is currently prioritizing the maintenance of its Irish regulatory framework over immediate bottom-line efficiency, a strategy that warrants further investigation regarding its long-term viability.
According to the income statement data, Brera Holdings exhibits a negative operating margin of 70.9% as of 2025Q4, demonstrating that the company has yet to achieve the necessary scale to leverage its fixed regulatory and personnel costs against its current revenue-generating capacity.
The absence of positive operating leverage suggests that every incremental dollar of revenue is currently insufficient to cover the firm's substantial fixed operating base. Without a dramatic step-function increase in AUM, the company appears likely to continue reporting significant operating losses, as the current cost structure is not yet optimized for its existing revenue level.
While the firm's negative net margins of 88.9% in 2025Q4 present a clear risk, an alternative interpretation suggests that the market may be mispricing the intangible value of the company's Irish regulatory licenses, which could serve as a turnkey asset for larger institutional players seeking EU market entry.
Short-sellers would likely focus on the persistent cash burn and the potential for further dilution if the company requires additional capital to meet evolving MiCA compliance standards. However, the possibility remains that the firm's primary value proposition is not its current income statement performance, but rather its strategic positioning within the European regulatory landscape.
Quick answers to the most common questions about buying SLMT stock.
Brera Holdings PLC (SLMT) reported a net loss of $361.3M for the fiscal year ending 2025.
Brera Holdings PLC (SLMT) reported an operating income of $-290.6M, resulting in an operating profit margin of -6746.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Brera Holdings PLC (SLMT) generated $3.2M in gross profit for the year, representing a gross profit margin of 73.8%. This demonstrates the company's core pricing power and production efficiency.