COIN 10-Q report for 2025-09-30

COIN is the Class A common equity of Coinbase Global, Inc., a Financial Services company in the Financial Data & Stock Exchanges industry.

COIN 10-Q report for 2025-09-30 coin-20250930 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from     to     . Commission file number 001-40289 Coinbase Global, Inc. (Exact name of registrant as specified in its charter) Delaware 46-4707224 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) One Madison Avenue Suite 2400 New York , NY 10010 (Address of Principal Executive Offices) 1 (Zip Code) 1 Not Applicable Registrant's telephone number, including area code 1 Not Applicable (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A common stock, $0.00001 par value per share COIN The Nasdaq Stock Market LLC Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.     Yes ☒    No    ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).      Yes ☒    No    ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer  ☒ Accelerated filer  ☐ Non-accelerated filer    ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).     Yes    ☐      No   ☒ As of October 23, 2025, the number of shares of the registrant's Class A common stock outstanding was 228,162,467 and the number of shares of the registrant's Class B common stock outstanding was 41,481,347 . 1 We are a remote-first company. Accordingly, we do not maintain a headquarters. We are including this address solely for the purpose of satisfying the Securities and Exchange Commission’s request. Stockholder communications may also be sent to the email address: secretary@coinbase.com. TABLE OF CONTENTS Page Part I - Financial Information Item 1. Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income 7 Condensed Consolidated Statements of Changes in Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Condensed Consolidated Financial Statements 11 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3. Quantitative and Qualitative Disclosures About Market Risk 46 Item 4. Controls and Procedures 47 Part II - Other Information Item 1. Legal Proceedings 48 Item 1A. Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 111 Item 3. Defaults Upon Senior Securities 111 Item 4. Mine Safety Disclosures 111 Item 5. Other Information 111 Item 6. Exhibits 114 Signatures 115 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: • our future financial perfo Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3. Quantitative and Qualitative Disclosures About Market Risk 46 Item 4. Controls and Procedures 47 Part II - Other Information Item 1. Legal Proceedings 48 Item 1A. Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 111 Item 3. Defaults Upon Senior Securities 111 Item 4. Mine Safety Disclosures 111 Item 5. Other Information 111 Item 6. Exhibits 114 Signatures 115 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: • our future financial performance, including our expectations regarding our net revenue, operating expenses, and our ability to achieve and maintain future profitability; • our business plan and our ability to effectively manage any growth; • anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalization of crypto assets and in the markets in which we operate; • market acceptance of our products and services; • beliefs and objectives for future operations; • our ability to maintain, expand, and further penetrate our existing customer base; • our ability to develop new products and services and grow our business in response to changing technologies, customer demand, and competitive pressures; • our expectations concerning relationships with third parties; • our ability to maintain, protect, and enhance our intellectual property; • our ability to continue to expand internationally; • the effects of increased competition in our markets and our ability to compete effectively; • future acquisitions of or investments in complementary companies, products, services, or technologies and our ability to successfully integrate such companies or assets; • our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally given the highly evolving and uncertain regulatory landscape; • general macroeconomic conditions, including interest rates, inflation, changes in tariffs and trade restrictions, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns; • economic and industry trends, projected growth, or trend analysis; • trends in revenue; • trends in operating expenses, including technology and development expenses, sales and marketing expenses, and general and administrative expenses, as well as certain variable expenses, and expectations regarding these expenses as a percentage of revenue; • our key business metrics used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions; • the expected benefits and impacts of our acquisition of Sentillia B.V.; • our plans with respect to the Repurchase Program; and • other statements regarding our future operations, financial condition, and prospects and business strategies. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. 2 Table of Contents You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “ Risk Factors ” in Part II, Item 1A of this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in such forward-looking statements. Neither we nor any other person assume responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint ventures, partnerships, or investments we may make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. RISK FACTORS SUMMARY Consistent with the foregoing, our business is subject to a number of risks and uncertainties, including those risks discussed at length below. These risks include, among others, the following, which we consider our most material risks: • Our operating results have and will significantly fluctuate, including due to the highly volatile nature of crypto; • Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform. If such price or volume declines, our business, operating results, and financial condition would be adversely affected and the price of our Class A common stock could decline; • Our net revenue may be concentrated in a limited number of areas. Within transaction revenue and subscription and services revenue, a meaningful concentration is from transactions in Bitcoin and Ethereum and stablecoin revenue in connection with USDC, respectively. If revenue from these areas declines and is not replaced by new demand for crypto assets or other products and services, our business, operating results, and financial condition could be adversely affected; • We have in the past, and may in the future, enter into partnerships, collaborations, joint ventures, or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties fail to deliver certain operational services, our business, operating results, and financial condition could be adversely affected; • Interest rate fluctuations could negatively impact us; 3 Table of Contents • Adverse economic conditions could adversely affect our business; • The future development and growth of crypto is subject to a variety of factors that are difficult to predict and evaluate. If crypto does not grow as we expect, our business, operating results, and financial condition could be adversely affected; • Cyberattacks and security breaches of our platform, or those impacting our customers or third parties, could adversely affect our brand, reputation, business, operating results, and financial condition; • We are subject to an extensive, highly-evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our brand, reputation, business, operating results, and financial condition; • We operate in a highly competitive industry and we compete against unregulated or less regulated companies and companies with greater financial and other resources, and our business, operating results, and financial condition could be adversely affected if we are unable to compete effectively; • We compete against a growing number of decentralized and noncustodial platforms and our business, operating results, and financial condition could be adversely affected if we fail to compete effectively; • As we continue to expand and localize our international activities, our obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions will increase and we may be subject to inquiries, investigations, and enforcement actions by U.S. and non-U.S. regulators and governmental authorities, including those related to sanctions, export control, and anti-money laundering; • We are, and may continue to be, subject to litigation, including individual and class action lawsuits, as well as investigations and enforcement actions by regulators and governmental authorities. These matters are often expensive and time consuming, and, if resolved adversely, could adversely affect our business, operating results, and financial condition; • If we cannot keep pace with rapid industry changes to provide new and innovative products and services, the use of our products and services, and consequently our net revenue, could decline, which could adversely affect our business, operating results, and financial condition; • A particular crypto asset, product or service’s status as a “security” in any relevant jurisdiction is subject to a high degree of uncertainty and if we are unable to properly characterize a crypto asset or product offering, we may be subject to regulatory scrutiny, inquiries, investigations, fines, and other penalties, which could adversely affect our business, operating results, and financial condition; • We currently rely on third-party service providers for certain aspects of our operations, and any interruptions in services provided by these third parties may impair our ability to support our customers; • Loss of a critical financial institution or insurance relationship could adversely affect our business, operating results, and financial condition; • Any significant disruption in our products and services, in our information technology systems, or in any of the blockchain networks we support, could result in a loss of customers or funds and adversely affect our brand, reputation, business, operating results, and financial condition; • Our failure to securely store and manage our and our customers’ fiat currencies and crypto assets could adversely affect our business, operating results, and financial condition; and • The theft, loss, or destruction of private keys required to access any crypto assets held in custody for our own account or for our customers may be irreversible. If we are unable to access our private keys or if we experience a hack or other data loss relating to our ability to access any crypto assets, it could cause regulatory scrutiny, reputational harm, and other losses. 4 Table of Contents PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Coinbase Global, Inc. Condensed Consolidated Balance Sheets (In thousands, except per share data) (unaudited) September 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 8,676,275 $ 8,543,903 Restricted cash and cash equivalents 78,867 38,519 USDC 3,696,441 1,241,808 Customer custodial funds 5,672,037 6,158,949 Crypto assets held for operations 161,145 82,781 Loan receivables 859,056 475,370 Crypto assets held as collateral 1,017,382 767,484 Crypto assets borrowed 346,008 261,052 Accounts receivable, net 308,423 265,251 Marketable investments 1,093,395 — Other current assets 184,160 277,536 Total current assets 22,093,189 18,112,653 Crypto assets held for investment 2,597,277 1,552,995 Strategic investments 401,728 374,161 Deferred tax assets 324,096 941,298 Goodwill 4,004,112 1,139,670 Intangible assets, net 1,417,823 46,804 Other non-current assets 513,142 374,370 Total assets $ 31,351,367 $ 22,541,951 Liabilities and Stockholders’ Equity Current liabilities: Customer custodial fund liabilities $ 5,672,037 $ 6,158,949 Current portion of long-term debt 1,268,081 — Crypto asset borrowings 386,823 300,110 Obligation to return collateral 1,026,945 792,125 Accrued expenses and other current liabilities 835,468 690,136 Total current liabilities 9,189,354 7,941,320 Long-term debt 5,933,447 4,234,081 Other non-current liabilities 205,342 89,708 Total liabilities 15,328,143 12,265,109 Co Item 1A. Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 111 Item 3. Defaults Upon Senior Securities 111 Item 4. Mine Safety Disclosures 111 Item 5. Other Information 111 Item 6. Exhibits 114 Signatures 115 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: • our future financial performance, including our expectations regarding our net revenue, operating expenses, and our ability to achieve and maintain future profitability; • our business plan and our ability to effectively manage any growth; • anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalization of crypto assets and in the markets in which we operate; • market acceptance of our products and services; • beliefs and objectives for future operations; • our ability to maintain, expand, and further penetrate our existing customer base; • our ability to develop new products and services and grow our business in response to changing technologies, customer demand, and competitive pressures; • our expectations concerning relationships with third parties; • our ability to maintain, protect, and enhance our intellectual property; • our ability to continue to expand internationally; • the effects of increased competition in our markets and our ability to compete effectively; • future acquisitions of or investments in complementary companies, products, services, or technologies and our ability to successfully integrate such companies or assets; • our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally given the highly evolving and uncertain regulatory landscape; • general macroeconomic conditions, including interest rates, inflation, changes in tariffs and trade restrictions, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns; • economic and industry trends, projected growth, or trend analysis; • trends in revenue; • trends in operating expenses, including technology and development expenses, sales and marketing expenses, and general and administrative expenses, as well as certain variable expenses, and expectations regarding these expenses as a percentage of revenue; • our key business metrics used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions; • the expected benefits and impacts of our acquisition of Sentillia B.V.; • our plans with respect to the Repurchase Program; and • other statements regarding our future operations, financial condition, and prospects and business strategies. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. 2 Table of Contents You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “ Risk Factors ” in Part II, Item 1A of this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements will be achieved or occur, and actual results, events, or circumstances could differ materially from those described in such forward-looking statements. Neither we nor any other person assume responsibility for the accuracy and completeness of any of these forward-looking statements. Moreover, the forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, restructurings, joint ventures, partnerships, or investments we may make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements. RISK FACTORS SUMMARY Consistent with the foregoing, our business is subject to a number of risks and uncertainties, including those risks discussed at length below. These risks include, among others, the following, which we consider our most material risks: • Our operating results have and will significantly fluctuate, including due to the highly volatile nature of crypto; • Our total revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform. If such price or volume declines, our business, operating results, and financial condition would be adversely affected and the price of our Class A common stock could decline; • Our net revenue may be concentrated in a limited number of areas. Within transaction revenue and subscription and services revenue, a meaningful concentration is from transactions in Bitcoin and Ethereum and stablecoin revenue in connection with USDC, respectively. If revenue from these areas declines and is not replaced by new demand for crypto assets or other products and services, our business, operating results, and financial condition could be adversely affected; • We have in the past, and may in the future, enter into partnerships, collaborations, joint ventures, or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties f Results of Operations 32 Item 3. Quantitative and Qualitative Disclosures About Market Risk 46 Item 4. Controls and Procedures 47 Part II - Other Information Item 1. Legal Proceedings 48 Item 1A. Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 111 Item 3. Defaults Upon Senior Securities 111 Item 4. Mine Safety Disclosures 111 Item 5. Other Information 111 Item 6. Exhibits 114 Signatures 115 1 Table of Contents SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: • our future financial performance, including our expectations regarding our net revenue, operating expenses, and our ability to achieve and maintain future profitability; • our business plan and our ability to effectively manage any growth; • anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalization of crypto assets and in the markets in which we operate; • market acceptance of our products and services; • beliefs and objectives for future operations; • our ability to maintain, expand, and further penetrate our existing customer base; • our ability to develop new products and services and grow our business in response to changing technologies, customer demand, and competitive pressures; • our expectations concerning relationships with third parties; • our ability to maintain, protect, and enhance our intellectual property; • our ability to continue to expand internationally; • the effects of increased competition in our markets and our ability to compete effectively; • future acquisitions of or investments in complementary companies, products, services, or technologies and our ability to successfully integrate such companies or assets; • our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally given the highly evolving and uncertain regulatory landscape; • general macroeconomic conditions, including interest rates, inflation, changes in tariffs and trade restrictions, instability in the global banking system, economic downturns, and other global events, including regional wars and conflicts and government shutdowns; • economic and industry trends, projected growth, or trend analysis; • trends in revenue; • trends in operating expenses, including technology and development expenses, sales and marketing expenses, and general and administrative expenses, as well as certain variable expenses, and expectations regarding these expenses as a percentage of revenue; • our key business metrics used to evaluate our business, measure our performance, identify trends affecting our business, and make strategic decisions; • the expected benefits and impacts of our acquisition of Sentillia B.V.; • our plans with respect to the Repurchase Program; and • other statements regarding our future operations, financial condition, and prospects and business strategies. We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. 2 Table of Contents You should not rely upon forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors, including those described in the section titled “ Risk Factors ” in Part II, Item 1A of this Quarterly Report on Form 10-Q and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time and it is not possible for us to predict all risks and uncertainties that could have an impact on any forward-looking statements contained in this Quarterly Report on Form 10-Q. We cannot assure you that the results, events, and circumstances reflected in the forward-looking statements wil

This excerpt is only the cover page/header of Sleep Number’s Form 10-Q for the quarter ended April 4, 2026. It contains filing metadata (issuer, ticker, exchange, address) but no financial statements, MD&A, guidance, risks, or operational commentary. As a result, it is not directly actionable for trading beyond confirming the filing exists.

The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

The provided excerpt is only the boilerplate cover/filing-status section of Teucrium Commodity Trust’s Form 10‑Q for period ended 2026‑03‑31, with no portfolio holdings, performance, risk, or material updates included. As-is, it contains no actionable investment information beyond confirming the existence of the filing and the issuer/ticker identity (WEAT).

The provided text is only the cover/header portion of Archer Aviation’s Form 10‑Q for the quarter ended 2026‑03‑31 (issuer identity, exchange listing, and securities outstanding). It contains no operating/financial results, guidance, liquidity details, backlog, or risk-factor updates—so it is minimally actionable for trading beyond basic security identifiers and a generic dilution/optionality consideration from warrants.

This excerpt is essentially the cover page of CleanSpark, Inc.’s Form 10-Q for the quarter ended March 31, 2026. It contains identifiers (CIK/file no.), listing venue, and security descriptions (common stock and redeemable warrants with specific exercise terms), but no operating/financial results, guidance, risks, or MD&A detail. Actionability is therefore limited to capital-structure/dilution considerations around the listed warrant.

This excerpt of AST SpaceMobile’s 10‑Q is largely SEC cover-page/boilerplate (registrant info, exchange listing, filing compliance) and contains no financial results, guidance, liquidity, risk-factor updates, or operating metrics. As provided, it does not create a clear tradable catalyst beyond confirming continued reporting/listing status.

This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.

The provided text is only the cover/header portion of AbCellera Biologics Inc.’s Form 10‑Q for the quarter ended March 31, 2026 (identifying info, exchange listing, filing status). It contains no financial statements, guidance, risk updates, material events, MD&A, cash runway, pipeline/program updates, or disclosures that would support a differentiated trading view.