Marblegate Capital Corporation Financials
This page shows Marblegate Capital Corporation (MGTE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Marblegate’s recent results look less like a sales engine and more like a capital-heavy balance-sheet business needing outside funding.
Although revenue expanded in the latest year, cash conversion weakened sharply: operating cash flow fell from$10.3M to$1.2M , so a larger top line did not create more self-funding capacity. The headline loss overstates the operating deterioration because net income was dominated by a$54.1M tax expense while operating income still remained positive at$809K .
This is a balance-sheet intensive model rather than a typical sales-led one: the company supported
The latest year also shows a less conservative funding posture: cash declined, the current ratio eased to 2.0x from 3.7x, and long-term debt appeared where there had been none. At the same time, cash earnings and accounting earnings diverged, with free cash flow still positive at
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Marblegate Capital Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Marblegate Capital Corporation has an operating margin of 1.7%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 49/100, indicating healthy but not exceptional operating efficiency. This is down from 29.0% the prior year.
Marblegate Capital Corporation's revenue surged 131.1% year-over-year to $48.5M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Marblegate Capital Corporation carries a low D/E ratio of 0.08, meaning only $0.08 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Marblegate Capital Corporation's current ratio of 1.96 indicates adequate short-term liquidity, earning a score of 35/100. The company can meet its near-term obligations, though with limited headroom.
Marblegate Capital Corporation converts 1.9% of revenue into free cash flow ($922K). This strong cash generation earns a score of 74/100.
Marblegate Capital Corporation generates a -9.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from 1.4% the prior year.
Marblegate Capital Corporation scores 1.11, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($119.0M) relative to total liabilities ($116.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Marblegate Capital Corporation passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Marblegate Capital Corporation generates $-0.03 in operating cash flow ($1.2M OCF vs -$44.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Marblegate Capital Corporation earns $80.9 in operating income for every $1 of interest expense ($809K vs $10K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Marblegate Capital Corporation generated $48.5M in revenue in fiscal year 2025. This represents an increase of 131.1% from the prior year.
Marblegate Capital Corporation's EBITDA was $4.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 48.0% from the prior year.
Marblegate Capital Corporation reported -$44.9M in net income in fiscal year 2025. This represents a decrease of 580.5% from the prior year.
Marblegate Capital Corporation earned $-0.63 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 520.0% from the prior year.
Cash & Balance Sheet
Marblegate Capital Corporation generated $922K in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 91.0% from the prior year.
Marblegate Capital Corporation held $25.3M in cash against $37.2M in long-term debt as of fiscal year 2025.
Marblegate Capital Corporation had 74M shares outstanding in fiscal year 2025. This represents an increase of 17.4% from the prior year.
Margins & Returns
Marblegate Capital Corporation's operating margin was 1.7% in fiscal year 2025, reflecting core business profitability. This is down 27.3 percentage points from the prior year.
Marblegate Capital Corporation's net profit margin was -92.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 137.2 percentage points from the prior year.
Marblegate Capital Corporation's ROE was -9.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 10.6 percentage points from the prior year.
Capital Allocation
Marblegate Capital Corporation invested $247K in capex in fiscal year 2025, funding long-term assets and infrastructure.
MGTE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $12.0M-32.6% | $17.8M | N/A | N/A | $5.4M+5.9% | $5.1M | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | $5.6M+3.3% | $5.5M+5858.4% | $92K | N/A | $142K+43.4% | $99K | $0 |
| Operating Income | N/A | -$1.2M-134.9% | $3.6M+3981.3% | -$92K | N/A | $1.8M+53.9% | $1.2M | $0 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $1.7M-96.6% | $49.3M | N/A | N/A | $0 | $0 | N/A |
| Net Income | N/A | -$1.7M+96.4% | -$48.0M-52282.1% | -$92K | N/A | $9.0M+254.9% | $2.5M | $0 |
| EPS (Diluted) | N/A | $-0.02+96.9% | $-0.65 | $0.00 | N/A | $0.14+250.0% | $0.04 | $0.00 |
MGTE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $713.0M+7.5% | $663.5M+0.5% | $660.1M | $0-100.0% | $673.0M | N/A | N/A | N/A |
| Current Assets | $37.2M+72.5% | $21.6M-7.5% | $23.3M | N/A | $36.6M | N/A | N/A | N/A |
| Cash & Equivalents | $25.3M+139.5% | $10.6M-20.3% | $13.3M | $0-100.0% | $35.2M-11.1% | $39.6M+31.8% | $30.0M | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $116.8M+61.3% | $72.4M+7.0% | $67.6M+44057.3% | $153K-99.0% | $14.6M | N/A | N/A | N/A |
| Current Liabilities | $19.0M+21.7% | $15.6M+23.0% | $12.7M | N/A | $9.9M | N/A | N/A | N/A |
| Long-Term Debt | $37.2M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Total Equity | $491.9M+1.8% | $483.4M-0.4% | $485.2M+316911.3% | -$153K-100.0% | $658.4M-1.7% | $670.1M+1.4% | $661.1M+3844160.0% | -$17K |
| Retained Earnings | $204.1M+4.3% | $195.6M-0.9% | $197.4M+128984.5% | -$153K-100.1% | $249.1M | N/A | N/A | N/A |
MGTE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.3M+34.1% | $1.7M+160.1% | -$2.9M | $0-100.0% | $400K-88.6% | $3.5M-45.1% | $6.4M | $0 |
| Capital Expenditures | -$20.5M-413.6% | $6.5M | N/A | N/A | -$335K-200.0% | $335K | N/A | N/A |
| Free Cash Flow | -$18.2M-278.1% | -$4.8M | N/A | N/A | $65K-97.9% | $3.2M | N/A | N/A |
| Investing Cash Flow | -$24.3M-453.7% | -$4.4M | N/A | N/A | $2.7M-55.0% | $6.0M | N/A | N/A |
| Financing Cash Flow | $37.3M+143507.7% | -$26K | N/A | N/A | -$7.5M | $0 | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MGTE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -10.4%-30.4pp | 20.0% | N/A | N/A | 34.0%+10.6pp | 23.4% | N/A |
| Net Margin | N/A | -14.5%+255.8pp | -270.3% | N/A | N/A | 165.8%+116.3pp | 49.5% | N/A |
| Return on Equity | N/A | -0.4%+9.5pp | -9.9% | N/A | N/A | 1.4%+1.0pp | 0.4% | N/A |
| Return on Assets | N/A | -0.3%+7.0pp | -7.3% | N/A | N/A | N/A | N/A | N/A |
| Current Ratio | 1.96+0.6 | 1.38-0.5 | 1.83 | N/A | 3.72 | N/A | N/A | N/A |
| Debt-to-Equity | 0.08-0.1 | 0.15+0.0 | 0.14+1.1 | -1.00-1.0 | 0.00 | N/A | N/A | N/A |
| FCF Margin | N/A | -40.2% | N/A | N/A | N/A | 58.1% | N/A | N/A |
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Frequently Asked Questions
What is Marblegate Capital Corporation's annual revenue?
Marblegate Capital Corporation (MGTE) reported $48.5M in total revenue for fiscal year 2025. This represents a 131.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Marblegate Capital Corporation's revenue growing?
Marblegate Capital Corporation (MGTE) revenue grew by 131.1% year-over-year, from $21.0M to $48.5M in fiscal year 2025.
Is Marblegate Capital Corporation profitable?
No, Marblegate Capital Corporation (MGTE) reported a net income of -$44.9M in fiscal year 2025, with a net profit margin of -92.6%.
What is Marblegate Capital Corporation's EBITDA?
Marblegate Capital Corporation (MGTE) had EBITDA of $4.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Marblegate Capital Corporation have?
As of fiscal year 2025, Marblegate Capital Corporation (MGTE) had $25.3M in cash and equivalents against $37.2M in long-term debt.
What is Marblegate Capital Corporation's operating margin?
Marblegate Capital Corporation (MGTE) had an operating margin of 1.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Marblegate Capital Corporation's net profit margin?
Marblegate Capital Corporation (MGTE) had a net profit margin of -92.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Marblegate Capital Corporation's return on equity (ROE)?
Marblegate Capital Corporation (MGTE) has a return on equity of -9.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Marblegate Capital Corporation's free cash flow?
Marblegate Capital Corporation (MGTE) generated $922K in free cash flow during fiscal year 2025. This represents a -91.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Marblegate Capital Corporation's operating cash flow?
Marblegate Capital Corporation (MGTE) generated $1.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Marblegate Capital Corporation's total assets?
Marblegate Capital Corporation (MGTE) had $713.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Marblegate Capital Corporation's capital expenditures?
Marblegate Capital Corporation (MGTE) invested $247K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Marblegate Capital Corporation's current ratio?
Marblegate Capital Corporation (MGTE) had a current ratio of 1.96 as of fiscal year 2025, which is generally considered healthy.
What is Marblegate Capital Corporation's debt-to-equity ratio?
Marblegate Capital Corporation (MGTE) had a debt-to-equity ratio of 0.08 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Marblegate Capital Corporation's return on assets (ROA)?
Marblegate Capital Corporation (MGTE) had a return on assets of -6.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Marblegate Capital Corporation's Altman Z-Score?
Marblegate Capital Corporation (MGTE) has an Altman Z-Score of 1.11, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Marblegate Capital Corporation's Piotroski F-Score?
Marblegate Capital Corporation (MGTE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Marblegate Capital Corporation's earnings high quality?
Marblegate Capital Corporation (MGTE) has an earnings quality ratio of -0.03x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Marblegate Capital Corporation cover its interest payments?
Marblegate Capital Corporation (MGTE) has an interest coverage ratio of 80.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Marblegate Capital Corporation?
Marblegate Capital Corporation (MGTE) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.