[8-K] MicroStrategy Incorporated 8.00% Series A Perpetual Strike Preferred Stock Reports Material Event
PROS Holdings (NYSE: PRO) Q2 2025 Form 10-Q highlights
- Top-line growth: Total revenue rose 8% YoY to $88.7 million, driven by a 12% jump in subscription revenue to $73.3 million. Recurring revenue (subscription + maintenance) represented 86% of total sales.
- Margin expansion: Overall gross margin improved two points to 67%. Subscription gross margin reached 79% (up 1 ppt) due to cloud-infrastructure efficiency.
- Profitability trend: Net loss narrowed to $1.8 million (-$0.04 basic EPS) from $7.4 million (-$0.16). Operating loss was roughly flat at $7.6 million.
- Cash & liquidity: Cash and equivalents increased to $179.0 million from $162.0 million at year-end; operating cash flow turned positive at $4.4 million (vs. $1.8 million).
- Debt actions: Exchanged $186.9 million of 2.25% 2027 notes for new 2.5% 2030 notes and sold an additional $50 million of 2030 notes; recorded a $4.2 million extinguishment gain and purchased capped calls that effectively raise the conversion price to $30.34 per share.
- Balance sheet: Total assets $443.0 million; total liabilities $527.9 million; stockholders’ deficit widened to $84.9 million mainly from share-based compensation and capped-call premium.
- Retention & mix: Gross revenue retention remained above 93%; U.S. accounted for 36% of revenue, Europe 30%, Rest-of-World 34%.
Management cites continued macro uncertainty but notes improving subscription mix, higher gross margins and stronger cash generation as key progress toward profitability.
PROS Holdings (NYSE: PRO) evidenze del Form 10-Q del secondo trimestre 2025
- Crescita dei ricavi: Il fatturato totale è aumentato dell'8% su base annua, raggiungendo 88,7 milioni di dollari, grazie a un incremento del 12% dei ricavi da abbonamenti, saliti a 73,3 milioni di dollari. I ricavi ricorrenti (abbonamenti + manutenzione) hanno rappresentato l'86% delle vendite totali.
- Espansione dei margini: Il margine lordo complessivo è migliorato di due punti percentuali, arrivando al 67%. Il margine lordo degli abbonamenti ha raggiunto il 79% (in aumento di 1 punto percentuale) grazie all’efficienza dell’infrastruttura cloud.
- Tendenza di redditività: La perdita netta si è ridotta a 1,8 milioni di dollari (-0,04 dollari per azione base) rispetto a 7,4 milioni (-0,16). La perdita operativa è rimasta sostanzialmente stabile a 7,6 milioni di dollari.
- Liquidità: La liquidità e le disponibilità liquide sono aumentate a 179,0 milioni di dollari da 162,0 milioni a fine anno; il flusso di cassa operativo è diventato positivo a 4,4 milioni di dollari (rispetto a 1,8 milioni).
- Azioni sul debito: Sono stati scambiati 186,9 milioni di dollari di obbligazioni al 2,25% con scadenza 2027 per nuove obbligazioni al 2,5% con scadenza 2030 e sono stati venduti ulteriori 50 milioni di dollari di obbligazioni 2030; è stato registrato un guadagno di estinzione di 4,2 milioni e sono stati acquistati capped call che aumentano effettivamente il prezzo di conversione a 30,34 dollari per azione.
- Bilancio: Attività totali pari a 443,0 milioni di dollari; passività totali 527,9 milioni; il deficit patrimoniale netto si è ampliato a 84,9 milioni, principalmente a causa della compensazione basata su azioni e del premio per capped call.
- Retention e composizione: La retention dei ricavi lordi è rimasta sopra il 93%; gli Stati Uniti hanno rappresentato il 36% dei ricavi, l’Europa il 30% e il resto del mondo il 34%.
Il management segnala una continua incertezza macroeconomica ma evidenzia il miglioramento della composizione degli abbonamenti, margini lordi più elevati e una maggiore generazione di cassa come progressi chiave verso la redditività.
Aspectos destacados del Formulario 10-Q del segundo trimestre de 2025 de PROS Holdings (NYSE: PRO)
- Crecimiento de ingresos: Los ingresos totales aumentaron un 8% interanual hasta 88,7 millones de dólares, impulsados por un salto del 12% en los ingresos por suscripciones, que alcanzaron los 73,3 millones. Los ingresos recurrentes (suscripciones + mantenimiento) representaron el 86% de las ventas totales.
- Expansión de márgenes: El margen bruto general mejoró dos puntos, llegando al 67%. El margen bruto de suscripciones alcanzó el 79% (un punto porcentual más) gracias a la eficiencia en la infraestructura en la nube.
- Tendencia de rentabilidad: La pérdida neta se redujo a 1,8 millones de dólares (-0,04 USD por acción básica) desde 7,4 millones (-0,16). La pérdida operativa se mantuvo aproximadamente estable en 7,6 millones.
- Liquidez y efectivo: El efectivo y equivalentes aumentaron a 179,0 millones desde 162,0 millones a fin de año; el flujo de efectivo operativo se volvió positivo en 4,4 millones (frente a 1,8 millones).
- Acciones sobre deuda: Se intercambiaron 186,9 millones de dólares en notas al 2,25% con vencimiento en 2027 por nuevas notas al 2,5% con vencimiento en 2030 y se vendieron 50 millones adicionales de notas 2030; se registró una ganancia por extinción de 4,2 millones y se compraron opciones capped call que efectivamente elevan el precio de conversión a 30,34 dólares por acción.
- Balance: Activos totales de 443,0 millones; pasivos totales de 527,9 millones; el déficit patrimonial se amplió a 84,9 millones principalmente por compensación basada en acciones y primas de opciones capped call.
- Retención y mezcla: La retención bruta de ingresos se mantuvo por encima del 93%; EE.UU. representó el 36% de los ingresos, Europa el 30% y el resto del mundo el 34%.
La dirección menciona una continua incertidumbre macroeconómica pero destaca la mejora en la mezcla de suscripciones, márgenes brutos más altos y una mayor generación de efectivo como avances clave hacia la rentabilidad.
PROS Holdings (NYSE: PRO) 2025년 2분기 Form 10-Q 주요 내용
- 매출 성장: 총 매출이 전년 대비 8% 증가한 8,870만 달러를 기록했으며, 구독 매출이 12% 증가하여 7,330만 달러에 달했습니다. 구독 및 유지보수로 구성된 반복 매출이 전체 매출의 86%를 차지했습니다.
- 마진 확대: 전체 총마진이 2%포인트 상승하여 67%를 기록했습니다. 구독 총마진은 클라우드 인프라 효율성 덕분에 1%포인트 상승한 79%에 도달했습니다.
- 수익성 추세: 순손실이 740만 달러에서 180만 달러(-주당기본손실 0.04달러)로 축소되었습니다. 영업손실은 약 760만 달러로 거의 변동이 없었습니다.
- 현금 및 유동성: 현금 및 현금성 자산이 연말 1억 6,200만 달러에서 1억 7,900만 달러로 증가했으며, 영업 현금 흐름은 180만 달러에서 440만 달러로 플러스로 전환되었습니다.
- 부채 조치: 2.25% 2027년 만기 채권 1억 8,690만 달러를 2.5% 2030년 만기 신규 채권으로 교환하고 추가로 5,000만 달러 규모의 2030년 만기 채권을 발행했습니다. 420만 달러의 부채 소멸 이익을 기록했으며, 전환 가격을 주당 30.34달러로 효과적으로 상향시키는 capped call 옵션을 매입했습니다.
- 재무 상태: 총 자산 4억 4,300만 달러, 총 부채 5억 2,790만 달러, 주주 자본 부족액은 주로 주식 기반 보상 및 capped call 프리미엄으로 인해 8,490만 달러로 확대되었습니다.
- 고객 유지 및 매출 구성: 총 매출 유지율은 93% 이상을 유지했으며, 미국이 매출의 36%, 유럽 30%, 기타 지역 34%를 차지했습니다.
경영진은 지속되는 거시경제 불확실성을 언급하면서도 구독 매출 비중 개선, 총마진 상승, 현금 창출력 강화가 수익성 달성에 중요한 진전이라고 평가했습니다.
Points clés du Formulaire 10-Q du deuxième trimestre 2025 de PROS Holdings (NYSE : PRO)
- Croissance du chiffre d'affaires : Le chiffre d'affaires total a augmenté de 8 % en glissement annuel pour atteindre 88,7 millions de dollars, porté par une hausse de 12 % des revenus d'abonnement à 73,3 millions de dollars. Les revenus récurrents (abonnement + maintenance) représentaient 86 % des ventes totales.
- Expansion des marges : La marge brute globale s'est améliorée de deux points pour atteindre 67 %. La marge brute des abonnements a atteint 79 % (en hausse d'un point) grâce à l'efficacité de l'infrastructure cloud.
- Tendance de rentabilité : La perte nette s'est réduite à 1,8 million de dollars (-0,04 $ par action de base) contre 7,4 millions (-0,16). La perte d'exploitation est restée stable à environ 7,6 millions.
- Trésorerie et liquidités : La trésorerie et les équivalents de trésorerie ont augmenté à 179,0 millions de dollars contre 162,0 millions en fin d'année ; le flux de trésorerie opérationnel est devenu positif à 4,4 millions (contre 1,8 million).
- Actions sur la dette : Échange de 186,9 millions de dollars de billets à 2,25 % échéance 2027 contre de nouveaux billets à 2,5 % échéance 2030 et vente de 50 millions supplémentaires de billets 2030 ; gain d'extinction de 4,2 millions enregistré et achat de capped calls augmentant effectivement le prix de conversion à 30,34 $ par action.
- Bilan : Actifs totaux de 443,0 millions ; passifs totaux de 527,9 millions ; le déficit des actionnaires s'est creusé à 84,9 millions principalement en raison de la rémunération en actions et de la prime des capped calls.
- Rétention et répartition : La rétention brute des revenus est restée au-dessus de 93 % ; les États-Unis représentaient 36 % des revenus, l’Europe 30 % et le reste du monde 34 %.
La direction cite une incertitude macroéconomique persistante mais note une amélioration du mix d’abonnements, des marges brutes plus élevées et une génération de trésorerie renforcée comme des progrès clés vers la rentabilité.
PROS Holdings (NYSE: PRO) Highlights aus dem Form 10-Q für Q2 2025
- Umsatzwachstum: Der Gesamtumsatz stieg im Jahresvergleich um 8 % auf 88,7 Millionen US-Dollar, angetrieben durch einen 12%igen Anstieg der Abonnementerlöse auf 73,3 Millionen US-Dollar. Wiederkehrende Erlöse (Abonnements + Wartung) machten 86 % des Gesamtumsatzes aus.
- Margenausweitung: Die Bruttomarge insgesamt verbesserte sich um zwei Prozentpunkte auf 67 %. Die Bruttomarge im Abonnementbereich erreichte 79 % (plus 1 Prozentpunkt) dank effizienterer Cloud-Infrastruktur.
- Profitabilitätstrend: Der Nettoverlust verringerte sich auf 1,8 Millionen US-Dollar (-0,04 Grundgewinn pro Aktie) von 7,4 Millionen (-0,16). Der operative Verlust blieb mit etwa 7,6 Millionen nahezu unverändert.
- Barmittel & Liquidität: Kassenbestand und Zahlungsmitteläquivalente stiegen auf 179,0 Millionen US-Dollar von 162,0 Millionen zum Jahresende; der operative Cashflow wurde mit 4,4 Millionen positiv (vorher 1,8 Millionen).
- Schuldenmaßnahmen: 186,9 Millionen US-Dollar an 2,25%-Anleihen mit Fälligkeit 2027 wurden gegen neue 2,5%-Anleihen mit Fälligkeit 2030 getauscht, zusätzlich wurden 50 Millionen US-Dollar an 2030-Anleihen verkauft; ein Erlös aus der Schuldenablösung von 4,2 Millionen wurde verbucht und Capped Calls gekauft, die den Wandlungspreis effektiv auf 30,34 US-Dollar pro Aktie anheben.
- Bilanz: Gesamtvermögen 443,0 Millionen US-Dollar; Gesamtverbindlichkeiten 527,9 Millionen; das Eigenkapitaldefizit vergrößerte sich auf 84,9 Millionen, hauptsächlich aufgrund aktienbasierter Vergütung und Capped-Call-Prämien.
- Kundenbindung & Umsatzmix: Die Bruttoumsatzbindung blieb über 93 %; die USA machten 36 % des Umsatzes aus, Europa 30 % und der Rest der Welt 34 %.
Das Management verweist auf anhaltende makroökonomische Unsicherheiten, hebt jedoch die verbesserte Abonnementstruktur, höhere Bruttomargen und stärkere Cash-Generierung als wichtige Fortschritte auf dem Weg zur Profitabilität hervor.
- Subscription revenue up 12% YoY, reinforcing shift to high-margin recurring model.
- Net loss reduced by 76% YoY and operating cash flow turned positive to $4.4 million.
- Debt maturity extended to 2030 with a $4.2 million gain on extinguishment, lessening near-term refinancing pressure.
- Gross margin expanded to 67% on cloud-delivery efficiencies.
- Company remains in stockholders’ deficit of $84.9 million.
- Share-based compensation high at $12 million (14% of revenue), diluting shareholders.
- Convertible issuance adds $50 million principal and slightly higher coupon (2.5%), increasing leverage.
- Still operating loss of $7.6 million; profitability not yet achieved.
Insights
TL;DR: Solid revenue growth, narrower loss, positive OCF; dilution risk from new converts offset by capped call.
Quarter shows PROS transitioning toward a SaaS-heavy model—subscription revenue +12% YoY now 83% of mix, supporting 79% segment margin. Net loss shrank by $5.6 million and operating cash turned positive, indicating operating leverage despite high SBC ($12 million this quarter). Debt exchange lengthens maturity profile to 2030 and removes >$185 million of 2027 paper; coupon rises 25 bps but capped call lifts effective conversion to $30.34, tempering dilution. However, shareholders’ deficit deepened and total liabilities exceed assets, so path to sustained GAAP profitability remains critical.
TL;DR: Refinancing enhances tenor, liquidity strong; leverage still high, equity deficit persists.
Liquidity headroom is comfortable: $179 million cash plus $50 million undrawn revolver versus $39 million lease liabilities through 2030. Exchange into 2.5% 2030 notes pushes weighted-average maturity to ~5 years, lowering near-term refinancing risk. Net debt/annualized revenue approximates 0.8×, acceptable for a recurring-revenue software issuer. Yet equity deficit of $85 million and ongoing operating losses constrain credit quality. Positive operating cash flow must sustain to cover ~ $6 million annual coupon and sizeable purchase commitments ($96 million through 2029). Overall impact rated modestly positive.
PROS Holdings (NYSE: PRO) evidenze del Form 10-Q del secondo trimestre 2025
- Crescita dei ricavi: Il fatturato totale è aumentato dell'8% su base annua, raggiungendo 88,7 milioni di dollari, grazie a un incremento del 12% dei ricavi da abbonamenti, saliti a 73,3 milioni di dollari. I ricavi ricorrenti (abbonamenti + manutenzione) hanno rappresentato l'86% delle vendite totali.
- Espansione dei margini: Il margine lordo complessivo è migliorato di due punti percentuali, arrivando al 67%. Il margine lordo degli abbonamenti ha raggiunto il 79% (in aumento di 1 punto percentuale) grazie all’efficienza dell’infrastruttura cloud.
- Tendenza di redditività: La perdita netta si è ridotta a 1,8 milioni di dollari (-0,04 dollari per azione base) rispetto a 7,4 milioni (-0,16). La perdita operativa è rimasta sostanzialmente stabile a 7,6 milioni di dollari.
- Liquidità: La liquidità e le disponibilità liquide sono aumentate a 179,0 milioni di dollari da 162,0 milioni a fine anno; il flusso di cassa operativo è diventato positivo a 4,4 milioni di dollari (rispetto a 1,8 milioni).
- Azioni sul debito: Sono stati scambiati 186,9 milioni di dollari di obbligazioni al 2,25% con scadenza 2027 per nuove obbligazioni al 2,5% con scadenza 2030 e sono stati venduti ulteriori 50 milioni di dollari di obbligazioni 2030; è stato registrato un guadagno di estinzione di 4,2 milioni e sono stati acquistati capped call che aumentano effettivamente il prezzo di conversione a 30,34 dollari per azione.
- Bilancio: Attività totali pari a 443,0 milioni di dollari; passività totali 527,9 milioni; il deficit patrimoniale netto si è ampliato a 84,9 milioni, principalmente a causa della compensazione basata su azioni e del premio per capped call.
- Retention e composizione: La retention dei ricavi lordi è rimasta sopra il 93%; gli Stati Uniti hanno rappresentato il 36% dei ricavi, l’Europa il 30% e il resto del mondo il 34%.
Il management segnala una continua incertezza macroeconomica ma evidenzia il miglioramento della composizione degli abbonamenti, margini lordi più elevati e una maggiore generazione di cassa come progressi chiave verso la redditività.
Aspectos destacados del Formulario 10-Q del segundo trimestre de 2025 de PROS Holdings (NYSE: PRO)
- Crecimiento de ingresos: Los ingresos totales aumentaron un 8% interanual hasta 88,7 millones de dólares, impulsados por un salto del 12% en los ingresos por suscripciones, que alcanzaron los 73,3 millones. Los ingresos recurrentes (suscripciones + mantenimiento) representaron el 86% de las ventas totales.
- Expansión de márgenes: El margen bruto general mejoró dos puntos, llegando al 67%. El margen bruto de suscripciones alcanzó el 79% (un punto porcentual más) gracias a la eficiencia en la infraestructura en la nube.
- Tendencia de rentabilidad: La pérdida neta se redujo a 1,8 millones de dólares (-0,04 USD por acción básica) desde 7,4 millones (-0,16). La pérdida operativa se mantuvo aproximadamente estable en 7,6 millones.
- Liquidez y efectivo: El efectivo y equivalentes aumentaron a 179,0 millones desde 162,0 millones a fin de año; el flujo de efectivo operativo se volvió positivo en 4,4 millones (frente a 1,8 millones).
- Acciones sobre deuda: Se intercambiaron 186,9 millones de dólares en notas al 2,25% con vencimiento en 2027 por nuevas notas al 2,5% con vencimiento en 2030 y se vendieron 50 millones adicionales de notas 2030; se registró una ganancia por extinción de 4,2 millones y se compraron opciones capped call que efectivamente elevan el precio de conversión a 30,34 dólares por acción.
- Balance: Activos totales de 443,0 millones; pasivos totales de 527,9 millones; el déficit patrimonial se amplió a 84,9 millones principalmente por compensación basada en acciones y primas de opciones capped call.
- Retención y mezcla: La retención bruta de ingresos se mantuvo por encima del 93%; EE.UU. representó el 36% de los ingresos, Europa el 30% y el resto del mundo el 34%.
La dirección menciona una continua incertidumbre macroeconómica pero destaca la mejora en la mezcla de suscripciones, márgenes brutos más altos y una mayor generación de efectivo como avances clave hacia la rentabilidad.
PROS Holdings (NYSE: PRO) 2025년 2분기 Form 10-Q 주요 내용
- 매출 성장: 총 매출이 전년 대비 8% 증가한 8,870만 달러를 기록했으며, 구독 매출이 12% 증가하여 7,330만 달러에 달했습니다. 구독 및 유지보수로 구성된 반복 매출이 전체 매출의 86%를 차지했습니다.
- 마진 확대: 전체 총마진이 2%포인트 상승하여 67%를 기록했습니다. 구독 총마진은 클라우드 인프라 효율성 덕분에 1%포인트 상승한 79%에 도달했습니다.
- 수익성 추세: 순손실이 740만 달러에서 180만 달러(-주당기본손실 0.04달러)로 축소되었습니다. 영업손실은 약 760만 달러로 거의 변동이 없었습니다.
- 현금 및 유동성: 현금 및 현금성 자산이 연말 1억 6,200만 달러에서 1억 7,900만 달러로 증가했으며, 영업 현금 흐름은 180만 달러에서 440만 달러로 플러스로 전환되었습니다.
- 부채 조치: 2.25% 2027년 만기 채권 1억 8,690만 달러를 2.5% 2030년 만기 신규 채권으로 교환하고 추가로 5,000만 달러 규모의 2030년 만기 채권을 발행했습니다. 420만 달러의 부채 소멸 이익을 기록했으며, 전환 가격을 주당 30.34달러로 효과적으로 상향시키는 capped call 옵션을 매입했습니다.
- 재무 상태: 총 자산 4억 4,300만 달러, 총 부채 5억 2,790만 달러, 주주 자본 부족액은 주로 주식 기반 보상 및 capped call 프리미엄으로 인해 8,490만 달러로 확대되었습니다.
- 고객 유지 및 매출 구성: 총 매출 유지율은 93% 이상을 유지했으며, 미국이 매출의 36%, 유럽 30%, 기타 지역 34%를 차지했습니다.
경영진은 지속되는 거시경제 불확실성을 언급하면서도 구독 매출 비중 개선, 총마진 상승, 현금 창출력 강화가 수익성 달성에 중요한 진전이라고 평가했습니다.
Points clés du Formulaire 10-Q du deuxième trimestre 2025 de PROS Holdings (NYSE : PRO)
- Croissance du chiffre d'affaires : Le chiffre d'affaires total a augmenté de 8 % en glissement annuel pour atteindre 88,7 millions de dollars, porté par une hausse de 12 % des revenus d'abonnement à 73,3 millions de dollars. Les revenus récurrents (abonnement + maintenance) représentaient 86 % des ventes totales.
- Expansion des marges : La marge brute globale s'est améliorée de deux points pour atteindre 67 %. La marge brute des abonnements a atteint 79 % (en hausse d'un point) grâce à l'efficacité de l'infrastructure cloud.
- Tendance de rentabilité : La perte nette s'est réduite à 1,8 million de dollars (-0,04 $ par action de base) contre 7,4 millions (-0,16). La perte d'exploitation est restée stable à environ 7,6 millions.
- Trésorerie et liquidités : La trésorerie et les équivalents de trésorerie ont augmenté à 179,0 millions de dollars contre 162,0 millions en fin d'année ; le flux de trésorerie opérationnel est devenu positif à 4,4 millions (contre 1,8 million).
- Actions sur la dette : Échange de 186,9 millions de dollars de billets à 2,25 % échéance 2027 contre de nouveaux billets à 2,5 % échéance 2030 et vente de 50 millions supplémentaires de billets 2030 ; gain d'extinction de 4,2 millions enregistré et achat de capped calls augmentant effectivement le prix de conversion à 30,34 $ par action.
- Bilan : Actifs totaux de 443,0 millions ; passifs totaux de 527,9 millions ; le déficit des actionnaires s'est creusé à 84,9 millions principalement en raison de la rémunération en actions et de la prime des capped calls.
- Rétention et répartition : La rétention brute des revenus est restée au-dessus de 93 % ; les États-Unis représentaient 36 % des revenus, l’Europe 30 % et le reste du monde 34 %.
La direction cite une incertitude macroéconomique persistante mais note une amélioration du mix d’abonnements, des marges brutes plus élevées et une génération de trésorerie renforcée comme des progrès clés vers la rentabilité.
PROS Holdings (NYSE: PRO) Highlights aus dem Form 10-Q für Q2 2025
- Umsatzwachstum: Der Gesamtumsatz stieg im Jahresvergleich um 8 % auf 88,7 Millionen US-Dollar, angetrieben durch einen 12%igen Anstieg der Abonnementerlöse auf 73,3 Millionen US-Dollar. Wiederkehrende Erlöse (Abonnements + Wartung) machten 86 % des Gesamtumsatzes aus.
- Margenausweitung: Die Bruttomarge insgesamt verbesserte sich um zwei Prozentpunkte auf 67 %. Die Bruttomarge im Abonnementbereich erreichte 79 % (plus 1 Prozentpunkt) dank effizienterer Cloud-Infrastruktur.
- Profitabilitätstrend: Der Nettoverlust verringerte sich auf 1,8 Millionen US-Dollar (-0,04 Grundgewinn pro Aktie) von 7,4 Millionen (-0,16). Der operative Verlust blieb mit etwa 7,6 Millionen nahezu unverändert.
- Barmittel & Liquidität: Kassenbestand und Zahlungsmitteläquivalente stiegen auf 179,0 Millionen US-Dollar von 162,0 Millionen zum Jahresende; der operative Cashflow wurde mit 4,4 Millionen positiv (vorher 1,8 Millionen).
- Schuldenmaßnahmen: 186,9 Millionen US-Dollar an 2,25%-Anleihen mit Fälligkeit 2027 wurden gegen neue 2,5%-Anleihen mit Fälligkeit 2030 getauscht, zusätzlich wurden 50 Millionen US-Dollar an 2030-Anleihen verkauft; ein Erlös aus der Schuldenablösung von 4,2 Millionen wurde verbucht und Capped Calls gekauft, die den Wandlungspreis effektiv auf 30,34 US-Dollar pro Aktie anheben.
- Bilanz: Gesamtvermögen 443,0 Millionen US-Dollar; Gesamtverbindlichkeiten 527,9 Millionen; das Eigenkapitaldefizit vergrößerte sich auf 84,9 Millionen, hauptsächlich aufgrund aktienbasierter Vergütung und Capped-Call-Prämien.
- Kundenbindung & Umsatzmix: Die Bruttoumsatzbindung blieb über 93 %; die USA machten 36 % des Umsatzes aus, Europa 30 % und der Rest der Welt 34 %.
Das Management verweist auf anhaltende makroökonomische Unsicherheiten, hebt jedoch die verbesserte Abonnementstruktur, höhere Bruttomargen und stärkere Cash-Generierung als wichtige Fortschritte auf dem Weg zur Profitabilität hervor.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
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| (Address of principal executive offices) | (Zip Code) |
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
| Item 8.01. | Other Events. |
On July 31, 2025, MicroStrategy Incorporated d/b/a Strategy (the “Company”) entered into a Sales Agreement (the “Sales Agreement”) with TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC, Clear Street LLC and Morgan Stanley & Co. LLC, as sales agents (each an “Agent” and collectively, the “Agents”), pursuant to which the Company may issue and sell shares of its Variable Rate Series A Perpetual Stretch Preferred Stock, $0.001 par value per share (the “STRC Stock”), having an aggregate offering price of up to $4.2 billion (the “Shares”), from time to time through the Agents (the “Offering”). Also, on July 31, 2025, the Company filed a prospectus supplement with the Securities and Exchange Commission in connection with the Offering (the “Prospectus Supplement”) under its existing automatic shelf registration statement, which became effective on January 27, 2025 (File No. 333-284510) (the “Registration Statement”), and the base prospectus contained therein.
Upon delivery of a placement notice, and subject to the terms and conditions of the Sales Agreement, the Agents may sell the Shares by any method that is deemed an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or any other method permitted by law, which may include negotiated transactions or block trades. The Company may sell the Shares through the Agents in amounts and at times to be determined by the Company from time to time subject to the terms and conditions of the Sales Agreement, but neither it nor the Agents have an obligation to sell any of the Shares in the Offering. No assurance can be given that the Company will sell any Shares under the Sales Agreement, or, if it does, as to the price or amount of Shares that it sells or the dates when such sales will take place. The Company will only sell Shares through one Agent on any single day. Sales pursuant to the Sales Agreement may be made through an affiliate of an Agent.
The Company or the Agents may suspend or terminate the Offering upon notice to the other parties and subject to other conditions. Each Agent will act as sales agent on a commercially reasonable efforts basis consistent with its normal trading and sales practices.
The Company has agreed to pay the Agents’ commissions for their respective services in acting as agents in the sale of the Shares in the amount of up to 2.0% of the aggregate gross proceeds it receives from each sale of its Shares pursuant to the Sales Agreement. The Company has also agreed to provide the Agents with customary indemnification and contribution rights.
A copy of the Sales Agreement is attached as Exhibit 1.1 hereto and is incorporated herein by reference. The foregoing description of the material terms of the Sales Agreement does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Wilmer Cutler Pickering Hale and Dorr LLP, counsel to the Company, has issued a legal opinion relating to the Shares. A copy of such legal opinion, including the consent included therein, is attached as Exhibit 5.1 hereto.
The Shares are registered pursuant to the Registration Statement and the base prospectus contained therein, and offerings for the Shares will be made only by means of the Prospectus Supplement. This Current Report on Form 8-K shall not constitute an offer to sell or solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction.
Also, on July 31, 2025, the Company issued a press release relating to the Offering. A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference.
Neither this Current Report on Form 8-K nor the press release attached hereto constitutes an offer to sell or a solicitation of an offer to buy any securities.
| Item 5.03. | Amendments to Articles of Incorporation or Bylaws. |
On July 31, 2025, the Company filed a Certificate of Increase of STRC Stock (the “Certificate of Increase”) to certify the authorization to increase the number of authorized shares of its STRC Stock to 70,435,353 shares.
A copy of the Certificate of Increase is attached as Exhibit 3.1 hereto and is incorporated herein by reference. The foregoing description of the Certificate of Increase does not purport to be complete and is qualified in its entirety by reference to such exhibit.
Forward-Looking Statements
Statements in this Current Report on Form 8-K and the exhibits attached hereto about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the at-the-market offering of the STRC Stock.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the uncertainties related to the sales made pursuant to the offering program, if any, market conditions and the other factors discussed in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 5, 2025, the factors discussed under the header “Risk Factor Updates” in the Current Report on Form 8-K filed by Strategy with the Securities and Exchange Commission on July 7, 2025 and the risks described in other filings that the Company may make with the Securities and Exchange Commission. Any forward-looking statements contained in this Current Report on Form 8-K and the exhibits attached hereto speak only as of the date hereof, and the Company specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 1.1 | Sales Agreement, dated as of July 31, 2025, by and among the Company and TD Securities (USA) LLC, Barclays Capital Inc., The Benchmark Company, LLC, Clear Street LLC and Morgan Stanley & Co. LLC | |
| 3.1 | Certificate of Increase for STRC Stock | |
| 5.1 | Opinion of Wilmer Cutler Pickering Hale and Dorr LLP | |
| 23.1 | Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1) | |
| 99.1 | Press Release of the Company, dated July 31, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: July 31, 2025 | MicroStrategy Incorporated (Registrant) | |||||
| By: | /s/ W. Ming Shao | |||||
| Name: | W. Ming Shao | |||||
| Title: | Executive Vice President & General Counsel | |||||
FAQ
How much revenue did PROS Holdings (PRO) generate in Q2 2025?
What was PROS’ Q2 2025 EPS?
How did the convertible debt exchange affect the balance sheet?
What is PROS Holdings’ cash position after the quarter?
What are the current gross and subscription margins?
Did PROS generate positive operating cash flow?
