MemeStrategy, Inc. released its audited results for the year ended 31 December 2025, highlighting a sharp contraction in legacy IoT business, the first contribution from cultural-collectibles activities and a significant widening in bottom-line losses.
Financial snapshot • Revenue fell 40.30% year-on-year to RMB58.88 million, driven by weaker customer demand for IoT data-transmission services and telecom equipment. • Gross profit turned positive at RMB1.22 million, representing a margin of 2.10% versus a 0.46 million gross loss in 2024. • Net loss increased 103.60% to RMB157.76 million; loss per share widened to RMB0.4855. • Trade-receivable impairment under the ECL model surged to RMB108.73 million (2024: RMB29.43 million) and accounted for 69% of the loss before tax. • No final dividend was proposed.
Segment developments IoT: Revenue declined to RMB57.13 million (-42.04%). Non-5G services contributed RMB55.85 million, while private 5G revenue dropped to zero from RMB8.97 million a year earlier. Equipment sales collapsed 94.91% to RMB1.28 million.
Cultural Collectibles: The new business generated its first RMB1.76 million, comprised of exhibitor services (RMB0.70 million), sponsorship marketing (RMB0.72 million) and trading-card sales (RMB0.34 million). The segment posted a RMB0.97 million operating loss, reflecting a ‑20.10% gross margin during its launch phase.
Geography: 97% of revenue (RMB57.13 million) was derived from the Chinese mainland, with Hong Kong contributing RMB1.76 million, attributable to the “Grade 10 Festival” trading-card event.
Balance-sheet highlights • Cash and cash equivalents climbed to RMB192.24 million (2024: RMB4.08 million) after completing an August rights issue (net RMB140.50 million) and a December share placement (net RMB75.90 million). • Net assets rose to RMB282.81 million; gearing ratio improved to 0.4% (2024: 1.9%). • Trade receivables net of loss allowance dropped to RMB81.24 million from RMB223.27 million.
Digital-asset strategy The Group purchased 14,730 units of Solana (SOL) during 2025 for RMB15.90 million and operated proprietary validators. Year-end fair value was RMB12.91 million, with a recognised loss of RMB2.84 million.
Post-period event On 2 February 2026 the Group fulfilled exercised SOL put options, purchasing 43,500 units for roughly RMB39.90 million; the related derivative loss will be recorded in FY2026.
Outlook Management intends to leverage fresh capital to broaden exposure to AI, blockchain and Web3 while stabilising the IoT core. Emphasis will be placed on expanding cultural-collectibles initiatives and digital-asset treasury management as new growth engines.