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Total Revenue: $8.8 million in Q1 2025, down 44% compared to Q1 2024.
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Operating Expenses: $39.9 million in Q1 2025, including a $29.8 million contingency reserve for DOJ settlement.
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Loss from Operations: $31.1 million in Q1 2025, compared to income from operations of $7 million in Q1 2024.
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Net Loss: $64.7 million or $6.74 per share in Q1 2025, compared to net income of $6.1 million or $0.88 per share in Q1 2024.
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Bitcoin Holdings: 3,808 bitcoins valued at approximately $400 million, with a net unrealized fair value gain of $59 million.
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Cash, Cash Equivalents, and Restricted Cash: $9.9 million as of March 31, 2025.
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Convertible Note Financing: $100 million raised in Q1 2025, primarily used for bitcoin purchases.
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ATM Program: $500 million program effective April 22, 2025, with $61 million raised through May 12.
Release Date: May 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Semler Scientific Inc (NASDAQ:SMLR) has successfully acquired 3,808 bitcoins, valued at approximately $400 million, making it the fourth largest bitcoin treasury company in the US.
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The company achieved a 152.8% positive bitcoin yield since adopting bitcoin as its primary treasury reserve asset, resulting in significant gains.
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Semler Scientific Inc (NASDAQ:SMLR) has ambitious plans to further increase its bitcoin holdings with a new $500 million ATM program.
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The company is diversifying its customer base and introducing additional FDA-cleared products in the cardiovascular space, which shows potential for future growth.
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Despite challenges, the company's stock has appreciated 64% in less than 12 months, outperforming the S&P 500's 9% increase.
Negative Points
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Total revenues in Q1 2025 were $8.8 million, down about 44% compared to the first quarter of 2024.
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Operating expenses in Q1 2025 increased significantly to $39.9 million, including a $29.8 million contingency reserve related to a DOJ settlement.
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The company reported a net loss of $64.7 million for Q1 2025, compared to a net income of $6.1 million in Q1 2024.
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There was a net unrealized loss of $41.8 million from the change in fair value of bitcoin holdings, introducing volatility to reported net income.
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The healthcare business faced pressure from CMS payment changes, impacting revenue and requiring strategic adjustments to maintain operations.
Q & A Highlights
Q: What are your plans this year for accumulating more bitcoin? A: Eric Semler, Independent Chairman of the Board, stated that the company has extremely ambitious plans to accretively acquire more bitcoin. They aim to aggressively increase their bitcoin stockpile, currently valued at close to $400 million, and are utilizing a recently authorized $500 million ATM to achieve this. They are confident in accessing additional financing sources to buy more bitcoin, inspired by MicroStrategy's success in the market.