Strategy Inc-A 2025年季度报告

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) hasbeen 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 toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was requiredto 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 reportingcompany, 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. 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 forcomplying 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 Exchange Act). Yes☐No☒As of October 30, 2025, the registrant had267,713,485and19,640,250shares of class A common stock and class B common stockoutstanding, respectively. STRATEGY INCFORM 10-QTABLE OF CONTENTS PagePART I.FINANCIAL INFORMATION1Item 1.Financial Statements (unaudited)1Consolidated Balance Sheets as of September 30, 2025 and December 31, 20241Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025and 20242Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months EndedSeptember 30, 2025 and 20243Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three and NineMonths Ended September 30, 20254Consolidated Statements of Mezzanine Equity and Stockholders’ Equity for the Three and NineMonths Ended September 30, 20246Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 20247Notes to Consolidated Financial Statements8Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations36Item 3.Quantitative and Qualitative Disclosures About Market Risk58Item 4.Controls and Procedures59PARTII.OTHER INFORMATION60Item 1.Legal Proceedings60Item 1A.Risk Factors60Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities60Item 5.Other Information61Item 6.Exhibits62 PART I - FINANCIAL INFORMATION STRATEGY INCCONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) STRATEGY INC NOTES TOCONSOLIDATED FINANCIAL STATEMENTS(unaudited) (1) Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying Consolidated Financial Statements of Strategy Inc (“Strategy,” or the “Company”) are unaudited.On August 11, 2025, the Company filed with the Secretary of State of the State of Delaware an amendment to itsSecond Restated Certificate of Incorporation (as amended and supplemented to date, its “Certificate of Incorporation”),to effect a change of its name from “MicroStrategy Incorporated” to “Strategy Inc”. In the opinion of management, alladjustments necessary for a fair statement of financial position and results of operations have been included. All suchadjustments are of a normal recurring nature, unless otherwise disclosed. Interim results are not necessarily indicative ofresults for a full year. On July 11, 2024, the Company announced a10-for-1 stock split of the Company’s class A common stock and class Bcommon stock. The stock split was effected by means of a stock dividend to the holders of record of the Company’sclass A common stock and class B common stock as of the close of business on August 1, 2024, the record date for thedividend. Shares held in treasury by the Company were not impacted by the stock split. The dividend was distributedafter the close of trading on August 7, 2024 and trading commenced on a split-adjusted basis at market open on August8, 2024. As a result of the stock split, all applicable share, per share, and equity award information has beenretroactively adjusted in the Consolidated Financial Statements and Notes to Consolidated Financial Statements toreflect the stock split for all periods presented. The Consolidated Financial Statements and Notes to Consolidated Financial Statements are presented as required by theUnited States Securities and Exchange Commission (“SEC”) and do not contain certain information included in theCompany’s annual financial statements and notes. These financial statements should be read in conjunction with theCompany’s audited financial sta