Tharimmune (THAR) Q4 2025 earnings summary

Executive summary

• Completed first full year as a digital asset treasury company, focusing on Canton Coin (CC) and network participation.

• Secured $545 million in private placement and $55 million in underwritten offering to fund digital asset strategy.

• Appointed new leadership and board members with deep regulatory and trading expertise.

• Approved as a Super Validator, supporting over 1 million daily transactions and $9 trillion in monthly volume.

Financial highlights

• Held 3,339,569,946 CC valued at $501.8 million as of December 31, 2025.

• Cash balance of $17 million at year-end 2025.

• No revenue recognized in 2025 or 2024, reflecting early-stage digital asset focus.

• Operating expenses rose to $20.1 million in 2025 from $12.4 million in 2024, driven by SG&A and $6 million in non-recurring compensation.

• Recorded $22 million unrealized loss on digital assets in 2025.

• Net loss of $35.9 million ($1.12 per diluted share) in 2025, up from $12.2 million ($9.41 per diluted share) in 2024.

• Accumulated deficit reached $72.8 million by year-end 2025.

Outlook and guidance

• Plans to expand ecosystem partnerships and invest in network builders.

• Aims to mobilize CC holdings for yield and value accretion as new network features emerge.

• Intends to streamline costs and focus on high-value initiatives, reducing expenses after Q1 2026.