Detailed financial statements for MDB Capital Holdings, LLC Class A common (MDBH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
MDB Capital Holdings, LLC functions primarily as a broker-dealer through its subsidiary operations. The company's activities are divided into two main areas: Broker Dealer & Intellectual Property Service, and Technology Development. The Broker Dealer & Intellectual Property Service division provides comprehensive broker-dealer services, focusing on arranging private and public securities offerings, and furnishing research for investment banking due diligence.
Analysis Summary
Balance sheet quality for MDBH: current ratio of 7.1, net cash position of $12.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | $1.1M | $4.2M | $2.2M | $4.3M |
| Cost of Revenue | $1.8M | $2.0M | $2.8M | $8.6M | $20.1M | $15.0M |
| Gross Profit | -$1.8M | -$2.0M | -$1.7M | -$4.4M | -$17.8M | -$10.7M |
| Research & Development | $577165 | $454454 | $348085 | $528178 | $1.5M | 0 |
| Selling, General & Admin | $1.4M | $2.7M | $3.0M | $4.2M | $7.8M | $19.1M |
| Operating Expenses | -$550440 | $14.0M | $4.4M | $4.1M | $10.8M | $6.8M |
| Operating Income | -$1.2M | -$15.9M | -$6.1M | -$8.5M | -$28.6M | -$17.5M |
| EBITDA | -$4.2M | -$5.7M | -$6.0M | -$9.8M | $12.3M | -$17.0M |
| Interest Expense | 0 | 0 | 0 | 0 | $71629 | 0 |
| Pre-tax Income | -$1.2M | -$15.7M | -$5.9M | -$7.6M | $11.6M | -$21.3M |
| Income Tax | $40072 | 0 | 0 | $127918 | $2143 | $11000 |
| Net Income | -$722181 | -$15.1M | -$5.3M | -$7.0M | $11.7M | -$21.2M |
| EPS | $-0.09 | $-1.78 | $-0.63 | $-0.86 | $2.64 | $-2.12 |
| EPS (Diluted) | $-0.09 | $-1.78 | $-0.63 | $-0.86 | $2.64 | $-2.12 |
| Shares Outstanding (Diluted) | $8.5M | $8.5M | $8.5M | $8.1M | $4.4M | $10.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | $2.1M | $3.1M | $1.3M |
| Gross Profit | -$3.3M | -$1.4M | $3.1M | $944000 |
| Operating Income | -$3.8M | -$2.9M | -$5.6M | -$6.1M |
| EBITDA | -$4.7M | -$2.3M | -$6.7M | -$7.4M |
| Net Income | -$4.7M | -$1.8M | -$6.7M | -$9.3M |
| EPS | $-0.46 | $-0.17 | $-0.66 | $-0.90 |
| EPS (Diluted) | $-0.46 | $-0.17 | $-0.66 | $-0.90 |
Balance Sheet (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $12.5M | $6.2M | $5.0M | $6.1M | $20.4M | $13.2M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $151284 | $468353 | $809532 | $882319 | $63759 | $137000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | $6.1M | $9.0M | $23.6M | $18.1M |
| Property, Plant & Equipment | $215161 | $1.3M | $2.0M | $3.2M | $731845 | $664000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $27.9M | $8.2M | $25.7M | $43.0M | $72.0M | $63.7M |
| Accounts Payable | 0 | 0 | $698782 | $578214 | $1.1M | $2.5M |
| Short-term Debt | $251340 | $720627 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 0 | $1.2M | $3.2M | $1.2M | $2.6M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.3M | $1.5M | $2.6M | $5.7M | $1.9M | $3.2M |
| Retained Earnings | 0 | 0 | -$5.1M | -$12.1M | $1.4M | -$19.8M |
| Total Equity | $24.7M | $6.2M | $22.6M | $37.3M | $70.2M | $60.7M |
| Total Debt | $251340 | $720627 | $1.4M | $2.4M | $711503 | $609000 |
| Net Debt | -$12.2M | -$5.5M | -$3.5M | -$3.7M | -$19.7M | -$12.6M |
| Working Capital | 0 | 0 | $4.9M | $5.8M | $22.4M | $15.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $15.1M | $13.2M | $12.5M | $9.6M |
| Total Assets | $61.5M | $63.7M | $57.5M | $50.8M |
| Total Liabilities | $1.9M | $3.2M | $1.2M | $1.3M |
| Total Equity | $59.7M | $60.7M | $56.3M | $49.6M |
| Total Debt | $635421 | $609000 | $581000 | $553000 |
Cash Flow (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$1.3M | -$15.7M | -$5.9M | -$7.7M | $11.6M | -$21.3M |
| Depreciation & Amortization | $46510 | $48207 | $147750 | $196938 | $229920 | $22000 |
| Stock-based Compensation | 0 | $200671 | $218355 | $4.4M | $14.4M | $11.8M |
| Change in Working Capital | $436712 | -$413086 | -$7131 | $1.6M | -$2.6M | $1.2M |
| Operating Cash Flow | $9.5M | -$5.8M | -$6.6M | -$7.2M | -$9.0M | -$5.7M |
| Capital Expenditure | -$62125 | -$423386 | -$193252 | -$438785 | $546079 | -$49000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | -$2.7M | 0 | 0 | 0 |
| Free Cash Flow | $9.4M | -$6.3M | -$6.8M | -$7.6M | -$8.5M | -$5.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.9M | -$1.4M | -$2.9M | -$2.6M |
| Capital Expenditure | -$25675 | -$23324 | -$69000 | -$18000 |
| Free Cash Flow | -$1.9M | -$1.4M | -$3.0M | -$2.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $8.7M | $2.4M | $2.6M |
Growth & Margins (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | +279.7% | -47.5% | +92.8% |
| Net Income Growth (YoY) | | -1990.9% | +64.8% | -31.1% | +267.8% | -281.7% |
| EPS Growth (YoY) | | -1986.8% | +64.6% | -36.5% | +407.0% | -180.3% |
| Shares Change (YoY) | | +0.0% | +0.0% | -4.3% | -45.4% | +126.5% |
| FCF Growth (YoY) | | -166.3% | -8.1% | -12.3% | -11.7% | +32.5% |
| Gross Margin | | | -153.2% | -103.8% | -803.2% | -249.6% |
| Operating Margin | | | -547.3% | -200.9% | -1289.4% | -408.5% |
| EBITDA Margin | | | -535.4% | -230.6% | 555.1% | -395.9% |
| Net Margin | | | -476.6% | -164.6% | 526.5% | -496.1% |
| FCF Margin | | | -606.7% | -179.5% | -382.4% | -133.9% |
| Effective Tax Rate | -3.2% | -0.0% | -0.0% | -1.7% | 0.0% | -0.1% |
Per-Share Data (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.12 | $-0.74 | $-0.80 | $-0.94 | $-1.92 | $-0.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8.5M | $8.5M | $8.5M | $8.1M | $4.4M | $10.0M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Key Ratios (10y)
| Year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -146.54 | -7.02 | -19.84 | -13.41 | 2.39 | -1.53 |
| P/B | 4.29 | 16.95 | 4.67 | 2.50 | 0.40 | 0.54 |
| P/S | 0.00 | 0.00 | 94.87 | 22.07 | 12.55 | 7.61 |
| Gross Margin | 0.0% | 0.0% | -153.2% | -103.8% | -803.2% | -249.6% |
| Operating Margin | 0.0% | 0.0% | -547.3% | -200.9% | -1289.4% | -408.5% |
| Net Margin | 0.0% | 0.0% | -476.6% | -164.6% | 526.5% | -496.1% |