USBC, Inc. (formerly Know Labs, Inc.) reported a net loss of $22.1 million for the fiscal year ending September 30, 2025, compared to a net loss of $16.6 million in the previous year. The company's operating expenses increased to $18.0 million from $15.2 million, primarily driven by a rise in selling, general, and administrative expenses, which surged by $7.2 million to $16.3 million. This increase was largely attributed to non-cash stock-based compensation and legal fees. Research and development expenses, however, decreased significantly by $4.4 million to $1.8 million, reflecting a strategic shift in focus following the company's acquisition by Goldeneye 1995 LLC.
In August 2025, USBC underwent a significant transformation, issuing approximately 357.8 million shares of common stock in exchange for 1,000 Bitcoin and $15 million in cash. This capital infusion facilitated a strategic pivot towards developing a financial technology platform, particularly focusing on a tokenized deposit offering. The company has partnered with Uphold and Vast Bank to launch this initiative, which aims to provide U.S. dollar-denominated tokenized deposits accessible globally. The partnership is expected to enhance USBC's market position in the rapidly evolving digital asset landscape.
As of September 30, 2025, USBC held approximately 1,003 Bitcoin valued at around $115 million, reflecting its Bitcoin treasury strategy aimed at generating yield to support business operations. The company has appointed Hyrcanian Asset Management to manage its Bitcoin treasury, which has already resulted in an increase of 2.6 Bitcoin during the fiscal year. The firm’s total assets and liquidity position have improved significantly, with cash and cash equivalents reported at $8.8 million and working capital at $6.0 million.
USBC's workforce consisted of 24 employees as of the end of September 2025, a reduction from previous years, aligning with its strategic focus on financial technology rather than its legacy sensor technology business. The company is actively evaluating the potential divestiture of its non-invasive sensor division to concentrate resources on its digital asset initiatives. Looking ahead, USBC anticipates continued operating losses as it invests in the development of its tokenized deposit program and navigates the complexities of regulatory compliance in the digital asset space.
The company remains optimistic about its future, citing the potential for revenue generation through its partnerships and the anticipated growth of the tokenized banking market. However, USBC acknowledges the inherent risks associated with market volatility, regulatory changes, and the need for additional capital to sustain operations and fund its strategic initiatives.
About KNOW LABS, INC.
Know Labs, Inc. develops non-invasive diagnostic technology using radio and microwave dielectric spectroscopy to identify and measure molecules and analytes in the human body. Its core focus is on blood glucose monitoring, with plans to expand into other health and wellness applications. The company leverages proprietary sensors, AI-driven algorithms, and extensive patent portfolio to create wearable devices and platform solutions for medical and consumer markets.
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