Marblegate Capital Corporation (MCC) reported significant financial developments in its 10-K filing for the fiscal year ending December 31, 2025. The company generated total revenues of $48.5 million, a substantial increase of 131% from $21.0 million in the previous year. This growth was primarily driven by the acquisition of Signal Taxi, which contributed $29.3 million in fleet revenue. However, the company reported a net loss of $44.1 million, compared to a net income of $9.4 million in 2024, largely due to a $54.1 million provision for income taxes resulting from the Business Combination with the DePalma Companies.
In terms of operational metrics, MCC's portfolio included approximately 1,802 NYC taxi medallions as collateral for its loans, with a total fair value of $281.7 million. The company also owned 2,147 medallions and managed a fleet of about 917 vehicles, which included 822 active drivers. The fleet operations segment saw a significant increase in managed vehicles, growing from 376 at the end of 2024 to 917 by the end of 2025, reflecting a 144% increase. The wheelchair-accessible vehicle (WAV) fleet expanded dramatically, from approximately 190 vehicles to over 769, marking a growth of more than 305%.
MCC's Specialty Finance segment experienced a slight decline in revenue, generating $18.6 million compared to $19.7 million in the prior year. This decrease was attributed to lower interest income from MRP+ loans, which was partially offset by increased interest from Non-MRP+ loans due to restructuring activities. The company reported that approximately 29% of its MRP+ loans were delinquent as of December 31, 2025, a decrease from 33% in the previous year, indicating some improvement in loan performance.
Strategically, the company completed the acquisition of TML IV LLC for approximately $15.8 million, financed through a $120 million revolving credit facility with DZ Bank. This acquisition is expected to enhance MCC's position in the NYC taxi medallion lending market. The company also emphasized its commitment to exploring complementary business opportunities, including potential mergers and acquisitions, to further develop its role in the urban mobility landscape.
Looking ahead, Marblegate Capital Corporation aims to leverage its significant market share, owning approximately 29% of the NYC taxi medallion market, to optimize its loan portfolio and expand its fleet operations. The company plans to continue increasing the number of taxis deployed in its fleet while managing the risks associated with market conditions and regulatory changes in the NYC taxi industry.
About Marblegate Capital Corp
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