Bitcoin Treasury Strategy - Semler Scientific aims to amplify stockholder returns through a Bitcoin treasury strategy focused on equity exposure to BTC using intelligent leverage[10] - The company strategically issues debt and equity securities, and utilizes potential operating cash flow to acquire BTC[10] - As of July 31, 2025, Semler Scientific held 5,021 BTC with a total market value of $586.2 million and an unrealized fair value gain of $110.4 million[12, 13] - Semler Scientific targets accumulating 105,000 Bitcoin by FY 2027E[21, 23] - The company plans to use operating cash flow (~$72 million, 15%), convertible bonds (~$89 million, 19%), and ATM issuances (~$315 million, 66%) to fund Bitcoin purchases[25] Financial Performance (Q2 2025) - Semler Scientific reported revenues of $8.2 million in Q2 2025, a 43.2% year-over-year increase[70] - The company recognized an unrealized gain of $83.8 million in Q2 2025 from the change in fair value of its Bitcoin holdings[70] - Net income for Q2 2025 was $66.9 million, or $5.71 per basic share and $5.04 per fully diluted share[70] - As of June 30, 2025, Semler Scientific's cash, cash equivalents, and restricted cash balance was $13.6 million[70] Capital Markets Activities - Semler Scientific issued 4.1 million shares of common stock through ATM in Q2 2025 for net proceeds of $156.6 million[77] - Post-quarter end through July 31, 2025, the company issued 1.1 million shares of common stock through ATM for net proceeds of $47.8 million[77]

Financial Data and Key Metrics Changes - The company reported a record GAAP operating income of $14 billion and net income of $10 billion for Q2 2025, resulting in a fully diluted EPS of $32.6, the highest in the company's history [7][10] - Year-to-date, the company achieved $8.1 billion in GAAP operating income and $5.7 billion in net income, with an EPS of $19.43, also a record high [7][10] - The market capitalization surpassed $112 billion, making the company the 96th largest public company in the US [5] Business Line Data and Key Metrics Changes - The company holds 620,879,791 Bitcoin, accounting for 3% of all Bitcoin in existence, positioning it as a dominant player in the Bitcoin treasury space [5] - Year-to-date, the company achieved a BTC yield of 25% and a BTC gain of 111,194 Bitcoin [9][10] - The company raised $18.3 billion in capital year-to-date, representing 81% of the total capital raised in the previous year [6] Market Data and Key Metrics Changes - The company noted a significant increase in Bitcoin per share (BPS), achieving 39,716 Satoshis year-to-date, which is approximately 6060% of the previous year's performance [9] - The fair value of the company's Bitcoin holdings increased significantly due to the adoption of FASB's fair value accounting standard, with a one-time adjustment of $17.9 billion recorded [11] Company Strategy and Development Direction - The company is focused on expanding its capital markets plan and has launched four listed preferred equity offerings, with STRC being the largest IPO in the US this year [6] - The management emphasized the importance of Bitcoin as a treasury reserve asset, highlighting the growing trend of companies acquiring Bitcoin [21][24] - The company aims to refine Bitcoin into various financial products, targeting different investor profiles, including low volatility and high yield options [34][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the supportive political landscape for Bitcoin, noting the increased enthusiasm from the current administration [17][19] - The company anticipates continued growth in the Bitcoin ecosystem, with a consensus price forecast of $168,000 for Bitcoin by the end of the year from analysts [26] - Management highlighted the potential for institutional adoption of Bitcoin as collateral in the banking industry, driven by recent regulatory developments [29] Other Important Information - The company has maintained a strong balance sheet, with $74 billion in Bitcoin holdings purchased at a cost of $46 billion, reflecting a low cost basis [10][11] - The company has consistently added Bitcoin to its balance sheet every quarter since August 2020, with all Bitcoin holdings remaining unencumbered [10] Q&A Session Summary Question: What is the company's outlook on Bitcoin's future price? - Management noted that analysts project a consensus price of $168,000 for Bitcoin by year-end, reflecting positive sentiment in the market [26] Question: How does the company plan to manage its capital structure? - The company plans to strategically manage its convertible debt and preferred equity, ensuring that its Bitcoin holdings provide a robust backing for its obligations [12][13] Question: What are the implications of the recent regulatory changes for the company? - Management highlighted that recent regulatory developments, including the SEC's support for Bitcoin ETFs, are expected to accelerate the growth of the Bitcoin industry and benefit the company [28][29]

Financial Data and Key Metrics Changes - The company's revenue dropped to $7.9 million from $23 million in the previous year, indicating a significant decline due to operational disruptions [31] - Total assets grew from $30.3 million in 2023 to $101 million in 2024, with current assets increasing from $9.6 million to $42.2 million [32] - Total liabilities decreased from $23.5 million in 2023 to $21.6 million in 2024, resulting in a net asset value growth from $19.7 million to $79.4 million, a year-on-year increase of 303% [32][33] Business Line Data and Key Metrics Changes - The core education business is developing a blockchain-based microlearning platform, which includes the Bitcoin Academy, Genius Academy, and Genius School [11] - The company aims to generate $20 million in revenues from its AI-powered education business, ensuring long-term sustainability [12] - Two out of three remaining business units are now achieving profitability [34] Market Data and Key Metrics Changes - The lifelong learning market is valued at $10 trillion and is undergoing global disruption, with the company positioned to capitalize on this trend [22] - The company is experiencing a wave of adoption in AI education globally, supported by government initiatives [23] Company Strategy and Development Direction - The company aims to establish 100 Genius cities and reach a billion-dollar valuation by 2030, with plans to develop the first physical Genius city in Bali, Indonesia [4][13] - The Genius City model integrates lifelong learning with tokenized assets and an AI-powered workforce [13][26] - The company is focused on educating other executives and investors on the long-term value of Bitcoin treasuries [24] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of overcoming legal challenges to execute the group's plans and achieve profitability [30][35] - The company is providing provisional revenue guidance of $10 million to $30 million, contingent on lifting the preliminary injunction [35] - Management remains optimistic about the long-term vision of the company despite short-term challenges [35] Other Important Information - The company is currently facing legal restrictions that prevent it from raising funds or buying Bitcoin, impacting its operations and growth plans [5][16] - The ongoing legal issues could result in damages exceeding $700 million, potentially reaching over a billion dollars [21] Q&A Session Summary Question: What is the company's strategy regarding the Bitcoin treasury? - The company aims to grow its Bitcoin treasury to 1,000 Bitcoin, with a long-term target of a billion dollars in value by 2030, despite current legal restrictions [11][20] Question: How is the company addressing its operational challenges? - The management is focused on cutting costs and achieving profitability in its remaining business units while navigating legal challenges [34] Question: What is the outlook for the education market? - The company believes it is well-positioned to capitalize on the $10 trillion lifelong learning market, especially with the increasing adoption of AI education [22][23]