Strive, Inc. (ASST) is a young, loss-making asset management company that has not yet found a path to profitability. Revenue has actually shrunk over the past three years, operating losses have deepened dramatically — from near breakeven in 2021 to a nearly 36% operating loss margin in 2024 — and the most recent quarter (ending June 30, 2026) shows a near-90% operating loss margin against very modest revenue of roughly $2.9 million. On the positive side, the balance sheet carries no reported debt and the current ratio remains comfortably above 1, suggesting the company is not in immediate liquidity danger. But the core business is burning cash at an accelerating rate, capital expenditures have been modest and appear to have ceased in the latest quarter, and the revenue trajectory is going in the wrong direction. Investors should treat this as a high-risk, early-stage situation where the company has not yet demonstrated it can grow revenue sustainably or control its cost base.
Snapshot & Big Picture
Strive, Inc. operates in the asset management space and trades on public markets under the ticker ASST. The company has a short SEC filing history — annual data is available back to fiscal year 2021 — which limits the historical lens available for analysis. What that history does show is a business that peaked in revenue in 2021 ($829,618), contracted sharply in 2022 and 2023, recovered partially in 2024, but never returned to its prior high. Meanwhile, costs have clearly outpaced revenue, turning a marginally profitable operation in 2021 into a significantly loss-generating one by 2024. Gross margin figures were not reported in the filings for any period, making it difficult to assess the underlying unit economics of the business.
| Fiscal Year | Revenue ($) | Operating Margin | Net Margin | Current Ratio |
|---|---|---|---|---|
| 2021 | 829,618 | +0.02% | +0.02% | 3.77 |
| 2022 | 343,106 | -1.88% | -1.88% | 1.70 |
| 2023 | 277,038 | -17.80% | -17.80% | 19.30 |
| 2024 | 633,489 | -35.76% | -34.07% | 7.12 |
Latest Quarter Snapshot
The most recent data available comes from the 10-Q for the quarter ending June 30, 2026 — more current than the annual figures and therefore the best available window into where the business stands today. The picture is stark: quarterly revenue was just $2,941,000, while the EBITDA loss was a massive -$258,163,000. That produces an operating margin of approximately -87.8% and a net margin of approximately -87.6%. The current ratio of 7.62 indicates short-term liquidity remains adequate, and there were no capital expenditures recorded in the quarter. The scale of the EBITDA loss relative to revenue in this quarter is significantly worse than any annual figure in the filing history, which warrants close attention — it may reflect one-time charges, impairments, or structural cost acceleration, but the filings do not provide enough granular breakdown to determine the cause from the data provided here.
| Metric | Q2 2026 (Period Ending June 30, 2026) |
|---|---|
| Revenue | $2,941,000 |
| EBITDA | -$258,163,000 |
| Operating Margin | -87.81% |
| Net Margin | -87.59% |
| Current Ratio | 7.62 |
| Capital Expenditures | $0 |
| Debt-to-Equity | Not reported |
Profitability
The profitability trend is unambiguously negative over the four-year annual history available. In 2021, Strive was essentially at breakeven with a razor-thin positive operating margin of roughly 0.02%. By 2022, the company slipped into the red at -1.88%. The losses accelerated sharply in 2023 (-17.80%) and again in 2024 (-35.76%), suggesting that expenses are scaling faster than revenue recovery can offset. Gross margin data was not available in any of the filings, which is an unusual omission and makes it harder to distinguish between a pricing/revenue problem and a cost structure problem. The 2024 EBITDA figure of -$22,462,000 is the only EBITDA datapoint available in the annual history; prior years did not report it. The most recent quarter's operating loss margin approaching -88% represents a further deterioration and is the worst reading in the entire dataset.
Financial Health
Strive carries no reported debt in any period — the debt-to-equity ratio is null across all filings, indicating either no debt or that it was not disclosed in a way that produced this metric. That is a meaningful buffer. The current ratio has generally been healthy: it was 3.77 in 2021, dipped to 1.70 in 2022 (the tightest point), then jumped to 19.30 in 2023 — likely reflecting a capital raise that bolstered cash — before settling to 7.12 in 2024 and 7.62 in the most recent quarter. The company is not at immediate risk of being unable to meet short-term obligations, but the cash burn implied by the loss margins will erode that cushion over time if revenue does not grow substantially.
On capital expenditures: the 2021 and 2022 annual filings did not report a capital expenditure figure, so those periods' capex is not available. In 2023, capex was $13,559, representing about 4.9% of revenue. In 2024, capex rose to $24,000, or about 3.8% of revenue. In the most recent quarter (Q2 2026), capex was reported as $0. The overall capex level is very low in absolute dollar terms, consistent with a services/asset management business that does not require heavy physical infrastructure. The slight uptick from 2023 to 2024 in dollar terms, followed by zero in the latest quarter, suggests capital investment needs are minimal and declining — which is appropriate for the business model but also means there is no significant reinvestment story to point to as a driver of future growth.
Growth
Revenue growth has been negative over the available history. Below are the pre-calculated trailing revenue CAGR figures based on annual filings:
| Window | Start Fiscal Year | End Fiscal Year | Revenue CAGR |
|---|---|---|---|
| 3-Year | 2021 | 2024 | -8.60% |
| 5-Year | N/A | N/A | Not available — insufficient filing history |
| 10-Year | N/A | N/A | Not available — insufficient filing history |
The 5-year and 10-year windows are unavailable because Strive does not have enough SEC filing history to span those periods — the company's filings only extend back to 2021. The 3-year CAGR of -8.60% (from fiscal year 2021 to 2024) tells a clear story: the business has been contracting on a revenue basis over the period for which data exists. Until this trend reverses with sustained, meaningful revenue growth, the widening losses will remain the dominant narrative.
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