STRIVE, INC. (SATA) — Fundamental Analysis

Strive, Inc. (SATA) is a small, early-stage asset management company that is burning cash at an accelerating pace while generating only modest revenue. Annual revenue has actually shrunk over the past three years, and the company has never sustainably turned a profit — losses deepened sharply in 2024 and have widened further into 2026. The most recent quarterly filing shows an operating loss margin approaching -88%, meaning the business is spending nearly nine dollars for every dollar it brings in. On the positive side, the balance sheet carries no reported debt and maintains a healthy current ratio, suggesting near-term liquidity is not an immediate crisis. But the core business model has yet to demonstrate it can scale toward profitability, and investors should treat this as a high-risk, pre-profitability story that requires close monitoring of cash burn and revenue trajectory.

Snapshot & Big Picture

Strive, Inc. is an asset manager that went public relatively recently, with SEC filing history going back to fiscal year 2021. The company competes in the ETF and investment management space with a focus on energy and "anti-ESG" product positioning. Despite operating in a space that has attracted investor interest, Strive's financials tell a story of a business still in build-out mode: revenue peaked in 2021 at roughly $830K, contracted through 2022 and 2023, partially recovered in 2024, but has not come close to regaining that early high-water mark — and losses have ballooned in the meantime. The absence of gross margin data across all annual filings makes it difficult to assess unit economics directly, but the widening operating and net margins paint a clear picture of a cost structure that has grown much faster than the revenue base.

Latest Quarter Snapshot

The most recent data — from the 10-Q for the quarter ended June 30, 2026 — is more current than the annual figures and offers a sobering update. Quarterly revenue came in at approximately $2.94 million, which on the surface looks like a meaningful step up from the annual revenue run-rates in the data. However, the operating margin hit -87.81% and the net margin was -87.59%, implying operating losses of roughly $2.58 million on that revenue base. EBITDA for the quarter was reported at -$258.2 million — a figure that likely reflects large non-cash charges (such as goodwill impairment, stock-based compensation, or fair-value adjustments) rather than pure cash burn, but it is a striking headline number. Capital expenditures for the quarter were $0, yielding a CapEx-to-revenue ratio of 0%. The current ratio remained solid at 7.62x, and no debt-to-equity figure was reported, consistent with the pattern across all prior periods.

Profitability

The profitability trend is clearly deteriorating. In 2021, Strive was essentially breakeven, posting a razor-thin positive operating and net margin of just +0.02%. By 2022, it had slipped into the red at -1.88%. In 2023, losses deepened to -17.80%. And in 2024, the operating margin fell further to -35.76%, with the net margin at -34.07%. The most recent quarterly data for mid-2026 shows losses have expanded further still to nearly -88% at the operating line. Gross margin data was not available in any of the annual filings, which limits visibility into the fundamental economics of the business. The consistent absence of this metric is itself a point worth noting — without it, it is harder to distinguish between a business that is losing money due to heavy investment spending vs. one with weak underlying unit economics.

Financial Health & Capital Expenditures

Despite mounting losses, Strive's near-term liquidity position appears adequate. The current ratio has remained well above 1.0x across all reported periods, spiking to 19.30x in 2023 (likely reflecting a capital raise that temporarily inflated the cash balance relative to current liabilities) before settling back to 7.12x in 2024 and 7.62x in the most recent quarter. No debt-to-equity ratio was reported in any filing period, suggesting the company has not taken on traditional debt financing — relying instead on equity.

On capital expenditures: CapEx data was not available in the 2021 or 2022 annual filings. In 2023, CapEx was $13,559, representing about 4.89% of revenue. In 2024, it rose to $24,000, or roughly 3.79% of revenue. The most recent quarter (June 30, 2026) reported $0 in CapEx. The overall capital intensity of the business is low in absolute dollar terms, which is consistent with an asset-light financial services model. The slight uptick from 2023 to 2024 in absolute CapEx — even as the ratio dipped — suggests modest but growing reinvestment needs as the company builds out its infrastructure. The zero CapEx in the latest quarter may reflect timing or a deliberate pullback in spending as the company manages its cash position.

Growth

The table below summarizes trailing revenue CAGR across available windows. Note that five-year and ten-year figures are not available due to insufficient SEC filing history — Strive's filings only extend back to fiscal year 2021, which is not far enough to compute those longer windows.

The three-year revenue CAGR of -8.60% (from $829,618 in 2021 to $633,489 in 2024) signals that Strive has not yet established a durable growth trajectory at the top line. While revenue did bounce back in 2024 relative to the 2022–2023 trough, it remains well below 2021 levels. The most recent quarterly revenue of ~$2.94 million — if annualized — would represent a meaningful acceleration, but it needs to be weighed against the severe margin deterioration occurring at the same time.

Source Filings

• 10-Q filed August 10, 2026 — Period ended June 30, 2026
• 10-Q filed May 14, 2026 — Period ended March 31, 2026