OXBRHIGH SIGNALFINANCIAL10-K

OXBR experienced dramatic cash depletion (-87.4%) despite strong revenue growth (+372%), while rapidly expanding its tokenized reinsurance product offerings with new blockchain-based securities.

The severe cash decline from $2.1M to $268K creates immediate liquidity concerns despite the company's aggressive expansion into tokenized reinsurance products. While revenue growth of 372% and reduced losses suggest operational improvements, the cash position raises questions about the company's ability to fund continued operations and token development without additional financing.

Comparing 2026-03-30 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

OXBR shows a mixed financial picture with exceptional revenue growth (+372% to $2.6M) and improving losses (net loss reduced 24% to -$2.1M), but faces critical liquidity challenges with cash plummeting 87% to just $268K. The company successfully reduced total liabilities by 54% while growing stockholders' equity by 50%, suggesting debt reduction and possible equity raises, but the dramatic cash decline amid expansion efforts creates immediate funding concerns. The financial profile suggests a growth company burning cash to scale operations while transitioning to profitability.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+372%
$546K$2.6M

Strong top-line growth of 372% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+220%
$5K$16K

Capital expenditure jumped 220% — major investment cycle underway; assess returns on deployment.

Cash & Equivalents
Balance Sheet
-87.4%
$2.1M$268K

Cash declined 87.4% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Liabilities
Balance Sheet
-53.5%
$3.4M$1.6M

Liabilities reduced 53.5% — deleveraging improves balance sheet strength and financial flexibility.

Stockholders Equity
Balance Sheet
+49.8%
$3.9M$5.9M

Equity base grew 49.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+23.7%
-$2.7M-$2.1M

Net income grew 23.7% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-26
ADDED
As of March 26, 2026, 7,801,374 ordinary shares, par value $ 0.001 (USD) per share, were outstanding.
Following the issuance of the DeltaCat Re Token in 2023, we issued EpsilonCat Re token in 2024, issued ZetaCat Re and EtaCat Re in 2025, launched T42:2027 and T20:2027 tokenized reinsurance securities in 2026, representing high yield and balanced yield tokens, and intend to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts in the future.
On March 18, 2024, Oxbridge Re Holdings Limited and its indirect subsidiary SurancePlus, announced the commencement of an offering by SurancePlus of Participation Shares (the Securities ) represented by digital tokens to be issued under a 3-year Participation Share Investment Contract (the PSIC ).
In 2025, the SurancePlus bifurcated its offering into a high yield tokens targeting a 42% return and balanced yield token targeting a 20% return, and issued its ZetaCat Re and EtaCat Re tokens, respectively.
In February 2026, SurancePlus launched its high yield and balanced yield tokens for the 2026/27 treaty year under the names T42:2027 and T20:2027, and these tokens will be issued using the Solana blockchain network.
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REMOVED
As of March 26, 2025, 7,442,922 ordinary shares, par value $ 0.001 (USD) per share, were outstanding.
Following the issuance of the DeltaCat Re Token in 2023, we issued EpsilonCat Re token in 2025, launched ZetaCat Re and EtaCat Re in 2025, and intend to develop, launch, and issue additional series of tokenized reinsurance securities representing fractional interests in reinsurance contracts in the future.
On March 18, 2024, Oxbridge Re Holdings Limited (the Company ) and its indirect subsidiary SurancePlus Inc.
( SurancePlus ), a British Virgin Islands Business Company, announced the commencement of an offering by SurancePlus of Participation Shares (the Securities ) represented by digital tokens to be issued under a 3-year Participation Share Investment Contract (the PSIC ).
The quantity of Participation Shares to be issued in subsequent years of 2025, and 2026, shall be disclosed prior to their issuances.
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