OZHIGH SIGNALFINANCIAL10-K

Despite a 243% revenue increase, the company shows severe deterioration with net losses expanding 68% to $40M and operating cash flow declining 84% to negative $25.2M, while debt increased 47% to $260.6M.

The massive disconnect between strong revenue growth and worsening profitability suggests fundamental operational inefficiencies or unsustainable business practices. The 84% decline in operating cash flow combined with significant debt increases raises serious concerns about the company's ability to generate sustainable cash flows and manage its growing leverage.

Comparing 2026-03-20 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

While revenue surged an impressive 243% from $2.7M to $9.2M, this growth came at an unsustainable cost as net losses expanded 68% to $40M and operating cash flow deteriorated dramatically by 84% to negative $25.2M. The company simultaneously increased its debt burden by 47% to $260.6M, creating a dangerous combination of poor cash generation and rising leverage. This financial profile suggests the company is burning through cash to fuel growth that isn't translating to profitability or positive operating cash flows.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+243.4%
$2.7M→$9.2M

Strong top-line growth of 243.4% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
-84.1%
-$13.7M→-$25.2M

Operating cash flow fell 84.1% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Income
P&L
-67.9%
-$23.9M→-$40.0M

Net income declined 67.9% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
+47.2%
$177.0M→$260.6M

Debt increased 47.2% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+35.3%
$213.5M→$289.0M

Liabilities grew 35.3% — significant increase in debt or obligations, assess impact on financial flexibility.

LANGUAGE CHANGES
NEW — 2026-03-20
PRIOR — 2025-03-31
ADDED
As of March 13, 2026, the registrant had 3,896,184 Class A units, 100,000 Class B units and one Class M unit outstanding.
Forward-looking statements reflect the current views of Belpointe PREP, LLC, a Delaware limited liability company (together with its subsidiaries, the Company, we, us, or our ) based on information currently available to us with respect to, among other things, our future results of operations and financial performance.
Any forward-looking statement expressing expectations, beliefs or projections are expressed in good faith, and believed to be reasonable at the time such forward-looking statements are made.
For the year ended December 31, 2025, we issued 172,523 Class A units in connection with our Follow-on Offering.
Together with the gross proceeds raised in our primary offering, which expired in 2024 (our Primary Offering and together with our Follow-on Offering, our Public Offerings ), and the gross proceeds raised in Belpointe REIT s prior offerings, as of December 31, 2025, we have raised aggregate gross offering cash proceeds of $368.6 million.
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REMOVED
As of March 28, 2025, the registrant had 3,668,388 Class A units, 100,000 Class B units and one Class M unit outstanding.
By their nature, forward-looking statements speak only as of the date they are made, are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify, in particular due to rising interest rates, increasing inflation and recent instability in the banking system, and the projected impact of such factors on our business, financial performance and operating results.
Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them.
333-255424) (the Primary Registration Statement ), registering a continuous primary offering of up to $750,000,000 in our Class A units (our Primary Offering ).
From the period of October 7, 2021, the date of the first closing held in connection with our Primary Offering, through December 31, 2023, we issued 2,372,289 Class A units in our Primary Offering, raising net offering proceeds of $233.5 million.
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