Semler Scientific, Inc.

Total revenues in Q2 2025 were $8.2 million, down from the prior-year quarter due to the continued phase-in of the 2024 CMS rate announcement and lower device usage at some customers. Operating expenses were $10.3 million, including $1.9 million of noncash stock-based compensation and $0.5 million of legal expenses tied to the DOJ settlement process, and loss from operations was $1.2 million. The company recorded a net unrealized gain of $83.8 million from the change in fair value of Bitcoin holdings, leading to net income of $66.9 million, or $5.71 per basic share and $5.04 per diluted share. Cash, cash equivalents and restricted cash were $13.6 million at June 30, 2025. In Q2, Semler acquired 1,444 Bitcoin for $149.6 million at $103,581 per Bitcoin; at June 30 it held 4,636 Bitcoin valued at $496.9 million, and by July 31 it held 5,021 Bitcoin valued at $586.2 million. Management did not give formal quarterly or full-year financial guidance, but it said it remains focused on expanding Bitcoin holdings, expects acquisition announcements could become larger and more regular over time, and continues to pursue financing flexibility through its ATM and other capital options.

Doug Murphy-Chutorian opened with a tribute to co-founder Herbert J. Semler and framed the company as operating at the intersection of healthcare innovation and Bitcoin accumulation. Eric Semler said the company is confident in both businesses, calling Semler “absurdly undervalued” and emphasizing that the board is exploring accretive capital options to unlock value. He also highlighted the hiring of Natalie Brunell and Joe Burnett, the move to Executive Chairman, and the creation of CardioVanta as part of an effort to expand beyond PAD.

Renae Cormier walked through the quarter’s reported figures, emphasizing that revenue decline reflected the CMS reimbursement phase-in and lower PAD device usage. She noted operating expenses of $10.3 million, including $1.9 million of stock-based compensation and $0.5 million of DOJ-related legal costs, and said the DOJ settlement process is progressing smoothly and on track. She also detailed Bitcoin and capital markets activity: 1,444 Bitcoin purchased in Q2, 5,021 Bitcoin held as of July 31, $156.6 million of net proceeds from issuing about 4.1 million shares in Q2, and a little over $300 million remaining under the $500 million ATM.

The main Q&A themes were competition among Bitcoin treasury companies, announcement cadence for Bitcoin buys, and how Semler thinks about mNAV versus peers. Management said it is not worried about more companies entering the strategy, arguing that broader adoption helps accelerate Bitcoin monetization and can benefit early movers. On disclosures, they said they do not plan weekly Bitcoin purchase announcements, though they expect acquisition announcements may become more regular and larger over time. On valuation, they described two models—a fast-money premium-to-mNAV approach and a slower leveraged strategy that can work even at 1x mNAV—and said Semler is using intelligent leverage to amplify Bitcoin returns and potentially expand mNAV.