Verb Technology Company, Inc.

Q2 revenue was $15 million, up from $3 million in Q1. Gross profit was $14.3 million, or 95% of revenue, versus $2.8 million, also 95% of revenue, in Q1. Total costs and expenses were $13.8 million versus $6.5 million in Q1, including a $5.5 million non-cash accelerated stock compensation charge and about $2.9 million of non-cash Kingsway-related expense. Operating income from continuing operations was about $0.5 million versus an operating loss of $3.7 million in Q1. Net income from continuing operations before income taxes was about $83.5 million versus a net loss of about $91.3 million in Q1, reflecting an $82.8 million net gain from changes in the fair value of Gram holdings. The company ended the quarter with about $369.5 million of digital assets at fair value, about $29 million of cash and restricted cash, and no debt. Guidance-wise, management said the legacy VERB wind-down should reduce annual OpEx by about $4 million to $5 million, with most savings visible in Q4, and expects limited residual legal/admin wind-down costs to continue into next year.

Kevin Wilson emphasized that Q2 showed the productivity of the Gram treasury at scale and the company’s progress in simplifying the rest of the business around TON. He highlighted TON network improvements — faster block times, lower fees, and better validator performance — as important because they make Telegram-based use cases and other transaction-heavy applications more practical. He was constructive on TON’s long-term opportunity, saying the company wants to own, advance, and compound around a strategically significant Gram position, but repeatedly stressed discipline and selectivity in capital allocation.

Sarah Olsen said total revenue was $15 million, gross profit was $14.3 million at a 95% margin, and operating income from continuing operations was about $0.5 million despite $5.5 million of accelerated stock compensation expense and about $2.9 million of Kingsway-related non-cash expense. She noted fair-value gains drove net income before taxes to about $83.5 million, while digital assets were valued at about $369.5 million at quarter-end, up from about $272 million at March 31. She also said the company had about $29 million of cash and restricted cash, no debt, and expects the VERB wind-down to remove approximately $4 million to $5 million of annual OpEx, with most savings showing up in Q4.

Analysts asked when the VERB wind-down savings would fully show up and what residual obligations remain; Sarah said the majority of savings should become visible in Q4, but some legal and administrative wind-down costs will continue into next year. Questions also focused on what would signal deeper TON adoption, and Kevin pointed to actual use inside Telegram, developer ecosystem health, network activity, market structure, exchange availability, liquidity, and custodial support. On staking economics, Sarah said the April upgrade materially improved rewards, but the company is not assuming those yields will continue indefinitely because network economics can change with governance and participation. Kevin also said staking as a service is not currently being pursued, though it could be considered later as part of the company’s broader Advance pillar.