CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 31, 2025	Mar. 31, 2024
Revenues:
Total revenues		$ 111,066	$ 115,246
Cost of revenues:
Total cost of revenues		33,971	30,015
Gross profit		77,095	85,231
Operating expenses:
Sales and marketing		27,532	33,451
Research and development		24,423	29,183
General and administrative		40,547	34,666
Unrealized loss on digital assets		5,906,005	0
Digital asset impairment losses		0	191,633
Total operating expenses		5,998,507	288,933
Loss from operations		(5,921,412)	(203,702)
Interest expense, net	[1]	(17,106)	(11,881)
Other (expense) income, net		(3,936)	1,696
Loss before income taxes		(5,942,454)	(213,887)
Benefit from income taxes	[2]	(1,725,084)	(160,769)
Net loss		(4,217,370)	(53,118)
Dividends on preferred stock		(10,648)	0
Net loss attributable to common stockholders of Strategy		$ (4,228,018)	$ (53,118)
Basic loss per common share (1)	[3]	$ (16.49)	$ (0.31)
Weighted average common shares outstanding - Basic		256,473	171,942
Diluted loss per common share (1)	[3]	$ (16.49)	$ (0.31)
Weighted average common shares outstanding - Diluted		256,473	171,942
Total product licenses and subscription services
Revenues:
Total revenues		$ 44,373	$ 35,904
Cost of revenues:
Total cost of revenues		15,393	9,171
Product licenses
Revenues:
Total revenues		7,270	12,938
Cost of revenues:
Total cost of revenues		964	567
Subscription services
Revenues:
Total revenues		37,103	22,966
Cost of revenues:
Total cost of revenues		14,429	8,604
Product support
Revenues:
Total revenues		52,529	62,685
Cost of revenues:
Total cost of revenues		7,354	8,547
Other services
Revenues:
Total revenues		14,164	16,657
Cost of revenues:
Total cost of revenues		$ 11,224	$ 12,297

[1] Interest expense, net is substantially related to interest expense on the Company’s long-term debt arrangements, the proceeds from which were primarily used to purchase bitcoin.

[2] Income tax effects allocated to the Corporate & Other category are related solely to transactions involving the Company’s bitcoin or debt, including unrealized losses on digital assets, digital asset impairment losses, interest expenses, gains and losses on debt extinguishments, share-based compensation expense, corporate resources (including personnel costs), and other third-party expenses.

[3] Basic and fully diluted loss per common share for class A and class B common stock are the same.