Key Q2 Results: Bitcoin Unrealized Gains Propel Profits
On July 2, 2025, Semler Scientific (Nasdaq: SMLR) released its second quarter financial results, sending shares up 2.64% to $35.37. The company reported net income of $66.9 million, a dramatic increase from just $11,000 in the same period last year. Revenue fell 43% to $8.2 million, and operating expenses rose to $10.3 million, resulting in an operating loss of $2.1 million. However, an $83.8 million unrealized gain on Bitcoin holdings pushed pre-tax income to $80.6 million, turning the quarter profitable.
Bitcoin Treasury Strategy: 5,021 BTC with 31.3% Yield
Executive Chairman Eric Semler stated, “We have made excellent progress with our Bitcoin treasury strategy. Year-to-date through July 31, 2025, this strategy has generated more than $110.4 million in unrealized gains and delivered a 31.3% BTC yield.” As of July 31, the company held 5,021 Bitcoins with a fair value of $586.2 million, up from 4,636 at the end of Q2. During the quarter and July, it acquired approximately 1,829 Bitcoins for a total of $195.4 million, funded through operating cash flow, asset sales, and equity/debt offerings. To deepen ties with the Bitcoin community, the company appointed Natalie Brunell to its board and hired Joe Burnett as Director of Bitcoin Strategy.
New Subsidiary and Financing: CardioVanta Launch and ATM Equity Offering
CEO Doug Murphy-Chutorian announced the launch of CardioVanta, a wholly owned subsidiary focused on early detection of heart failure and cardiac arrhythmia. “We believe CardioVanta positions us to deliver long-term value in our healthcare business as we continue to aggressively execute on our Bitcoin treasury strategy — establishing Semler Scientific as a dual-engine platform for growth,” he said. Separately, the company entered into a new at-the-market (ATM) equity offering agreement in April with Barclays Capital, Cantor Fitzgerald, Canaccord Genuity, Needham & Company, Craig-Hallum Capital Group, and Lake Street Capital Markets. The agreement allows for the issuance and sale of up to $500 million of common stock. As of July 31, approximately $194.3 million had been raised under the new program.