$FGNXP

1347 Property Insurance Holdings, Inc.

CIK:0001591890|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Revenue:

Total revenue

$ 242

$ 207

$ 473

$ 444

Expenses:

General and administrative expenses

(2,258)

(1,549)

(5,432)

(3,887)

Stock-based compensation

(129)

(250)

(246)

(425)

Loss on impairment and disposal of assets

(5)

Loss from operations

(2,145)

(1,597)

(5,205)

(3,873)

Other income (expense):

Interest income, net

130

174

(Loss) gain on equity holdings

(9,208)

6,240

(9,176)

(179)

Gain on financial instruments

1,181

1,083

Foreign currency transaction gain (loss)

(26)

Total other (expense) income, net

(7,897)

6,247

(7,945)

(176)

(Loss) income from continuing operations before income taxes

(10,042)

4,650

(13,150)

(4,049)

Income tax expense

(205)

(210)

(196)

(142)

Net (loss) income from continuing operations

(10,247)

4,440

(13,346)

(4,191)

Net (loss) income from discontinued operations (Note 3)

(8,042)

1,032

(43,582)

(94)

Net (loss) income

(18,289)

5,472

(56,928)

(4,285)

(Premium) discount on repurchase of Series A Preferred Shares

(28)

Dividends declared on Series A Preferred Shares

(325)

(447)

(695)

(894)

Net (loss) income attributable to common shareholders

$ (18,642)

$ 5,025

$ (57,611)

$ (5,179)

Basic and diluted net (loss) income per common share:

Continuing operations - basic

^[1]

$ (1.75)

$ 15.60

$ (2.21)

$ (19.94)

Continuing operations - diluted

^[1]

(1.75)

15.60

(2.21)

(19.94)

Discontinued operations - basic

(1.32)

4.03

(6.86)

(0.37)

Discontinued operations - diluted

(1.32)

4.03

(6.86)

(0.37)

Total - basic

(3.07)

19.63

(9.07)

(20.31)

Total - diluted

$ (3.07)

$ 19.63

$ (9.07)

$ (20.31)

Weighted average common shares outstanding - basic

^[1],[2]

6,079

256

6,354

255

Weighted average common shares outstanding - diluted

^[1],[2]

6,079

256

6,354

255

Rental Income [Member]

Revenue:

Total revenue

$ 104

$ 98

$ 208

$ 207

Merchant Banking Advisory Fees [Member]

Revenue:

Total revenue

$ 138

$ 109

$ 265

$ 237

[1]	Information pertaining to the number of shares outstanding and per share data gives retroactive effect to a 1 for 5 reverse stock split that became effective on February 13, 2026.
[2]	Information pertaining to the number of shares outstanding and per share data gives retroactive effect to a 1 for 5 reverse stock split that became effective on February 13, 2026.

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss from continuing operations	$ (13,346)	$ (4,191)
Adjustments to reconcile net loss to net cash used in operating activities:
Net unrealized loss on fair value equity holdings	453	1,295
(Gain) loss from equity method holdings	9,306	(471)
Unrealized gain from cost method holdings	(583)
Loss on disposal of fixed assets		5
Gain on forward purchase agreement derivative	(705)
Net realized gain on sale of equity holdings		(478)
Depreciation and amortization	148	157
Deferred income taxes	186	(8)
Stock compensation expense	352	425
Changes in operating assets and liabilities:
Other assets	(622)	122
Current income taxes	(1,010)	(148)
Accounts payable and accrued expenses	(3,480)	5,296
Net cash (used in) provided by operating activities from continuing operations	(9,301)	2,004
Net cash used in operating activities from discontinued operations	(1,471)	(6,380)
Net cash used in operating activities	(10,772)	(4,376)
Cash flows from investing activities:
Proceeds from sales of equity securities		3,615
Proceeds from sales of ETH digital assets	60,956
Purchases of equity securities	(15,688)	(262)
(Issuance) collection of note receivable, net	(150)	114
Net cash provided by investing activities from continuing operations	45,118	3,467
Net cash provided by investing activities from discontinued operations		6,269
Net cash provided by investing activities	45,118	9,736
Cash flows from financing activities:
Payment of dividends on preferred shares	(695)	(895)
Net repayments on credit facility	(56)	(55)
Purchases of common shares	(15,297)
Purchases of Series A preferred shares	(6,717)
Payment of withholding taxes in connection with vesting of RSUs	(40)	(315)
Principal payments on short-term debt		(137)
Net cash used in financing activities from continuing operations	(22,805)	(1,402)
Net cash used in financing activities from discontinued operations		(287)
Net cash used in financing activities	(22,805)	(1,689)
Effect of exchange rate changes on cash and cash equivalents from continuing operations	(13)	9
Net increase in cash and cash equivalents from continuing operations	12,999	4,078
Net decrease in cash and cash equivalents from discontinued operations	(1,471)	(398)
Net increase in cash and cash equivalents	11,528	3,680
Cash and cash equivalents at beginning of period	13,395	6,562
Cash and cash equivalents at end of period	$ 24,923	$ 10,242

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

^[1]

ASSETS

Cash and cash equivalents

$ 24,923

$ 13,395

Equity holdings

24,259

14,670

Property, plant and equipment, net

1,986

2,208

Assets of discontinued operations

133,267

Receivable from sale of ETH digital assets

14,983

Other assets

3,177

304

Total assets

69,328

163,844

LIABILITIES

Accounts payable and accrued expenses

1,865

4,631

Short-term debt, net of issuance costs

1,800

1,923

Deferred income taxes, net

544

365

Liabilities of discontinued operations

998

10,134

Other liabilities

3,300

Total liabilities

5,207

20,353

Commitments and contingencies (Note 13)

STOCKHOLDERS’ EQUITY

Series A Preferred Shares, $25.00 par and liquidation value, 10,000,000,000 shares authorized, 620,818 shares issued and outstanding as of June 30, 2026 and 888,884 shares issued and outstanding as of December 31, 2025

15,520

22,223

Common stock, $0.001 par value; 180,000,000,000 shares authorized, 8,720,631 issued and 5,609,758 outstanding as of June 30, 2026 and 8,698,994 issued and 7,080,747 outstanding as of December 31, 2025

^[2]

Treasury stock (3,110,873 and 1,618,248 shares at cost as of June 30, 2026 and December 31, 2025, respectively)

(41,431)

(26,133)

Additional paid-in capital

216,994

216,682

Accumulated deficit

(126,381)

(68,743)

Accumulated other comprehensive loss

(651)

(608)

Total stockholders’ equity

64,121

143,491

Total liabilities and stockholders’ equity

$ 69,328

$ 163,844

[1]	Derived from the audited consolidated balance sheet.
[2]	Information pertaining to the number of shares outstanding gives retroactive effect to a 1 for 5 reverse stock split that became effective on February 13, 2026.