$MGTE

Marblegate Capital Corp

CIK:0001965052|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Fleet revenue	$ 10,443	$ 13,228	$ 19,172	$ 13,228
Interest income	3,983	3,028	7,577	6,314
Other revenue	2,255	1,501	4,054	2,804
Total revenue	16,681	17,757	30,803	22,346
Operating expenses:
Cost of fleet revenue, net (exclusive of depreciation)	8,892	3,470	16,523	4,785
Depreciation of rental vehicles	2,222	743	3,741	1,282
Service fee expense	1,435	1,125	2,636	2,250
Management fee expense - related party	2,216	1,683	4,442	1,683
Depreciation of property and equipment	45	28	111	28
General and administrative	2,888	3,147	5,715	3,264
Professional fees	3,282	4,005	5,412	6,388
Total operating expenses	20,980	14,201	38,580	19,680
(Loss) income from operations	(4,299)	3,556	(7,777)	2,666
Other income (expense):
Losses on loans held for investment, net	(876)	(1,805)	(1,250)	(4,667)
WAV grant income	395	154	668	154
Interest expense	(925)	0	(1,744)	0
Other income (expense), net	357	41	352	107
Total other expense	(1,049)	(1,610)	(1,974)	(4,406)
(Loss) income before income taxes	(5,348)	1,946	(9,751)	(1,740)
Income tax benefit (expense)	559	(49,283)	3,482	(49,283)
Net loss	(4,789)	(47,337)	(6,269)	(51,023)
Net (loss) income attributable to noncontrolling interest	(512)	655	(832)	655
Net loss attributable to common stockholders	$ (4,277)	$ (47,992)	$ (5,437)	$ (51,678)
Net loss per share - basic	$ (0.06)	$ (0.65)	$ (0.07)	$ (0.75)
Net loss per share - diluted	$ (0.06)	$ (0.65)	$ (0.07)	$ (0.75)
Weighted-average shares outstanding: - basic	73,914,402	73,071,330	73,914,402	68,040,844
Weighted-average shares outstanding: - diluted	73,914,402	73,071,330	73,914,402	68,040,844

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (6,269)	$ (51,023)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	3,852	1,310
Losses on loans held for investment, net	1,250	4,667
Noncash medallion incentive	525	525
Loss from disposal of rental vehicles	43	0
Change in fair value of interest rate swap	(367)	0
Noncash operating lease expense	22	25
Amortization of borrowing costs	226	0
Other expense (income), net	(28)	(107)
Deferred income taxes	(3,482)	49,283
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(2,936)	(5,013)
Accrued expenses and other liabilities	774	2,154
Service fee payable	(1,912)	708
Management fee payable	(3,713)	1,683
Deposit liability	0	(7,086)
Net cash used in operating activities	(12,015)	(2,874)
Cash flows from investing activities:
Cash acquired in the Business Combination	0	91
Cash acquired in Septuagint Acquisition	0	34
Purchases of rental vehicles	(21,860)	(14,177)
Asset-based WAV grant receipts	7,660	0
Purchases of property and equipment	(103)	(20)
Medallion disposal down payments and settlements received	0	430
Repayments on loans held for investment	3,487	6,259
Net cash used in investing activities	(10,816)	(7,383)
Cash flows from financing activities:
Payment of MAC promissory note at closing of the Business Combination	0	(3,675)
Payment of MAC transaction costs at closing of the Business Combination	0	(7,976)
Distributions to noncontrolling interests	(1,857)	0
Proceeds from credit facility	10,000	0
Principal repayments on term loan	(2,575)	0
Net cash provided by (used in) financing activities	5,568	(11,651)
Net decrease in cash and cash equivalents and restricted cash	(17,263)	(21,908)
Cash and cash equivalents and restricted cash, at beginning of period	25,840	35,173
Cash and cash equivalents and restricted cash, at end of period	8,577	13,265
Supplemental disclosure of cash flow information:
Cash paid for interest	1,507	0
Cash paid for income taxes	0	0
Non-Cash investing and financing activities:
Intangible asset taxi medallions acquired in loan foreclosures	17,225	8,610
Originations of Non-MRP+ loans from medallion disposals	175	495
Recognition of noncontrolling interests in the Business Combination	0	106,624
WAV grant receivables applied to rental vehicle basis	6,480	0
Right-of-use assets obtained in exchange for lease liabilities	$ 694	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7,312	$ 25,314
Restricted cash	1,265	526
Prepaid expenses and other current assets	13,128	11,372
Total current assets	21,705	37,212
Loans held for investment, at fair value	259,884	281,671
Rental vehicles, net	39,803	28,207
Property and equipment, net	564	572
Operating lease right-of-use assets	5,392	5,084
Intangible assets	376,072	359,022
Other non-current assets	1,473	1,264
Total assets	704,893	713,032
Current liabilities:
Accrued expenses and other current liabilities	7,202	5,968
Service fee payable	0	1,912
Management fee payable - related party	2,216	5,929
Operating lease liabilities, current portion	779	410
Current portion of long-term borrowings	5,489	4,806
Total current liabilities	15,686	19,025
Deferred tax liability, net	50,658	54,140
Long-term borrowings, net of current portion	43,982	37,172
Operating lease liabilities, net of current portion	4,694	4,733
Other liabilities	1,729	1,692
Total liabilities	116,749	116,762
Commitments and contingencies (See Note 12)
Stockholders' equity:
Common stock, value	7	7
Additional paid-in capital	287,786	287,786
Retained earnings	198,669	204,106
Total Marblegate Capital Corporation stockholders' equity	486,462	491,899
Noncontrolling interests	101,682	104,371
Total stockholders' equity	588,144	596,270
Total liabilities and stockholders' equity	$ 704,893	$ 713,032