Marblegate Capital Corp

marblegatecapitalcorp.com

What Do They Do?

Leases operational taxicabs and medallions to licensed New York City drivers, and lends against taxi medallions.

How Do They Make Money?

Drivers pay weekly to lease operational taxis and medallions; borrowers pay interest on loans and fees or gains when loans are resolved. The company also earns interest on cash balances.

revenue

Segment	Share	How money arrives
Specialty Finance	38%
Fleet Operations Recurring	61%	Recurring
Total Reportable Segments	99%
All Other Recurring	0.6%	Recurring

Who Are Their Customers?

Licensed drivers lease operational taxis and medallions from Signal Taxi. Medallion borrowers pay interest and fees on their loans.

Do Revenues Turn Into Profits?

Not on paper. It lost $44.9M in FY2025, but brought in more cash than it spent: $922K of free cash flow.

Operating income, FY2025

2% of revenue

▼ −87% vs FY2024 ($6.1M, 29%)

Net income, FY2025

−93% of revenue

▼ Now a loss vs FY2024 ($9.4M, 45%)

Free cash flow, FY2025

2% of revenue

▼ −91% vs FY2024 ($10.3M, 49%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −6%; vs $17.8M in Q2 FY2025
Net income: ▼ −91% (Loss); vs −$48M in Q2 FY2025

Total Reportable Segment share of revenue vs 99.7% in Q2 FY2025

Growing. Revenue grew 2.3x in 1 year, from $21M in FY2024 to $48.5M in FY2025, about 131% a year.

Revenue over time

Specialty Finance Fleet Operations Total Reportable Segments All Other

$50M$25M$0

FY2024 FY2025

Who Do They Compete With?

Competes with Uber and Lyft

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