In the latest period of Q4'25, MSTR's Gross Margin stood at 66.1%, reflecting a decline from 70.5% in Q3'25 and marking the lowest point in the observed series. Operating Margin deteriorated sharply to -141.8%, a significant drop from the positive 30.2% in Q3'25, driven by substantial operational losses. Net Profit Margin also plunged to -99.5%, reversing the positive 20.6% from the prior quarter and indicating severe profitability challenges. Over the period from Q1'23 to Q4'25, Gross Margin exhibited an overall downward trend, starting at 77.1% and gradually eroding to 66.1% amid increasing cost pressures, with minor fluctuations such as a peak of 79.4% in Q3'23. Operating Margin remained negative and volatile, worsening from -16.7% in Q1'23 to extreme lows like -53.3% in Q1'25 before sporadic positive spikes to 122.6% in Q2'25 and 30.2% in Q3'25, ultimately collapsing to -141.8% in Q4'25. Net Profit Margin showed high volatility, transitioning from a positive 3.8% in Q1'23 to consistent negatives through 2024 (reaching -5.6% in Q4'24), followed by a brief surge to 87.1% in Q2'25 before plummeting to -99.5% in Q4'25, underscoring unstable earnings amid aggressive investments or market swings.