In the latest quarter Q1'26, MSTR's Gross Margin stood at 67.1%, reflecting a modest recovery from the previous quarter's 66.1% but remaining below historical highs. Operating Margin improved significantly to -0.1%, a stark turnaround from the deep negative of -141.8% in Q4'25, while Net Profit Margin deteriorated sharply to -100.9%, indicating persistent bottom-line pressures despite operational gains. Over the period from Q2'23 to Q1'26, Gross Margin exhibited a gradual downward trend from 77.5% to 67.1%, with minor fluctuations but no major recoveries, suggesting eroding pricing power or rising costs. Operating Margin was volatile and predominantly negative, worsening from -22.2% in Q2'23 to extreme lows like -53.3% in Q1'25 before sporadic positives (e.g., 122.6% in Q2'25) and a recent stabilization near breakeven. Net Profit Margin showed high instability, fluctuating between profits (e.g., 71.6% in Q4'23) and severe losses (peaking at -100.9% in Q1'26), driven by apparent one-time gains and impairments, underscoring inconsistent profitability amid broader operational challenges.