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Strategy CEO Phong Le said the company’s success rests on more than the Bitcoin held on its balance sheet, arguing that its enterprise software business remains central to its long-term model.
Strategy reported total Q1 2026 revenue of $124.3 million, up 11.9% year over year from $111.1 million. The company posted gross profit of $83.4 million, representing a 67.1% gross margin.
Le said Q1 was the strongest software quarter in a decade, supported by 12% revenue growth and 59% cloud revenue growth. He added that controllable margin rose 27%, helping fund Bitcoin operating expenses.
Le’s comments come as Strategy’s Bitcoin strategy faces ongoing scrutiny. The company reported a $12.54 billion Q1 net loss, compared with a $4.22 billion loss in the same period last year.
As reported by Crypto.news, Strategy raised $25.3 billion in 2025 to expand its Bitcoin treasury strategy. That report also noted Le’s focus on expanding STRC to support growth in Bitcoin per share.
Le said Strategy has built an AI data foundation called Mosaic, which links large language models, hyperscalers, and data warehouses into a secure enterprise data layer. He also said the company is rebuilding internal systems with AI and expects more workflows to become automated.
Le’s message was that Strategy’s software arm is not just a legacy business, but part of the company’s argument for how its Bitcoin treasury model can operate at institutional scale.
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