StableX Technologies (SBLX) investor relations material

Executive summary

• Strategic pivot to fabless semiconductor development for AI data centers; Neural I/O optical interconnect remains in early development, with no semiconductor revenue to date.

• Q3 operating loss was $12.5M, partly offset by a $7.4M non-cash gain on the Series J anti-dilution liability; net loss was $4.9M.

• Management expects available liquidity to fund operations for at least 12 months after the report date, while noting future capital needs may arise.

Financial highlights

• Q3 2026 revenue and cost of goods sold were both $0; Q3 2025 revenue was $0 and cost of goods sold was $717,120, primarily from Vanish inventory impairment.

• Q3 operating expenses were $12.5M versus $2.8M YoY; R&D was $9.4M and G&A was $3.2M.

• Q3 net loss was $4.9M versus $2.8M YoY; 9M net loss was $19.8M versus $16.1M.

• 9M 2026 R&D was $10.2M versus $1.0M YoY; G&A was $7.4M versus $5.3M, reflecting JDA costs and higher stock-based and warrant compensation.

• Q3 other income, net, was $7.6M, principally including a $7.4M gain from remeasurement of the Series J anti-dilution liability.

Outlook and guidance

• R&D expense is expected to rise as development under the Kopin JDA for the Neural I/O chip accelerates; revenue is not expected until products are developed and commercialized.

• Management expects cash and marketable securities to fund operations for at least 12 months after the report date; future capital requirements depend on development spending, staffing, product timing, and market acceptance.

• A production plan after a successful prototype demonstration could require an additional $15M-$25M; this is contingent and not currently committed.