Abaxx Technologies (ABXX) Q3 2025 earnings summary

Executive summary

• Achieved first revenue-generating quarter as a global commodity exchange, with strong initial volumes in flagship LNG and gold contracts in Q3, and LNG contracts up 83% month-over-month in September.

• Built a proprietary tech stack, launched a regulated clearinghouse, and Adaptive Infrastructure subsidiary for custodial and settlement services, supporting new products and tokenized money market funds.

• Expanded network to over 150 firms, with an 88% increase in connected firms and a 93% rise in market makers and liquidity providers quarter-over-quarter.

• Launched new products, including the first weather derivative contract in German onshore wind, expanded into battery materials and voluntary carbon markets, and advanced product development in precious metals and cash-settled LNG contracts.

• Advanced digital title technology (ID++) from R&D to operational pilots, completed core platform development, and expanded integration with external trading and logistics platforms.

Financial highlights

• Recorded over $1 million in volume-based revenue in Q3, with first Singapore revenue totaling CAD$0.3 million.

• Closed a US$22 million private placement in October 2025, increasing cash balance to approximately CAD$52 million as of quarter-end.

• LNG futures volumes reached 9,486 contracts in Q3, up 83% in September over August; gold Singapore futures saw 54,128 contracts traded since launch, with volumes rising 242% in July and 167% in September month-over-month.

• Stock price increased over 150% in Q3, from C$12.61 to C$31.89.

• Maintained a strong balance sheet with over $50 million in cash, supporting growth and minimizing dilution.

Outlook and guidance

• Targeting 1 million average daily volume (ADV) by 2030, with a path to 50% EBITDA margins.

• Plans to expand product offerings in weather derivatives, precious metals, and emissions contracts, with further launches subject to regulatory review.

• Ongoing engagement with the CFTC for Foreign Board of Trade recognition and expansion of regulatory footprint in the UK and Netherlands.

• Continued focus on onboarding new participants and growing market connectivity, especially in Asia and India.

• Technology pilots for digital title solutions are ready for execution, with commercial rollout timing under strategic control.