Streamex (STEX) Q1 2026 earnings summary

Executive summary

• Launched GLDY, a tokenized yield-bearing gold asset, with over 3,000 ounces ($14M AUM), paid inaugural dividends, and established key institutional partnerships, marking a transition from preparation to proof of concept.

• Raised over $40 million in equity capital during Q1 2026, fully deleveraging the balance sheet and supporting product and infrastructure growth.

• Completed acquisition of Streamex Exchange, expanding into tokenized finance and digital asset infrastructure, while legacy medical device business remains operational.

• Operated as a single reportable segment, with Streamex Exchange still in development and no material revenue generated.

• Focus for Q2 is scaling GLDY functionality and AUM, with GLDC (retail-accessible tokenized gold) and SLVC (silver) launches planned for Q3.

Financial highlights

• Ended Q1 2026 with $45.85M in cash and investments, $173.3M in total assets, and $159.3M in shareholders’ equity.

• No GAAP revenue recognized in Q1 2026, consistent with Q1 2025, as product ramp began late in quarter; revenue expected to begin in subsequent quarters.

• Net loss attributable to common shareholders was $46.7M, primarily due to $25.4M non-cash stock-based compensation and $12.2M non-cash debt-related charges.

• Operating expenses totaled $35.7M (vs. $3M prior year), driven by non-cash items and upfront investments in platform and compliance.

• Convertible debt fully retired; liabilities reduced from $54.2M at year-end 2025 to $14M.

Outlook and guidance

• Expect modest near-term revenue as GLDY scales and secondary trading infrastructure goes live; unit economics to improve as AUM grows.

• Management expects more than 12 months of runway at current burn rate, before any revenue from GLDY scaling or future products.

• Q2 focus is on GLDY growth and partnership integrations; Q3 to see GLDC and SLVC launches, with further product and jurisdiction expansion planned for 2027 and beyond.

• Revenues from GLDY and Streamex Exchange platform remain uncertain; future growth depends on adoption, regulatory milestones, and market conditions.

• Expect continued operating losses and negative cash flows until digital asset and medical device products achieve commercial success.