Streamex (STEX) Q2 2026 earnings summary

Executive summary

• Achieved first-ever revenue from the tokenized gold platform, earning $146,000 in gold lease income in Q2 2026, marking a key milestone in commercializing the product.

• Transitioned to a digital infrastructure platform focused on tokenization and exchange of real-world assets, primarily gold, following the acquisition of Streamex Exchange in May 2025.

• Built out a full institutional infrastructure for GLDY, including partnerships for trading, custody, attestation, and liquidity.

• Launched and prepared for GLDC, a permissionless gold token, to expand the addressable market and add a new revenue stream.

• Settled all outstanding convertible debt and completed a significant public offering, strengthening liquidity.

Financial highlights

• Recognized $146,000 in gold lease income for Q2 2026, with $134,000 earned in the quarter and $12,000 from a prior period correction.

• Net loss for Q2 2026 was $14.6 million, a 28.6% improvement from $20.4 million in Q2 2025; loss per share was $0.08.

• Operating expenses fell by $20.4 million (57.1%) sequentially from Q1; general and administrative expenses for Q2 2026 decreased 30.2% year-over-year.

• Cash burn rate reduced to $1.1 million/month entering Q3, with 18 months of runway from immediately available funds and 3 years from total liquidity.

• Ended Q2 2026 with $41.8 million in total liquidity, $32.8 million in working capital, and no outstanding debt.

Outlook and guidance

• Expect first institutional allocations into GLDY in Q3, anticipated to be a catalyst for rapid AUM growth.

• GLDC launch and initial liquidity bootstrapping targeted for Q3, expanding access to non-accredited investors.

• Management expects lower operating cash burn in Q3 2026, targeting $1.1 million per month excluding non-recurring items.

• Silver product launch deferred to 2027 to focus resources on gold and GLDC ecosystem depth.

• Management expects continued operating losses and negative cash flows until the digital platform achieves commercial scale.