Streamex (STEX) Q2 2026 earnings summary

Executive summary

• Recognized $146,000 in Q2 gold lease income, the first revenue from the tokenized gold platform.

• Completed GLDY’s institutional infrastructure across brokerage access, custody, liquidity, and independent reserve attestation.

• GLDC is expected in 2H 2026, expanding access through a permissionless gold token; silver launch shifted to 2027.

• Ended June with $41.8M in total liquidity, no debt, and $32.8M in working capital.

• First institutional GLDY allocations were expected in Q3, subject to third-party decisions and adoption.

Financial highlights

• Q2 gold lease income was $146K, including $134K earned in-quarter and $12K from a prior-period correction.

• Q2 net loss was $14.551M versus $46.694M in Q1; operating expenses fell $20.4M, or 57.1%, and net loss declined $32.2M, or 69.0%, QoQ.

• Q2 net loss improved 28.6% from $20.368M in Q2 2025; H1 net loss was $61.245M versus $23.169M, reflecting higher stock-based compensation and debenture-related expenses.

• Q2 loss per share was $0.08; H1 net cash decrease was $14.711M.

• Q2 operating cash burn was $1.6M per month, including $0.5M in non-recurring items.

Outlook and guidance

• Q3 2026 expected monthly operating cash burn is $1.1M, excluding identified non-recurring costs; estimated runway is ~18 months on immediately available funds and ~3 years on total liquidity.

• GLDC launch is expected in 2H 2026 following Q3 liquidity bootstrapping; silver launch moved from Q3 2026 to 2027.

• Next-90-day priorities include first institutional GLDY allocations, onboarding institutional holders, Equity Trust retirement integration, GLDC launch, and continued attestations and distributions.

• Continued operating losses and negative cash flows are expected until the digital platform reaches commercial scale.

• Cost discipline and leveraging the fixed cost base are intended to support operating leverage as revenue scales.