Streamex (STEX) Q2 2026 earnings summary

Executive summary

• 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.

• Launched the GLDY token program, acquired physical gold bullion, and began earning gold lease income in 2026, achieving first revenue of $0.1 million from gold lease income in Q2 2026.

• Settled all outstanding convertible debt and completed a significant public offering, strengthening liquidity and ending Q2 2026 with $41.8 million in total liquidity and no outstanding debt.

• Product GLDY now has distribution, custody, liquidity, and independent verification, supporting future growth.

Financial highlights

• For Q2 2026, gold lease income was $146, compared to $0 in Q2 2025; total liquidity at quarter-end was $41.8 million, including $18.5 million in cash and marketable securities, $6.0 million in digital assets, $15.5 million in physical gold, and $1.8 million in Metalayer investment.

• Net loss for Q2 2026 was $14,551, a 28.6% improvement from $20,368 in Q2 2025.

• For the six months ended June 30, 2026, net loss was $61,245, up from $23,169 in the prior year, driven by higher stock-based compensation and debenture-related expenses.

• General and administrative expenses for Q2 2026 decreased 30.2% year-over-year to $13,836, mainly due to lower stock-based compensation.

• Operating cash burn was $1.6 million per month in Q2, including $0.5 million in non-recurring items; expected to decrease to $1.1 million per month in Q3.

Outlook and guidance

• Management expects continued operating losses and negative cash flows until the digital platform achieves commercial scale, but anticipates lower operating cash burn in Q3 2026, targeting $1.1 million per month excluding non-recurring items.

• Future income growth depends on GLDY adoption, asset growth, regulatory factors, and platform commercialization.

• Plans to introduce GLDC, a permissionless gold offering, and expand to additional tokenized assets.

• Liquidity is expected to be sufficient for at least one year; no substantial doubt about going concern.