Streamex (STEX) Q4 2025 earnings summary

Executive summary

• Transitioned to a public company via BioSig merger, established the Streamex platform, and focused on tokenized commodities.

• Launched GLDY, an institutional-grade, yield-bearing tokenized gold asset, with $14.5M value locked and over $100M in institutional indications of interest.

• Raised over $55 million in equity financings in 2025–2026, supporting platform development and product growth.

• Strengthened leadership with hires from major financial institutions, including the appointment of Christine Plummer as CFO.

• Ended 2025 with a strong balance sheet, no debt, $20.3M in cash, $9.7M in marketable securities, and $23.4M in gold assets.

Financial highlights

• Year-end cash and cash equivalents of $20.3M, $9.7M in marketable securities, and $23.4M in gold holdings.

• No outstanding debt at year-end, providing operational flexibility.

• Net loss of $461.9M for fiscal 2025, primarily due to non-cash items such as derivative remeasurement, stock-based compensation, and acquisition-related amortization.

• General and administrative expenses totaled $67.5M, including $57.1M in non-cash stock-based compensation.

• Revenue remained minimal in 2025 as the company shifted from legacy operations to the tokenization platform, with ramp expected in 2026.

Outlook and guidance

• Expectation for revenue ramp-up in 2026 as platform and related services scale.

• Focus on converting institutional pipeline into GLDY AUM and expanding distribution through partners and intermediaries.

• Plans to launch a tokenized silver asset in Q2 2026, targeting retail investors and expanding the product suite.

• Long-term roadmap includes additional tokenized assets such as royalties, streams, copper, and oil & gas.