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    STEX
    Earnings call· Jun 2026(Q2 FY26)

    Streamex Q2 FY26 earnings call STEX

    Aug 17, 2026 Source

    Executive summary

    Streamex Q2 FY26 — Strategic Partnerships and GLDC Launch Pave Way for Institutional Adoption

    Streamex, a financial technology company, reported its first revenue in Q2 FY26, driven by gold lease income, alongside significant cost reductions. The quarter focused on building a comprehensive institutional distribution ecosystem for its tokenized gold product, GLDY, through five key partnerships. While GLDY assets remained flat, the company is preparing for an inflection point with expected institutional allocations in Q3 and the upcoming launch of GLDC, a permissionless token designed to expand market access and introduce a new revenue stream.

    Highlights

    6

    • First income recognized: $0.1 million of gold lease income.

    • Operating expenses reduced by $20.4 million (57.1%) quarter-over-quarter.

    • Net loss reduced by $32.2 million (69%) quarter-over-quarter.

    • Total liquidity position of $41.8 million, providing approximately 3 years of runway assuming no revenue.

    • Five strategic partnerships established, completing the institutional stack for GLDY.

    • Board authorized share repurchase of up to 10 million shares at a price not exceeding $2.

    Concerns

    3

    • GLDY assets outstanding broadly unchanged at 3,111 ounces.

    • Material weaknesses in internal controls not remediated as of June 30th.

    • Silver launch moved from Q3 FY26 to 2027.

    Guidance & targets

    4
    CategoryTargetConfidence
    GLDC Launch
    Expected launch in the second half
    high materiality
    High
    First Institutional Allocation (GLDY)
    Expected in the third quarter
    high materiality
    High
    Silver Launch
    Moved to 2027
    medium materiality
    High
    Internal Controls Remediation
    Expect to report progress each quarter until closed
    medium materiality
    High

    Operational metrics

    46
    Gold lease income
    $0.1 million
    Q2 FY26

    First income earned under the tokenized gold platform.

    Gold lease income (excluding correction)
    $134,000
    Q2 FY26

    Approximately $12,000 relates to Q1 income recognized in Q2 as an immaterial correction.

    Loss from operations
    $15.2 millionvs $35.7 million in Q1 FY26
    Q2 FY26

    Significant reduction from the previous quarter.

    Operating expenses reduction
    $20.4 million57.1% against Q1 FY26
    Q2 FY26

    Driven principally by lower stock-based compensation and lower consulting and platform development costs.

    Net loss
    $14.6 millionvs $46.7 million in Q1 FY26
    Q2 FY26

    A reduction of $32.2 million or 69%.

    Loss per share
    $0.08
    Q2 FY26

    For the second quarter.

    Net loss
    $61.2 million
    6 months

    For the first half of FY26.

    Net decrease in cash
    $14.7 million
    First half FY26

    Across the first half of the fiscal year.

    Non-cash stock-based compensation
    $32.5 million
    6 months

    Included in the 6-month net loss.

    Non-cash interest
    Approximately $12 million
    6 months

    Included in the 6-month net loss, relating to convertible debentures settled in February, not expected to recur.

    Loss on extinguishment
    $3.1 million
    6 months

    Included in the 6-month net loss, relating to convertible debentures settled in February, not expected to recur.

    Total assets
    $159.6 millionvs $173.3 million as of March 31st
    As of June 30th

    Balance sheet remained strong.

    Liabilities
    $12.4 milliondown from $14 million
    As of June 30th

    Reduced during the quarter.

    Total stockholders' equity
    $147.1 million
    As of June 30th

    Strong equity position.

    Working capital
    $32.8 million
    As of June 30th

    Healthy working capital position.

    Marketable securities reduction
    $10.9 million
    Q2 FY26

    Deliberately reduced and redeployed capital.

    Capital redeployed to USDC
    $6 million
    Q2 FY26

    Part of redeployed marketable securities.

    Loan to Wintermute
    $5 million
    Q2 FY26

    Expected to be dispersed from USDC, not treated as immediately available liquidity until May 27, 2027.

    MetaLayer Digital Fund 1 subscription
    $2 million
    Q2 FY26

    Investment in 2,000 non-voting shares, subject to lockup until September 30, 2026.

    Total liquidity position
    $41.8 million
    As of June 30th

    Includes cash, marketable securities, digital assets, physical gold, and MetaLayer investment.

    Immediately available liquidity
    $19.5 million
    As of call date

    Excludes $5M loan to Wintermute, MetaLayer investment under lockup, and physical gold inventory.

    Operating cash burn
    Approximately $1.6 million
    Q2 FY26

    Monthly cash burn rate.

    Expected run rate cash burn
    Approximately $1.1 million
    Going into Q3 FY26

    After stripping out non-repeating items like accounting/consulting services, one-time personal costs, and a completed marketing program.

    Liquidity coverage (immediately available)
    Approximately 18 months
    Forward-looking

    Based on immediately available funds and expected Q3 run rate cash burn, assuming no revenue.

    Liquidity coverage (total liquidity)
    Approximately 3 years
    Forward-looking

    Based on total liquidity position and expected Q3 run rate cash burn, assuming no revenue.

    Common shares outstanding
    112 million
    As of June 30th

    Presented as of June 30th.

    Exchangeable shares
    69 million
    As of June 30th

    Convert 1-for-1 to common shares.

    Fully diluted shares
    182 million
    As of June 30th

    Includes common and exchangeable shares.

    Share repurchase authorization
    Up to 10 million shares
    Authorized July 1st

    Board authorized on July 1st; timing and execution at Board's discretion.

    GLDY assets under management
    3,111 ouncesvs 3,096 ounces at end of March
    As of June 30th

    Broadly unchanged quarter-over-quarter.

    External ownership of GLDY
    9%
    Q2 FY26

    StreamX seeded the reserve with its own capital, leading to high internal ownership.

    GLDY dividends earned
    27.3 ounces
    Total

    Total ounces distributed to holders.

    GLDY dividends paid
    19.4 ounces
    Q2 FY26

    Ounces paid in the quarter.

    Comparable yield-bearing tokenized products AUM
    $688 million and $2.25 billion
    Current

    Illustrates that similar products are funded by a small number of large investors.

    Largest tokenized treasury fund holders
    Approximately 115
    Current

    Run by the largest asset manager in the world, showing concentration of holders.

    Tokenized real-world assets on-chain
    $38 billionUp from $11.8 billion 2 years ago
    Current

    Excluding stablecoins, showing rapid growth in the sector.

    Tokenized real-world assets holders
    More than 1.7 million
    Current

    Growing rapidly.

    Global commodities market nominal value
    Approximately $146 trillion
    2026

    Statista estimate, highlighting the massive addressable market.

    Gold market value (total)
    Approximately $32 trillion
    Current

    Within the global commodities market.

    Financial gold market value
    Approximately $11 trillion
    Current

    Portion of the total gold market.

    Gold in ETFs
    Approximately $560 billion
    Current

    Assets that are non-earning for holders.

    GLDC reserve income potential
    $3.5 million
    Annual

    Illustrative figures, gross of costs, before holder incentives or ecosystem programs.

    GLDC reserve income potential
    $8.8 million
    Annual

    Illustrative figures, gross of costs, before holder incentives or ecosystem programs.

    GLDC reserve income potential
    $17.5 million
    Annual

    Illustrative figures, gross of costs, before holder incentives or ecosystem programs.

    GLDC reserve income potential
    $35 million
    Annual

    Illustrative figures, gross of costs, before holder incentives or ecosystem programs.

    Early NFT project marketing budget
    $300
    Historical

    Example cited by Henry McPhee of successful organic marketing with a very low budget in the crypto space.

    Industry KPIs

    1
    MetricValueDetails
    FCF conversion leverage guidanceNo debt; share repurchase authorized

    Product announcements

    1
    ProductTypeDetails
    GLDClaunch

    Deals & partnerships

    7
    Orca24/7 decentralized exchange venue for tokenized securities, with GLDY as inaugural asset.

    Launched May 27th, provides trading infrastructure for GLDY.

    Seabird Financial and tZEROBrokerage access for GLDY on an SEC-registered ATS.

    Launched June 29th, provides the first traditional brokerage channel into the product.

    EisnerAmperIndependent reserve attestation for GLDY.Monthly attestations, annual audit

    First attestation occurred July 1st, addresses a key institutional due diligence requirement.

    Inspira FinancialQualified custody for GLDY.

    Launched July 21st, provides custody solutions for wealth managers.

    WintermuteInstant liquidity provision for GLDY.

    Launched July 23rd, ensures 24/7 liquidity for GLDY.

    Equity TrustIntegration for U.S. tax-advantaged retirement accounts.

    Integration is in progress to allow GLDY in U.S. retirement accounts.

    Auriferous FoundationIndependent issuer of GLDC, with StreamX acting as servicer.

    StreamX provides services like marketing and consulting to the foundation, which issues GLDC.

    Risks & headwinds

    4
    GLDY assets outstanding broadly unchangedQ2 FY26

    3,111 ounces as of June 30th, vs 3,096 ounces at end of March

    Mitigation: Building institutional distribution, launching GLDC to expand market access, improving user experience to reduce friction.

    Material weaknesses in internal controlsOngoing

    Not remediated as of June 30th

    Mitigation: Remediation is underway, with expected progress reports each quarter until fully remediated. No identified misstatement or changes to previously released results.

    Perception of tokenization complexity for investorsCurrent

    Not quantified, but cited as a barrier to adoption

    Mitigation: Enabling access through existing broker/advisor channels (token as implementation detail), swap structures (exposure without holding token), and quantitative carry trades (buying return, not thesis). Rebuilding StreamX experience to reduce friction.

    Silver launch delayQ3 FY26 to FY27

    Moved from Q3 FY26 to 2027

    Mitigation: Strategic capital allocation decision to prioritize depth on gold (GLDC and on-chain functionality) over breadth across metals, leveraging existing proven infrastructure for future launches.

    What to watch in Q3 FY26

    5

    First institutional allocations into GLDY

    Q3 FY26
    CurrentBroadly unchanged AUM at 3,111 ounces
    TargetFirst significant institutional order

    Why it matters

    This is the priority to convert a proven product into a growing one and is expected to trigger a domino effect of further institutional adoption.

    First, convert the first institutional allocations into GLDY. That is the priority above anything else and is what turns a proven product into a growing 1.

    Q&A highlights

    7

    When will the $146,000 revenue become a significant revenue line?

    Revenue scales with assets outstanding and turnover. GLDC will introduce a third revenue stream from reserve income. The cost base is largely fixed, so revenue growth will leverage existing infrastructure.

    “Revenue scales with 2 things today. Assets outstanding through the annual lease rate fee and turnover and through the transfer fee. Both are functions of adoption. So Henry, when you describe on GLDC as a third stream and it is a different shape, reserve income that scales with supply. What I would point to across all of them is the operating leverage. The cost base to run this platform is largely fixed and already built. And so we will continue to see with growth, the growth of our revenue line.”

    asked by Analyst · answered by Christine Plummer

    2 min read6 chapters

    Detailed Narrative

    01

    Institutional Stack Completion and Partnership Ecosystem

    StreamX significantly advanced its institutional readiness for GLDY by establishing five key partnerships since May. These include Orca for 24/7 decentralized exchange, Seabird Financial and tZERO for traditional brokerage access, EisnerAmper for independent reserve attestation, Inspira Financial for qualified custody for RIAs, and Wintermute for instant liquidity. This comprehensive ecosystem addresses critical barriers to institutional adoption, providing trading infrastructure, brokerage channels, verification, custody, and liquidity, which were largely absent six months prior.

    02

    GLDC: Expanding Market Access and New Revenue Stream

    The company introduced GLDC, a permissionless gold token backed 1-to-1 by GLDY, which is itself backed by physical gold. This innovation aims to open the product beyond accredited investors, removing a significant constraint on the buyer base. GLDC's reserve is productive, earning a 3.5% yield through gold leasing. StreamX acts as a servicer to the independent Auriferous Foundation, which issues GLDC, generating a new revenue line for the company through servicing fees, similar to a stablecoin issuer model.

    03

    Strong Liquidity and Capital Allocation Strategy

    StreamX maintains a robust balance sheet with $41.8 million in total liquidity as of June 30th and no debt. The operating cash burn is projected at approximately $1.1 million per month going into Q3, providing an estimated 18 months of runway from immediately available funds and 3 years from total liquidity, assuming no revenue. The company strategically redeployed $10.9 million in marketable securities to de-risk the balance sheet, fund growth initiatives, and reposition capital towards tokenized commodity infrastructure and the digital asset ecosystem.

    04

    Vast Market Opportunity in Tokenized Real-World Assets

    StreamX is positioned within the rapidly expanding market of tokenized real-world assets, which has grown from $11.8 billion to $38 billion in two years, attracting over 1.7 million holders. Major financial institutions, including BlackRock, Franklin Templeton, Apollo, WisdomTree, J.P. Morgan, DTCC, NYSE, and NASDAQ, are actively engaged in tokenization, signaling a significant industry shift. The global commodities market, particularly gold ($32 trillion total, $11 trillion financial), represents a massive, largely unmodernized opportunity for StreamX's tokenization platform.

    05

    Enhanced Product Experience and Friction Reduction

    The company is prioritizing the rebuilding of the StreamX user experience, led by VP of Product and Design, Corey Handy. This initiative focuses on reducing friction for investors by simplifying account opening and accreditation flows, streamlining funding paths, and adding instant liquidity functionality. Purpose-built flows are also being developed for advisors and custodians, aiming to convert the established distribution network into funded accounts more efficiently.

    06

    Strategic Reprioritization of Silver Launch

    StreamX decided to move its planned silver launch from Q3 FY26 to 2027. This was a deliberate capital allocation decision to focus engineering capacity and balance sheet resources on deepening its gold offerings, specifically GLDC and its on-chain functionality. The company emphasized that its existing legal, custody, attestation, and venue infrastructure makes future metal launches a matter of weeks, not quarters, highlighting the platform's inherent optionality.

    AI-generated summary of the company’s earnings call. Not investment advice.