Streamex (STEX) Q2 FY26 earnings call: guidance and Q&A

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

Is it true that StreamX holds 91% of GLDY, meaning external holders own only about 280 ounces?

Yes, it is true. StreamX deliberately seeded the reserve with its own capital to ensure infrastructure was in place, providing capacity for institutional orders without needing to source gold from scratch.

“Yes, that is true. And let me explain that head-on. So we seeded the reserve with our own capital deliberately because we're not going to launch a gold product and ask other people to fund the gold behind it. That is why the split looks the way it does. It is why our balance sheet carries the $15.5 million of physical gold at cost. It also means something useful about the mechanics, with capacity in the reserve today. When an institutional order arrives, we are not starting from zero on sourcing and vaulting. This infrastructure is already carrying the weight.”

asked by Analyst · answered by Christine Plummer

How will the company manage its $1.1 million monthly burn rate and market GLDC effectively while keeping expenses low?

The cost base is foundational and largely fixed. For GLDC, the focus will be on current marketing partners and development. Organic marketing, leveraging expertise and relationships in the crypto space, is powerful and cheaper than paid marketing, with a budget already included in the burn rate.

“I think the best part about that is as a retail asset, the most powerful marketing that you can do for a retail asset is organic and organic marketing itself is largely cheaper than paid marketing. And it's something that our technology team, myself as well as our marketing team, we have a lot of experience in that space and especially within the crypto space.”

asked by Analyst · answered by Henry McPhee

What specific catalysts and metrics, besides asset value, should investors watch for GLDY institutional adoption in Q3?

Key catalysts include initial liquidity bootstrapping for GLDC, GLDY swaps for ETFs/hedge funds, continued custody relationships (e.g., Equity Trust), and instant transaction enablement. The most critical is the first significant institutional order, which is expected to trigger further adoption.

“I think overall, the biggest thing that I would look for is that, you know, the first significant institutional order that we've said that we want to bring in and we'll bring in in the next 90 days. As that comes, I think the dominoes start to fall, per se, and those are things that I think are, you know, from the conversations that we've been having with allocators, it's a very important thing to get that co-sign from an institutional allocator to show, hey, we've done our research on this asset, we support it and are allocating to it. That is what gets people comfortable. That's what allows the hundreds of millions to follow after it.”

asked by Analyst · answered by Henry McPhee

Is slow GLDY adoption due to an onboarding problem or lack of investor demand?

It's a sequencing/onboarding problem, not a demand issue. The product performs as expected, and the company has addressed key friction points like custody, trading, and liquidity this quarter. GLDC will further remove accreditation and custody friction for a wider audience.

“So really good question and I think a pretty good answer. So the evidence itself is that this is sequencing, not demand. The product itself, it does exactly what we said. Gold, the yield, the gold price, the yield itself has been paid 4 times and the asset is liquid. The distribution is built, the custody is built.”

asked by Analyst · answered by Henry McPhee

How is GLDC reserve income recognized, and how much of it does StreamX keep?

StreamX serves the independent Auriferous Foundation, which issues GLDC. As GLDC AUM grows, the foundation's reserve income increases, and StreamX invoices the foundation for services (marketing, consulting), generating revenue. This model is similar to stablecoin issuers.

“StreamX itself, we are the servicer of the foundation. We are not the issuer. We provide services to the foundation in terms of marketing, consulting support, a number of other services and essentially help the independent foundation issue the asset. That foundation then is invoiced by StreamX and we make money off those services.”

asked by Analyst · answered by Henry McPhee

Why did the company change auditors?

The change was to consolidate fund audit and attestation work with the corporate audit, streamlining processes. There were no disagreements on accounting principles or procedures with the previous auditor, CBIZ.

“So we changed auditors to consolidate our fund audit and attestation work with the corporate audit. So we just wanted a single accounting team, which really allows us to streamline our processes. There were no disagreements on any accounting principle matters, financial statement disclosures, or auditing scope or procedures with CBIZ, it was purely just to focus on streamlining the processes.”

asked by Analyst · answered by Christine Plummer