Streamex Corp. (STEX) Earnings

Management highlights

### Mission and Market Opportunity - StreamX operates a full end-to-end compliant tokenization ecosystem for real-world assets and securities, owning the full technology infrastructure, issuance, custody, compliance, and product issuance. The business model is high-margin, capital-light, and fee-driven, generating revenue from tokenization fees, technology usage fees, trading fees, and management fees. - Industry estimates project the tokenized real-world assets market will reach $16 trillion by 2030, with commodities viewed as one of the asset classes best suited for on-chain migration due to standardization and transparent pricing mechanics. ### Q1 2026 Operational Milestones - Launched first product GLDY, a yield-bearing tokenized gold asset that tracks the gold price 1:1 and pays dividends to holders. As of the call, GLDY had ~$14 million AUM, had distributed 10.48 ounces of gold in dividends, and its first independent reserve attestation is in progress. - Fully retired all outstanding convertible venture debt, eliminating a $50 million principal overhang, completed a $40.25 million gross public equity raise, and ended the quarter with a zero-debt, clean balance sheet with more than 12 months of operating runway at current burn rates. - Resolved early KYC integration onboarding issues, and a dedicated new sales and service team is actively clearing the accumulated backlog of signups. Reduced the minimum investment for GLDY on the company's proprietary platform from $200,000 to $25,000 for accredited investors. - Announced three confirmed, in-progress institutional partnerships to build out full end-to-end buy/hold/trade/exit infrastructure for GLDY: 1) Orca (Solana's leading decentralized exchange) to launch a compliant 24/7 on-chain secondary trading venue for GLDY (and future tokenized assets), with StreamX entitled to revenue share and transfer fees; 2) Wintermute (leading institutional crypto market maker) to provide instant 24/7 mint/redemption liquidity, reducing settlement time from T+2 to T+0; 3) Equity Trust (leading U.S. self-directed IRA custodian) integration, unlocking access to $72 billion in assets across 359,000 tax-advantaged retirement accounts that could not previously access tokenized commodities. ### Product Roadmap - The company adjusted its launch sequence: instead of launching silver immediately, it will prioritize scaling GLDY growth and functionality in Q2 2026, with GLDC (DeFi-composable non-security retail-accessible tokenized gold) and SLVC (tokenized silver) on track for Q3 2026 launch. A pilot for tokenized royalty and stream assets is planned for Q4 2026, with expansions to copper, oil, gas, and additional jurisdictions targeted for 2027 and beyond. All future products will run on the proven infrastructure built for GLDY, with expected lower marginal launch costs and time.

Guidance

- The company expects product-related GAAP revenue to begin appearing in subsequent quarters as GLDY AUM scales, secondary trading infrastructure goes live, and distribution partnerships are activated. Near-term revenue will remain modest during the launch window due to introductory pricing designed to incentivize early adoption and onboarding, with unit economics expected to step up materially once the company moves beyond the seed launch phase to steady state. - The three announced institutional partnerships are expected to go live in the coming weeks following completion of technical integration and operational testing, with additional details and launch dates to be released shortly. - GLDC is targeted for launch in early Q3 2026, followed by SLVC after GLDY growth and functionality reaches steady state. The royalty/stream pilot is planned for Q4 2026, with broader commodity expansion launching in 2027. - Management expects steady GLDY AUM growth through the coming quarters as partnership channels go live, the onboarding backlog is cleared, and the sales ramp progresses, with a J-curve (slow initial growth followed by rapid inflection) for both AUM and broader industry tokenization adoption.

Segment performance

StreamX recognized $0 GAAP revenue in Q1 2026, as its first product GLDY launched late in the quarter and meaningful activity only began ramping in the final weeks of March. Total operating expenses for Q1 2026 were $35.7 million, compared to $3 million in Q1 2025. $25.4 million of operating expenses are non-cash stock-based compensation, with an additional $1.5 million in depreciation and amortization. The company ended the quarter with $45.85 million in combined cash, marketable securities, and gold assets, total assets of $173.3 million, total liabilities of $14 million, and shareholders' equity of $159.3 million with zero debt after full retirement of $50 million aggregate principal convertible debt. As of quarter end, GLDY had 3,096.6 ounces of gold underpinning its AUM, equal to approximately $14 million in AUM. The company has no other active revenue-generating product segments as of Q1 2026.

Risks & headwinds

- Institutional investor adoption of new tokenized asset products may be slower than expected, as market participants have inherent hesitancy to be first movers and often require completed due diligence, proof of product function, and regulatory clarity before committing scaled capital. - Traditional institutional asset managers such as RIAs and ETF providers require additional time to complete custody and regulatory due diligence, which may delay inflows even if the product value proposition is well received. - The company is pre-revenue in its growth stage, and AUM growth is dependent on successful completion of third-party partnership integrations, which may face unanticipated delays.

Analyst Q&A

• Q: With GLDY currently at $14 million AUM, what milestones signal the company is on track for sustained growth?

  A: The key controllable milestones are operational proof points first, with AUM growth expected to follow these milestones. These include confirmation that GLDY's price continues to track gold exactly (with fees not deducted from holders' gold ounces, a unique industry design), consistent dividend payments proving gold with yield is functional, and the successful onboarding and launch of the three new institutional partnerships. These operational milestones must be completed first before scaled AUM growth occurs.

• Q: The tokenized real asset market is projected at $16 trillion by 2030. What will adoption ramp look like, and will it accelerate after regulatory clarity?

  A: Adoption will follow a J-curve shape, with slow initial growth followed by very rapid adoption once infrastructure and regulatory clarity are in place. Management notes that major global banks and institutions are already publicly committing to on-chain tokenization, and the $16 trillion projection may be an underestimate: the total addressable market for tokenized real-world assets could exceed $300 trillion within 10 years as most assets eventually move on-chain. StreamX's pre-built infrastructure positions it to capture this growth.

• Q: How does the Wintermute instant liquidity partnership work, and what benefit does it provide StreamX?

  A: Currently GLDY purchases and redemptions follow a T+2 process, where cash is used to buy physical gold before tokens are credited, meaning investors do not lock in the gold price immediately. The Wintermute partnership reduces this settlement timeline to instant T+0, so investors can buy and redeem GLDY immediately at the current price. This reduces investor friction, provides a strong liquidity backstop that meets the requirements for institutional and ETF investors, and adds key functionality to make GLDY more competitive with traditional gold products.

• Q: Can you explain GLDC mechanics and why every GLDC issued increases GLDY AUM?

  A: GLDC is a non-security, fully permissionless tokenized gold product designed for global retail distribution and DeFi integration that can trade 24/7 across all crypto channels. Every GLDC token is fully collateralized by GLDY, so for every $1 of GLDC purchased, $1 of GLDY is minted. This means wide retail distribution of GLDC directly drives proportional growth in GLDY AUM, creating a powerful compounding growth mechanism for the core product.