Streamex Corp. Q4 FY2025 earnings call

Key Business Highlights - Over past year, made progress in building StreamX platform and launching GLDY, first institutional-grade yield-bearing tokenized gold asset, received over $100M in early institutional indications of interest, strengthened leadership team, ended year with strong balance sheet and no debt. - Transitioned to public company in May 2025, expanded leadership team and board, raised ~$55M in equity capital over past 12 months, eliminated debt and launched GLBY in early 2026. - GLDY is launch token, gold with yield, net lease yield 3.5%, market opportunity includes industrial leasing and investor market, purchase process has multiple channels, team proud of development. - Plan to scale GLDY with five pillars: converting institutional pipeline to AUM, expanding distribution channels, building secondary market liquidity, integrating blockchain infrastructure and DeFi, enhancing liquidity infrastructure. - Next product is tokenized silver asset targeted for Q2 launch, which is consumer-focused and not a security, and exploring other tokenized structures tied to royalties, streams, copper, oil and gas assets.

For fiscal year 2025, revenue remained minimal as the company transitioned. As of year end, cash and cash equivalents were approximately $20 million, marketable securities were $9.7 million, and other assets held for sale (primarily gold holdings) were $23 million. Net loss was approximately $461 million, with vast majority due to non-cash items. GLDY is the first product, with net lease yield at 3.5%, and market opportunity includes leasing for industrial users and potential 10-figure opportunity in 1% of gold ETF market. User accounts for security tokens like OUSG and Biddle are modest, while commodity tokens like PaxG and Tether have larger user counts, and GLDY aims to touch both markets.

Forward-looking Guidance - Expect revenues from platform and related services to begin ramping in 2026. - Targeted launch of tokenized silver asset in Q2 of this year. - Key milestones include conversion of institutional pipeline to GLDY AUM, growth in GLDY adoption and users signups, expansion of liquidity infrastructure for all assets, and launch of additional commodity products.

Risks - Institutions move at their own pace, so conversion of indications of interest to AUM may take time. - Secondary market development for GLDY has certain features to implement due to security nature, but actively working on it. - Uncertainties around Clarity Act and its impact on secondary markets and centralized exchanges, but GLDY is fully compliant currently.

Question and Answer - Q: Why hasn't 100 million in indications of interest converted to AUM yet?

A: The token is very new, institutions collect data, season the token, see strike in AVs, attestation reports, so it's a matter of timing, not product acceptance. - Q: How does secondary liquidity for GLDY work and what are its limits?

A: Currently T plus 2 for minting and redeeming, working on instant mint and redeem functionality with partner market makers and liquidity providers, and working towards fully functional secondary markets. - Q: Specific marketing strategy to drive GLDY adoption?

A: Multi-pronged approach including internal sales force, conferences, institutional engagement. - Q: Impact of draft Clarity Act on GLDY?

A: Clarity Act doesn't affect GLDY as it's a restricted Reg D security for accredited investors, but benefits industry by clarifying secondary markets and centralized exchanges. - Q: Comfort with liquidity position?

A: Financing activities have strengthened balance sheet to support launch and early growth, comfortable with position. - Q: Timing on GLDY volume growth efforts?

A: Efforts are advancing rapidly, anticipate step function growth as infrastructure for liquidity and secondary markets develop. - Q: Specific tech capabilities and platform in tokenized real asset markets?

A: Platform has improved onboarding flow and backend infrastructure, smart contract infrastructure built from scratch for GLDY, scalable and repeatable across assets, with plumbing in place for future assets