Streamex Corp. Q2 FY2026 earnings call

Key Business Highlights

• Launched GLBY, the first institutional-grade yield-bearing tokenized gold asset, received over $100 million in early institutional indications of interest.
• Strengthened leadership team with executives from leading institutions.
• Ended 2025 with strong balance sheet and no outstanding debt.

2025 Milestones

• Completed transition to publicly traded company, expanded leadership team and board, strengthened balance sheet via equity financings.
• In early 2026, eliminated outstanding debt and launched GLDY token.

GLDY Details

• GLDY is gold with yield, net lease yield currently 3.5%, one-for-one gold backing, matches investors and industrial users.
• Huge market opportunity, with plans to expand distribution, lower investor minimum, and build secondary markets.
• Next product: tokenized silver asset targeted for Q2 2026 launch, which is consumer-focused and not a security, with DeFi-focused strategies for distribution and yield.

Over the past year, StreamX made progress in building the platform and launching the first tokenized commodity product GLDY. In fiscal year 2025, the company reported a net loss of approximately $461 million, with the majority related to non-cash items. As of year end, cash and cash equivalents were approximately $20 million, marketable securities $9.7 million, and other assets held for sale (primarily gold holdings) $23 million. Revenue was minimal in 2025 as it transitioned to the tokenization platform.

Forward-looking Statements

• Expect revenues from platform and related services to begin ramping in 2026.
• Plan to convert existing institutional pipeline into GLDY AUM.
• Expand GLDY distribution channels through partners and intermediaries.
• Build robust secondary market liquidity for GLDY.
• Launch tokenized silver product in Q2 2026 and expand other commodity products, enhancing liquidity infrastructure for all assets.

Risks Discussed

• Actual results may differ materially from forward-looking statements. Investors should review risk disclosures in SEC filings.
• Institutions move at their own pace, which may impact conversion of institutional indications of interest to AUM for GLDY.
• Building secondary markets for GLDY involves complexity and regulatory considerations.

Q: Why hasn't $100 million in indications of interest converted to AUM yet?

A: The token is very new, institutions collect data, want to see seasoning of the token over time, attestation reports, etc. Interest remains strong, it's a question of timing.

Q: How does secondary liquidity for GLDY work and what are its limits?

A: Currently has T plus two liquidity for minting and redeeming. Working on instant mint and redeem functionality via partners, and actively building fully functional secondary markets.

Q: What is the specific marketing strategy to drive GLDY adoption?

A: Multi-pronged approach including institutional sales, building internal sales force, engaging in conferences, and social media engagement.

Q: How does the Draft Clarity Act impact GLDY and StreamEdge?

A: Clarity Act doesn't affect GLDY as it's a restricted Reg D security for accredited investors. It's more focused on stablecoins, and may benefit secondary markets and centralized exchanges for securities.

Q: Is the company comfortable with its liquidity position currently?

A: Financing activities have strengthened the balance sheet to support launch and early growth, and they are comfortable with the position.

Q: What is management's timing on seeing more efforts hit GLDY volume growth?

A: Efforts like building secondary markets and expanding distribution are advancing rapidly, anticipating step function growth as infrastructure is built.

Q: Can you talk in detail about specific tech capabilities and platform in tokenized real-world asset markets?

A: Proud of the technology built, including improved onboarding flow, smart contract infrastructure for GLDY, scalable platform that can be repeated across assets, and ability to integrate DeFi compatibility.