Streamex (STEX) Q2 2026 Earnings Report

The call highlighted meaningful operational progress: first revenue and proved yield mechanics, substantial cost reductions and strengthened institutional infrastructure (custody, attestation, brokerage access, 24/7 liquidity). Management presented a clear path to scale (GLDC permissionless token as a new, potentially highly scalable revenue stream) and a multi-year liquidity runway with no debt. Offsetting these positives are the currently small GLDY AUM, limited external holders, nascent revenue today, outstanding internal control remediation, and dependence on a forthcoming institutional allocation for rapid growth. On balance the strategic and operational milestones materially de-risk the business and position it for an institutional inflection, while near-term financials and adoption remain early-stage risks.

Management said StreamX entered Q2 2026 with $41.8M of total liquidity at June 30 (cash & marketable securities $18.5M, digital assets $6M, physical gold at cost $15.5M, MetaLayer $1.8M), of which ≈$19.5M was immediately available (noting $5M is on a 365‑day loan to Wintermute and the MetaLayer stake is locked until 9/30/2026); total assets $159.6M, liabilities $12.4M, equity $147.1M, working capital $32.8M and no debt. Q2 results included $146k of gold‑lease revenue recognized (≈$134k earned in‑quarter), GLDY AUM ≈3.1k ounces (~$30.1M) with ~9% held externally (≈280 oz), four yield distributions paid totaling >27 oz (19.4 oz in Q2), independent attestations live, and five institutional partnerships deployed (Orca, Siebert/tZERO, EisnerAmper attestation, Inspira custody—Inspira serves ~$63B/8M accounts—and Wintermute providing ~ $12M of ceded liquidity); Equity Trust IRA integration (≈359k accounts/$72B) is in progress. Operating metrics: operating loss $15.2M in Q2 (vs $35.7M in Q1), operating expenses down $20.4M (57.1%), net loss $14.6M (vs $46.7M), H1 net loss $61.2M, H1 cash decline $14.7M, with $32.5M stock‑based comp and ~$12M noncash interest included; operating cash burn was ≈$1.6M/month in Q2, excluding ~$500k/month of one‑offs the run‑rate is ≈$1.1M/month—immediately available funds cover ≈18 months and total liquidity ≈3 years assuming no further revenue. Guidance/targets: launch GLDC and initial liquidity bootstrapping in H2/Q3, convert first institutional allocations to GLDY in Q3, onboard institutional holders, complete Equity Trust IRA integration, and continue monthly yield distributions.