Streamex Corp. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Streamex Corp reported a net loss of $14.6 million in Q2 2026, down 69% from $46.7 million in Q1 2026.
- Operating expenses decreased by 57.1% to $20.4 million in Q2 2026, driven by lower stock-based compensation and consulting costs.
- The company recognized its first income of $146,000 from gold lease income in Q2 2026, with approximately $134,000 earned in the quarter itself.
- GLD assets under management were 3,111 ounces as of June 30, 2026, broadly unchanged from March 31, 2026.
- Streamex Corp had total liquidity of $41.8 million at June 30, 2026, including $18.5 million in cash and marketable securities, $6 million in digital assets, and $15.5 million in physical gold.
- The company is Nasdaq listed, debt free, with total assets of $159.6 million and stockholders' equity of $147.1 million as of June 30, 2026.
- Five partnerships were completed since May 2026, enabling institutional access through brokerage, custody, liquidity, and attestation infrastructure.
- The company acquired Streamex Corp Exchange Corporation on May 28, 2025, so Q2 2026 is compared to Q1 2026 for meaningful results.
- The board authorized a share repurchase program for up to 10 million shares at a price not exceeding $2 per share, with no shares repurchased yet.
- Material weaknesses in internal controls disclosed in 2025 were not remediated as of June 30, 2026; remediation is in progress.
- The company changed auditors to EisnerAmper effective July 8, 2026, to consolidate fund audit and corporate audit work.
STOCKNOW INSIGHTS
Continue with outlook and guidance.
Log in to unlock executive comments and Q&A highlights.
Log in for the full summaryStockNow uses AI to translate and summarize earnings calls. Accuracy and completeness are not guaranteed.
Transcript
Preview the first fifteen paragraphs, organized by speaker.
Thank you for standing by. My name is Jordan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Streamex Q2 2026 Business and Quarterly Update call. All lines have been placed on mute to prevent any background noise. If you would like to ask a web question, please type your question into the Q&A box. Thank you. I would now like to turn the call over to Adele Carey, Senior Vice President of Alliance Advisors IR. Please go ahead. Great. Thank you so much, Jordan, and good afternoon, everyone.
Welcome to Streamex Corp's second quarter 2026 Earnings and Corporate Update call. I am joined today by Henry McPhie, Co-founder and Chief Executive Officer, and Christine Plummer, Chief Financial Officer. Before we begin, I would like to remind everyone that today's call will contain forward-looking statements based on our current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed today. Please refer to the cautionary language on slides 2 and 3 of today's presentation, as well as risk factors detailed in our most recent filings, Form 10-K and Form 10-Q, filed with the SEC. The team will also reference certain non-GAAP financial measures during this call. Reconciliations to the most directly comparable GAAP measures are available in our filings in the appendix to today's deck.
Now, I am more than happy to turn the call over to Henry McPhie.
Thanks, Adele, and thank you everyone for joining us. I am super excited to be able to get into it. In the first quarter, we proved the product. In the second quarter, we built the distribution around it.
This call will be recorded.
Five partnerships that between them give an institution a way in, a way to verify what they own, and a way to custody it, and a way out. What has not yet followed is scale and assets. GLDY assets outstanding were broadly unchanged in the second quarter. I am going to spend real time today on why, what we are seeing from the market, and why we think the next phase looks very different from this one. I am also going to spend some time introducing GLDC because it is the most commercially significant thing that we have built. It opens up the product to everyone and adds an entirely new revenue line for the company. Before we start, I would ask you to review our disclosures, which are on the screen and in our filings. As stated by Adele Carey, today's presentation and our remarks contain forward-looking statements.
Again, please review our disclosures here. Past performance is not indicative of future results, and any comparisons given throughout the presentation are there to explain the difference in structure, not to project a return. Okay, now getting into it. Here is the shape of the call. Christine Plummer will start by taking you through the second quarter results, the balance sheet, the liquidity, cash runway, and capital structure. Then I will come back in and cover four things. What we built this quarter, where GLDY stands and how institutional adoption happens in this category, GLDC and what it means for our revenue, and the market that we are building into. I will finish this with the specific things to hold us to over the next 90 days, and then we will take questions. We collected questions submitted ahead of this call.
Most of them are answered inside these sections, but we will also be taking live questions during the Q&A period at the end. 60 seconds of context before we get started, because some people are new to the story and because we still routinely are misfiled on some sites. First, Streamex is a financial technology company. We built and we operate a tokenization platform for commodity capital markets, and we are the issuer of the assets on it, which means the economics stay with us rather than being paid away to a third-party platform. We built the legal structure, the ecosystem, and the independent attestation framework before we scaled, not after. We are not a cryptocurrency company. We are not a gold ETF. GLDY is a tokenized security with a yield mechanism. We are not a mining or royalty company.
We take no exploration or resource risk, and we are not a single-product story. Gold is the first commercial proof of a platform designed to be repeated. We are Nasdaq listed with no debt, $41.8 million of total liquidity at June 30th, a product live and selling since February. A note on the last line on the left of this page, this is a recurring revenue platform. Revenue scales with asset growth and with trading volume. With that, over to you, Christine.
Thank you, Henry, and good afternoon, everyone. I will start with the headlines on this page, then take you through the detail. I will spend most of my time on liquidity because that is where the questions were. Four things on this page. We recognized our first income, $0.1 million of gold lease income, the first income earned under the tokenized gold platform. Operating expenses came down by $20.4 million or 57.1% against the first quarter. Net loss came down by $32.2 million or 69% on the same basis. The balance sheet stayed strong, debt-free, a $41.8 million liquidity position, $32.8 million of working capital, and a net decrease in cash of $14.7 million across the first half. Just one note on the period comparison because it runs through this whole section.
We are comparing the second quarter with the first quarter of 2026, not with the prior year quarter. We acquired Streamex Exchange Corporation on the 28th of May in 2025. The prior year periods contain only about one month of the acquired business and do not give a meaningful basis for comparison. The prior year comparatives are in the Form 10-Q for anyone who wants them. Moving on to the right of the page, the operating markers. GLDY assets under management of 3,111 ounces as of the 30th of June. External ownership of GLDY up to 9%, 27.3 ounces of dividends earned, with 19.4 ounces paid in the quarter. Our first attestation completed. The partnership ecosystem live across custody, distribution, liquidity, secondary markets, and derivatives. GLDC expected to launch in the second half. In the second quarter, we recognized 146,000 of gold lease income.
That is the first income in the company's history. I want to be precise rather than promotional about it. Approximately 12,000 relates to first quarter income recognized in the second quarter as an immaterial correction. Income earned in the quarter itself was approximately 134,000. It is a small number, but what matters is that the mechanism is proven and repeatable. Loss from operations was $15.2 million in the second quarter against $35.7 million in the first. Operating expenses came down by $20.4 million or 57.1%, driven principally by a lower stock-based compensation charge and lower consulting and platform development costs. Net loss for the quarter was $14.6 million against $46.7 million in the first quarter, a reduction of $32.2 million or 69%. Loss per share was $0.08. For the six months, net loss was $61.2 million, and the net decrease in cash was $14.7 million.
I want to be clear about what is inside that loss because at face value, it could be misleading. It includes $32.5 million of non-cash stock-based compensation, approximately $12 million of non-cash interest, and a $3.1 million loss on extinguishment. The last two both relating to the convertible debentures we settled in February, neither of which will recur. The cash cost of running this business is materially lower than the loss line suggests, and that is the bridge into the pages that follow. The balance sheet is the reason we can focus on growth rather than financing. Total assets of $159.6 million as of June 30th against $173.3 million as of March 31st. Total liabilities of $12.4 million, down from $14 million. Total stockholders' equity of $147.1 million. Working capital of $32.8 million, and no debt at either date. What moved during the quarter was deliberate.
We reduced marketable securities by $10.9 million and redeployed that capital, $6 million to USDC, $5 million of which is expected to be dispersed as the loan to Wintermute. We also funded a $2 million subscription for 2,000 non-voting shares of Metalayer Digital Fund I. We recorded a gold-denominated receivable for in-kind lease yield and contractual revenue share earned in the second quarter, but not settled in it. We entered into a non-cancelable operating lease for office space in Winter Park, Florida, which is what brings the right of use asset and the lease liability onto the page. The objective behind all of that is on the page, and it is straightforward: de-risk the balance sheet, fund growth, and reposition capital towards tokenized commodity infrastructure and the digital asset ecosystem. A number of shareholders asked us to be concrete about liquidity.
I am going to give you two numbers rather than one and tell you why they are different. Our total liquidity position at June 30th was $41.8 million. Cash and marketable securities of $18.5 million, digital assets of $6 million, physical gold carried at cost of $15.5 million, and our Metalayer investment at $1.8 million. Of that, approximately $19.5 million is immediately available today. The difference is three specific disclosed items, and I would rather you hear them from me than derive them from the filings. $5 million of our digital assets is on loan to Wintermute. It is contractually returnable, but not until 365 days after the first day of GLDY trading, which was on May 27, 2026. So we do not treat it as available. Our Metalayer investment is subject to a lock-up. The earliest redemption date available to us is September 30, 2026.
FULL TRANSCRIPT
Continue the full translated transcript in StockNow.
Log in to unlock every statement, the English original, and speaker-by-speaker history.
Log in for the full transcriptCall participants
3 people spoke on this call — only 1 are shown here.
PARTICIPANT LIST
View participant details in StockNow.
Log in to see executives and analysts, their roles, and complete speaking history.
Log in to view all participantsKeep exploring