Streamex — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported a net loss of $17.5 million ($0.09 per share) for the third quarter of 2026, compared to a net loss of $14.6 million ($0.08 per share) in the second quarter of 2026.
• Adjusted EBITDA was $(7.2) million for the third quarter of 2026, compared to $(6.6) million in the second quarter of 2026.
• Operating expenses totaled $18.1 million for the quarter, including $9.3 million in non-cash stock-based compensation; this represents a $2.8 million increase from the prior quarter, driven by $2.2 million in additional non-cash stock-based compensation and costs for external legal counsel and product development.
• Gold lease income was $145 thousand for the quarter and $291 thousand year-to-date, growing approximately 8.2% excluding $12 thousand of first-quarter income recognized in the second quarter.
• The balance sheet is debt-free with a total liquidity position of $36.5 million, consisting of $13.2 million in total cash and investments and $22.0 million in working capital.
• Operating cash burn averaged $1.5 million per month in the third quarter, down from $1.6 million in the second quarter.
• Total assets were $150.0 million as of September 30, 2026, compared to $187.5 million as of December 31, 2025.
• Total liabilities were $13.5 million as of September 30, 2026, compared to $54.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Management aims to reduce operating cash burn to a range of $1.1 million to $1.3 million per month in the fourth quarter of 2026, down from $1.5 million in the third quarter.
• GLDY is scheduled to go live on Equity Trust's IRA platform the week following the earnings release, enabling U.S. investors to hold yield-bearing gold in an IRA.
• The Cask Foundation expects to launch USGY publicly after completing initial liquidity bootstrapping, with GLDC anticipated to launch in early 2027.
• Management expects fees to scale with assets against a largely fixed cost base, with incremental assets flowing through to Adjusted EBITDA once fees cover fixed costs.
• Future commitments include growing institutional demand for the gold carry strategy and new institutional buyers of GLDY.

Business Segments and Product Lines:

• GLDY gold holdings increased to 3,351 ounces from 3,111 ounces, adding 240 net new ounces compared to 15 in the second quarter; the company issued 208 new GLDY tokens to subscribers, up from 27 in the prior quarter.
• External ownership of GLDY doubled to 17.7% at September 30, 2026, from 9.0% at June 30, 2026.
• GLDY assets under management reached $14.0 million at market value, a 12% increase during the quarter.
• An institutional investment manager began running a gold carry strategy with GLDY as its long leg, with an initial $1 million institutional allocation made.
• The Cask Foundation began liquidity bootstrapping for USGY (Cask Gold Yield Vault) in October, which holds its spot gold position in GLDY; a Streamex subsidiary acts as servicer and earns revenue from these products.
• The GLDY Access Network now includes distribution partners with over $160 billion in combined assets, with CNB Custody going live in October to add qualified custody for RIAs and advisors.
• GLDY paid 31 ounces in lease yield during the quarter, up from 19 ounces, marking seven consecutive monthly distributions paid in gold.
• Streamex introduced a new brand identity, including streamex.com and updated investor materials.

Market and Competitive Landscape:

• GLDY is positioned as the first tokenized asset on Equity Trust's IRA platform, which holds approximately $73 billion in assets under custody and administration and serves around 368,000 accounts.
• The company bridges traditional finance and blockchain-enabled markets through secure, regulated, and yield-bearing financial instruments.
• GLDY net asset value has tracked gold one-to-one since launch, with reserves independently attested by EisnerAmper and viewable on Chainlink Proof of Reserve.

Risks and Challenges:

• Actual results may differ materially from forward-looking statements due to risks including economic conditions, volatility in interest rates, exchange rates, commodity prices, and equity prices.
• Risks include volatility in capital or credit markets, the impact of securities regulations on the business model, and the adequacy of working capital.
• The company faces risks related to the level of demand for tokenized structures, the ability to secure industrial leases, and the ability of lessees to make lease payments.
• Potential disruptions include changes in laws and regulations, increased regulation of the blockchain industry, and technological or operational disruptions.
• The targeted 3.5% annualized GLDY yield is not guaranteed and is subject to risks of the gold leasing program, including counterparty default.

Management Commentary and Tone:

• CEO Henry McPhie described Q3 as a period of scaling distribution and adoption, noting that drivers for scale are now live or underway, including the institutional gold carry strategy and the Cask Foundation's bootstrapping efforts.
• CFO Christine Plummer stated the company ended the quarter debt-free with $36.5 million of total liquidity and emphasized that most of the net loss is non-cash.
• Management identified bringing operating cash burn down to $1.1 million to $1.3 million per month while assets build as a priority.

Other Key Points:

• The company is debt-free, having eliminated convertible debentures and other debt instruments present in prior periods.
• A $37.2 million net proceeds event occurred from the issuance of common stock in an underwritten public offering during the nine months ended September 30, 2026.
• The company recognized a $2.9 million realized gain on the sale of gold and a $3.1 million loss on the extinguishment of convertible debentures during the nine-month period.
• Stock-based compensation expense was $41.8 million for the nine months ended September 30, 2026.
• The company holds a loan receivable of $4.6 million from Wintermute Trading Ltd. and an investment in Metalayer Digital Fund I measured at net asset value.
• Noncontrolling interest increased to $3.0 million as of September 30, 2026, from $32 thousand as of December 31, 2025.