Sui Group — Third Quarter 2026 Earnings Summary

Financial Performance

• Total revenue and other income (excluding net realized and unrealized losses on investments) was $557,000 in Q3 2026, a decrease from $2.6 million in Q3 2025, driven by lower investment/interest income from the legacy loan portfolio and lower SUI staking revenue in dollars due to the decline in SUI market price.
• Net income for Q3 2026 was $47.7 million ($0.59 per diluted share), compared to a net loss of $44.3 million ($(0.72) per diluted share) in Q3 2025.
• Digital asset gains and losses included approximately $54.7 million in net gains, consisting of $82.7 million in net unrealized gains (including $3.0 million of amortized deferred income) partially offset by $28.0 million in realized losses from high-frequency trading activities.
• Total assets were $145.1 million as of September 30, 2026, down from $190.4 million as of December 31, 2025.
• Total shareholders' equity was $133.4 million as of September 30, 2026, down from $169.7 million as of December 31, 2025.
• Cash and cash equivalents decreased to $678,000 as of September 30, 2026, from $21.9 million as of December 31, 2025.
• Digital assets on the balance sheet were valued at $106.3 million as of September 30, 2026, down from $147.4 million as of December 31, 2025.
• Operating expenses for the nine months ended September 30, 2026, were $31.7 million, compared to $64.9 million for the same period in 2025.
• Stock-based compensation for the nine months ended September 30, 2026, was $5.8 million, up from $2.3 million in the same period in 2025.

Guidance and Future Outlook

• The company intends to continue identifying opportunities to deploy its balance sheet to generate attractive, risk-adjusted returns and enhance long-term treasury value.
• Management is evaluating high-conviction investment opportunities across digital assets, financial technology, and artificial intelligence sectors.
• The company plans to take a selective approach to capital deployment, emphasizing balance sheet productivity and opportunities that generate lasting shareholder value.
• The company aims to support the expansion of the Sui network's financial applications and broader utility through relationships with the Sui Foundation and leading protocols.

Business Segments and Product Lines

• The company maintains a legacy commercial short-term non-bank lending and specialty finance business, though investment and interest income from this portfolio decreased in Q3 2026.
• The SUI treasury strategy involves holding 109,290,995 SUI tokens (including 6,000,000 SUI loan receivables) as of November 2, 2026.
• A significant majority of the company's SUI is staked, generating an approximate 1.5% annualized yield during the three months ended September 30, 2026, with an estimated daily yield of 4,000 SUI.
• The company serves as a Platinum Sponsor of Sui Basecamp 2026 and hosted the SUIG Arena and a fireside discussion featuring Board Director Brian Quintenz.
• The company holds portfolio investments in Nof1 ($3.0 million), Recursive Ai ($3.0 million), and other net assets ($1.2 million) as part of its NAV calculation.

Market and Competitive Landscape

• SUI Group positions itself as the only publicly traded company with an official Sui Foundation relationship, providing institutional-grade exposure to the Sui blockchain.
• The company notes that its stock price is highly correlated to the price of the digital assets it holds.
• The company trades at an approximate mNAV of 0.72x based on the closing price of SUIG common stock and SUI token price on November 2, 2026.
• The Sui blockchain is described as high-speed and horizontally scalable, designed for mass adoption in finance, gaming, and agentic finance.

Risks and Challenges

• The company faces inherent volatility and risks associated with investing in SUI, including the risk that its stock price may be highly correlated to the price of the digital assets it holds.
• Risks include challenges in executing a treasury diversification strategy, the capabilities and limitations of the Sui blockchain, and the competitive environment.
• The company highlights risks related to minority investments in financial technology and artificial intelligence, risk of nonperformance by borrowers and counterparties, and government regulation of cryptocurrencies.
• Specific risks include the material weakness in ICFR, cyber and security breaches, conflicts of interest from affiliates (Karatage), and potential litigation.
• The company notes that its non-GAAP measures (mNAV, NAV) have limitations and do not account for existing and future liabilities.

Management Commentary and Tone

• Marius Barnett, Chairman of the Board, stated the company has built a substantial position in the Sui ecosystem and believes its scale, yield-generating activities, and disciplined capital allocation provide a strong foundation for creating value.
• Management expressed confidence in the combination of its treasury operations and strategic investments to enhance the productivity of holdings while preserving exposure to the network's long-term growth.
• The tone indicates a focus on "high-conviction growth opportunities" and a "selective approach" to deploying capital.

Other Key Points

• As of November 2, 2026, the company held 109,290,995 SUI tokens, valued at approximately $98.4 million using a price of $0.90 per SUI.
• SUI per share remained flat at 1.35 SUI per common stock share (vs. 1.35 on August 3, 2026), or $1.22 per share (vs. $0.93 on August 3, 2026).
• The company has 80.9 million fully adjusted shares issued and outstanding as of November 2, 2026, including issued but unexercised pre-funded warrants.
• The company hosted a live trading competition and a fireside discussion at Sui Basecamp 2026 in Singapore.
• The press release includes a reconciliation of GAAP to mNAV, showing a NAV of $116.4 million and a market cap of $83.3 million as of November 2, 2026.
• The company disclosed a net realized loss on digital assets of $28.0 million in Q3 2026, primarily attributable to high-frequency trading activities.
• The company reported a net unrealized gain of $82.7 million in Q3 2026, reflecting changes in fair value and amortization of deferred income related to SUI purchases.