Solowin Holdings (NASDAQ: AXG) reported $28.05 million in revenue for the fiscal year ended March 31, 2026, marking an 895% increase from $2.82 million in the prior year.

The company recorded a $13.29 million net loss for the period. Stablecoin and fiat trading volume rose 395% to $1.04 billion, adding approximately $830 million in annual activity as Solowin develops its institutional digital-finance business.

What the Numbers Show

AI infrastructure was the primary driver of top-line growth, contributing approximately $22.2 million, or 79% of group revenue. Digital Asset Tokens contributed the remaining $5.6 million. This concentration highlights that despite the headline focus on stablecoin trading volumes, the majority of recognized revenue currently stems from AI infrastructure services rather than direct digital asset tokenization fees.

Operational Metrics

Client assets under administration increased 347% to $848.8 million. Across its platforms, AX ONE processed $226 million in payment volume, while FERION completed 10 tokenization projects representing $52 million in value.

Market Context

The results align with broader global stablecoin adoption trends. Stablecoin market capitalization grew 48.9% during calendar 2025, adding $102.1 billion to reach $311 billion. Tether’s USDT and Circle’s USDC remained dominant, holding approximately 84.5% of the $305.1 billion global stablecoin market as of June 2026.

McKinsey and Artemis estimate that stablecoin payments reached $390 billion on an annualized basis using December 2025 activity. Business-to-business payments accounted for approximately $226 billion, increasing 733% year over year.

Regulatory Outlook

Following AX Coin Bahrain’s receipt of its full stablecoin issuer license in June 2026, Solowin stated its priorities include commercializing AXUSD and AXBHD. The company aims to integrate banking and payment partners and develop GCC–Asia and GCC–Africa payment corridors.

Ling Ngai Lok, Chairman and CEO, noted that U.S. regulatory developments provide runway for licensed entities. He highlighted that the CFTC plans to act under existing statutory authority, while SEC crypto rulemaking remains open for comment until October 20.

Solowin Holdings (NASDAQ: AXG) has appointed Andrew Vickery as Chief Executive Officer and Carsten Bressel as Vice President of Strategic and Business Development at its US subsidiary, AXG Digital.

The leadership hires aim to accelerate the company's AI and high-performance computing infrastructure strategy. The appointments are subject to funding availability for identified projects.

Executive Appointments

Andrew Vickery will lead the development, financing, and execution of AXG Digital's strategy. He brings over two decades of experience in technology, power, and infrastructure. Previously, he spent six years in project finance at JPMorganChase across Europe and Asia, involving more than $20 billion in power generation financings. He later served as Head of Telecom, Media and Technology for Germany and Austria.

Vickery has been involved in technology and AI-related businesses since 2005. Most recently, through Incept Phaedrus, which he co-founded with Carsten Bressel, he focused on originating and developing AI compute, data center, and associated power infrastructure projects.

Carsten Bressel joins as Vice President, Strategic and Business Development. He is responsible for strategic transactions, partnerships, joint ventures, project development, and capital formation. Bressel is the Founder and Managing Partner of Phaedrus and co-founder of Incept Phaedrus. His background spans private equity, venture investing, principal investments, and strategic transactions, with recent work focused on developing and capitalizing AI infrastructure projects across the United States and Europe.

Infrastructure Strategy

AXG Digital is adding experienced executives focused on energy and sub-Arctic infrastructure development. The company is also in advanced discussions with an experienced data center developer regarding a broader development relationship covering design, construction, and operation of facilities.

The strategy focuses on developing and acquiring AI-ready infrastructure in markets where access to power, connectivity, and capital can create structural advantages. It intends to combine power-intensive infrastructure development, institutional financing, and long-term customer relationships to support continued expansion of AI and HPC capacity.

This infrastructure strategy builds on the company's existing AI software and ecosystem foundation, including KOVAR AI, KOVAR Cloud, KOVAR Router, and KOVAR KYA (Know Your Agent).

AI Infrastructure Expansion

In August 2026, AXG launched AXG Digital, its dedicated AI and high-performance computing (HPC) infrastructure division headquartered in Utah, USA. The division has a development pipeline exceeding 1 GW of potential capacity across Europe, the United States, and sub-Arctic markets.

AXG targets more than 100 MW of operational AI and HPC capacity by 2028.

AXG’s AI technology stack includes several key components:

• KOVAR AI: an enterprise large language model gateway
• KOVAR Cloud
• KOVAR Router: an institutional unified API for millisecond-level intelligent routing
• KOVAR KYA: a Know Your Agent identity and compliance solution

In April 2026, the company signed a memorandum of understanding (MOU) with SC Ventures, Standard Chartered’s innovation arm. The partnership focuses on co-developing AGENPAY, an initiative for intelligent payment routing and API retrieval for agent-driven payments.

Quantum Computing Collaboration

In September 2026, AlloyX (Hong Kong) Limited, an indirect wholly owned subsidiary of AXG, entered into a non-binding MOU with EvolveQ Limited. The collaboration explores integrating quantum computing, AI, and HPC for financial applications.

The proposed work focuses on two areas:

1. Developing next-generation AI wealth-management infrastructure
2. Creating FinQ-based models for quantum-powered cross-asset and portfolio optimization

Frank Chen, Managing Director of AlloyX, stated that combining AXG’s AI infrastructure with EvolveQ’s quantum orchestration technology aims to create new tools for institutional finance and trading.

Regulated Digital Asset Ecosystem

AXG operates an integrated ecosystem connecting regulated finance with digital assets and AI. Key platforms include:

The firm secured a full stablecoin issuance license through its subsidiary AX Coin Bahrain B.S.C. (c) from the Central Bank of Bahrain. This regulatory approval includes Sharia-compliant stablecoin certification.

Peter Lok, Chairman and Chief Executive Officer of AXG, said the company’s mission is "Mobilizing Tokens 24/7" by making regulated digital value programmable and accessible across borders and institutions.