Streamex Corp. (NASDAQ: STEX) reported financial results for the second quarter ended June 30, 2026, marking a key inflection point with the recognition of its first revenue. The technology company, which focuses on the tokenization of commodity real-world assets, logged $146,000 in gold lease income during the period. This marks the initial income generated under its tokenized gold platform, GLDY.

Despite the early-stage revenue generation, Streamex maintained a robust balance sheet. The company ended the quarter with a total liquidity position of $41.8 million and no outstanding debt. This liquidity comprises $18.5 million in cash and marketable securities, $6.0 million in digital assets, $15.5 million in physical gold, and a $1.8 million investment in Metalayer. Working capital stood at $32.8 million, while total equity was reported at $147.1 million as of June 30, 2026.

Operational Efficiency and Cost Reduction

Operating expenses decreased by 57.1% to $15.2 million from $35.7 million in the first quarter, driven principally by lower stock-based compensation charges and reduced consulting and platform development costs. Consequently, the net loss for the quarter narrowed by 69% to $14.6 million from $46.7 million in the prior quarter.

The reported net loss included significant non-cash items: $32.5 million in stock-based compensation, approximately $12 million in non-cash interest, and a $3.1 million loss on extinguishment related to convertible debt settled in February. Management emphasized that the cash cost of running the business is materially lower than the GAAP loss line suggests.

Cash Burn and Operational Outlook

Operating cash burn for the second quarter averaged $1.6 million per month. This figure included approximately $0.5 million in non-recurring items, such as accounting and consulting services, one-time personnel costs, and marketing expenses. Excluding these one-time costs, management expects operating cash burn to decrease to approximately $1.1 million per month in the third quarter of 2026.

Henry McPhie, Co-Founder and Chief Executive Officer of Streamex, stated that the quarter demonstrated the compounding effect of adding distribution, custody, liquidity, and independent verification to the GLDY product. He emphasized that the company achieved this progress while tightening its cost structure and maintaining a debt-free position. Management plans to discuss future growth catalysts, including the upcoming permissionless gold offering GLDC, on a conference call scheduled for Monday, August 17, 2026, at 4:30 p.m. ET.

What the Numbers Show

The emergence of revenue coincides with a significant improvement in the company’s operational efficiency metrics. While the company is still in a cash-burn phase, the projected reduction in monthly operating cash burn from $1.6 million to $1.1 million in Q3 suggests that the non-recurring costs incurred in Q2 were substantial relative to ongoing operational needs. With a total liquidity position of $41.8 million and no debt, Streamex possesses a strong buffer to fund its product roadmap and growth strategy without immediate dilution or leverage risk. The company also formed five strategic partnerships to enhance its distribution and custody infrastructure, including Orca, CBER Financial, tZero, Eisner Amper, and Wintermute, aiming to attract institutional investors.

Existing Snippets: []

Streamex Corp. has published a comprehensive overview of the liquidity infrastructure supporting GLDY, its gold-backed, yield-bearing asset, detailing a multi-layered ecosystem that enables eligible investors to buy or sell tokens 24/7, 365 days a year. The infrastructure is supported by approximately $12 million in seeded liquidity across multiple independent venues, including Wintermute, Orca, and tZERO, designed to ensure investors can enter or exit positions at any time. This announcement follows the company's distribution of the fourth yield payment for GLDY on July 17, 2026, which reflected an annualized yield of 3.9% for the period from June 1 through June 30, 2026.

Liquidity Venues and Trading Infrastructure

The company has established three distinct liquidity pathways to facilitate trading. The primary instant liquidity channel is the Wintermute Instant Liquidity Facility, operating on Bebop and the Streamex platform via Request for Quote (RFQ) infrastructure. Wintermute acts as the counterparty, filling client orders immediately from a dedicated pool within approximately 10 basis points of the spot gold price. Individual orders are subject to a maximum of 1,000 GLDY tokens or $4.5 million USD per 48-hour period, though institutional investors may transact over-the-counter (OTC) at any size. Transactions are settled primarily in USDC, with USD support available for institutional accounts.

GLDY is also tradeable on Orca, Solana’s leading decentralized exchange, through permissioned concentrated liquidity pools supported by Metalayer. This venue utilizes an automated market maker (AMM) model with live liquidity on both sides of the trade. The permissioned pool infrastructure enforces compliance at the Solana token level, ensuring that only verified, eligible investors can participate. Additionally, GLDY is available on the tZERO Alternative Trading System (ATS), an SEC-registered ATS for digital securities operated by tZERO Securities, LLC, providing a regulated venue accessible to institutional and broker-managed accounts.

Broker Access and Investor Protections

For brokers and wealth managers, GLDY can be bought and sold directly on the tZERO ATS. Brokers subscribing to the ATS can place orders without needing to source a counterparty or negotiate a price, with transactions settling T+0. The company anticipates that broker customers will be able to sell GLDY within approximately 10 basis points of the spot gold price, subject to tZERO transaction fees. The seeded liquidity of approximately $12 million is sized to absorb normal trading volume and redemption activity.

In extraordinary scenarios, such as simultaneous large-scale redemptions exceeding available liquidity, Streamex retains the right to gate redemptions temporarily. This provision accounts for the fact that a portion of GLDY's gold reserves may be deployed under the company's gold leasing program with Monetary Metals, and physically settling a full-fund liquidation requires leased gold to roll off lease in an orderly manner. Leases are limited to no longer than 12 months, meaning the longest potential wait in such a scenario is 12 months. The fund remains fully backed, with 1 GLDY representing 1 troy ounce of gold.

Yield Distribution Details

GLDY's real-world yield is generated through Streamex's institutional gold leasing program, with proceeds distributed to GLDY holders monthly. The following table summarizes the key details of the June 2026 distribution:

Executive Commentary

Henry McPhie, Co-Founder & Chief Executive Officer of Streamex, emphasized the robustness of the new infrastructure. "Liquidity is the question every serious investor asks first, and it should be," McPhie said. "We have spent considerable time and resources building an answer that we believe is unmatched in the tokenized securities market. Three independent venues, $12 million in seeded liquidity, institutional market makers quoting prices around the clock, and a gold-backed guarantee as the ultimate floor. GLDY is not a traditional Reg D fund where investors are locked in for years. It is a tokenized asset with a live, funded, 24/7 liquidity ecosystem behind it."

About Streamex Corp.

Streamex Corp. (NASDAQ: STEX) is a technology and infrastructure company focused on the tokenization and digitalization of commodity real-world assets. The company delivers institutional-grade solutions that bridge traditional finance and blockchain-enabled markets through secure, regulated, and yield-bearing financial instruments.