Earnings call transcript: Streamex Q2 2026 revenue debut misses estimates as shares slide

Streamex Corp reported its first revenue in Q2 2026, but the earnings fell short of Wall Street's expectations as shares dropped significantly. The company posted an 8-cent loss per share, exceeding the 2-cent loss analysts anticipated. Revenue was $300,000, below the forecasted $400,000 by $100,000. Shares plummeted 13.79% during regular trading to $0.897 and declined another 2.97% after hours to $0.87, nearing the bottom of its 52-week range.

Streamex's Q2 marked a turning point: the company recorded its first revenue and a smaller loss than the first quarter. Net loss decreased from $46.7 million to $14.6 million, and loss from operations improved from $35.7 million to $15.2 million. The decline was mainly due to lower stock-based compensation, consulting costs, and platform development spending.

Management emphasized that the quarter focused on building a commercial structure around GLDY, its tokenized gold product. As of the quarter's end, 9% of GLDY was owned externally, with assets under management reaching 3,111 ounces. Despite being smaller than established gold tokenization rivals, Streamex highlighted its yield-bearing structure and institutional distribution network as differentiators.

The revenue and earnings miss disappointed investors, as they were expecting evidence of recurring income from the new gold token platform. However, the quarter demonstrated the business shifting from product launch to monetization, with operating results improving compared to the first quarter. The stock closed the regular session at $0.897, down 13.79% from the prior close of $1.04, and further dropped to $0.87 in after-hours trading, a 2.97% decline.

The stock's performance suggests investors were disappointed by the revenue miss and the early stage of commercialization, which could lead to significant swings due to limited trading. Streamex's near-term focus remains on turning GLDY into a source of assets and revenue, while preparing for the launch of GLDC, a permissionless gold token, expected in the third quarter of 2026.

Management highlighted that the company's cost base is largely fixed, which could create operating leverage if adoption accelerates. Analysts project negative earnings for FY2026 and a return to profitability in FY2027, indicating a long path from product validation to scale. The company's longer-term revenue model relies on assets outstanding and trading turnover, both of which depend on adoption. Analysts have set a price target of $8, suggesting substantial upside from current levels.