Streamex Corp.
For the period ended Mar 31, 2026. Filed May 14, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 14, 2026
STEX$0.34+4.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023661
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001493152-26-023197
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 50 current paragraphs.
12 unchanged; 13 reworded; 25 added; 53 removed; 4 previous and 0 current paragraphs rearranged.
Tables are not compared: 7 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (25)
Current report
As a result of this acquisition, the Company expanded beyond its historical focus as a medical device technology company to a diversified technology platform centered on tokenized finance and the digitization of real-world assets (“RWAs”). Through Streamex Exchange, the Company has developed and operates an institutional grade technology platform that supports the tokenization of real-world assets, including gold, and other physical commodity asset interests. The Company operates as an infrastructure provider, enabling the issuance, trading, and backend infrastructure for digital tokens backed by tangible commodities, beginning with gold. The Company continues to operate its legacy medical device technology business, which focuses on healthcare technology innovation through the Company’s PURE EP™ Platform (“PURE EP™”).
Current report
The Company continues to evaluate strategic alternatives for its legacy majority-owned subsidiaries ViralClear Pharmaceuticals, Inc. (“ViralClear”) and BioSig AI Sciences, Inc. (“BioSig AI”). ViralClear’s business is currently dormant and ViralClear’s business objectives are being evaluated. BioSig AI’s business operations have currently been placed on hold.
Current report
Streamex Exchange has developed and operates a blockchain-based platform designed to facilitate the compliant tokenization and exchange of RWAs. As of March 31, 2026, Streamex Exchange remained in the development stage and had not generated revenue. The Company launched GLDY and began actively accepting subscriptions during Q1 2026. Future revenue generation will depend on platform maturity, regulatory developments, market conditions, adoption and issuance volumes, and the Company’s ability to monetize GLDY and additional tokenized products through fee-based services.
Current report
During the three months ended March 31, 2026, the Company, through Streamex Ltd., a Cayman Islands special-purpose entity consolidated as a variable interest entity, acquired approximately $15,225 of gold bullion to support the GLDY Token program. As of March 31, 2026, the Company held approximately 98.5% of outstanding GLDY Tokens. Two related party officers of the Company subscribed for an aggregate of approximately $225 of GLDY Tokens during March 2026.
Current report
For the three months ended March 31, 2026, the Company operated as a single reportable segment.
Current report
Research and Development Expenses. Research and development expenses for the three months ended March 31, 2026 were $0, a decrease of $6, or 100%, from $6 for the three months ended March 31, 2025. The decrease primarily reflects reduced research and development activity associated with the Company’s legacy medical device business as the Company has prioritized resources toward its tokenized finance platform.
Current report
General and Administrative Expenses. General and administrative expenses for the three months ended March 31, 2026 were $34,254, an increase of $31,297 or 1059%, from $2,957 incurred in the three months ended March 31, 2025. Stock-based compensation and common stock issued for services totaled $25,370 in the current period, representing approximately 74% of total general and administrative expenses, compared to $2,074 in the prior period, reflecting equity awards issued under consulting, advisory, and service arrangements. Additional increases were driven by higher professional fees, payroll, and compliance-related costs associated with expanded corporate activities during the current period.
Current report
Other Income (Expense), net. Other income (expense), net for the three months ended March 31, 2026 totaled $(11,513), compared to other income of $184 for the three months ended March 31, 2025. The change of $(11,697) was driven primarily by the following items, none of which existed in the prior-year period due to the May 2025 acquisition of Streamex Exchange and the November/December 2025 convertible debenture financing:
Current report
Interest expense, net, of $(12,195) consisted primarily of non-cash accretion of the debt discount and issuance costs associated with the Company’s Yorkville secured convertible debentures, which were outstanding from January 1, 2026 through their settlement on February 6, 2026.
Current report
The Company recognized a realized loss on extinguishment of convertible debentures of $(3,057) in connection with the February 2026 settlement, which included a cash payoff of $38,903 (comprised of $35,000 principal, $3,500 prepayment premium, and approximately $403 of accrued interest) and a conversion of $15,000 of principal into 3,750,000 shares. The loss represents the difference between the carrying amount of the debentures (net of unamortized discount) and the total consideration transferred.
Current report
These charges were partially offset by a realized gain on sale of gold of $2,938 from the Company’s Streamex Ltd. (VIE) gold inventory transactions, a gain of $497 from the change in fair value of the embedded derivative liability prior to its derecognition upon the February 2026 debenture settlement, and a realized gain on marketable securities of $484. The Company also recognized a realized loss on investment of $(119) and a change in fair value of marketable securities of $(134).
Current report
In the prior-year period, other income of $184 consisted primarily of a gain on settlement and forgiveness of accounts payable and other liabilities of $199.
Current report
As of March 31, 2026, we had working capital of approximately $42,602 and cash of $6,859. For the three months ended March 31, 2026, we used $10,179 in operating activities, used $1,500 in investing activities, and used $1,637 in financing activities, primarily reflecting the repayment of the remaining outstanding balance on the secured convertible debentures of approximately $38.5 million, substantially offset by net proceeds of approximately $37.2 million from an underwritten public offering completed in January 2026.
Current report
During the three months ended March 31, 2026, the Company strengthened its liquidity position through financing transactions and asset monetization activities and eliminated its outstanding convertible debt. In January 2026, the Company completed an underwritten public offering generating net proceeds of approximately $37.2 million. The Company also received approximately $10.2 million from the sale of marketable securities and approximately $26.4 million from the sale of gold bullion that had been classified as held for sale as of December 31, 2025. In February 2026, following a partial conversion of the secured convertible debentures into common stock, the Company repaid the remaining outstanding balance for an aggregate cash payment of approximately $38.5 million, and all related security interests were released.
Current report
We expect to continue incurring operating losses and negative cash flows until our products, including the Streamex Exchange’s digital asset infrastructure and PURE EP™ Platform initiatives, achieve sustained commercial success. Although the PURE EP™ Platform is commercially available, revenues to date have not been material, and the timing and extent of future revenues remain uncertain. The Company launched GLDY and began accepting subscriptions; however, revenues to date have not been material. We expect to incur additional costs related to software development, regulatory compliance, and strategic partnerships prior to the commencement of any material revenue-generating activities. The timing and extent of any future revenues will depend on, among other things, continued investor adoption of GLDY, completion of development milestones, regulatory considerations, market conditions, and the successful commercialization of the Streamex Exchange platform and related offerings.
Current report
Based on our existing cash and working capital position, management believes that the Company has the ability to continue as a going concern for at least one year from the issuance date of the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. The Company believes it will have sufficient liquidity to meet its anticipated working capital requirements, capital expenditures, and other liquidity needs during that period.
Current report
Capital Strategy and Uses of Cash
Current report
Our capital strategy focuses on maintaining sufficient liquidity to support ongoing operations, product development, and strategic initiatives, while preserving balance sheet flexibility. We may evaluate additional capital sources from time to time, including:
Current report
Financing Activities
Current report
Conversion and Repayment of Convertible debentures
Current report
On February 6, 2026, Yorkville elected to convert $15,000 of principal into shares of the Company’s common stock at a conversion price of $4.00 per share, resulting in the issuance of 3,750,000 shares. No accrued interest was converted.
Current report
Following the expiration of the conversion election period, the Company prepaid the remaining amounts outstanding under the Convertible Debentures for an aggregate cash payoff of approximately $38,903, consisting of $35,000 of principal, $3,500 of prepayment premium, and approximately $403 of accrued interest. Upon payment in full, the Convertible Debentures were satisfied and terminated, and all related security interests and liens were released.
Current report
Sale of Common Stock.
Current report
On January 22, 2026, the Company entered into an underwriting agreement with Needham & Company, LLC, as representative of the several underwriters, in connection with an underwritten public offering of the Company’s common stock. The Company issued 11,666,667 shares of common stock at a public offering price of $3.00 per share. The underwriters fully exercised their over-allotment option, resulting in the issuance of an additional 1,750,000 shares of common stock. Aggregate gross proceeds from the offering, including the over-allotment option, were approximately $40,250, before underwriting discounts, commissions, and offering expenses.
Current report
Our significant accounting policies are more fully described in Note 3—Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements included in this report.
Removed paragraphs (53)
Previous report
In recent quarters, the Company has expanded its strategic focus from commercial hardware distribution to the research and development of proprietary software algorithms. These algorithms aim to advance the understanding of cardiac tissue characteristics and ablation mechanisms. Data collection efforts began in December 2023 and remain ongoing. A key area of focus is improving the specificity and long-term outcomes of pulsed field ablation (PFA), a rapidly adopted technique in electrophysiology.
Previous report
As of September 30, 2025, the Company’s intellectual property portfolio includes:
Previous report
Through the acquisition of Streamex Exchange, the Company has expanded its strategic focus to include digital infrastructure for the tokenization and exchange of real-world assets (“RWAs”), with an initial emphasis on gold-backed financial products. Streamex Exchange is developing a blockchain-based platform designed to facilitate the compliant issuance, trading, and custody of tokenized commodities and structured digital securities. As of the reporting date, Streamex Exchange remains in the development stage and is pre-revenue. The Company is actively building out the platform’s architecture, regulatory framework, and strategic partnerships. Revenue-generating activities are expected to commence upon the launch of Streamex Exchange’s tokenized gold financing product, which is currently under development.
Previous report
We derive our revenue primarily from the sale of our medical device, PURE EP™ Platform, as well as related support and maintenance services and software upgrades in connection with the device.
Previous report
Research and Development Expenses. Research and development expenses for the three months ended September 30, 2025 were $6, a decrease of $150, or 96%, from $156 for the three months ended September 30, 2024. The decrease is primarily attributable to reductions in payroll, Data/AI development, and clinical research and design activities. These reductions were the result of a temporary reallocation of internal resources during the quarter, as the Company focused on supporting the Streamex Exchange acquisition. Research and development programs remained active but operated at reduced levels while management and technical teams engaged in due diligence, integration planning, and related activities. The Company expects research and development activity to resume at normalized levels in future periods.
Previous report
Research and development expenses were comprised of the following:
Previous report
Three months ended:
Previous report
General and Administrative Expenses. General and administrative expenses for the three months ended September 30, 2025 were $4,619, an increase of $1,856 or 67%, from $2,763 incurred in the three months ended September 30, 2024. The increase was primarily driven by higher professional fees and consulting costs associated with the Streamex Exchange acquisition and related integration activities. Accounting fees rose by approximately $292 for audit and compliance support. Shareholder relations costs also increased by $418, mainly due to board fees and higher investor relations and public relations spending. Marketing expenses of approximately $579 were incurred in the current period compared to none in the prior period, as the Company launched initiatives to enhance brand visibility. Payroll and related costs increased by approximately $429, primarily due to expanded corporate staffing and executive compensation, and directors’ and officers’ insurance premiums. Legal fees increased by approximately $596, due to the acquisition with Streamex Exchange Corp. and expanding of the operations under Streamex Exchange Corp. These increases were partially offset by lower patent-related costs compared to the prior period. Overall, the increase reflects the Company’s strategic focus on completing the Streamex Exchange acquisition and positioning for future growth.
Previous report
Other Income (Expense), net. Other income (expense), net for the three months ended September 30, 2025 totaled $10,236, a decrease in other income of $11,272, over the income of $1,036 incurred in the three months ended September 30, 2024. The decrease was mainly due to the change in fair value related to the derivative liability offset by the gain on settlement and extinguishment of accounts payable negotiated by management during the prior period.
Previous report
Nine Months Ended September 30, 2025 Compared to Nine Months September 30, 2024 (000’s)
Previous report
We derive our revenue primarily from the sale of our medical device, PURE EP™ Platform, as well as related support and maintenance services and software upgrades in connection with the device.
Previous report
Research and Development Expenses. Research and development expenses for the nine months ended September 30, 2025 were $31 a decrease of $705, or 96%, from $736 for the nine months ended September 30, 2024. The decrease primarily reflects lower payroll and reduced spend on research, clinical studies, and design work as resources were temporarily reallocated to support the Streamex Exchange acquisition. Management expects research and development activity to normalize in future periods.
Previous report
Research and development expenses were comprised of the following:
Previous report
Nine months ended:
Previous report
General and Administrative Expenses. General and administrative expenses for the nine months ended September 30, 2025 were $27,365 an increase of $16,806 or 159%, from $10,559 incurred in the nine months ended September 30, 2024. The increase was primarily driven by higher stock-based compensation and professional fees related to the Streamex Exchange acquisition. Stock-based compensation and common stock issued for services totaled $15,560 in the current period, representing approximately 57% of total general and administrative expenses, compared to $6,804 in the prior period. The increase reflects equity awards issued under the amended executive employment agreement with Mr. Amato and stock grants to third-party consultants in connection with the acquisition. Professional fees and consulting costs increased significantly, with consulting expenses rising to $6,492 from $830, and accounting fees increasing by $311, primarily for transaction support and integration planning. Additional increases were noted in payroll ($1,670 vs $1,248), marketing ($607 vs. $98), shareholder services ($999 vs. $383), legal fees ($975 vs. 556), and D&O insurance premiums ($321 vs. $92), reflecting expanded governance and investor relations activities. These increases were partially offset by lower payroll-related costs compared to the prior-year period. Overall, the increase reflects the Company’s strategic focus on completing the Streamex Exchange acquisition and positioning for future growth.
Previous report
Impairment of Long Term Assets. For the nine months ended September 30, 2025, the Company determined that no events or changes in circumstances existed that would indicate any impairment of its long-lived assets. During the nine months ended September 30, 2024, the Company re-assessed it’s carrying amounts of certain property and equipment due to reduced manufacturing of its commercial products and determined that these carrying amounts exceeded the estimated undiscounted future cash flows. Accordingly, the Company recorded a $253 impairment charge to current operations.
Previous report
Other Income (Expense), Net. Other income (expense), net for the nine months ended September 30, 2025 totaled $10,055, a decrease in other income of $12,494, over the income of $2,439 incurred in the nine months ended September 30, 2024. The decrease was mainly due to the change in fair value related to the derivative liability offset by the gain on settlement and extinguishment of accounts payable negotiated by management during the prior period.
Previous report
Preferred Stock Dividend. Preferred stock dividend for the nine months ended September 30, 2025 and 2024 totaled $(7) for both periods. Preferred stock dividends are related to the dividends accrued on our Series C Preferred Stock issued during the period from 2013 through 2015. In addition, the Series C Preferred stock conversion rate reset from $2.50 to $0.5302 in during the nine months ended September 30, 2024, therefore we recorded a noncash deemed preferred stock dividend of $157 in the prior period.
Previous report
*Income taxes (benefit).*For the nine months ended September 30, 2025, the Company recorded an income tax benefit of $765,000, compared to $0 in the prior-year periods. The benefit resulted from the reversal of a deferred tax liability associated with the amortization of identifiable intangible assets acquired in the Company’s Canadian subsidiary. The deferred tax liability was recognized during the measurement period as part of the acquisition accounting and reflects a temporary difference due to the non-deductibility of the intangible amortization under Canadian tax law. The benefit recognized in the current period reflects the impact of this measurement period adjustment and was recorded retrospectively as of the acquisition date. No comparable benefit was recorded in the prior-year periods as the acquisition and related tax effects did not exist at that time.
Previous report
As of September 30, 2025, we had a working capital deficit of approximately $111 million and cash of $11.0 million. For the nine months ended September 30, 2025, we used $7.4 million in operating activities, provided $0.2 million from investing activities, and generated $18.1 million from financing activities, primarily from equity offerings including $14.4 million from common stock and warrants and $3.9 million from at-the-market sales.
Previous report
We have an accumulated deficit of $294.1 million, a net loss attributable to common shareholders of $39.0 million for the nine months ended September 30, 2025, and continued negative cash flows from operations. We do not currently have sufficient cash or committed financing to fund operations for the twelve months following issuance of this Form 10-Q. These conditions raise substantial doubt about our ability to continue as a going concern.
Previous report
Our financial results for the three months ended September 30, 2025 fully reflect the operations of Streamex Corp. and its wholly and majority-owned subsidiaries, including Streamex Exchange, which was acquired on May 28, 2025, which has been fully consolidated since the acquisition date. Accordingly, the consolidated financial statements for the third quarter reflect the complete operations of Streamex Exchange for the entire three-month period. The acquisition marks a strategic expansion of the Company’s platform beyond its medical device technology to a diversified technology platform. While continuing to advance proprietary software algorithms for cardiac signal analysis and pulsed field ablation research, the Company has broadened its scope to include blockchain-based infrastructure for tokenization and exchange of real-world assets. This expansion builds on the Company’s legacy in digital signal processing, including its PURE EP™ Platform, and reflects a multi-sector technology strategy.
Previous report
We expect to continue incurring operating losses and negative cash flows until our products—including the PURE EP™ Platform and Streamex Exchange’s blockchain solutions—achieve sustained commercial success. While commercial products are available for sale, revenues have not been significant, and there is no assurance future revenues will be sufficient to fund operations. Streamex Exchange remains in the development stage and is pre-revenue; we expect additional costs for platform development, regulatory compliance, and strategic partnerships before revenue generation begins. Initial revenue is expected upon launch of Streamex Exchange’s tokenized gold financing product, which is currently under development.
Previous report
Our ability to continue as a going concern is dependent on securing additional financing. We are actively exploring various funding sources, including:
Previous report
On October 24, 2025, we entered into Amendment No. 2 to our Secured Convertible Debenture Purchase Agreement with YA II PN, Ltd., which provides for up to $100 million in secured convertible debentures, including two initial tranches of $25 million each. The amendment also requires that $25.1 million of proceeds be allocated to purchase Allocated Vaulted Gold Bullion as collateral ($12.6 million at the first closing; $12.5 million at the second closing). Closings remain subject to Nasdaq approval and other conditions, and there can be no assurance these conditions will be satisfied. The first closing occurred on November 4, 2025, resulting in the issuance of a $25 million Convertible Debenture and the allocation of approximately $12.6 million toward the purchase of Allocated Vaulted Gold Bullion.
Previous report
Series C Preferred Stock Redemption Risk
Previous report
Our Series C Preferred Stock includes triggering events that may require redemption at the option of the holders. These include:
Previous report
As of September 30, 2025, the aggregate stated value of our Series C Preferred Stock was $105. Triggering events include, among others, judgments exceeding $100,000 or the initiation of bankruptcy proceedings. If such events occur, we may be required to redeem the Series C Preferred Stock, which could result in a significant liquidity obligation that we may not be able to satisfy. Unpaid redemption amounts accrue interest at a rate of up to 18% per annum or the maximum rate permitted by law.
Previous report
On July 7, 2025, the Company entered into two financing agreements to support its long-term capital needs: (i) a Senior Secured Convertible Debenture Purchase Agreement with YA II PN, Ltd. (“Yorkville”), pursuant to which the Company may issue up to $100 million in convertible debentures, and (ii) a Standby Equity Purchase Agreement (“SEPA”) with Yorkville, allowing the Company to sell up to $1 billion of common stock over a 36-month period.
Previous report
On August 13, 2025, the Company amended the agreement to revise the structure of the transaction. Under the amended terms, Yorkville will purchase two secured convertible debentures, each in the principal amount of $25 million. Additional secured convertible debentures totaling up to $50 million may be issued upon mutual agreement of the parties, at their sole discretion. The purchase price for each debenture remains 96% of its face value. The Convertible Debentures are convertible into shares of the Company’s common stock, subject to shareholder approval and customary closing conditions. The amendment also sets a floor price for conversions at 20% of the Nasdaq Official Closing Price immediately prior to the original agreement date.
Previous report
Both agreements are subject to customary closing conditions, including stockholder approval and, in the case of the SEPA, the effectiveness of a registration statement. The Company may not access proceeds under the SEPA until any issued debentures have been repaid or converted, unless waived by Yorkville.
Previous report
Equity Financing
Previous report
On March 5, 2025, the Company entered into a securities purchase agreement with certain accredited investors pursuant to which the Company sold to the Investors an aggregate of 758,514 shares Common Stock at a purchase price of $1.07974 per share, and warrants to purchase up to 758,514 shares of Common Stock at an exercise price of $0.95474 per share, that will become exercisable six months after the date of issuance and will expire three and one-half years following the date of issuance, in exchange for aggregate consideration of $818,998.
Previous report
August 2025 Public Offering
Previous report
On August 15, 2025, the Company completed a public offering of 3,852,149 shares of its common stock at a public offering price of $3.90 per share, generating gross proceeds of approximately $15.0 million before deducting underwriting discounts, commissions, and estimated offering expenses. Net proceeds from the offering were approximately $13.62 million.
Previous report
ATM Sales Agreement
Previous report
For the nine months ended September 30, 2025, the Company has sold 4,403,166 At The Market Offering Shares at an average offering price of $0.91 per share for aggregate gross proceeds of $4,019,063 or $3,882,420 net of fees of $136,643.
Previous report
As of September 30, 2025, the following accounting estimates are considered critical:
Previous report
Valuation of Exchangeable Shares (Derivative Liability)
Previous report
Nature of Estimate:Exchangeable Shares issued in connection with the Streamex Exchange acquisition are classified as a derivative liability underASC 815 due to contingent conversion rights.
Showing the first 40 of 53 passages. Open the source sections for the rest.
Reworded paragraphs (13)
Previous wording
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Current wording
ITEM 2. MANAGEMENT**’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Previous wording
On May 28, 2025, Streamex Corp. completed its acquisition of Streamex Exchange. The financial results for the three months ended September 30, 2025 include the full activity of Streamex Corp. and all of its wholly and majority-owned subsidiaries, including Streamex Exchange, which has been fully consolidated since the acquisition date. Accordingly, the consolidated financial statements for the third quarter reflect the complete operations of Streamex Exchange for the entire three-month period.
Current wording
On May 28, 2025, the Company completed its acquisition of Streamex Exchange Corporation (“Streamex Exchange”). The unaudited condensed consolidated financial statements for the three months ended March 31, 2026 include the results of the Company and its consolidated subsidiaries, including Streamex Exchange, from the acquisition date, and VIE for which the Company is determined to be the primary beneficiary.
Previous wording
The Company has expanded from its historical focus as a medical device technology company to a diversified technology platform. Historically, the Company developed and commercialized advanced digital signal processing solutions for electrophysiology, including its flagship PURE EP™ Platform (“PURE EP™”), designed to deliver real-time, high-fidelity cardiac signal data to electrophysiologists during ablation procedures for the treatment of cardiovascular arrhythmias. PURE EP™ enables the acquisition of raw intracardiac signals with minimal noise and interference, supporting improved procedural outcomes and clinical decision-making. By preserving the integrity of complex cardiac signals, PURE EP™ is intended to enhance workflow efficiency and support the treatment of challenging arrhythmias, including ventricular tachycardia (VT) and atrial fibrillation (AF).
Current wording
Historically, the Company developed and commercialized advanced digital signal processing solutions for electrophysiology. PURE EP™ is designed to deliver real-time, high-fidelity cardiac signal data to electrophysiologists during ablation procedures for the treatment of cardiovascular arrhythmias. In recent periods, the Company has shifted its biomedical strategy toward research and development of proprietary software algorithms intended to enhance clinical decision-making and procedural outcomes.
Previous wording
Three Months Ended September 30, 2025 Compared to Three Months September 30, 2024 (000’s)
Current wording
Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
Previous wording
Revenues and Cost of Goods Sold. Revenue for the three months ended September 30, 2025 and 2024 was $0 and $0, respectively, and comprised of recognized service revenue.
Current wording
Revenues and Cost of Goods Sold. Revenue for the three months ended March 31, 2026 and 2025 was $0 and $0, respectively, and comprised of recognized service revenue. Historically, the Company’s revenue has been generated from sales of the PURE EP™ Platform and related support services; however, commercial activity was not significant during the year ended December 31, 2024 and did not recur in subsequent periods.
Previous wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended September 30, 2025 totaled $1,488, an increase of $1,457, or 4700%, over the expense of $31 incurred in the three months ended September 30, 2024, as a direct result of the amortization of the intangible assets recognized from the acquisition of Streamex Exchange. The Company’s intangible assets primarily consist of trade name, developed technology, legal and compliance framework, and patents.
Current wording
Depreciation and Amortization Expense. Depreciation and amortization expense for the three months ended March 31, 2026 totaled $1,492, an increase of $1,471, or 7005%, over the expense of $21 incurred in the three months ended March 31, 2025, as a direct result of the amortization of the intangible assets recognized from the acquisition of Streamex Exchange. The Company’s intangible assets primarily consist of trade name, developed technology, legal and compliance framework, and patents.
Previous wording
*Income taxes (benefit).*For the three months ended September 30, 2025, the Company recorded an income tax benefit of $765,000, compared to $0 in the prior-year periods. The benefit resulted from the reversal of a deferred tax liability associated with the amortization of identifiable intangible assets acquired in the Company’s Canadian subsidiary. The deferred tax liability was recognized during the measurement period as part of the acquisition accounting and reflects a temporary difference due to the non-deductibility of the intangible amortization under Canadian tax law. The benefit recognized in the current period reflects the impact of this measurement period adjustment and was recorded retrospectively as of the acquisition date. No comparable benefit was recorded in the prior-year periods as the acquisition and related tax effects did not exist at that time.
Current wording
*Income taxes (benefit).*For the three months ended March 31, 2026, the Company recorded an income tax benefit of $565, compared to $0 in the prior-year period. The benefit resulted from the reversal of a portion of the deferred tax liability associated with the amortization of identifiable intangible assets recognized in the Company’s acquisition of Streamex Exchange Corporation, which is held through the Company’s Canadian subsidiary. Intangible amortization for book purposes creates a temporary difference because such amortization is not deductible for Canadian income tax purposes, resulting in a deferred tax liability that reverses as the book basis of the intangible assets declines. The deferred tax liability was initially recognized as part of the acquisition accounting in May 2025 and is remeasured each period for changes in enacted tax rates and foreign currency translation. No comparable benefit was recorded in the prior-year period as the acquisition had not yet occurred.
Previous wording
Net Loss Attributable to Streamex Corp. Common Stockholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended September 30, 2025 was $15,586 compared to a net loss of $1,940 for the three months ended September 30, 2024.
Current wording
Net Loss Attributable to Streamex Corp. Common Stockholders. As a result of the foregoing, net loss attributable to common shareholders for the three months ended March 31, 2026 was $46,695 compared to a net loss of $2,814 for the three months ended March 31, 2025. The increase in net loss of $43,881 was primarily attributable to the changes in operating expenses, other income (expense), and income tax benefit described above.
Previous wording
Liquidity and Capital Resources and Going Concern ($000’s)
Current wording
Liquidity and Capital Resources and Going Concern
Previous wording
While we previously implemented cost-saving measures to reduce cash burn, we have recently increased spending to accelerate development of the Streamex Exchange platform. These initiatives are expected to support long-term growth but will increase near-term cash requirements. There can be no assurance that we will successfully obtain the additional funding needed to support these activities.
Current wording
While we previously implemented cost-saving measures to reduce cash burn, we have increased spending to accelerate the commercialization of the Streamex Exchange platform and related initiatives. These efforts are intended to support long-term growth but will increase near-term cash requirements. There can be no assurance that any future financing, if pursued, would be available on acceptable terms.
Previous wording
Future financing may include the issuance of equity or debt securities, credit facilities, or other arrangements. Any such financing could result in dilution to existing shareholders or the issuance of securities with rights senior to those of our common stock. Market volatility and macroeconomic conditions may also adversely affect our ability to raise capital on acceptable terms.
Current wording
Future financing may include the issuance of equity or debt securities, credit facilities, or other arrangements. Any such financing could result in dilution to existing stockholders or the issuance of securities with rights senior to those of our common stock. Market volatility and macroeconomic conditions may also adversely affect our ability to raise capital on acceptable terms. These financing arrangements are part of management’s broader strategy to address liquidity needs and support commercialization, research and development, and infrastructure expansion. However, there can be no assurance that financing will be available on acceptable terms, or at all.
Previous wording
If we are unable to obtain sufficient funding, we may be required to delay, reduce, or eliminate our research and development programs, scale back commercialization efforts, or enter into strategic arrangements that may require us to relinquish rights to certain technologies or products.
Current wording
If additional capital were required and not obtained on acceptable terms, we may be required to delay or reduce certain research and development programs, scale back commercialization efforts, or enter into strategic arrangements that could require us to relinquish rights to certain technologies or products.
Previous wording
The Company’s liquidity forecast includes assumptions regarding the timing of Streamex Exchange’s product launch, expected capital inflows, and cost containment measures. A sensitivity analysis indicates that delays in product commercialization or capital raising could materially impact the Company’s ability to continue as a going concern.
Current wording
Our liquidity forecast includes assumptions regarding the timing of Streamex Exchange’s development and commercialization activities, planned expenditures, and cost containment measures.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
Revenues and Cost of Goods Sold. Revenue for the nine months ended September 30, 2025 and 2024 was $0 and $27, respectively, and comprised of recognized service revenue.
Previous report — wording carried elsewhere
Depreciation and Amortization Expense. Depreciation and amortization expense for the nine months ended September 30, 2025 totaled $2,065, an increase of $1,907, or 1207%, over the expense of $158 incurred in the nine months ended September 30, 2024, as a direct result of the amortization of the intangible assets recognized from the acquisition of Streamex Exchange.
Previous report — wording carried elsewhere
Net Loss Attributable to Streamex Corp. Common Stockholders. As a result of the foregoing, net loss attributable to common shareholders for the nine months ended September 30, 2025 was $38,774 compared to a net loss of $9,395 for the nine months ended September 30, 2024.
Previous report — wording carried elsewhere
These financing arrangements are part of management’s broader strategy to address liquidity needs and support commercialization, R&D, and infrastructure expansion. However, there can be no assurance that the conditions to closing will be satisfied or that funding will be available on acceptable terms.