Abaxx records 1,522,286 contracts in Q3 and cuts net loss to C$20.4 million
Key Facts
Abaxx Technologies reported a net loss of C$20.4 million in the third quarter of 2026, compared with C$28.8 million in the second quarter, as trading volumes on the Abaxx Exchange rose to a quarterly record. The company said total trading reached 1,522,286 contracts, up 71% from the previous quarter. Average daily trading volume rose 61% to 23,420 contracts, while average daily open interest increased 22% to 782 contracts. The figures reflect expanded exchange activity during the quarter, while revenue remained low relative to the gross fees recorded. The company's shares, which trade under the ticker ABXXF, closed at 11.22 on November 11.
Third-quarter revenue was C$89,000, compared with C$2,000 in the second quarter. The company recorded C$7.002 million in trading and clearing fees, but C$6.994 million in liquidity-related credits offset most of that amount. As a result, the increase in trading did not translate into net revenue comparable to gross fees. Net cash outflow was C$16.8 million, up 2.8% from the second quarter. The company said spending would have been C$14.8 million, 9.4% below the second-quarter level, excluding about C$2.0 million in professional fees and non-recurring costs.
Four futures contracts reached quarterly records for trading volume: Gulf of Mexico liquefied natural gas, North Pacific and Asia liquefied natural gas, Singapore gold and Singapore lithium carbonate. Their volumes rose, respectively, 17%, 19%, 42% and 9% compared with the second quarter. Singapore silver contracts also traded 454,241 contracts during their first full quarter after launching on May 22, 2026. These products include contracts linked to gas, gold and lithium, as well as silver, as part of the exchange's quarterly growth in activity. Abaxx Exchange President Joe Raia said the liquidity developed by the exchange continues to attract global commercial trading firms, while warning that monthly activity in new and developing markets can be volatile.
As it expanded its operating infrastructure, Abaxx said it extended market-data distribution to Bloomberg in July, alongside existing distribution through LSEG, Zema Global and TradingView. It also reported integrating MarketOS applications with AbaxxOne on a shared software architecture designed to accelerate new integrations. The board's audit committee had completed an independent investigation, the results of which the company announced on November 9. According to the company's statement, the investigation concluded that the material allegations in the short seller's reports "are not supported by the company's facts and financial records." The company presented that finding alongside its reported financial and operating results for the quarter.
Abaxx said trading volumes and open interest could decline if liquidity credits were reduced or participants attracted by those programs stopped trading independently. The warning places activity growth in the context of incentive programs that helped support liquidity, while the company did not break out their effect on each contract in the data presented here. From May to October 2026, total trading reached 2,943,439 contracts, compared with 556,437 contracts from November 2025 to April 2026. Average daily open interest also rose between the periods, from 385 to 809 contracts. The company said monthly trading activity in new and developing markets can vary significantly.
The exchange is scheduled to launch three cash-settled liquefied natural gas futures contracts on November 16: two North Pacific and Asia contracts denominated in U.S. dollars and offshore Chinese renminbi, and a Gulf of Mexico micro contract denominated in U.S. dollars. On the same date, it plans to launch a cash-settled Singapore gold contract denominated in Chinese renminbi, linking trading and hedging in that currency to prices set by existing Singapore gold contracts. A third-quarter results and business update webcast was scheduled for November 12 at 8:30 a.m. U.S. Eastern time. Beginning with its fourth-quarter 2026 results, the company plans to provide preliminary guidance on cash usage and milestones toward cash-flow breakeven, along with additional quarterly operating metrics. The company also appointed Jeff Currie non-executive chair of the board after the quarter ended, while Josh Crumb continues as chief executive officer.