Streamex Quarterly Loss Widens to $17.460 Million as Gold Leasing Activity Grows
Key Facts
Streamex reported results on November 12 for the third quarter and nine months ended September 30, 2026, posting a quarterly net loss of $17.460 million. The loss was $15.584 million in the year-earlier period of 2025, indicating a year-over-year widening. The quarterly loss also exceeded the second-quarter level of $14.6 million, according to the company’s comparison. Basic and diluted loss per share was $0.09, compared with $0.47 in the third quarter of last year. It could not be verified that the losses were higher than market expectations, and the November 11 share close preceded the results announcement and does not establish a subsequent decline.
For the first nine months of the year, the company posted a net loss of $78.704 million through September 30, compared with $38.751 million in the same period of 2025. This comparison shows a widening of accumulated losses during the period, while quarterly loss per share fell from the year-earlier level. Third-quarter loss per share was $0.09, compared with $0.47 a year earlier, but rose from $0.08 in the second quarter. The quarterly and year-to-date figures place the loss trajectory in a different context from the performance of the gold product, which the company said is generating growing income. Management had scheduled a call and webcast to discuss the results and provide a business update on November 12 at 4:30 p.m. Eastern time.
Operating expenses were $18.1 million in the third quarter, including $9.3 million in non-cash stock-based compensation. The company said expenses increased by $2.8 million from the previous quarter, with $2.2 million of the increase attributable to stock-based compensation. It attributed the remainder of the increase to external legal consulting and product development costs. Thus, the largest part of the quarterly increase in expenses was related to a non-cash item, according to the company. The net loss, however, reflects the period’s overall financial results, while the expense details show the composition of one contributing item.
In its gold leasing business, Streamex recorded income of $145,000 in the third quarter and $291,000 from the start of the year through September 30. The company said quarterly leasing income increased by about 8.2% after excluding approximately $12,000 of first-quarter income that was recorded in the second quarter. In the GLDY business, the gold backing the product rose to 3,351 ounces on September 30, from 3,111 ounces on June 30, with a net addition of 240 ounces during the quarter. The company also issued 208 new units to subscribers. Third-party ownership of GLDY was 17.7% at the end of September, up from 9.0% at the end of June, while assets under management at market value reached $14.0 million after growing 12% during the quarter.
The company said it ended the quarter debt-free, with total liquidity of $36.5 million and working capital of $22.0 million. Total cash and investments were $13.2 million, according to the statement, while average operating cash burn was $1.5 million per month in the third quarter. That average was below $1.6 million per month in the second quarter. Streamex set a target of reducing cash burn to a range of $1.1 million to $1.3 million per month, compared with the third-quarter level. It said it will report progress toward that goal when it announces fourth-quarter 2026 results.
On distribution, Streamex said GLDY is expected to begin operating on Equity Trust’s individual retirement account platform in the week after the November 12 announcement. It said Equity Trust has about $73 billion in assets under custody and administration and approximately 368,000 accounts. The company also said GLDC is ready, with its launch by the Cask Foundation targeted for early 2027. On September 24, the company announced that an institutional investor would initially allocate $1 million to a strategy using GLDY in a delta-neutral gold trade, with the possibility of increasing the investment later. On October 12, it announced that GLDY was available for custody through CNB Custody, describing it as an access channel for traditional investors, wealth managers and advisers; these product updates provide context for tracking its cash burn reduction target when fourth-quarter results are released.