Streamex Corp. (STEX) posted a third-quarter loss of $0.09 per share, well short of the -$0.03 consensus, a 200.0% miss. Revenue of $0.15 million, consisting entirely of gold lease income, came in 51.7% below the $0.3 million estimate. The supplied 80.9% year-over-year earnings growth reflects a much smaller per-share loss than the $(0.47) reported a year ago, but that improvement comes from a far larger weighted share count, not a better business. The dollar loss widened to $17.5 million from $15.6 million a year earlier and $14.6 million in the second quarter. That is the central tension: this was the first quarter in which GLDY adoption meaningfully moved, yet the financials show a company whose costs and capital drain still dwarf its revenue base.
The quality of the miss deserves context rather than dismissal. Operating expenses rose $2.8 million sequentially to $18.1 million. Of that increase, $2.2 million was non-cash stock-based compensation, which totaled $9.3 million for the quarter. Management stressed that most of the net loss is non-cash. Even so, Adjusted EBITDA, which strips out stock compensation, deteriorated to $(7.2) million from $(6.6) million in Q2 and $(3.8) million a year ago. Lease income grew roughly 8% on a like-for-like basis to $145 thousand. That is real progress in percentage terms, but it is trivial against operating cash burn of about $1.5 million a month, or roughly $4.5 million a quarter.
The operating story is genuinely better than it was three months ago. Gold behind GLDY rose by 240 net new ounces to 3,351, compared with just 15 in the second quarter. The call cited roughly 250 ounces, including post-quarter additions. Outside ownership doubled to 17.7%, AUM rose 12% to about $14 million, and gold paid out as lease yield climbed to 31 ounces from 19. Management also delivered on the Q2 promise of a first institutional allocation, though only modestly: an initial $1 million into a gold carry strategy that uses GLDY as its long leg. Tone shifted noticeably from the defensive explanations of prior quarters toward a scaling narrative. CEO Henry McPhie was candid, however, saying, "This is not scale yet."
The forward catalysts are now more concrete. GLDY is expected to go live next week as the first tokenized asset on Equity Trust's IRA platform, which the release describes as holding about $73 billion in assets across roughly 368,000 accounts. Separately, the Cask Foundation began liquidity bootstrapping for USGY, a gold yield vault that holds its gold in GLDY, and Streamex earns servicing revenue from Cask products. Execution credibility remains the weak spot, though. Equity Trust was flagged as "coming weeks" back in May. GLDC has slipped from an early Q3 target to early 2027. Silver has moved from Q2 2026 to 2027. Management offered no AUM breakeven target and no IRA funding guidance.
The balance sheet is where bears have the most ammunition. Burn of $1.5 million a month missed the $1.1 million run-rate promised on the Q2 call, and the target has now been loosened to a $1.1 million to $1.3 million range. Total liquidity, a non-GAAP figure, fell to $36.5 million from $41.8 million, and working capital dropped to $22.0 million from $32.8 million. The liquidity figure also flatters the cash position. It includes $16.5 million of physical gold carried at cost, about $2.5 million above market value, and that gold backs all outstanding GLDY, including tokens owned by outside holders. Total cash and investments stood at just $13.2 million. The call noted that a post-quarter $6 million reserve investment in a Metalayer fund raised immediately available liquidity to about $19.2 million.
The market had already rendered a harsh verdict before the report. As of November 10, shares traded at $0.34, down 65.4% from the $0.97 open after the August report and 71% below the 200-day moving average of $1.16. They sat just 6.8% above a 52-week low of $0.31 set on November 6, after peaking at $1.00 on the first trading day following the prior release. Investor sentiment was modestly negative at -0.21. The Earnings Whispers trend readings lean negative, with AVWAP negative and momentum neutral. That profile reflects persistent distribution rather than any recognition of the improved adoption data.
The bottom line is that Streamex delivered its most encouraging adoption quarter yet while badly missing on both earnings and revenue, and the financial trajectory still runs the wrong way. Growing ounces, doubled outside ownership and an imminent IRA launch give the growth story some credibility. But revenue is measured in the low hundreds of thousands against a multimillion-dollar quarterly burn, liquidity is shrinking, and timelines keep slipping. The next quarter's commitments, especially funded IRA accounts, USGY's contribution to AUM and burn inside the new range, will determine whether the adoption inflection can outrun the balance-sheet clock.