Biosig Technologies (NASDAQ:STEX), operating as Streamex Corp, said its first quarter of 2026 marked a transition from product preparation to early commercialization, highlighted by the launch of its tokenized gold product, the payment of initial dividends to holders and the retirement of its convertible debt.
Executive Chairman Morgan Lekstrom told investors that Streamex is positioning itself as a full infrastructure provider and issuer for tokenized real-world assets, including commodities and securities. He described the company’s business model as fee-driven, capital-light and focused on tokenization fees, technology use fees and management fees as assets under management grow.
“This was the quarter Streamex went from preparation to proof,” Lekstrom said, pointing to the launch of GLDY, the company’s gold-backed token product, as well as its balance sheet cleanup and new institutional partnerships.
Company Reports No Revenue as GLDY Launches Late in Quarter
Chief Financial Officer Christine Plummer said Streamex did not recognize GAAP revenue in the first quarter, consistent with the prior-year period, because GLDY launched late in the quarter and subscription activity began ramping only in the final weeks of March.
Plummer said near-term revenue is expected to be modest during the launch period as the company uses introductory economics to encourage early adoption, partner onboarding and AUM seeding. She said revenue is expected to increase in later periods as AUM scales, secondary trading infrastructure goes live and distribution partnerships become active.
The company reported total operating expenses of $35.7 million in the first quarter, compared with $3 million in the prior-year period. Plummer said the largest component was $25.4 million of non-cash stock-based compensation. The company also recorded $1.5 million of depreciation and amortization.
Lekstrom said the company’s comprehensive loss of $48.6 million included the stock-based compensation expense and $12.2 million of non-cash acceleration of debt discount and issuance costs tied to the convertible debenture that has now been retired.
Streamex ended the quarter with approximately $45.85 million in cash and investments, total assets of $173.3 million, total liabilities of $14 million and shareholders’ equity of $159.3 million. Plummer said the company has no debt following the retirement of $50 million of convertible debentures.
The company raised approximately $40.25 million in gross proceeds through a January 2026 public offering. It also sold remaining LBMA good delivery gold bullion previously held to backstop the debenture holder, generating approximately $26.4 million in cash proceeds and a realized gain of $2.9 million.
GLDY AUM Reaches About $14 Million
Chief Investment Officer Mitch Williams said GLDY is designed to track the price of gold one-for-one while paying a yield in addition to gold price changes. As of the call, the company had more than 3,000 ounces of gold supporting GLDY, representing about $14 million in AUM. Streamex has distributed more than 10 ounces of gold in dividends to holders since launch.
Williams said GLDY’s net asset value has continued to closely track the price of gold, which he described as an important proof point for institutional investors evaluating the product. He also said the company’s first independent attestation, intended to verify that reserves match outstanding tokens, is in process.
“Showing that the product functions as promised is important for adoption and attracting the types of scaled flows that we have been expecting,” Williams said.
Williams said the company lowered the minimum investment on its proprietary platform for accredited investors from $200,000 to $25,000. He also said Streamex has expanded its sales team to four people, with a head of sales expected to join shortly. The team is targeting accredited investors, ETFs, registered investment advisers and family offices.
Partnerships Target Liquidity, Retirement Accounts and Secondary Trading
Chief Executive Officer Henry McPhie said Streamex has built what he described as an institutional partnership ecosystem intended to support buying, holding, trading and exiting GLDY positions.
The company announced integrations or partnerships with:
- Equity Trust: McPhie said the IRA custodian integration could give GLDY access to $72 billion in U.S. tax-advantaged retirement capital across more than 359,000 accounts.
- Wintermute: The crypto-native market-making firm is expected to support instant 24/7 minting and redemption of GLDY, potentially reducing purchase and redemption timing from T+2 to T+0, subject to limits and availability.
- Orca: Streamex is working with the Solana-based decentralized exchange and liquidity infrastructure protocol on a permissioned, compliant, on-chain secondary trading venue for GLDY.
McPhie said the partnerships are confirmed and currently being integrated, with operations expected in the coming weeks subject to technical integration and operational testing. He said the Orca partnership could create a new revenue stream for Streamex through a revenue share, in addition to GLDY transfer fees.
During the Q&A portion, McPhie said the Wintermute integration should allow investors to know the price at which they are buying or selling GLDY and to enter or exit the asset more quickly than under the current process.
Product Roadmap Shifts Toward GLDY Growth
McPhie said Streamex has adjusted its near-term product roadmap to prioritize scaling GLDY functionality in the second quarter rather than launching its silver product first. He said the silver infrastructure is ready, but management determined it was better to allocate resources toward GLDY growth while new partnerships come online.
The company expects the third quarter of 2026 to include the launch of GLDC and SLVC. McPhie described GLDC as a non-security, retail-accessible tokenized gold product backed by GLDY and designed for broader distribution, including DeFi integrations and real-world asset vault infrastructure. He said every dollar of GLDC issued would be collateralized by GLDY, meaning GLDC growth would increase GLDY AUM.
SLVC is planned as a tokenized silver product using the same infrastructure. McPhie said Streamex also expects to expand GLDY, GLDC and SLVC functionality in the fourth quarter and launch an initial pilot involving royalties and streams. Looking beyond 2026, he said the company is preparing for potential launches tied to copper, oil, gas and other industrial and energy commodities, along with expansion into additional jurisdictions.
Management Addresses AUM Pace and Market Pressure
McPhie acknowledged recent downward pressure in STEX shares and said shareholders had expected GLDY AUM to grow more quickly. He said early onboarding was slowed by issues with a KYC vendor, but that the issue has been resolved and a dedicated sales and service team is working through the backlog.
In response to an investor question about milestones for sustained GLDY growth, Williams said the most important near-term indicators are operational, including continued gold price tracking, dividend payments and the launch of partnerships. “AUM is what follows those things,” Williams said.
McPhie said the company expects steady GLDY AUM growth as onboarding clears, sales and marketing ramp and distribution channels open. He identified four catalysts for shareholders to watch: partnership launches, the GLDC launch, the SLVC launch and continued GLDY AUM growth.
About Biosig Technologies (NASDAQ:STEX)
Biosig Technologies (NASDAQ:STEX) is a medical technology company focused on developing advanced signal acquisition and processing solutions for cardiac electrophysiology. The company’s work centers on improving the clarity and interpretability of intracardiac signals captured during electrophysiology procedures, with the goal of helping clinicians identify arrhythmogenic substrates and make more informed procedural decisions.
Its primary offering is a signal-processing platform that combines proprietary hardware and software to amplify, filter and display intracardiac electrical activity with reduced noise and distortion.
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