Stablecoin Development Corporation (SDEV) Q2 2026 earnings summary

Executive summary

• Transitioned to a digital asset holding company focused on the Sky Protocol ecosystem, staking SKY tokens for protocol-level rewards and reporting $2.2M Q2 and $4.7M H1 2026 staking revenue.

• Grew SKY position to 2.29B tokens (10% of total supply) with no sales during the quarter, and completed a major capital raise via the January 2026 Private Placement, providing $134M in cash, stablecoins, and SKY tokens.

• Corporate name changed and stock began trading under a new ticker, reflecting the strategic shift.

• Eliminated all outstanding October 2025 Pre-Funded Warrants, removing warrant liabilities from the balance sheet and simplifying the capital structure.

• Relocated headquarters to West Palm Beach, Florida, reducing fixed costs.

Financial highlights

• Held 2.29B SKY tokens (10% of total supply) valued at $119.2M as of June 30, 2026, representing 94% of total assets.

• Staking revenue was $2.2M for Q2 2026 and $4.7M for H1 2026, with no comparable revenue in 2025.

• Q2 2026 net loss was $41.1M ($1.32 per share), but H1 2026 net income was $511.3M, mainly due to non-cash warrant liability adjustments.

• Unrealized loss on digital assets was $50.6M for Q2 and $28.0M for H1 2026, reflecting SKY price volatility.

• General and administrative expenses rose to $5.4M in Q2 2026, mainly due to stock-based compensation and insurance costs.

Outlook and guidance

• Management expects continued volatility in results due to SKY price fluctuations and protocol governance decisions, but remains focused on disciplined execution and long-term value creation.

• Existing cash, cash equivalents, and ability to monetize SKY holdings are expected to fund operations for at least 12 months.

• $84.5M remains available under the ATM equity program for future capital needs.

• Staking revenue is expected to continue offsetting cash operating expenses, but actual cash realization depends on monetizing SKY tokens.