STEX

Streamex is not an operating business in any investable sense — it is a former electrophysiology medical-device company (PURE EP) that generated $0 of revenue in FY2025 and just $40K in FY2024, and on May 28, 2025 acquired Streamex Exchange to reinvent itself as a blockchain platform for tokenizing real-world assets, beginning with gold. Per the 10-K, Streamex Exchange 'remained in the development stage and had not generated revenue' as of year-end, and the GLDY token only began accepting subscriptions in 2026. So the entire equity story rests on an unproven, pre-revenue tokenized-gold product in a heavily regulated area where the filing itself concedes future revenue 'will depend on platform maturity, regulatory developments... adoption and issuance volumes.' Meanwhile the legacy subsidiaries ViralClear and BioSig AI are 'dormant' and 'on hold.'

The numbers are catastrophic and confirm the story. FY2025 net loss was $463M (from -$10.3M the prior year), operating loss -$71.1M, diluted EPS -$9.65, and the accumulated deficit sits at -$718M. R&D collapsed to $31K, meaning the legacy device R&D engine is effectively dead. Shares outstanding ballooned +302.9% to 97.7M, so holders were massively diluted to fund the pivot, and operating cash flow was -$10.4M against just $20.3M of cash — roughly two years of runway before more dilution or capital raises are needed. The $463M loss dwarfs the entire $94.9M market cap and almost certainly reflects deal/goodwill/impairment and non-cash charges from the reverse-style acquisition rather than operations, which makes the reported $188M assets and $133M equity low-quality and hard to trust.