SDEV Q1 2026 operating income $22.3M vs loss $3.3M YoY; GAAP net income $552.4M driven by non-cash warrant gains

Stablecoin Development Corp

2026-Q1 EPS reported $3.33 revenue$2,463,000

Operating income of $22.3 million vs operating loss of $3.3 million in Q1 2025; staking revenue $2.5M, unrealized gain on digital assets $22.7M.
GAAP net income $552.4M includes net non-cash warrant-related gains: $5.8B gain offset by $5.3B loss, both non-cash and non-operating.
Held 2.15B SKY tokens (9% of supply) at Mar 31, 2026, cost basis $137.4M, fair value $160.1M; 2.26B SKY as of May 14, 2026.
Post-quarter: purchased 86.5M SKY for ~$6.5M on open market; ATM program raised $0.6M net, $85.7M remaining.
Digital assets $160.1M; cash $18.4M; total assets $179.7M as of Mar 31, 2026.

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