Revenue: As of FY2026 Q1, the actual value is USD 2.5 M.

EBIT: As of FY2026 Q1, the actual value is USD 22.3 M.

First Quarter 2026 Financial Results

Operating Income

• Operating income was $22.3 million for the first quarter of 2026, compared with an operating loss of - $3.3 million for the first quarter of 2025.
• This income was primarily driven by staking revenue of $2.5 million and an unrealized gain on digital assets of $22.7 million, partially offset by general and administrative expenses of - $2.8 million.

GAAP Net Income

• GAAP net income was $552.4 million for the first quarter of 2026.
• This included a non-cash gain on changes in fair value of warrant liabilities of approximately $5.8 billion, partially offset by a non-cash loss on fair value of warrant liabilities in excess of proceeds at issuance of approximately - $5.3 billion.
• GAAP net income also included a net non-cash gain of approximately $535.0 million from warrant-related effects during the period.

Staking Revenue

• Staking revenue was $2.5 million, representing 35,386,649 SKY tokens earned during the first quarter of 2026.

Unrealized Gain on Digital Assets

• An unrealized gain on digital assets of $22.7 million was recognized during the first quarter of 2026.

Operating Costs

• General and administrative expenses were - $2.8 million.
• Income tax expense for the period was - $3.5 million.

Balance Sheet Highlights (as of March 31, 2026)

• Cash and Cash Equivalents: $18.4 million.
• Digital Assets: $160.1 million.
• Total Assets: $179.7 million.

Unique Metrics (SKY Token Holdings)

SKY Tokens Held (March 31, 2026)

• Stablecoin Development Corporation held 2,153,141,678 SKY tokens, representing approximately 9% of the total supply of SKY.
• The aggregate cost basis for these tokens was $137.4 million, with an aggregate fair value of $160.1 million.
• The majority of SKY holdings remained deployed in staking activities within the Sky Protocol ecosystem.

SKY Tokens Held (May 14, 2026)

• Stablecoin Development Corporation held approximately 2.26 billion SKY tokens after additional open-market purchases subsequent to quarter-end.

Subsequent Events (Through May 14, 2026)

• The company purchased approximately 86.5 million additional SKY tokens on the open market for approximately $6.5 million.
• Stablecoin Development Corporation sold an aggregate of 398,367 shares of common stock under the ATM Program for aggregate net proceeds of approximately $0.6 million.
• Approximately $85.7 million of common stock remained available for issuance under the ATM Program.

Sky Protocol Ecosystem Metrics (Q1 2026)

• Gross Protocol Revenue: Approximately $123.8 million.
• Net Protocol Surplus: Approximately $46.0 million, representing about 92% of full-year 2025 net protocol surplus.
• Total Protocol Collateral: Approximately $13.0 billion, backing all USDS and DAI tokens in circulation.
• Total USDS and DAI Supply: Approximately $11.7 billion.
• sUSDS Deposits: Approximately $6.5 billion, making sUSDS the largest yield-generating stablecoin by supply.

Outlook / Strategy

Stablecoin Development Corporation has transitioned to an on-chain holding company, focusing on the stablecoin economy and executing a long-duration capital allocation strategy. The company aims to generate protocol-level economic exposure through staking and other on-chain activities. Its core digital asset focus remains the Sky Protocol ecosystem, centered on SKY tokens.