<span item_type="fundamental" item_id="8c611a78a52c123382be2f6d5571bde4" counter_id="ST/US/SDEV" env="prod"></span><span item_type="announcement" item_id="650436173982341121" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 2.5 M.</p><p>EBIT: As of FY2026 Q1, the actual value is USD 22.3 M.</p><p></p><h4>First Quarter 2026 Financial Results</h4><h5>Operating Income</h5><ul><li>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. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>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. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h5>GAAP Net Income</h5><ul><li>GAAP net income was $552.4 million for the first quarter of 2026. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>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. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>GAAP net income also included a net non-cash gain of approximately $535.0 million from warrant-related effects during the period. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h5>Staking Revenue</h5><ul><li>Staking revenue was $2.5 million, representing 35,386,649 SKY tokens earned during the first quarter of 2026. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h5>Unrealized Gain on Digital Assets</h5><ul><li>An unrealized gain on digital assets of $22.7 million was recognized during the first quarter of 2026. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h5>Operating Costs</h5><ul><li>General and administrative expenses were - $2.8 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Income tax expense for the period was - $3.5 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h4>Balance Sheet Highlights (as of March 31, 2026)</h4><ul><li>Cash and Cash Equivalents: $18.4 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Digital Assets: $160.1 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Total Assets: $179.7 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h4>Unique Metrics (SKY Token Holdings)</h4><h5>SKY Tokens Held (March 31, 2026)</h5><ul><li>Stablecoin Development Corporation held 2,153,141,678 SKY tokens, representing approximately 9% of the total supply of SKY. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>The aggregate cost basis for these tokens was $137.4 million, with an aggregate fair value of $160.1 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>The majority of SKY holdings remained deployed in staking activities within the Sky Protocol ecosystem. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h5>SKY Tokens Held (May 14, 2026)</h5><ul><li>Stablecoin Development Corporation held approximately 2.26 billion SKY tokens after additional open-market purchases subsequent to quarter-end. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span><span class="superscript" item_id="0" item_type="announcement_file" value="2" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/nby20260519_8k.htm"></span></li></ul><h5>Subsequent Events (Through May 14, 2026)</h5><ul><li>The company purchased approximately 86.5 million additional SKY tokens on the open market for approximately $6.5 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>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. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Approximately $85.7 million of common stock remained available for issuance under the ATM Program. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h4>Sky Protocol Ecosystem Metrics (Q1 2026)</h4><ul><li>Gross Protocol Revenue: Approximately $123.8 million. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Net Protocol Surplus: Approximately $46.0 million, representing about 92% of full-year 2025 net protocol surplus. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Total Protocol Collateral: Approximately $13.0 billion, backing all USDS and DAI tokens in circulation. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>Total USDS and DAI Supply: Approximately $11.7 billion. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li><li>sUSDS Deposits: Approximately $6.5 billion, making sUSDS the largest yield-generating stablecoin by supply. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></li></ul><h4>Outlook / Strategy</h4><p>Stablecoin Development Corporation has transitioned to an on-chain holding company, focusing on the stablecoin economy and executing a long-duration capital allocation strategy. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span> The company aims to generate protocol-level economic exposure through staking and other on-chain activities. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span> Its core digital asset focus remains the Sky Protocol ecosystem, centered on SKY tokens. <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1389545/000143774926017872/ex_965638.htm"></span></p>

Stablecoin Development | 8-K: FY2026 Q1 Revenue: USD 2.5 M