NBY: 8-K · earnings release
Stablecoin Development Corp (SDEV) reported Q1 2026 operating income of $22.3 million, a significant turnaround from an operating loss of $3.3 million in the same period last year. This improvement was driven by $2.5 million in staking revenue and a $22.7 million unrealized gain on its digital asset holdings, primarily SKY tokens. The company reported GAAP net income of $552.4 million, but this figure is heavily distorted by non-cash warrant accounting effects, including a $5.8 billion gain and a $5.3 billion loss related to warrant liabilities. Management explicitly cautioned that GAAP net income should not be interpreted as indicative of recurring cash earnings due to these substantial non-cash items. As of May 14, 2026, SDEV held approximately 2.26 billion SKY tokens, representing about 9% of the total supply, after purchasing an additional 86.5 million tokens for $6.5 million post-quarter-end. The company also raised $0.6 million through its ATM program, leaving $85.7 million in remaining capacity, while highlighting that the Sky Protocol ecosystem generated $123.8 million in gross revenue during the quarter.
NBY: 10-Q · periodic report
Stablecoin Development Corp (formerly NovaBay Pharmaceuticals) reported a dramatic turnaround in its Q1 2026 results, posting a net income of $552.4 million compared to a $3.3 million loss in the same period last year. This surge was driven primarily by a $5.8 billion non-cash gain on the fair value of warrant liabilities, partially offset by a $5.3 billion non-cash loss on warrant issuance, reflecting the complex accounting treatment of its pre-funded warrants following a strategic pivot. The company has fully transitioned from its legacy pharmaceutical business to an on-chain holding company focused on the Sky Protocol ecosystem. As of March 31, 2026, it held 2.15 billion SKY tokens valued at $160.1 million, representing approximately 9% of the total SKY supply. The firm generated $2.5 million in staking revenue from these holdings and raised $134 million in a January 2026 private placement involving Tether, R01, and other investors. Operational changes include a 1-for-5 reverse stock split effective February 20, 2026, and a corporate name change to Stablecoin Development Corp with a new ticker symbol 'SDEV' on the NYSE American. The company ended the quarter with $18.4 million in cash and no debt, having redeemed all preferred stock and converted outstanding convertible notes. Management believes existing cash is sufficient to fund operations for at least the next twelve months.