Shares declined 12.2% following the quarter, reflecting investor disappointment with the cautious revenue timing and a lack of clear near-term growth catalysts. While management reaffirmed $200 million revenue guidance for 2026, heavy back-end weighting and limited detail on the spinout and acquisitions raised concerns.

• Revenue guidance of $200 million for calendar 2026 was maintained but is expected to be more heavily weighted in the second half of the year, signaling uneven growth.
• The company has signed $800 million in tokenization contracts tied to approximately $90 million in fees, though revenue recognition depends on future project funding.
• The Acoustic Science division is set to be spun out later this year, with details and valuation still unclear, introducing near-term uncertainty.
• Availability of over $250 million of funding this year, including $120 million in nondilutive financing for SanQtum platform rollout, supports liquidity but does not address growth visibility.
• NYIAX acquisition pending, adding a fifth exchange to the platform, though impact and timing remain vague.