
| • |
Total Revenue and Other Income: Total revenue and other income
in Q3 2026 (excluding net realized and unrealized losses on investments) was $557,000 compared to $2.6 million in the same period last year. The decrease was primarily driven by lower investment and interest income from the legacy loan
portfolio and lower SUI staking revenue in dollars, due to the decline in the market price of SUI when rewards were earned.
|
| • |
Digital Asset Gains and Losses: The Company’s third quarter
2026 results include approximately $54.7 million in net gains on digital assets and receivables, consisting of $82.7 million in net unrealized gains (including $3.0 million of amortized deferred income), partially offset by $28.0 million in
realized losses associated with digital asset trading activities. The unrealized gains primarily reflect changes in the fair value of the Company’s digital assets and receivables, including the amortization of deferred income related to its
SUI purchases. The realized losses were primarily attributable to high-frequency trading activities. These amounts largely reflect the U.S. GAAP accounting treatment of the Company’s digital asset holdings and changes in SUI’s market price,
rather than corresponding cash inflows or outflows of the same amounts.
|
| • |
Net Income (Loss): Net income for the third quarter of 2026
increased significantly to $47.7 million, or $0.59 per diluted share, compared to a net loss of $44.3 million, or $(0.72) per diluted share, in the same period last year.
|
| • |
Treasury: 109,290,995 SUI (including 6,000,000 SUI loan receivables) as of November 2, 2026.
|
| • |
SUI Value: Approximately $98.4 million using the November 2, 2026, price of $0.90 per SUI1. Please refer to mNAV calculation in this announcement for the reconciliation between US GAAP
and non-GAAP numbers.
|
| • |
SUI per Share: Using fully adjusted shares2 issued and outstanding as of November 2, 2026, of 80.9 million shares, SUI Group’s treasury remained flat at 1.35 SUI per share of common
stock (vs approximately 1.35 on August 3, 2026), or $1.22 per share of common stock (vs $0.93 on August 3, 2026).
|
| • |
Staking: A significant majority of the Company’s SUI is being staked, earning an approximate 1.5% annualized yield during the three-month period ended September 30, 2026. The current estimated
daily yield is approximately 4,000 SUI.
|
|
M / NAV Calculation
|
||
|
Outsanding Shares incl. Pre-Funded Warrants
|
80,897
|
|
|
Current Share Price [November 2, 2026]
|
$1.03
|
|
|
Market Cap
|
$83,323
|
|
|
SUI/Share
|
1.35
|
|
|
NAV
|
||
|
SUI Holdings
|
$98,362
|
|
|
- number
|
109,290,995
|
|
|
- current price [November 2, 2026]
|
$0.90
|
|
|
USDC / USDT / SuiUSDe / Cash (available for SUI purchases)
|
$10,188
|
|
|
Other NAV
|
$7,815
|
|
|
- portfolio investments
|
$625
|
|
|
- Nof1
|
$3,000
|
|
|
- Recursive Ai
|
$3,030
|
|
|
- other Net Assets
|
$1,160
|
|
|
NAV
|
$116,365
|
|
|
M/NAV
|
0.72x
|
|
|
GAAP to mNAV Reconciliation - thousands
|
|
||
|
|
|
||
|
Total Shareholders' Equity - 30 Sep 2026
|
133,409
|
||
|
|
|
||
|
GAAP Adjustments 1
|
|
||
|
|
|
||
|
Digital Asset Loan Receivable
|
(6,006)
|
||
|
Digital Assets
|
(106,271)
|
||
|
Digital Asset Receivable
|
(23,510)
|
||
|
Deferred Income
|
10,871
|
||
|
|
|
||
|
Other Adjustments 2
|
|
||
|
|
|
||
|
SUI - Including Digital Asset Receivables
|
98,361.896
|
||
|
SuiUSDe
|
10,035.434
|
||
|
Movement in Cash Balances Since 30 Sep 2026
|
(525.125)
|
||
|
|
|
||
|
NAV
|
116,365.205
|
||
|
|
|
||
|
Notes:
|
|
||
|
|
|
||
|
1 - SUI tokens, digital asset receivables and deferred income as at 30 June 2026 reversed
|
|||
|
2- SUI tokens, SUI loans and SuiUSDe added back at prevailing market prices
|
|||
|
September 30,
2026 (unaudited)
|
December 31,
2025 (audited)
|
|||||||
|
Assets
|
||||||||
|
Current Assets
|
||||||||
|
Cash and cash equivalents
|
$
|
678
|
$
|
21,936
|
||||
|
Equity investments
|
616
|
956
|
||||||
|
Debt investments
|
—
|
3,414
|
||||||
|
Interest and dividend receivable, net
|
—
|
758
|
||||||
|
Digital asset loan receivable, net
|
—
|
1,305
|
||||||
|
Digital asset receivable, net
|
—
|
29
|
||||||
|
Prepaid expenses
|
1,852
|
1,806
|
||||||
|
Income tax receivable
|
131
|
131
|
||||||
|
Total current assets
|
3,277
|
30,335
|
||||||
|
Digital assets
|
106,271
|
147,415
|
||||||
|
Digital asset loan receivable, net
|
6,006
|
2,306
|
||||||
|
Digital asset receivable, net
|
23,510
|
—
|
||||||
|
Debt investments
|
—
|
10,244
|
||||||
|
Equity investments
|
6,030
|
—
|
||||||
|
Other assets
|
9
|
65
|
||||||
|
Total Assets
|
$
|
145,103
|
$
|
190,365
|
||||
|
Liabilities and Shareholders' Equity
|
||||||||
|
Current Liabilities
|
||||||||
|
Accounts payable and other liabilities
|
823
|
858
|
||||||
|
Deferred income
|
10,871
|
11,859
|
||||||
|
Total current liabilities
|
11,694
|
12,717
|
||||||
|
Long Term Liabilities
|
||||||||
|
Deferred income
|
—
|
7,906
|
||||||
|
Total long-term liabilities
|
—
|
7,906
|
||||||
|
Total liabilities
|
$
|
11,694
|
$
|
20,623
|
||||
|
Commitments and Contingencies
|
—
|
—
|
||||||
|
Shareholders' Equity
|
||||||||
|
Common stock, par value $0.001 per share (2,000,000,000 authorized; 76,802,872 issued and outstanding)
|
77
|
77
|
||||||
|
Additional paid-in capital
|
437,632
|
431,800
|
||||||
|
Accumulated deficit
|
(304,300
|
)
|
(262,135
|
)
|
||||
|
Total shareholders' equity
|
133,409
|
169,742
|
||||||
|
Total liabilities and shareholders' equity
|
$
|
145,103
|
$
|
190,365
|
||||
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
|
September 30,
2026
|
September 30,
2025
|
September 30,
2026
|
September 30,
2025
|
|||||||||||||
|
Revenues
|
||||||||||||||||
|
SUI staking revenue
|
$
|
258
|
$
|
1,014
|
$
|
1,108
|
$
|
1,014
|
||||||||
|
Digital lending interest income
|
53
|
—
|
159
|
—
|
||||||||||||
|
Investment income
|
—
|
—
|
—
|
1,726
|
||||||||||||
|
Total Revenues
|
311
|
1,014
|
1,267
|
2,740
|
||||||||||||
|
Operating (Income) Expenses
|
||||||||||||||||
|
Professional fees
|
966
|
517
|
3,060
|
758
|
||||||||||||
|
Stock-based compensation
|
1,891
|
2,262
|
5,832
|
2,262
|
||||||||||||
|
Asset and strategic management fees
|
236
|
438
|
862
|
438
|
||||||||||||
|
Compensation expense
|
468
|
338
|
1,364
|
721
|
||||||||||||
|
Insurance
|
379
|
304
|
1,275
|
328
|
||||||||||||
|
Unrealized (gain) loss on digital assets and receivable, net
|
(82,686
|
)
|
60,764
|
(66,332
|
)
|
60,764
|
||||||||||
|
Realized loss on digital assets, net
|
27,964
|
—
|
81,729
|
—
|
||||||||||||
|
Impairment of digital asset receivable
|
—
|
—
|
1,367
|
—
|
||||||||||||
|
Provision for credit losses
|
1,004
|
—
|
2,074
|
—
|
||||||||||||
|
Net realized and unrealized gain on investments
|
—
|
—
|
—
|
(477
|
)
|
|||||||||||
|
Other general and administrative
|
240
|
54
|
437
|
101
|
||||||||||||
|
Total Operating (Income) Expenses
|
(49,538
|
)
|
64,677
|
31,668
|
64,895
|
|||||||||||
|
Operating Income (Loss)
|
$
|
49,849
|
$
|
(63,663
|
)
|
$
|
(30,401
|
)
|
$
|
(62,155
|
)
|
|||||
|
Other Income (Loss)
|
||||||||||||||||
|
Investment income
|
154
|
1,621
|
979
|
1,621
|
||||||||||||
|
Net realized and unrealized gain (loss) on investments
|
(2,405
|
)
|
525
|
(13,073
|
)
|
525
|
||||||||||
|
Other income
|
92
|
—
|
330
|
—
|
||||||||||||
|
Total Other Income (Loss)
|
(2,159
|
)
|
2,146
|
(11,764
|
)
|
2,146
|
||||||||||
|
Income (Loss) Before Taxes
|
$
|
47,690
|
$
|
(61,517
|
)
|
$
|
(42,165
|
)
|
$
|
(60,009
|
)
|
|||||
|
Provision for Income Taxes
|
—
|
(17,250
|
)
|
—
|
(16,871
|
)
|
||||||||||
|
Net Income (Loss)
|
$
|
47,690
|
$
|
(44,267
|
)
|
$
|
(42,165
|
)
|
$
|
(43,138
|
)
|
|||||
|
Earnings per Share
|
||||||||||||||||
|
Basic
|
$
|
0.59
|
$
|
(0.72
|
)
|
$
|
(0.52
|
)
|
$
|
(1.75
|
)
|
|||||
|
Diluted
|
$
|
0.59
|
$
|
(0.72
|
)
|
$
|
(0.52
|
)
|
$
|
(1.75
|
)
|
|||||
|
Weighted-average number of common shares outstanding - basic
|
80,896,554
|
61,132,687
|
80,896,554
|
24,706,108
|
||||||||||||
|
Weighted-average number of common shares outstanding - diluted
|
80,896,554
|
61,132,687
|
80,896,554
|
24,706,108
|
||||||||||||