Quarterly ResultMay 15, 2026, 04:45 PM
Stablecoin Development Q1 Net Income $552.4M; Equity Swings to Positive
AI Summary
Stablecoin Development Corporation (formerly NovaBay Pharmaceuticals) reported a significant financial turnaround for Q1 2026, with net income from continuing operations soaring to $552.4 million from a $3.3 million loss in Q1 2025. The company's stockholders' equity dramatically shifted from a $631.8 million deficit to a positive $138.8 million. This performance follows its strategic repositioning as an on-chain holding company focused on digital assets, including a $134.0 million private placement in January 2026. The company's name change and new ticker "SDEV" became effective in April 2026, reflecting its new focus on the Sky Protocol ecosystem.
Key Highlights
- Net income from continuing operations surged to $552.4 million in Q1 2026 from a $3.3 million loss in Q1 2025.
- Stockholders' equity improved from a $631.8 million deficit (Dec 2025) to $138.8 million positive (Mar 2026).
- Basic EPS from continuing operations was $21.23 in Q1 2026, compared to $(3.14) in Q1 2025.
- Completed a $134.0 million private placement in January 2026, including $109.0 million in digital assets.
- Held $160.1 million in SKY digital assets as of March 31, 2026, representing 9% of total supply.
- Staking revenue was $2.5 million in Q1 2026, with an unrealized gain of $22.7 million on digital assets.
- Company rebranded to Stablecoin Development Corporation and effected a 1-for-5 reverse stock split.
Price Impact
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