Abaxx Technologies - Earnings Call Notes (4/2/26)
Major contract adoption is finally underway. Onboarding continues to expand.
Call Notes:
Now designing oil contracts, new precious metals (silver, palladium, etc), solar contracts, and uranium.
1500 ADV (mostly just gold) in Q4 2025. Now as of March, we are at 11,500 ADV. Trading is ongoing across all contracts, with most growth occurring on gold and LNG contracts currently.
Overall growth of futures ADV so far in 2026 was +145% relative to Q4, 2025.
LNG volumes have increased 84%, with a total of 59k contracts traded over GOM and NPA. The NPA contract represents over 40% of JKM’s volume, demonstrating the market’s desire for a viable LNG contract alternative.
Check out the Abaxx Exchange Data Tracker created by @nobenchmark
Tends to take 3-5 years to build out a new commodity futures market to maturity, so it does take time. But these are extremely high-margin products; their software suite is the same. These are all capex-light forms of revenue generation once the design work is finished.
MarketOS: ID++ suite of verifier, sign, messenger, and drive. Go-to-market timelines will emerge soon.
Three streams of revenue:
Platform access fees for all of the products above
Transaction fees on the platform
Basis-point fees on collateral
This software platform can be used by any central counterparties (CCPs), prime brokers, or collateral managers in broad financial trading ecosystems. This applies to both traditional and tokenized assets.
Digital Title pilot results:
Physical gold: Vaulted gold at Abaxx Spot was converted to transaction-ready collateral that could be used to finance margin trading in futures markets. Only possible with Digital Title providing documented and verifiable T+0 ownership of said gold.
Money market funds: Successfully collateralized a bilateral transaction of approximately $200k BMO Money Market Fund shares. These shares were transferred instantaneously upon margin call.
In-transit commodities: Testing in progress with Minehub Technologies for Digital Title usage on bills of lading for collateralization to be used in trading.
Abaxx Clearing is working on integrating MarketOS already, subject to regulatory approval.
First commercial licensing agreement for MarketOS usage is in advanced negotiations with a “traditional financial institution.”
Recognized losses of around USD$30 million over 2025, slight 5-10% deficit increase in Q4 2025.
The management team reduced 2025 year-end equity compensation by 20%.
Josh is forgoing all of his year-end equity compensation in 2025 to leave more room to compensate a growing team… wow.
They have CAD$15 million left in cash, CAD$35 million in marketable assets, so they have a cash runway at least through the end of the year.
Current trading on the exchange is almost entirely just from Singapore, Thailand, with new Middle Eastern and Indian trading firms gaining access recently as well. Almost no trading from the United States, China, UK, etc. Onboarding is in progress with firms in all of these regions now.
One leading U.S. bank FCM is looking to connect to the exchange, another two looking to join through a carry broker.
Trayport connection has prompted three large banks to start onboarding on the exchange.
In summary, there are a variety of clearing firms still working on connecting to the AEX.
Josh is beginning to tease Nasdaq and SGX listings on Twitter. The company finally seems to be approaching that point.