SDEV PRESS-RELEASE SEC Filing Analysis

Latest settled — T+5d

SDEV ▼ -7.89% at T+5d

NEUTRAL call ✗ call lost -7.89% · α vs SPY -9.13% · entry $1.52 → $1.40

Next anchor: T+20d in 8d

Last close $1.16 (close Jun 8) · -23.68% from $1.52 entry

Entry anchored
May 19, 03:59 PM ET
via Databento tick

T+1d

-2.63%

call -2.63% · α -2.83%

$1.48

settled 20d ago

T+5d

-7.89%

call -7.89% · α -9.13%

$1.40

settled 13d ago

T+20d

—

call — · α —

—

in 8d

T+60d

—

call — · α —

—

in 2mo

Price Chart

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Executive Summary

SDEV reported Q1 2026 GAAP net income of $552.4M, driven by $5.8B non-cash warrant gains offset by $5.3B non-cash warrant losses, with operating income of $22.3M (vs -$3.3M loss a year ago). The company holds 2.26B SKY tokens (~9% of supply) and generated $2.5M staking revenue. Consensus estimates were N/A for EPS and $0 revenue, making the reported EPS of -$1.65 a mechanical miss on a tiny base — the real story is the transition to an on-chain holding company and continued SKY accumulation.

Actionable Insight

The headline GAAP net income is misleading due to massive non-cash warrant accounting — focus on operating income ($22.3M) and SKY token accumulation (2.26B tokens, 9% of supply). Monitor SKY token price and protocol revenue trends for SDEV's NAV trajectory. The ATM program overhang (~$85.7M remaining) is a modest dilutive risk.

Key Facts

Operating income of $22.3M in Q1 2026 vs operating loss of $3.3M in Q1 2025
GAAP net income of $552.4M including ~$5.8B non-cash warrant gain and ~$5.3B non-cash warrant loss
Staking revenue of $2.5M from 35.4M SKY tokens earned
Held 2.26B SKY tokens as of May 14, 2026 (~9% of total supply)
Purchased ~86.5M additional SKY tokens post-quarter for ~$6.5M
Cash and cash equivalents of $18.4M, digital assets of $160.1M as of March 31, 2026
ATM program has ~$85.7M of common stock remaining available for issuance

Financial Impact

Operating income swing of +$25.6M YoY; GAAP net income of $552.4M dominated by non-cash warrant items; staking revenue $2.5M

operating incomenet incomedigital asset holdingsstaking revenue

Risk Factors

Concentration risk: ~99% of digital assets in a single token (SKY)
Non-cash warrant accounting creates volatile GAAP earnings
ATM program could dilute existing shareholders
Regulatory uncertainty around stablecoins and staking
SKY token price volatility directly impacts asset values

Market Snapshot

Exchange

NYSE

Analyst Consensus

86% bullish (7 analysts)

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

Document	Accession Number
PRESS-RELEASE Data (Synthetic)	press-3298472

3 reports for SDEV

T+1T+5T+20T+60

Track record builds as more directional reports settle.

Filters

Reports for SDEV — sortable, filterable
	Type				Now
May 20, 2026 20d ago	8-K NEUTRAL ★ 5/10	$1.52 $1.31	▼ −13.82%	▼ −15.62%	$1.16 (−23.68%)
May 20, 2026 20d ago	Press Release NEUTRAL ★ 5/10	$1.52 $1.40	▼ −7.89%	▼ −9.13%	$1.16 (−23.68%)
May 20, 2026 21d ago	Insider Cluster BEARISH ★ 9/10	$1.52 $1.31	▲ +13.82%	▲ +15.62%	$1.16 (+23.68%)

US Market Status

Market Closed — Opens in 9h 2m

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