SUI Group (SUIG) 2026年第三季度业绩电话会：净利润4770万美元，1.093亿SUI国库储备

核心要点

• SUI Group公布2026年第三季度净利润为4770万美元，摊薄后每股收益为0.59美元；而2025年第三季度净亏损为4430万美元，摊薄后每股亏损为0.72美元。
• 业绩中计入了数字资产及应收账款的5470万美元净收益。其中包括8270万美元的未实现净收益和递延收益摊销，但部分被2800万美元的已实现交易亏损所抵消，管理层称该亏损几乎全部为非现金性质。
• 截至2026年11月2日，该公司持有约1.093亿枚SUI代币（含数字资产借贷及应收款项）。在完全调整的基础上，约合每股普通股对应1.35枚SUI。
• 所持有的大部分SUI均已质押，该季度预估年化收益率约为1.5%，每日产生约4,000枚SUI。此外，该公司还向Bluefin出借了600万枚SUI。
• 截至2026年9月30日，现金及现金等价物从2025年12月31日的2190万美元降至约70万美元。若计入稳定币，流动资金约为1070万美元。
• 管理层强调了未来6至9个月的成本控制和资产负债表流动性，目前预计不会动用现有现金进行股份回购。

核心财务数据

业务与经营表现

SUI Group的财资策略仍以提升每股SUI持有量以及通过质押和机构借贷创造回报为核心。截至11月2日，其持有的约1.093亿枚SUI包括出借资产和应收款项。

该公司根据一项企业协议向Bluefin出借了600万枚SUI，该协议使其能够参与分享某些平台活动产生的收入。管理层表示，正在探索与做市商和借贷机构达成更多机构借贷安排，前提是满足担保、安全考量以及风险调整后收益要求。

截至9月30日，SUI Group还持有约1000万美元的suiUSDe，以支持Sui原生稳定币基础设施。

遗留的特种金融资产组合继续清收退出。该公司在2026年前九个月收到了约90万美元的还款和赎回款。在对一笔不良贷款进行减记后，其剩余的传统借贷资产组合在季度末的公允价值为零。

在核心财资运营之外，SUI Group重点介绍了对Nof1和Recursive Superintelligence的投资。管理层称这些是对人工智能和金融科技领域的选择性敞口，而非对SUI财资策略的替代。

在更广泛的生态系统中，管理层提到了Securitize和tZERO的代币化资产倡议、Gaia的跨境支付集成、Circle在Sui上推出跨链传输协议V2、三星计划集成的USDC转账功能，以及Hashi比特币金融基础设施的开发。

风险与关注点

• 第三季度业绩受到未实现数字资产收益的重大影响，可能无法对应同等规模的现金流入。
• 该公司该季度因数字资产交易活动录得2800万美元的已实现亏损。
• 仅现金一项就降至70万美元，促使管理层优先考虑流动性、降低管理费用并延长资金跑道。
• 管理层表示，去中心化金融借贷存在安全和协议风险。目前更倾向于具有风险保护机制的企业和机构级架构。
• 管理层指出，SUI网络活跃度有所提升，但在剧烈波动且呈下行趋势的数字资产市场环境下，增长依然缓慢。
• 分析师问答环节中提及了监管不确定性，包括《清晰法案》（Clarity Act）的出台时间与推进路径。

分析师问答亮点

管理层表示，将继续评估除质押之外提高财资收益的方式，特别是通过机构借贷。然而，公司对智能合约和去中心化金融敞口仍持谨慎态度，更偏好能够评估担保和交易对手风险的架构。

当被问及若SUI价格维持相对横盘SUI Group将如何创造价值时，管理层指出可通过削减成本、质押、潜在的有抵押借贷以及严谨的资本配置来实现。在未来6至9个月内，保持灵活性并避免过度的资产负债表风险仍是重中之重。

尽管财报显示该股交易价格对应0.72倍mNAV，但管理层表示目前未预计动用现有现金进行股份回购。在市场环境和风险状况更为有利时，可能会考虑可转换证券或优先股等工具。

在衡量Sui生态系统的普及程度方面，管理层重点关注总锁仓价值（TVL）、稳定币交易量、链上稳定币规模以及开发者活跃度。管理层不将交易费用视为主要指标，因为Sui在设计初衷上使用成本就较为低廉。

业绩电话会议完整实录

完整财报电话会议逐字稿

管理层陈述

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss SUI Group's financial and operating results for the third quarter ended September 30, 2026.

Joining us today are Sui Group's Chairman of the Board, Marius Barnett; Chief Executive Officer; Douglas Polinsky; Chief Financial Officer, Joseph Geraci; and the company's Investor Relations Advisor, Mr. Aaron D'Souza with Elevate IR.

By now, everyone should have access to the company's third quarter 2026 earnings press release, which was issued this afternoon at approximately 4:05 p.m. Eastern Time. The release is available in the Investor Relations section of the company's website at www.suig.io. This call will also be available for webcast replay on the company's website. Following management's remarks, we will open the call for your questions.

I'd now like to turn the call over to Mr. D'Souza for introductory comments.

Aaron D'Souza

Thank you, operator. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements can often be identified by the use of words such as believe, expect, intend, continue, will, may, should, estimate, potential, evaluate, pursuing, plan to, design to, positioned, capable, can play, aim, or similar expressions.

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions, that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC, such as the inherent volatility and risks associated with investing in SUI. Do not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the company's SEC filings.

During this call, we will also reference certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included in the back of today's earnings press release. They're also available on the Investor Relations section of our website at www.sui.io.

I will now turn the call over to the company's Chairman of the Board, Marius Barnett.

Marius Barnett

Thank you, Aaron, and good afternoon, everyone. The third quarter was another important period of development for the SUI blockchain as the ecosystem continued to expand its institutional presence, advance its underlying infrastructure and attract new applications across decentralized finance, payments and tokenized real world assets. We believe these developments will support SUI's position as one of the leading layer one blockchains designed to support the next generation of global financial infrastructure.

Across the digital asset industry, we are seeing a broader shift towards real world adoption as financial institutions increasingly explore how blockchain technology can improve the efficiency, accessibility and functionality of traditional financial products.

This evolution is creating significant opportunities for high performance blockchain networks capable of supporting institutional scale activity, and we believe SUI is particularly well positioned to benefit from these trends due to its speed, scalability and innovative technical architecture.

During the quarter, we saw several meaningful developments that demonstrate the growing maturity of the Sui ecosystem. In particular, Securitize introduced a tokenized high income investment fund with Neuberger serving as sub-advisor, while tZERO announced plans to integrate its regulated digital securities infrastructure with SUI. These initiatives represent important steps towards bringing traditional financial products on-chain and expanding the infrastructure available to institutional investors.

We also saw progress across stablecoin adoption and payment infrastructure. In September, Gaia integrated Sui into its cross-border payment platform, expanding the network's utility for businesses seeking more efficient international transactions.

Subsequent to quarter-end, Circle's Cross-Chain Transfer Protocol V2 went live on Sui, enabling native USDC transfers across supported blockchain networks. Samsung also announced plans to integrate USDC transfers into Samsung Wallet, with SUI among its blockchain partners.

Collectively, these developments underscore the growing role that SUI can play in facilitating digital payments, improving liquidity and connecting traditional financial services with decentralized infrastructure.

Another notable development was the continued advancement of Hashi, Sui's Bitcoin finance infrastructure, which is designed to expand Bitcoin's utility within decentralized finance. Following its public Testnet launch in July, SUI outlined plans for a phased Mainnet rollout supported by a coalition that includes Anchorage Digital. We believe initiatives like Hashi have the potential to bring additional liquidity and financial activity to the network by enabling Bitcoin holders to participate in on-chain financial applications.

Beyond these ecosystem developments, SUI continued to advance its underlying technology and security infrastructure. In August, SUI outlined its approach to quantum-resistant cryptography, including plans to introduce new signature methods designed to protect accounts and digital assets against emerging security threats.

In October, support for the ML-DSA-65 signature standard was introduced on Devnet, enabling developers to begin testing these capabilities ahead of a broader deployment. We believe this forward-looking approach to security is important as blockchain technology becomes more deeply integrated into institutional financial infrastructure.

Taken together, these developments demonstrate the breadth of innovation taking place across Sui, the network is evolving beyond a platform for digital asset transactions into a broader financial ecosystem supporting payments, tokenization, lending and other institutional use cases. While we are still in the early stages of adoption, we believe the continued expansion of these capabilities will create a compelling foundation for long-term growth and reinforces our conviction in Sui's potential to become an important component of the global digital economy.

Turning to SUI Group. Our strategy continues to be centered on maximizing the value of SUI Group through scalable, transparent and long-term value creation, enhanced balance sheet productivity by lending to its ecosystem as strategic partners on a risk-adjusted basis, and allocating capital to high-conviction growth themes across the digital asset, financial technology and artificial intelligence sector.

As of November 2, 2026, we held approximately 109.3 million SUI tokens, including our digital asset loans and receivables. On a fully adjusted basis, this represents approximately 1.35 SUI per share of common stock. A significant majority of our holdings are staked, generating an estimated annual yield of approximately 1.5% during the quarter and approximately 4,000 SUI per day.

Staking enables us to earn Sui-denominated returns while maintaining exposure to the network's growth over time. Beyond staking, we are continuing to evaluate opportunities to deploy our treasury assets through institutional lending agreements that offer attractive risk-adjusted returns.

Our existing relationship with Bluefin, a leading decentralized trading and lending platform built on Sui, is an example of this strategy in action. Through our agreement, we have lent 6 million Sui tokens to Bluefin and are entitled to participate in revenues generated by certain activities on its platform. We view this arrangement as an opportunity to enhance the economic productivity of our treasury while supporting the development of financial infrastructure within the Sui ecosystem.

We are also actively supporting initiatives designed to expand liquidity and utility across the Sui network. As of September 30, we held approximately $10 million of suiUSDe, reflecting our commitment to supporting the development of Sui-native stablecoin infrastructure. We believe stablecoins will play an increasingly important role in the growth of decentralized finance and initiatives that expand liquidity and accessibility can help support broader adoption across the ecosystem.

Our official relationship with the Sui Foundation continues to be an important differentiator in executing the strategy. In July, we extended our trademark license agreement for an additional year, further reinforcing our relationship with the Foundation. We also continue to engage directly with the developer and broader digital asset communities, including through our participation as a Platinum Sponsor at Sui Basecamp in Singapore during October, where we hosted the Sui GE Arena Trading Competition.

Our actions reflect our broader commitment to being an active participant in the Sui ecosystem. By leveraging our scale, strategic relationships and access to institutional opportunities, we believe we are well positioned to identify additional avenues for value creation as the network continues to mature.

Importantly, our strategy also extends beyond our core Sui treasury operations. We are pursuing a broader set of high-conviction growth opportunities across digital assets, financial technology and artificial intelligence, where we believe our capital, industry relationships and investment expertise can generate attractive risk-adjusted returns.

We believe the convergence of blockchain technology, financial services and artificial intelligence represents a compelling investment opportunity. As these technologies continue to evolve, we expect to see new business models emerge that change how financial products operate, how capital is allocated and how businesses leverage technology to improve productivity and efficiency.

Our strategic investments in Nof1 and Recursive Superintelligence reflect this investment philosophy and our commitment to identifying differentiated opportunities in emerging financial technology. Nof1 is focused on developing advanced financial intelligence models specifically designed for financial markets. We believe AI has the potential to meaningfully enhance financial research, market analysis and investment decision-making, creating opportunities for greater efficiency and more sophisticated approaches to capital allocation.

Our investment provides exposure to a company operating at the intersection of artificial intelligence and financial technology, 2 areas we believe will become increasingly interconnected over time.

Similarly, our investments in Recursive Superintelligence provides exposure to the rapidly advancing field of AI research and development. Recursive is focused on developing systems capable of accelerating AI innovation, and subsequent to quarter-end, Recursive introduced Flint, its first coding model developed with support from its automated AI research system. We view this as an encouraging early milestone and believe Recursive's approach has the potential to support meaningful advancements in AI capabilities and applications.

While these investments are distinct from our core Sui treasury strategy, they are consistent with our broader objective of allocating capital to high-conviction opportunities with attractive long-term growth potential. We intend to be selective and disciplined in evaluating additional investments, prioritizing opportunities where we believe we can achieve compelling risk-adjusted returns while maintaining the financial flexibility necessary to support our core treasury operations.

Ultimately, our objective is to build a differentiated platform capable of creating shareholder value through multiple avenues. Our Sui treasury provides a substantial foundation of digital asset exposure. Our staking and lending activities are designed to enhance balance sheet productivity, and our strategic investments provide opportunities to participate in emerging technologies and business models that we believe have significant long-term potential.

Looking ahead, we remain focused on increasing Sui per share over time, maximizing the productivity of our treasury and pursuing disciplined capital allocation opportunities that can enhance the intrinsic value of our business. We believe our combination of scale, strategic relationships and a long-term investments approach positions Sui Group Holdings to capitalize on the continued evolution of the digital asset ecosystem and to deliver sustainable value for our shareholders.

With that, I'll turn the call over to Doug Polinsky, our Chief Executive Officer, to provide an update on our specialty finance operations.

Douglas Polinsky

Thank you, Marius, and thank you, everyone, for joining today's call. Our legacy specialty finance business continues to operate alongside our Sui treasury strategy with a focus on managing our existing loans and investments.

During the first 9 months of 2026, we received approximately $900,000 in repayments and redemptions from legacy investments. As of September 30, 2026, our remaining traditional lending portfolio, measured at fair value after impairments and credit provisions, is valued at 0 due to a markdown of a non-performing loan. While we continue to manage our legacy specialty finance investments, our primary focus is in our Sui treasury strategy and identifying opportunities that can generate lasting value for our shareholders.

With that, I'd like to turn the call over to our Chief Financial Officer, Joseph Geraci, to take you through our financial results. Joe.

Joseph Geraci

Thank you, Doug. A quick reminder as we review our third quarter financial results, all comparisons and variance commentary refer to the prior year quarter unless otherwise specified. Due to our strategic shift on July 31, 2025 from our specialty finance business toward blockchain native treasury management, our historical financial condition and results of operations for the period presented may not be comparable.

Total revenue and other income excluding net realized and unrealized losses on investments for the third quarter of 2026 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 a reduction in the size of our legacy loan portfolio, as well as lower SUI staking revenue due to the decline in the market price of SUI when rewards were earned.

Our third quarter 2026 results include approximately $54.7 million in net gains on digital assets and receivables, consisting of $82.7 million, including $3 million amortization of deferred income and net unrealized gains, partially offset by $28 million in realized losses associated with digital asset trading activities. The unrealized gains primarily reflect changes in the fair value of our digital assets and receivables, including the amortization of deferred income related to our Sui purchases. The realized losses were primarily attributable to high frequency trading activities and our almost entirely non-cash losses.

These results reflect U.S. GAAP accounting for our digital asset holdings, including changes in fair value and losses recognized on trading activity. The reported amounts do not necessarily correspond to cash inflows or outflows of the same magnitude. Excluding the aforementioned gains and losses on digital assets and receivables, operating expenses for the third quarter of 2026 were approximately $5.2 million compared to $3.9 million in the prior year period.

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 a loss of $0.72 per diluted share in quarter 3, 2025.

And as of September 30, 2026, cash and cash equivalents were approximately $0.7 million compared to $21.9 million as of December 31, 2025. Cash and cash equivalents, including stablecoins, were approximately $10.7 million as of September 30, 2026.

This concludes our prepared remarks. We will now open it up for questions from those participating in the call. Operator, back to you.

Operator

[Operator Instructions] And your first question comes from Brian Kinstlinger with Alliance Global Partners.

分析师问答

Kevin Pimental

This is Kevin on for Brian. In terms of maximizing yield on the Sui treasury today, are you exploring any additional opportunities to generate returns beyond staking, particularly if you're lending or other ecosystem opportunities, whether that's similar to the Bluefin agreement or otherwise?

Marius Barnett

Marius here. Thanks for the question. So yes, I mean, that's been a consistent strategy of ours to look at lending. I think we have to look at lending on a risk-based approach because lending in today's world is especially in DeFi has its particular risk as we discussed earlier in the year. Even the Bluefin lend is a corporate lend. It's not through smart contracts or any of the DeFi protocols. And we always said that we look at the DeFi protocols and very comfortable with the security risks in the world at the moment.

We continue to expand our relationships in the corporate part of the market and looking at institutional lending to the likes of market makers or lenders where we can look at different types of guarantees or on a risk-based approach and look at the return profile. So we continue to expand that and looking at that more aggressively as time goes along.

Kevin Pimental

Great. And then has the combination of the current NAV discount and the increasingly uncertain path for clarity of the passage of the Clarity Act changed your strategy or capital allocation priorities? And if so, how are you thinking about the strategy differently today versus maybe earlier in the year?

Marius Barnett

Yes. I think Clarity, obviously, there's been a lot of changes. I think that we still could see longer term, some different types of regulation coming through. From a strategy perspective, I think just from a general market movement perspective over the last 6 to 9 months, our focus has been cutting costs. And I think we've done a great job in terms of getting the overhead cost of running the business down so that we've got enough cash to continue to run the business and not be under pressure to sell shares or to look at different types of raises.

I think from a strategy perspective, we've been focused on a disciplined approach to making sure that we don't have any material cash requirements coming up and that we can wait for the markets to recover. We certainly have had to hold off on the expansion programs because we wanted to cut costs and ensure that we look at the best interest of all shareholders here.

Kevin Pimental

Got it. Just 2 more. What is management strategy to create value for shareholders beyond the appreciation of SUI itself? And what initiatives can drive NAV or SUI per share growth even if Sui prices remain relatively flat?

Marius Barnett

Yes. I think right now our priority is making sure that, as I said, that we have a disciplined approach and that we're not doing anything wild or that we're not taking undue risk in the market at the moment. We're looking forward to what the long-term looks like for crypto. And I think from a capital allocation perspective, the key has been cutting costs and not actually spending capital to increase NAV per share. We want to remain disciplined in our capital allocation approach. So I think longer term we can look at using Sui as collateral and seeing how we lend that out and grow. And you know, I think that for the next 6 to 9 months, we need to stay very disciplined and see where markets are at that point in time.

Kevin Pimental

Great. And then just for a last one, with recent SUI ecosystem developments, including the Samsung USDC integration and the Hashi Testnet launch, what are you seeing in terms of actual network activity and Sui demand? And which on-chain metrics are you watching most closely to determine whether these developments actually translate into sustainable value for Sui and the company?

Marius Barnett

Yes. So I think there's been quite a few material announcements in the last few weeks. I think we've been very vocal about our long-term view on agentic finance and commerce in these sectors. I think to that extent SUI made some material announcements in terms of a JV with Google Cloud, another JV with Alibaba, and then incorporation of USDC on Sui into Samsung Wallet. I think there's also the launch last month of Hashi, which is Mysten Labs' product where you can keep your Bitcoin in your custodial wallet and it doesn't get rehypothecated and you can use it in different ecosystems.

We're definitely seeing increased network activity, although it has been slow generally, but we expect it to be slow when the markets have been so volatile, especially in a downward-trending market. I think long-term there's some unique things that are coming online. I think from a KPI perspective of where we're looking at these types of things is, one is, SUI fees are really low because the cost of using SUI is so low, and we don't look at necessarily the fees on the chain because the point being of SUI is that it is so cheap to use. I think we look at TVL, how much TVL is on chain. I think we look at the volume of stablecoin transactions. We look at the number of stablecoins on chain. We look at the number of developers on the chain, and those are the key metrics that we'll be watching.

Operator

And your next question comes from Nathan Frankovitz with Cantor Fitzgerald.

Nathan Frankovitz

I wanted to know with the stock at 0.72x mNAV as of the press release and SUI per share flat over the quarter, how are you thinking about the possibility of share buybacks against some of the AI and fintech investments highlighted in the press release?

Marius Barnett

Yes. As I said, we're taking a disciplined approach to keep cash on our balance sheet. I don't foresee us using the existing cash on the balance sheet to do buybacks at this point in time. As I said, we want to keep our cash requirements and make sure that we've got significant runway, that there's not the possibility of needing to sell treasury or do anything material from that perspective. I think in time what we can look at, when the market's right and when the risk profile is right, is looking at different types of financial instruments such as convertibles or prefs or those types of instruments where we could potentially look at doing buybacks. But we take a very disciplined approach and we don't want to take risk or put too much pressure on the balance sheet at the moment.

Nathan Frankovitz

Understood. And then just one quick follow-up. Last quarter, you said you had hoped to offer more clarity on the enhanced management structure this quarter. Where does that stand? And is there a chief investment officer search still on the way?

Marius Barnett

Yes. So we have been working through that. And as soon as we've got more light on it, we'll make the necessary announcements.

Operator

And ladies and gentlemen, there are no further questions at this time. And with that, we will conclude today's call. All parties may now disconnect. Have a great day.