AIxCrypto Holdings (AIXC) 2026年第二季法說會：流動性緊縮之際力推 RoboShare

AIxCrypto Holdings, Inc. (AIXC) 在 2026 年第二季縮減了單季淨虧損，同時將資源集中於 RoboShare。管理層目標是在 8 月於洛杉磯展開透過市集進行的機器人租賃業務，但現金有限以及公司的持續經營揭露，仍是主要制約因素。

重點總覽

• 2026 年第二季淨虧損為 419 萬美元，相比之下 2026 年第一季為 608 萬美元，2025 年第二季為 169 萬美元。
• 營業費用季減至 296 萬美元，低於前一季的 433 萬美元，但仍高於去年同期的 168 萬美元。
• RoboShare 是 AIXC 2026 年下半年的首要營運與商業化重點。洛杉磯市集業務目標於 8 月啟動，取決於營運準備情況與執行進度。
• 截至 6 月 30 日，現金及現金等價物總計為 57.7 萬美元。數位資產公允價值為 521 萬美元，相較於 1,043 萬美元的成本基礎。
• 流動性依然吃緊。試點招聘速度以及向洛杉磯以外地區的任何擴充，將取決於可用流動性、營運準備情況和試點表現。
• AIXC 在第二季未發行任何股票。截至 8 月 7 日，流通在外股數與 3 月 31 日相比保持不變，為 2,023 萬股，且公司無未償債務。

關鍵財務數據

業務與營運表現

RoboShare 旨在打造一個連接機器人所有者與企業、教育機構及其他尋求整機或服務型租賃使用者的市集平台。AIXC 在 Automate 2026 展會上推出了該平台，並可透過 RoboShare.com 使用。

該公司正為洛杉磯試點計畫準備在地銷售、客戶服務、調度、倉儲、配送物流、培訓和標準化流程。此外，公司也正在引進來自第三方所有者及現有安裝基礎的機器人。

在試點計畫最初約 90 天內，管理層計畫追蹤累計租賃天數、回客率活動、單筆訂單經濟效益和營運準備情況。未來是否擴充至矽谷、紐約或其他城市夥伴市場，將取決於試點結果、夥伴準備情況及在地條件。

AIXC 還在開發其機器人第二生命週期模式。這種預期的輕資產做法將使用先前售出的機器人和第三方庫存作為租賃供給，同時產生機器身分識別、利用率、維修歷史和交易資料。管理層表示，這些資料最終可為殘值標準和二手機器人業務提供支援。

部分 AI Agent 倡議與 Faraday Future 生態系統合作仍處於開發階段。然而，AIXC 已將其 EAI 平台和真實世界資產 (RWA) 代幣化工作優先順序排在 RoboShare 之後，管理層表示不應再採信 5 月提供的時程表。

管理層展望

管理層目標是在 2026 年 8 月啟動 RoboShare 市集活動與產品交付。隨之產生的任何收入認列，將取決於執行情況及適用會計準則規範。

公司 2026 財年規劃框架假設自 8 月起開始產生初始收入，並隨著銷售與平台活動擴充實現月增長。管理層亦預期第三季將開始帶來 Agentir 產品的初始收入。AIXC 未提供具體的全年收入、淨虧損或營業費用指引。

管理層預計 RoboShare 的經常性收入以及軟體與基礎設施變現，將是 2026 財年預測收入的最大貢獻來源。支出優先順序仍為 RoboShare 商業化、嚴格控制費用及精準資本配置。

風險與關注焦點

• AIXC 的財務報表是以持續經營為基礎編製，但揭露的狀況對其持續經營的能力提出了重大疑慮。
• 截至季末，現金僅有 57.7 萬美元。數位資產具波動性，且不屬於現金等價物。
• 公司正在評估其他資金來源，而試點招聘與更廣泛的業務擴增將受限於流動性。
• RoboShare 8 月的預定時程仍取決於營運準備情況與執行能力。收入認列亦需符合適用的會計準則規範。
• 數位資產在第二季產生 98.4 萬美元的未實現虧損，且其公允價值顯著低於成本基礎。
• 向洛杉磯以外地區的擴充，取決於試點經濟效益、客戶活動、夥伴準備情況以及當地市場條件。

問答環節亮點

管理層將費用按季減少歸因於行銷成本減少 56.3 萬美元、法律成本減少 13.5 萬美元以及會計成本減少 32.8 萬美元。AIXC 表示，強化內部的法律與會計功能減少了對外部顧問的依賴。

在流動性方面，管理層強調第二季營運現金使用量從第一季的約 450 萬美元降至約 340 萬美元。公司計畫優先考慮 RoboShare 和核心營運需求、控制非必要支出，並在需要時評估其他資金來源。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

Greetings. Welcome to AIxCrypto Holdings, Inc. Second Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Andrew Grossman, Head of Legal for AIXC. Thank you. You may begin.

Andrew Grossman

Good afternoon. My name is Andrew Grossman, and I'd like to welcome you to the AIxCrypto Holdings Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, a replay of this call will be available on the company's Investor Relations website.

On today's call are Jerry Wang, the company's CEO; and Jay Sheng, the company's President and CFO. Mr. Wang will cover the company's strategy, business operations and capital matters, and Mr. Sheng will cover the financial results and outlook.

Before we begin, please note that today's discussion contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding the company's strategy, product plans and time lines, targeted milestones, expected expenses, liquidity and capital resources and anticipated business developments.

Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the risk factors described in the company's annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the SEC.

The company's financial statements have been prepared on a going concern basis, and the related disclosures in the Form 10-Q describe conditions that raise substantial doubt about the company's ability to continue as a going concern. The company undertakes no obligation to update forward-looking statements, except as required by law. All figures discussed today are unaudited.

I would now like to turn the call over to Jerry Wang, AIXC's CEO.

Jiawei Wang

Thank you, Andrew, and thank you to everyone joining us. The second quarter and the weeks that followed marked an important transition for AIXC from strategic planning toward focused execution. We designated RoboShare as the company's top priority for the second half of 2026, and preparations for its Los Angeles launch are now underway. Our focus is on transitioning the strategy introduced during the quarter into tangible commercial progress. We have established a clear go-to-market plan, defined measurable operating priorities and aligned our resources around the initiatives we believe offer the strongest path towards commercialization.

In parallel, evaluating strategic opportunities that may strengthen the business remains a standing part of our long-term planning. I will cover our strategy and business together, followed by capital, and Jay will close with the financials.

Q2 2026 operational highlights. First, RoboShare marketplace launch and Los Angeles pilot. Our core thesis is that the binding constraint in the robotic economy is the user layer, not the hardware. Operation, transport and service still depend on scarce specialists, which keeps access costly and limits adoption. RoboShare is a vehicle for addressing that constraint and Uber plus Turo for robots designated to connect robot owners with enterprises, educational institutions and other users seeking flexible access to robotic equipment and services. At Automate 2026, we launched RoboShare as an on-demand robot sharing and matchmaking marketplace, supporting both whole machine and service-based rental and made the platform available at RoboShare.com.

We also introduced the City Partner program for local network operators. Preparations for the Los Angeles pilot are underway across local sales, customer service, dispatch, operating capabilities, warehouse and delivery logistics, operating training and standardized operating procedures. We're also onboarding robots from third-party owners and the existing installed base for listing through the marketplace. Initial marketplace facilitated rental activity is currently targeted to begin in August 2026, subject to operational readiness and execution, and we anticipate initial revenue opportunities in beginning of the third quarter, subject to applicable revenue recognition requirements.

Los Angeles will serve as the initial market for evaluating the model. During approximately the first 90 days, we intend to monitor cumulative rental days, repeat consumer activity, per order economics and overall operational readiness. Decisions regarding expansion into additional markets, including Silicon Valley and New York and further development of the City Partner program will depend on pilot performance, partner readiness and local market conditions.

Two, Robot Second Life Cycle. At Automate 2026, we also introduced the Robot Second Life Cycle. The concept that a robot can continue creating value after its initial sale through utilization value, extended user value and network value. This model is intended to be asset-light. Previously sold robots and robots supplier by third-party owners are being onboarded as rental supply, allowing the marketplace to expand without requiring the company to invest additional resources. Rental activity can generate machine identity, usage records, service history and multiparty transaction data, creating a foundation for the supporting digital infrastructure and future residual value standards.

Alongside RoboShare, we are developing the inspection, valuation and recirculation standards required for future robotic resale market. Over time, marketplace activity is intended to support residual value assessments based on data, including demonstrated utilization, earning potential and service history in addition to age and depreciation. We plan to launch a pre-owned robot business in the future to provide more predictable resale information for owners and better purchase information for buyers.

Three, AI Agent and ecosystem development. During the quarter, we continued to advance our broader AI Agent strategy. In April, we began initial internal enterprise testing of certain AI Agent capabilities evaluating workflow integration, identifying optimization opportunities and refining vertical use cases within our own operating environment. AIXC is also developing the marketplace and supporting digital infrastructure intended to connect robot owners, operators and customers while capturing usage and transaction data generated through the platform. We continue to advance selected proof-of-concept initiatives through strategic partnerships, including our collaboration with Faraday Future as a lead ecosystem partner. These long-term initiatives remain under development, while our immediate commercial focus remains RoboShare and ground-based robotics.

Second half 2026 execution priorities. For the second half of 2026, RoboShare remains the company's primary operating and commercialization priority. We are preparing to initiate marketplace facilitated robot sharing activity in Los Angeles currently targeted to begin in August, subject to operational readiness, execution and applicable revenue recognition requirements. Other AI agent and ecosystem initiatives will continue to be evaluated and developed selectively with resources prioritized toward RoboShare. Additional milestones and timing will be communicated as appropriate.

Before I conclude this overview, let me also update you on 2 of the initiatives we described in May. Our EAI platform and RWA tokenization work continues, but both are sequenced behind RoboShare and are moving on longer time lines. We're not attaching new days today and the time lines we indicated in May should no longer be relied upon. This change reflects our decision to concentrate the company's resources and operating efforts. We launched RoboShare at Automate in June. And in July, we designated it as the company's top operating priority for the second half of 2026.

We believe it represents our nearest path to revenue and that the operating record it produced, including use data, machine identity and transaction history will provide the foundation for the rest of our infrastructure work. Everything I have just described is an operating plan and sustaining an operating plan is a capital question.

Before Jay reviews the financial results, let me address the capital dimension, how we engaged the market this quarter, our commitment on communication and our capital discipline. First, strategic opportunities. We continue to evaluate strategic opportunities that may complement or expand beyond our existing business and support the company's long-term growth across AI, robotics and real-world connectivity. We will provide further information regarding any material developments.

Second, Investor Relations and capital discipline. During the quarter, we continued engaging with investors and industry stakeholders as the company advanced its strategy in AI, robotics and digital infrastructure. This included activities surrounding Automate 2026, and the launch of RoboShare, which marked an important step in moving our strategy toward commercial execution. Consistent and timely communication with shareholders remains an important part of our operating plan. We intend to continue providing updates tied to material milestones and verified operating progress while ensuring that our public statements remain accurate. During the second quarter, the company issued no new shares and common shares outstanding at June 30 were unchanged from March 31.

With that, I will turn the call over to Jay, who will review the second quarter financial results and outlook in greater detail.

Jie Sheng

Thank you, Jerry, and good afternoon, everyone. I'm pleased to join you for my first earnings call with AIXC and appreciate the opportunity to speak directly with our shareholders.

The financial results for the second quarter mirror the operating narrative and can be summarized in 3 points: skewed advancements in robotics, decline of cost base and the share count was unchanged. Together, those 3 points provided the time and the credibility to execute the delivery calendar Jerry outlined, and I will be equally direct about the constraint we are managing against, which is liquidity. Unless noted, comparisons are to the second quarter of 2025, and all figures are unaudited.

Total operating expenses for the second quarter were $2.96 million compared to $1.68 million in the prior year quarter. And more importantly, for the company's trajectory, down sequentially from $4.33 million in the first quarter. General and administrative expenses were $2.87 million, which included a nonrecurring director resignation fee of $394,000 (sic) [ $395,000 ] and $99,000 of fees under the master service agreement with Faraday Future, our majority stockholder. Sales and marketing expenses were $86,000, down from $638,000 in the first quarter. The first quarter carried the front-loaded brand launch investment and second quarter expenditure reflects the deliberate reallocation of resources to RoboShare operation.

Credit loss expenses was 0 compared to $271,000 in the prior year quarter. Total other expenses net was $1.23 million. The largest component was an unrealized loss on digital assets of $984,000, which compares to $1.95 million net loss in the first quarter. Changes in the unrealized net loss and gain in the digital assets are due to crypto price fluctuations.

Net loss for the quarter was $4.19 million compared to $1.69 million in the prior year quarter and an improvement from the first quarter's $6.08 million. Net loss per share, basic and diluted was minus $0.21 for the quarter and minus $0.73 for the 6 months on weighted average shares outstanding of 20.28 million and 14.03 million, respectively. The loss reflects continued investment in platform commercialization, software development, professional services, governance transition activities and strategic growth initiatives. For the 6 months, total operating expense were $7.29 million and net loss was $10.27 million.

The entire second quarter change in our digital assets treasury were a result of fair value remeasurement. We neither purchased nor sold digital assets during the quarter or dispositions this year occurred in the first quarter. Holdings at June 30 were a fair value of $5.21 million against a cost base of $10.43 million.

Turning to the balance sheet. We have $12 million of the parent company equity held in stockholders' equity. This balance reflects the accounting treatment of the company's Faraday Future related securitized position following the completion of amended GKA/FFAI investment transition, which converted approximately $12 million of prepaid investments into parent company's equity held. This transition is purely a balance sheet reclassification and does not alert the existence or substance of the company's underlying position.

For the balance sheet at June 30, we reported cash and cash equivalents of $577,000 and digital assets with a fair value of $5.2 million, bringing the combined carrying value of cash and digital assets to approximately $5.8 million. Total assets were $7.4 million and included $685,000 of capitalized software development in progress.

During the second quarter, we capitalized approximately $279,000 of development costs related to RoboShare, AI applications and broader ecosystem initiatives. Total current liabilities were $1.7 million, down significantly from $3.3 million at year-end. A major driver of that improvement was a reduction in related party payables, which declined from $1.65 million at December 31, 2025, to approximately $237,000 at June 30. Share outstanding at June 30 were 20.23 million shares, unchanged from March 31. There were no conversion, warrant exercise or share issuance of any kind during the second quarter.

Turning to the cash flow. Operating activities used $7.9 million during the first 6 months of the year compared with $4.5 million used in the first quarter as previously reported in our first quarter Form 10-Q. Investing activities primarily reflect our $12 million investment in Faraday Future, including $10 million funded in first quarter and an additional $2 million funded in the second quarter.

Investing activities also included $553,000 of capitalized software development costs. For the first half of the year, the only financing activity was the final repayment of $132,000 of convertible debt in the first quarter. As of today, August 7, we had no outstanding debt.

Turning to liquidity. We ended the quarter with cash and cash equivalents of $577,000. As discussed more fully in our Form 10-Q, we continue to manage our liquidity carefully and evaluate available capital resources to support ongoing operations and commercialization. Our priorities remain expense discipline, focused capital deployment and advancement of our near-term commercial initiatives.

Let me provide the complete picture of our resources and our plan. First, cash and digital assets with an aggregating carrying value of approximately $5.8 million. The digital assets treasury is held in exchange-traded assets, although its value fluctuates. Second, total operating expense that declined to $2.96 million from $4.33 million in the first quarter with further normalization in progress and total current liabilities that declined to $1.72 million from $3.32 million at year-end. And third, our nearest stated commercial milestone of first RoboShare delivery target within August.

Our capital priorities are unchanged, commercialization of RoboShare, maintain expense discipline. Management remains focused on advancing commercialization efforts, expand recurring revenue streams and strengthen long-term shareholder value while maintaining disciplined liquidity and capital allocation.

Those are the results. I will now turn to the framework for the remainder of the year, our objectives and how expenditures is managed against them.

Our objective over the next 2 quarters is to convert the first half foundation into initial product delivery and revenue. Objective number one, RoboShare commercialization. We strive towards the commercialization of RoboShare through the robot sharing marketplace service and robot deployment and operation services. Objective number two, robotic service revenue. As RoboShare grows its base of customers, the company aims to develop the platform revenue by matching customers with robot merchandise, driving repeat service engagements and enabling other usage-based transactions across the marketplace, intended to build a long-term customer relationship.

The financial framework we manage against has 3 components: revenue ramp, operating expense normalization and disciplined treasury management. Recurring revenue from the RoboShare and development of software and infrastructure monetization represents the largest forecasted revenue contributors for financial year 2026 with the forecast assuming initial revenue generation in August and continued month-over-month growth of sales and platform activity scale.

We also anticipate initial revenue generation begins in the third quarter through Agentir products. We have also strengthed internal control to improve financial discipline and support our financial year 2026 budget targets. Consistent with our practice to date, we are not providing specific full year revenue, net loss or operating expense guidance figures.

Our 2026 execution priorities remain unchanged with a near-term focus on initial revenue generation. The company expects its strategic relation with Faraday Future to support AI robotic strategy through potential collaboration in the robot research and development, commercialization and access to robotic assets that may support RoboShare and the second life cycle model.

The quarter's balance sheet initiatives leaves us with approximately $7.4 million of the total assets, including approximately $5.2 million of the digital assets. Future operating results are expected to be increasingly influenced by RoboShare deployment, platform commercialization, ecosystem participation and utilization-based revenue model and the robotics ecosystem, RoboShare and its supporting infrastructure, adding utilization value, extended use value and network value revenue, potentially across the robot operating life.

With that, I will hand the call back to Jerry.

Jiawei Wang

Thank you, Jay. Let me close with our near-term execution priorities. We're preparing to initiate marketplace facilitated RoboShare activity in Los Angeles currently targeted to begin in August. During approximately the first 90 days of the Los Angeles pilot, we intend to monitor key indicators, including cumulative usage days, repeat customer activity, per order economics and overall operational readiness. The results will inform decisions regarding potential expansion into additional markets and the further development of the City Partner program. We also continue to advance Agentir with additional milestones and timing to be communicated as they are finalized. Across these initiatives, our principal focus remains disciplined execution, ground-based robotic commercialization and transparent communication regarding material operating progress.

To our shareholders, we recognize that the second quarter required patience. We appreciate your continued support and maintain committed to building the operating foundation required for sustainable growth and long-term shareholder value.

Thank you for joining us today. We will now proceed to the selected questions and responses.

Andrew Grossman

Thank you. We will now begin the question-and-answer session addressing several questions and topics that we hear most often.

Question one, what is AIXC's main operating priority for the rest of 2026?

Jiawei Wang

RoboShare is our primary operating and commercialization priority for the second half of 2026. We are preparing to initiate marketplace facilitated rental activity in Los Angeles, currently targeted for August, subject to operational readiness and execution. Whether and when that activity results in recognized revenue will depend on execution and applicable revenue recognization requirement. We will provide updates as material operating milestones are achieved.

Andrew Grossman

Question two, why did operating expenses decline in the second quarter?

Jie Sheng

Total operating expenses declined from approximately $4.3 million in Q1 to approximately $3 million in Q2. The decrease was driven by a reduction of $563,000 in marketing expenses, $135,000 in legal expenses and $328,000 in accounting expenses. Prepaid marketing amortization made up the bulk of marketing expenses in Q1, whereas Q2 had only a fraction of the prepaid marketing left to amortize. The significant reduction in accounting and legal expenses is a direct result of the company's strengthened in-house legal and accounting department and the dramatic decrease on its reliance of external legal counsel, SEC reporting, general accounting and technical accounting.

Andrew Grossman

Question three, how is the company managing its liquidity position?

Jie Sheng

Liquidity remains constrained. As of June 30, the company had approximately $577,000 of cash and $5.2 million of digital assets. The digital assets are volatile and are not cash equivalents. Based on the current financial statements, operating cash used was approximately $3.4 million in Q2 compared with approximately $4.5 million in Q1, and operating expenses also declined substantially. Our near-term plan is to prioritize spending on RoboShare commercialization and [ cover ] operating needs, continuing to manage discretionary costs and evaluate additional sources of capital as needed. The pace of the pilot hiring and any broader expansion will be gated by available liquidity, operational readiness and pilot performance.

Operator

Thank you. That will conclude today's conference. You may disconnect at this time, and thank you for your participation.