管理層發言
Greetings and welcome to DataVault AI's second quarter 2026 earnings results. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Edward Barger, Vice President, Investor Relations. Please go ahead, sir.
Thank you, Operator. Good morning, and thank you all for joining us. My name is Ed Barger. I serve as Vice President of Investor Relations. With me today is our Chief Executive Officer, Nathaniel Bradley, and our Chief Financial Officer, Brett Moyer. Before I turn the call over to our CEO, I would like to remind you that this conference call will include forward-looking statements within the meaning of U.S. SEC laws with respect to future operations, financial results, events, trends, and performance, which are based on management's beliefs and assumptions as of today's date. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Please see DataVault's second quarter press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ. As required by law, DataVault AI undertakes no obligation to update such forward-looking statements. I will now pass the call over to our CEO, Nathaniel Bradley. Nate?
Thank you, Ed. Nathan Bradley here. Thank you, everyone, for joining today to go over our Q2 financial results. I'm happy to announce that we are today reiterating our $200 million target revenue for 2026. Brett will go in deeper into the financials, but I'm very excited about the progress that we've made with customers on both sides of our business. I am very confident in this number moving forward. Our DataVault has now created an artificial intelligence platform that lives within the DataVault QPN, our Quantum Private Network. Both divisions, our Acoustic Science and our Data Science divisions, will contribute to the $200 million in revenue for the year. And I'd like to go into how the Data Sciences division will contribute. We have a special contract with Available Networks. Available Networks is in the process of building over 100 cities and 1,000 locations, America's first AI supercompute network.
This AI supercompute network is quantum ready. It's ready for the quantum leap. It's ready to control, contain, and repel cybersecurity attacks. We have a system that enables our customers to utilize our data value and data score to value data the moment it is born at the edge of the Internet. This process has led us to become a key partner of Available Networks. In fact, we've entered into Project Qestrel, a project that allows us to mint a coin for Available Networks that allows them to meter and control access to their systems. We believe that this system will generate over $10 billion in revenue upon completion. We've already minted the first $1 billion in coins, and I'm happy to announce that we've sold coins to a Fortune 500 company. Our DataVault AIP is second to none. It's the #1 tokenomic IP stack in the business. It has international KYC capabilities from CLEAR. It has a team of developers from IBM and our own team in Atlanta, Georgia, led by our CTO, Jeff Jones.
We have a system that has now incorporated the technology of Fiserv. Fiserv will be fully integrated mid-September at the time in which we intend to launch our networks and our exchanges. We'll be doing a comprehensive demo following the call. To access the demo, please go to the press release announcing this call. Our platform will, once exhibited, show you the ability that our customers possess to value, score, and exchange their data assets for cash. We've created a number of very distinct marketed advantages within our platform, including our use of Fiserv for international clearing, CLEAR for KYC, and the NASDAQ financial infrastructure for trading. We've enhanced this platform drastically over the last few days through acquisition. We've acquired BankWyse, a bank that has a Wyoming State Bank Charter as a special purpose depository institution. The bank, upon regulatory approval of a name change, will change its name to DataVault Bank.
We're going to use the tagline Checking, Savings, and Data to represent the mission of the bank, which is to create a third bank account for Americans where they can value, score, and monetize their data assets from one button, extracting all the data that we left in our wake in cloud-based systems, at our doctor's offices, and all throughout our lives. We're able to now collect, curate, and manage that data in digital form. We can now score it, value it, and monetize it, and we can do so for our businesses and for ourselves. BankWyse opens up a number of unique opportunities, and it's infused with human talent. Julie Fellows, the CEO, is a very talented entrepreneur who's positioned BankWyse at the right place at the right time as digital assets become the key new commodity within businesses. We've also acquired CyberCatch. CyberCatch is a quantum-ready security system that allows us to deliver to all of our clients the ability to catch and remediate cybersecurity attacks.
The CyberCatch system is also infused with talent. Mr. Sai Huda took over as CEO and is one of the most talented cybersecurity professionals in our country. He has a system that we have signed a definitive agreement to purchase in an all-cash transaction that will close in our fourth quarter. In the meantime, CyberCatch software will be infused into DataVault. Every DataVault will have a CyberCatch capability, and that capability will allow our clients to keep their digital assets safe and repel cyber attacks. We have a number of unique exchanges that we're bringing to the marketplace. These exchanges will offer utilities, systems, and investments that have never been seen before. The information data exchange allows our clients to monetize data systematically, scoring it for validity and trustability. Having the ability to know the value and score of your data will become the standard. We also have the International Elements Exchange, focused on RWA, rare earths, and strategic minerals, well aligned with our government initiative to create a more sustainable world and establish a strategic metal reserve.
We have a customer called Patriot Metals that is enabling us to participate in a large opportunity around rare earth and strategic metals. As our country creates the American Strategic Metal Reserve, DataVault is a catalyst, a system that allows for increased production and greater access to these metals that are sought after around the world. NYIAX, our advertising exchange, and the American Political Exchange will both be launched to provide new opportunities within those marketplaces. There are many compelling reasons why tokenomics is now and why real assets have become in vogue. There is over $18.9 trillion worth of RWA tokenomics going on right now, and DataVault is going to be a major player in that space, the global reference and the platform that makes it happen. I'm also pleased to describe a few key licensing transactions. In addition to those exchanges that we plan to run and own and operate, we've also licensed technology for very specific niche markets where we do not operate but where our technology has utility.
Scilex has licensed our technology for the creation of a biotech exchange. DataMeds has licensed the technology for data monetization within the medical field. Vivasor has entered into a special licensing relationship with us where they will monetize medical images and quantum scans, which will become very valuable medical artifacts. The Vivasor opportunity also came with a balance sheet enhancement capability. We swapped 50 million shares of our stock for 50 million shares of Vivasor, and I am happy to announce that we have now converted that Vivasor trade into $150 million worth of Phoenix Asia Holdings stock. This will provide a balance sheet enhancement, allowing our company to qualify for Genius Act compliance and allowing our exchanges to trade in a compliant way. That balance sheet, as we continue to build it, will allow us to trade more and more on our exchanges in a compliant fashion.
We've also received a number of foundational patents. We have over 100 in our possession that protect our inventions and our products in both divisions. Our Acoustics division has had a number of successes in this space. A big shout-out to Josh Paul, who runs our intellectual property department. He has been exceptional at obtaining new patents for both our WiSA and our ADIO operations. These patents are now foundational to an industrial standard within acoustics. We have our Acoustic Science division driven by intellectual property and capability that is world-renowned. We have an ability to leverage this in the future. As we look at the two divisions, they're becoming so tightly connected and so synergistic that we're not compelled to spin out ADIO at the moment. We're going to keep both divisions working together on one mission, which is value creation for our shareholders. The regulatory tailwinds are at our back.
The Genius Act is law. The CLARITY Act is pending in our United States Senate with expected passage in September or thereabout. Along that timeline, we will be launching our exchanges. In the middle of September, all exchanges will launch. Our licensed exchanges will become active, and we'll be able to clear a number of backlogged opportunities within our Exchange and Data Sciences division. We have three core revenue streams in our Data Sciences division: IP licensing, tokenization and services, and exchange revenue. At this point, I'd like to turn the call over to Brett Moyer, who will dig deeper into the financial results of our second quarter and set the table for what comes next. Brett?
Thank you, Nate. I appreciate the overview and summary of the terrific work the team has done over the last 90 days. Today I’ll briefly review traditional financial metrics and then drill into key parts of our balance sheet and business that people frequently ask about. Looking at the Q2 highlights, we will file the 10-Q tonight. It will show $6.7 million of revenue in Q2, predominantly from the Acoustics Group, with additional licensing into the medical space from Data Sciences. During Q2 we raised $60 million, which was primarily used to fund the initial payment into the Available Networks structure that Nate described, including the Quest token opportunity. We also strengthened the balance sheet through two agreements with Scilex to both buy Bitcoin for $50 million and to fund the Available Infrastructure network build-out via a later revenue share that will be non-dilutive. In addition, after a lot of work in Q2 and early Q3, we closed the NYIAX transaction this morning.
As Nate mentioned earlier, we’ve signed definitive agreements with CyberCatch and BankWyse which, although they do not yet show up in our revenue, substantially increase our revenue potential for Q4 and 2027. On tokenization, our signed contracts amount to $2.5 billion of tokens to fund issuer businesses, representing $213 million of fees as of today. Those fees break into two components: banking and licensing fees, which may be retained entirely by us or shared with partners providing investment banking for issuers, and $61 million of technology fees that go 100% to us for model-building — a pure-margin business. Traction is broad-based: mining and rare earth minerals represent $1.5 billion, and we have also signed agreements covering real estate, tort law legal settlements, music catalog royalties, and energy, which we’ve discussed previously with Triton Global. In total, demand and signed contracts equal $2.5 billion, with $160 million for licensing and banking fees and $61 million for technology, totaling $213 million.
We expect to end the quarter with roughly 1 billion shares outstanding, up from approximately 855 million today. About 79 million shares will be issued for NYIAX, and BankWyse plus the financing announced this morning will add roughly 45 to 50 million shares. Importantly, our recent acquisitions have built and rounded out a unique technology platform, and we believe most acquisition activity is now complete. Going forward, share growth should abate and we expect revenue growth in the second half of this year and into 2027. Regarding liquidity and financing growth: we expect roughly $200 million of liquidity this year from Bitcoin sales and receivables previously disclosed from licenses to Vivasor and Scilex. We also have a $120 million revenue-share deal with Scilex to fund SanQtum non-dilutively, plus the financing we closed this morning. With these sources we believe we can finish funding the Available Network rollout, fund the business, and reach the revenue growth phase we are projecting. With that, I’ll turn the call back to Nate.
Thank you, Brett. So just to wrap things up today, I would like to just drive some points home. Our revenue momentum, when you look at our bookings and the demand for our services, we are clearly at the right place at the right time with the right product to execute. We have an infrastructure-first approach at DataVault. We really focused on quantum readiness, cybersecurity, and now the delivery of secure systems that allow for exchange. Our partnership ecosystem is second to none. We have a technology stack that includes multibillion-dollar partners and resources that allow our customers to enjoy the best-in-class digital asset platform. Our IP moat is, again, a very powerful tool for us to exclude others and to become the sole source of the products that we produce. We have a recognition as the tokenization leader. We are the number one international reference for RWA and for rare earth tokenomics. Our balance sheet strength is one in which we are growing to become Genius Act compliant on our exchanges. We'll continue to grow our balance sheet and produce results for our shareholders and stakeholders alike. We thank you again today for taking the time to learn about our company, and appreciate you taking a look at our demonstration that's available from the press release that was issued earlier this morning about this call. Thank you very much.
分析師問答
Our first question today is coming from Barry Sine from Litchfield Hills Research. This serves as a reference for RWA and for rare earth tokenomics. Our balance sheet strength is improving as we work toward Genius Act compliance on our exchanges. We'll continue to grow our balance sheet and deliver results for both shareholders and stakeholders. Thank you for taking the time to learn about our company and for viewing the demonstration available in the press release issued earlier this morning about this call. Thank you very much.
Congratulations. There are a lot of moving pieces today. I want to start by asking about the status of getting the exchanges up and running. Where do we stand with software development? I know you have a very strong CTO in Atlanta. Nate, I think you said you were looking to go live around mid-September. I'm not sure whether that's contingent on the CLARITY Act or whether you can use the workaround with Perpetual. Could you give me an update on getting those exchanges up and running, what still needs to be done, and what has already been completed?
The great part about our position there, and thanks for the question, is that we have received over $5 million in investment from IBM. They recently tacked on a bit more in terms of their commitment in engineering with us. That team's been at work now for over a year. The process together has yielded platforms that are up and ready to go. There's one integration that we're completing with Fiserv Corporation, which is a catalyst for the entire launch. That is the ability to connect your debit account or your bank account directly to the DataVault and have seamless interactions between banking and the DataVault. Aside from that, all systems go. We will version the technology, so things like CyberCatch, BankWyse as it comes online, and other tools that we're putting in place inside the DataVault, some of it with the inference layer being drastically improved with an acquisition that we made out of London, a company called Salieri, that we bought underlying AI technology from and have integrated into the DataVault.
So the entire system really is not dependent on the CLARITY Act whatsoever. CLARITY Act will allow us to expand the amount of digital assets that we're able to put onto our exchanges and it gives us more flexibility and clarity with respect to how to handle complex transactions in token and also manage that from a regulatory standpoint in a compliant modality. We're very focused on Genius Act compliance. Genius Act actually enables our information data exchange, our NIL exchange. These are unhindered by any of the CLARITY Act legislation. CLARITY Act is really instrumental around our strategic metals and other properties that are going to be enhanced with the CLARITY Act passage. In addition, in terms of our timing, we're focused on a licensing and a tokenization process that's not the upfront first part of our system. These revenues are largely recognized as we license the technology and as we tokenize the assets.
We have a number of deals that are underway with that, and our third quarter will be drastically impacted by that activity with respect to our ability to recognize revenue. So it is really the middle of September that we're looking at having the Fiserv integration completed, at which point we'll do a big announcement around each of the exchanges as we roll out really sell-side inventories and buy-side relationships that we've worked hard to establish on both sides.
That's really a similar question on the status of the network construction through Available. Are any of the nodes finished now? What's the target for initial capability and completion, and what do you need from them on that network to do what you just talked about in terms of getting the exchanges up and running?
Well, again, a good question. So Available is having a great deal of success in their rollout. Their execution has been on time. We have Philadelphia, New York, Washington, D.C., Atlanta, with a testing server that we're able to stage and work on from Atlanta. That element will be in place by the end of the month in Atlanta, but the fully operational network for AI and supercompute is up and running in Philadelphia, New York, D.C. That is expanding on a daily basis. We're in L.A. and over 30 sites are now under construction simultaneously through Available Networks. Our relationship there is one in which Available Networks provides all the funding, manufacturing, and development of the network. They're building out each individual node on behalf of the partnership. Our role is tokenomic. We have a system where we plug in through API to the Available system to meter and to manage the consumption of compute. The compute is incredible. PetaFLOPS of throughput is available to us already. We have also the relationship with IBM, which is getting us the highest quality hardware in place at these sites. We'll be adding, of course, our CyberCatch software as well to that system, and the process of selling the compute is already underway and we've achieved sales already that we'll be announcing here in the near future.
And that's really thorough. Just to clarify, it sounds like with the nodes that are already done, you have what you need to go live with the exchanges you have targeted for completion with Fiserv. It sounds from a network perspective, through Available, you have what you need already to go live and that everything to come is just adding more capacity. Is that correct?
That is correct. Adjacency to our customers. So as the sites roll out, municipalities, large Fortune 100s and 500s can access Available's network adjacent to their facilities. So the nearness of our nodes to our customers allows for improved performance and security and other elements that we can bring to the table for our clients. So each rollout of a node will give us a hunting ground in those regions with respect to our highest level clientele. All of these clients are interested in data monetization, digital assets, digital twins, all of those things turn on inside Available. So we have kind of a feast of revenue-generative opportunities around each node that we erect. At the moment, the Philly Prime and New York backup have installed IBM watsonx technology. We also have an AI-agnostic system there where Anthropic and ChatGPT and others can be installed in these SanQtums to provide subordinate AI systems that are proprietary.
We feel that, that is a very strong value proposition and one that's being sought after corporately. So we're focused on that. We are up and ready with our network. Our technology for our exchanges will be incredibly robust and is already up and running. We're making some final additions, as I mentioned, with Fiserv that will drastically enhance the banking architecture of our systems, allow things like debit cards and other things to be managed through our platform.
Our next question is coming from Alfred Blakely III from Money Channel NYC.
Hey guys, how are you? Great quarter, great technology, really looking forward to everything coming out in September. Most importantly for the investors, I wanted to ask if you could reiterate how they can see the demonstration of how the DataVault works. Nate, I think that would really enlighten people, showing step by step how this is going to be the best exchange in the world to use for all different types of digital and real-world assets. Can you let everybody know about the demonstration and encourage them to go see it, because it will really bring everything together; your demo is unbelievable and it will show what this is all about.
Well, thank you. Yes. So there is a demonstration available. If you go to dvlt.ai, you can access it directly from our home page; it's a very prominent link on that page. We have two demonstrations posted today: one about DataVault and another about our Acoustic division, which provide clarity on how the technologies work together and show the underlying technology capabilities. Hopefully that will encourage people to engage. From there we can schedule direct appointments for qualified participants to have a deeper dive demo tailored to their niche or market focus.
Yes, that's great. Thank you so much for that because people need to see to believe, so to speak. And when you see the DataVault and its capabilities and it's live for them, you'll see that the company is extremely undervalued. When you see what you guys have built already, people don't understand that you guys have been building behind the scenes waiting for this launch and doing all that work. It's already caught up to the line here when you launch, you'll be all ready, you'll have your quirks systemed out and you know you guys have been testing this, correct?
Well, blockchain and AI systems drew people to the market because of the breakthroughs these technologies represent and the utilities they enable. So yes, we've been working for years, both patenting and reducing these inventions to practice. The goal is to unlock the power of data, to move it from a cost center and liability into a source of wealth generation that Bloomberg showed us. DataVault allows every company to monetize data within its own domain. Our ability to understand assets, score them, value them, and enable their exchange is something we are well positioned to provide, and we aim to be the reference in the space. That commitment to quality meant we did wait; we have been waiting for regulatory clarity. We are Americans building an American exchange, the first of its kind in digital assets. We are very excited about the assets we will bring to the marketplace because our customers have been creative in using our platform to create compelling objects of interest and valuable utilities around our systems. I appreciate the question.
Thank you very much. This is the exchange that everybody can come to worldwide. This is the exchange that when other people make digital assets, they can bring them to you, correct?
That is right. Yes, absolutely. So our customers provide the content, we provide the mechanism. Our mechanism values, scores, allows them to see and experience their data, have data inference layer run by our artificial intelligence platform that is increasing capabilities, including cybersecurity and data monetization.
Next question is coming from Peter Ruggieri from Craft Capital.
You got a lot going on. I have a question. Where are you coming up with $94.5 million to buy this company you just announced?
Thank you for the questions. The announcement was regarding CyberCatch and a $94 million acquisition. The cash is actually, well, four to fivefold in terms of how we get there. We have announced Qestrel. That coin has already minted $1 billion in access to the Available Networks. Our deal there is 50-50 with respect to the revenue split. So $1 billion in coins would generate $500 million in revenue for DataVault. That is over time. That is cash with respect to our collections there. So that's one source. You can also see that the arrangements that we have around $150 million from Scilex. We also have a receivable of about $190 million around our collection of licensing cash. That, coupled with the Helmex deal that we've announced, where we get further access to balance sheet enhancement and capital, and a number of other transactions that we've lined up. One that we've announced already called Patriot Strategic Metals.
PSM is a well-positioned organization with government contacts and contracting into the Department of Strategic Capital of our United States government. This is related to the acquisition of Strategic Metals. It ties into our contracts with American Strategic Metals out of Nevada. We have a number of other contracts, California, Arizona, and other mines coming online with respect to that program. That program is cash accretive to our company. We've announced $700 million in that initiative at the first throw. The total first project is $3.2 billion and is related to American Strategic Metals and the use cases around tokenomics for the purpose of real-world asset monetization and rare earth monetization. So those are the primary sources.
Okay. Another question, if you don't mind. So you said after the first quarter call, the majority of revenue is going to hit the second half of the year. So being that we're in the third quarter right now, should we see a very big jump in revenue to hit this $200 million? Is it going to fall more in the third quarter? Or like will it hit the fourth quarter? Trying to get an idea of how to gauge it.
Listen, Peter, this is Brett. So we did say we're reaffirming guidance for $200 million. We said the exchanges will go live mid-September. So that obviously implies a bump up in Q3, but a very significant bump in Q4.
We have a number of projects that you will see us announce in Q3. And revenue recognition is something that is obviously subject to audit and to the regulatory overview of the company's book of business. We're getting very good at understanding tokenomics. It's new to our auditors. It's new to the SEC. It's new in many aspects, and there is the challenge. It's really a legal and regulatory challenge around our token exchanges, and we're being extremely careful to get the proper experts and the proper thumbs up from regulators with respect to these assets and how they are being brought to market. So we're being very careful with respect to that. We're also being conservative in the way that we are approaching it. The key to our third quarter and fourth quarter revenues will be manifest in a number of announcements you'll see from us this quarter. And this quarter will reveal, even on the acoustic side, I mentioned the standards body approach we're taking there, and we have a number of other unique revenue streams coming from that side of our business on events and others that you'll see that are tied to dates on the calendar and events that we deliver. So there's a very specific revenue recognition process that's been identified around that to ensure that we're able to recognize $200 million or more this year.
Yes, just to go back, a couple of quarters ago you said you expected, I believe, north of $400 million or $500 million in revenue for next year. Are you still comfortable with that?
Peter, we have given the guidance for '26. We have not given official guidance for 2027. Nate has his aspirations and that's where we stand. We have full year guidance for this year. We don't have quarterly guidance and when we're ready to announce '27, we will do so. In the meantime, you got an exciting back half of the year coming given all the acquisitions we put together, the balance sheet strengthening that we did. So with that, we're going to give one more person who's patiently sat in the queue for the entire call, the opportunity to ask a question and then we gotta sign off.
Certainly, our next question is coming from Lee Allen, a private investor.
Yes, great. Thank you for the information and for taking the call. I'm an individual investor with a six-figure account of shares with you, and I'm inquiring about the initial email that came out early this year regarding the delisting threat if the stock languished below $1. Also, regarding Available Networks, it's really exciting what you have going on with them. Are we the only tenant using their networks, or are there other companies in the same arrangement with them? Will we be one of a few people using their networks?
Thank you. I’ll take the last one first since it’s easy. We’re exclusive partners with Available Networks. We have a very special position with them in terms of managing the tip of the spear: they sell their product through our tokens, and those tokens are sold on a 50-50 split. It’s an exclusive relationship related to Project Qestrel. I also want to acknowledge the commitment you’ve made by holding such a large position in our stock — it’s an honor. As our company has focused on building a powerful business, we’ve seen institutional buying increase, and we’ve resisted the temptation to reverse split the stock. That has been discussed publicly, but we will not split our stock because this is not the right moment. We have several key investments coming to fruition, and our focus is on converting those into revenue. The regulatory environment requires trading above $1, and we believe we’re currently very undervalued.
We want our shareholders to see the results we will present in our quarterly and annual filings this year; those filings will illustrate why we’ve taken the actions we have. It’s important for those results to hit the tape so the public can understand what we’re building at DataVault: a Web3 platform that delivers expanding capabilities. You can already see a shift from retail to institutional investors. Sophisticated funds and larger groups are qualifying and endorsing our company by buying our stock. Available Networks works with some of the largest companies in the world, and our technology is foundational to that work. We’ve been introduced to top-tier corporations in America, and as they adopt and use our technologies to create value for their investors and companies — and, by extension, ours — the results will speak for themselves. We are resisting a reverse split because we want investors to have the opportunity to own whole shares.
We will post our results and deliver revenue. Regarding timing, we have an automatic shareholder equity exemption that allows us to remain listed on NASDAQ through February without a reverse split. My position as CEO is to avoid a reverse split, post results and revenues, hit our guidance for the year, and then reassess at year-end, at which point I expect our stock price to be significantly higher.
I tell everybody, Nate Bradley is my retirement plan, so I'm counting on you.
Man, that means a lot to me, and I won't let you down. I really appreciate that very much. Okay, next question.
Our final question today is coming in from Alan Gornstein from JPMorgan.
I'm just calling as a private investor having nothing to do with the company, and I was hoping to get an update on Helmex.
So we have partially funded the $25 million that we owe in the first tranche. We are actively discussing when we fund the remaining $20 million and when we go live, as you know, it's a European firm. July and August are a little sacrosanct in terms of holidays in Europe, as well as we were busy with these 3 acquisitions. So we'll be actively working on that later this quarter.
One exciting aspect of that relationship is the amount of business opportunity and pipeline and introduction. So we're looking at that as well.
We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further closing comments.
Thank you, everyone, for the interest in our company. Thanks for participating in our quarterly call. We're very excited about our results and look forward to the next steps with everyone. Thank you very much.
Thank you. That does conclude today's teleconference. You may disconnect your lines at this time and have a wonderful day. We thank you for your participation today.