RT Coinbase Markets 🛡️ (@CoinbaseMarkets)December just got major for altcoin traders.December 5: 24/7 trading goes live for all altcoin monthly futures from Coinbase DerivativesDecember 12: New US perpetual-style futures launch for all altcoinsAssets launching:→ Shiba Inu $SHIB→ Avalanche $AVA→ Bitcoin Cash $BCH→ Cardano $ADA→ Chainlink $LINK→ Dogecoin $DOGE→ Hedera $HBAR→ Litecoin $LTC→ Polkadot $DOT→ SUI $SUI→ Stellar $XLMThese futures contracts are offered by Coinbase Derivatives and will be available to ...

Financial Data and Key Metrics Changes - Net revenue for the first quarter was $94 million, down 7% year-over-year and down 9% on a constant currency basis [12] - Product revenue was $37 million, a decrease of 23% year-over-year and down 24% on a constant currency basis [12] - Service revenue was $57 million, up 7% year-over-year and up 4% on a constant currency basis [13] - Overall gross margin for the quarter was 28.3%, compared to 33.9% in the prior year [14] - Adjusted EBITDA for the quarter was a loss of $4.1 million, compared to an income of $3.1 million in the prior year [17] Business Line Data and Key Metrics Changes - Product revenue decline was attributed to slower performance in EMEA and China regions [12] - Service revenue growth was driven by a 10% increase in contract revenue year-over-year [13] - Product orders for the first quarter were approximately $40 million, with a book-to-bill ratio of 1.1 [13] Market Data and Key Metrics Changes - The company experienced a slowdown in EMEA and China, while the U.S. market showed stability [25] - The company reported gross orders of about $40 million, lower than expectations due to timing of customer receipts in the Americas and China [26] Company Strategy and Development Direction - The immediate goal is to identify key strategic, operational, and financial areas necessary for competitive positioning and margin expansion [6][8] - The transformation plan aims to enhance organizational responsiveness and agility, targeting a high single-digit adjusted EBITDA margin within 12 months [9] - The company plans to provide more details on the transformation plan in early 2026 [19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for enhancing performance and long-term growth prospects [5] - The company reiterated its fiscal year 2026 guidance with revenue expected in the range of $471 million to $485 million [18] - Management noted that geopolitical and macroeconomic uncertainties are ongoing but expressed confidence in achieving adjusted EBITDA guidance [20] Other Important Information - The company initiated a restructuring plan resulting in $2.8 million in restructuring charges [17] - The company ended the first quarter with a reporting order backlog of approximately $396 million, providing strong visibility for future revenue conversion [13] Q&A Session Summary Question: What is the current capital equipment purchasing environment? - The response indicated a varied environment by region, with a slowdown in EMEA and China but stability in the U.S. and growth in APAC [25] Question: What contributed to the difference between gross and net orders? - The response noted that age outs occurred but were not out of the norm, with lower gross orders primarily due to timing of customer receipts [26] Question: Any updates on tariff mitigation efforts? - The company is actively pursuing a duty drawback program and considering the implementation of a foreign trade zone to mitigate tariffs [27] Question: What is the expected revenue split between the first and second half of the fiscal year? - Management expects first half revenue to be about 40% of full-year guidance and second half to be about 60% [29] Question: How will product gross margins be affected in the upcoming quarters? - The response indicated that product gross margins are expected to improve in the second half as more deals in developed markets are executed [32]

Financial Data and Key Metrics Changes - Net revenue for Q1 2026 was $94 million, down 7% year-over-year and down 9% on a constant currency basis [15] - Product revenue for Q1 was $37 million, a decrease of 23% year-over-year and down 24% on a constant currency basis [15] - Service revenue was $57 million, up 7% from the prior year and up 4% on a constant currency basis [15] - Overall gross margin for the quarter was 28.3%, compared to 33.9% in the prior year [17] - Adjusted EBITDA for the quarter was a loss of $4.1 million, compared to income of $3.1 million in the prior year [20] Business Line Data and Key Metrics Changes - Product revenue was impacted by slower performance in the EIA, EMEA, and China regions [15] - Service revenue growth was driven by a 10% increase in contract revenue year-over-year [16] - Product orders for Q1 were approximately $40 million, with a book-to-bill ratio of 1.1 [16] Market Data and Key Metrics Changes - The company reported a backlog of approximately $396 million, providing strong visibility for future revenue conversion [17] - The decline in gross orders was attributed to timing of customer orders in China and The Americas [16] Company Strategy and Development Direction - The immediate goal is to identify key strategic, operational, and financial areas to enhance competitiveness and drive margin expansion [10] - The management team aims to reach a high single-digit adjusted EBITDA margin within twelve months and double-digit margins over the medium to long term [11] - A transformation plan is in place to improve operational responsiveness and foster a performance-based culture [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the transformation plan despite a slower start to FY 2026 [22] - There is optimism regarding the easing of geopolitical and macroeconomic issues, which may shift product demand to the second half of the fiscal year [33] Other Important Information - The company launched the Stellar product at ASTRO, receiving positive feedback and strong interest from customers [12] - A memorandum of understanding was signed with the University of Wisconsin to advance online adaptive radiotherapy [13] Q&A Session Summary Question: What is the current capital equipment purchasing environment? - The response indicated variability by region, with a slowdown in EIMEA and China, while the U.S. market remains stable and growth is seen in APAC [27][28] Question: Details on net orders and cancellations? - The company acknowledged age outs but emphasized focusing on gross orders, which were lower than expected due to timing issues [29][30] Question: Updates on tariff mitigation efforts? - The company is actively pursuing duty drawback programs and considering foreign trade zones to mitigate tariffs [31] Question: Insights on margin expectations? - Margins are expected to improve as backlog execution shifts towards developed markets, which typically have better margin profiles [36]

Cryptocurrency Market - Major cryptocurrencies are rebounding, with the total market value climbing over 6% to surpass $4 trillion, driven by comments from President Trump and Vice President Vance signaling openness to a trade deal with China [4][5] - Bitcoin recovered to around $115,000 after dipping below $105,000, while Ether rose to about $4,100 after falling below $3,500 [4] - Notable crypto gainers include XRP (+4%), Binance Coin (+3.3%), and Stellar (+1.3%) [4] Xiaomi Corporation - Shares of Xiaomi Corp dropped over 7% following reports of a car crash involving one of its SU7 electric sedans, which failed to open after a fiery crash in Chengdu, China [7][8] - The company had previously announced a software update for over 115,000 SU7 electric sedans to address potential safety issues related to assisted driving features [8] UPS and Shipping Issues - UPS is facing significant challenges with thousands of U.S.-bound packages stuck in hubs, leading to the disposal of some shipments due to new customs requirements imposed by the Trump administration [9][10] - The end of the "de minimis" tariff exemption has complicated the shipping process, with packages valued at $800 or less now subject to tariffs and fees, causing delays and confusion for customers [10][11] - UPS attributed the issues to "missing or incomplete information" required by new U.S. import regulations, which has contributed to a 30% decline in its stock price this year [11]

Regulatory Landscape & ETF Approvals - SEC approved generic listing standards, accelerating spot crypto ETF approval process [5][6] - These standards allow exchanges to list ETPs holding spot commodities without individual SEC approval, given criteria are met [6][7] - SEC considers almost every crypto a commodity, paving the way for altcoin ETFs [6] - Bloomberg analysts anticipate a wave of spot crypto ETP launches [8] - SEC is exploring an innovation exemption framework for DeFi platforms [11] - CFTC launched an initiative to enable trading of spot crypto asset contracts on registered TradFi futures exchanges [11] Altcoin ETF Market & Potential - Grayscale's Digital Large Cap Fund (renamed Coindesk Crypto 5 ETF) was approved, containing BTC, ETH, XRP, SOL, and ADA [9] - Rex Osprey listed ETFs for XRP and Dogecoin, with the XRP ETF having a strong opening day [10] - Potentially 12 altcoins meet SEC's minimum listing criteria due to futures listings on Coinbase, including LTC, BCH, DOGE, DOT, SHIB, AVAX, LINK, XLM, SOL, HBAR, ADA, and XRP [10] - There have been 91 altcoin ETF applications, with 11 already approved [10] Timeline & Impact - New ETF approval process (S1 form) has a 75-day approval window, potentially leading to approvals around December 1st [11] - Many pending altcoin ETFs have approval deadlines in mid to late October [11] - Short-term impact of altcoin ETFs is uncertain, depending on attention drawn to the altcoins [11] - Long-term impact depends on inflows these altcoin ETFs receive [11]

Core Insights - The US SEC has approved the expansion of the Hashdex Nasdaq Crypto Index ETF, which includes major digital assets like Bitcoin, Ethereum, XRP, Solana, and Stellar [1][2] Group 1: ETF Details - The Hashdex Crypto Index ETF will trade on Nasdaq under the ticker NCIQ, marking it as the second crypto ETF launched within a week after Grayscale's GDLC [2] - The ETF is structured in Delaware and classified as an "emerging growth company," with compliance confirmed through an amended trust agreement [2] Group 2: Index Composition - The index will allocate approximately 72.5% to Bitcoin, 14.8% to Ethereum, 6.9% to XRP, 4.3% to Solana, and 1.2% to Cardano [3] - The inclusion of XRP and Solana is anticipated to increase institutional interest in these tokens and may facilitate the approval of spot ETFs for them [3] Group 3: Regulatory Environment - The SEC's new generic listing standards for crypto ETFs, announced in September 2025, allow for quicker approvals, reducing the review process from up to 270 days to as little as 75 days [4] - Asset managers are actively filing for new crypto ETFs, with expectations of a significant number of launches in the near future [4]

Cryptocurrency Holdings & Investment - Bitmine增加了78,791 ETH（价值35460万美元），总持有量达到1,792,690 ETH，价值超过80亿美元 [1] - JPMorgan认为，比特币的合理价值在年底前约为126,000美元，理由是波动率处于历史低位，企业金库积累以及指数驱动的资金流入 [1] - Caliber已建立一个LINK金库，并成立了一个加密咨询委员会，以监督收购、托管和质押 [2] Regulatory & Exchange Developments - 21Shares已向SEC提交申请，推出SEI ETF [1] - CFTC将澄清FBOT注册规则，为美国交易者合法访问全球加密货币交易所铺平道路 [2] On-Chain Data Initiatives - 美国商务部选择Kraken来帮助启动一项新计划，该计划在九个公共区块链上记录GDP数据，以提高透明度 [1] - 美国商务部已在Bitcoin、Ethereum、Solana、TRON、Stellar、Avalanche、Arbitrum、Polygon和Optimism上发布了第二季度GDP数据，并通过Pyth和Chainlink进行分发 [2] - US Dept of Commerce collaborates with Pyth Network to put GDP and other economic data onchain [2] - Chainlink与美国商务部合作，将官方宏观经济数据上链 [2] Security & Future Risks - Vitalik Buterin表示，量子计算机在2030年底之前破解现代密码学的可能性为20% [2]

Partnerships & Initiatives - Kraken 被美国商务部选为合作伙伴，购买加密资产以支持其在美国主要区块链上发布 GDP 数据的计划 [1] - 该计划涵盖的区块链包括比特币 (BTC)、以太坊 (ETH)、Solana (SOL)、Avalanche (AVAX)、Stellar (XLM)、Polygon (POL) 和 Tron (TRX) [1] Industry Impact - 加密技术为政府数据带来前所未有的透明度和效率，为更值得信赖的数字经济铺平道路 [2] - 美国政府对技术和创新的支持 [1]

Core Insights - Visa is expanding its settlement platform to support additional stablecoins and blockchains, enhancing its capabilities in the digital asset space [2][3] Group 1: Visa's Initiatives - Visa is adding support for two new dollar-backed stablecoins, Global Dollar and PayPal USD, through a partnership with Paxos [3] - The company is also integrating support for two new blockchains, Stellar and Avalanche, alongside existing support for Ethereum and Solana [3] - With the integration of EURC, Visa partners can now access settlements in both USD- and EUR-backed stablecoins, expanding its crypto and treasury infrastructure [4] Group 2: Market Context - The White House has released a report on digital asset policy, emphasizing the importance of stablecoins and warning that delays in adoption could threaten the U.S. dollar's supremacy [5] - The report encourages banking regulators to adopt technology-neutral risk frameworks, reducing punitive measures for banks engaging with blockchain and digital assets [6] - Stablecoins are gaining traction in corporate finance, offering benefits such as near-instant settlement and reduced costs [6] Group 3: Operational Efficiency - Traditional cross-border transactions of $10 million to $30 million can take three to five business days, while stablecoin transactions can settle in four to eight hours [7]

Core Insights - The company is a leading provider of electronic price tags and digital solutions for retail, established in 2012, with a focus on enhancing operational efficiency through IoT technology [1][2][3] Group 1: Business Overview - The company offers a comprehensive solution centered around electronic price tags, integrating smart marketing and AI solutions, supported by an efficient supply chain [1] - The electronic price tag terminal products include five main series: Nebular, Stellar, Nowa, Polaris, and Lumina, with sales contributing significantly to the company's revenue [1] - Revenue grew from 1.19 billion in 2020 to 4.49 billion in 2024, with a compound annual growth rate (CAGR) of 39.33% [1] Group 2: Market Presence - The company's overseas revenue reached 94.10% in 2024, with Europe being a key sales region [2] - The global penetration rate of digital retail stores is increasing, with electronic price tags being a crucial IoT terminal for this transformation [4] Group 3: Technological Innovation - The company has partnered with Microsoft to enhance its cloud and AI capabilities, developing a high-performance SaaS platform for rapid deployment of electronic price tags [3] - The introduction of AI-driven solutions, such as smart shopping carts and marketing tools, aims to improve customer interaction and marketing efficiency [3] Group 4: Financial Projections - Future growth is anticipated for electronic price tags, with expected annual growth rates of 20%, 19%, and 18% from 2025 to 2027 [5] - The company forecasts revenue of 5.39 billion, 6.42 billion, and 7.57 billion for 2025, 2026, and 2027, respectively, with net profits projected at 898 million, 1.13 billion, and 1.37 billion [5]