AIXC — Q2 2026 Financial Report Analysis

AIxCrypto Holdings (Nasdaq: AIXC) is the former Qualigen Therapeutics, a small drug developer that Faraday Future Intelligent Electric (FFAI), the electric-vehicle maker, took control of in September 2025 through a roughly $41 million share sale. In its quarter to June 30, 2026 it had no revenue at all, a net loss of $4.19 million (up from $1.69 million a year earlier), and it ended the quarter with $0.58 million in cash, down from $19.3 million at the start of the year. The single biggest use of that cash was not the new robotics or crypto businesses: it was $12.0 million spent buying shares of FFAI, its own majority owner. The filing carries a "going concern" warning: management states there is substantial doubt the company can keep operating for the next year without new money.

Since the quarter ended, the company has changed its name again: from September 30, 2026 it is FF EAI Robotics Ecosystem Inc., trading under the ticker FFR instead of AIXC, and on September 25 it signed a non-binding term sheet to buy FFAI's robotics business.

At a glance

• $0 revenue. The company sells nothing yet. Its RoboShare robot-rental platform launched on June 22, 2026 and had produced no revenue by quarter end; the first rental was targeted for August 2026.
• $0.58 million cash plus $5.21 million of cryptocurrency, against $7.9 million of cash burned in six months. At the second quarter's spending rate of about $3.0 million, that is roughly two quarters of runway, and only if the crypto can be sold near its June 30 value.
• $12.0 million paid to its parent. About 62% of the cash it held on January 1 went into FFAI common stock, preferred stock and a warrant, held on its behalf by a third party.

What the company actually is now

The filing describes a business in transition, with nothing yet earning money:

• Robotics ("embodied AI", meaning robots and AI systems that act in the physical world). The main effort is RoboShare, a marketplace meant to match robot owners with businesses that want to rent robots instead of buying them, starting with a Los Angeles pilot. After the quarter ended, the company named RoboShare its top priority for the second half of 2026. The filing says FFAI is expected to be an "initial ecosystem partner" but that no definitive agreement existed at June 30.
• Crypto treasury. Part of the 2025 fundraising was put into a basket of cryptocurrencies (Bitcoin, Ethereum, BNB, Solana and others). It bought nothing in the second quarter and sold nothing; the value simply moved with prices.
• Real-world-asset tokenization (putting ownership of ordinary assets such as shares onto a blockchain). The filing says this is "under technical and regulatory evaluation and has not been executed", and that the FFAI shares it bought are intended as the first asset to test it on.
• The old drug business is being shut down. The board approved a full wind-down on May 21, 2026. In July the company handed its lead cancer-drug program (QN-302) and all related data back to UCL Business for nominal consideration of £1. It had already dropped its BesTrade AI-trading agent and C10 crypto-portfolio tools in February.

The numbers

For the six months, the net loss was $10.27 million against $4.33 million a year earlier, and cash used in operations was $7.94 million against $2.69 million.

Where the spending went. General and administrative costs, the overhead of running the company, doubled to $2.87 million from $1.39 million. The filing attributes this mainly to $529,000 more in wages from a larger staff, $395,000 in director resignation fees, $393,000 more in consulting fees and $134,000 more in legal fees, all tied to the new strategy after Faraday's investment. Research spending, by contrast, fell to $5,073 from $17,815 as the drug programs were wound down. Marketing was $86,000 in the quarter, down from $638,000 in the first quarter.

Part of that overhead flows to people and companies connected to Faraday. In the quarter the company booked $300,000 of consulting fees to FF Global Partners LLC ($100,000 a month) and $200,001 of advisory fees to Yueting (YT) Jia, Faraday's founder and global CEO, who serves as AIxCrypto's "Chief Advisor". That is about $500,000, or roughly 17% of the quarter's overhead. It also paid FFAI about $0.6 million in service fees in the first half under a transition services agreement.

Takeaway: The most important number in this filing is not on the income statement. Of the $19.3 million of cash the company started 2026 with, $12.0 million went into the shares of its own controlling shareholder and $7.9 million went to running costs, leaving $0.58 million in the bank. The robot and crypto businesses it was funded to build have produced no revenue, and the company now depends on selling crypto that has lost half its cost, or on raising new money, to keep operating.

What the headline numbers hide

The improved per-share loss is a share-count effect, not an improvement. Loss per share fell from $1.00 to $0.21, but only because the number of shares grew about twelvefold after the 2025 fundraising and the conversion of preferred stock into 15.1 million common shares in the first quarter. The loss in dollars was 2.5 times larger.

The $12.0 million FFAI stake is not on the balance sheet as an asset, and its value is not tracked. The company did not buy the FFAI securities directly: it paid Gold King Arthur Holding Limited, described as an independent fiduciary, to buy and hold them on its behalf. The deal closed on April 15, 2026 for 1,926,337 FFAI Class A shares, 11,502 FFAI Series C convertible preferred shares, and a warrant to buy up to 1,000,000 more FFAI shares at $1.50, which can only be used once FFAI has delivered its 500th FX Super One vehicle. Because FFAI is the parent company, AIxCrypto records the $12.0 million as a deduction from shareholders' equity, the way a company records buying back its own shares, at the original cost and with no later adjustment for FFAI's share price. The practical consequences: the $12.0 million is not counted as an asset, any gain or loss on it will only show up when the shares are sold, and the company does not hold the securities directly. Its own risk factors flag that it depends on Gold King Arthur performing its obligations under the agreement.

The crypto treasury is worth half of what it cost. At June 30 the holdings had cost $10.43 million and were worth $5.21 million. Bitcoin alone: 46 coins that cost $4.94 million, worth $2.70 million. In the first half the company recorded $2.93 million of net losses on these holdings, $0.98 million of it in the second quarter. These are mostly unrealized, meaning on paper, but the company says it may have to sell crypto to fund operations, which would make them real.

A one-off loss on old loans. The company sold its claims on Marizyme, a drug developer it had lent money to, for $100,000 in cash. The notes had a face value of about $5.2 million including interest, had already been written down to $475,844, and the sale produced a further $375,844 loss in the quarter. This is a one-time item and won't recur, but it confirms the earlier loan was close to a total loss.

Cash burn is larger than the loss suggests in one respect and smaller in another. Six-month operating cash outflow of $7.94 million includes $1.41 million of catch-up payments on bills owed to related parties, which will not repeat at that size. Against that, total operating expenses did fall to about $3.0 million in the second quarter from about $4.3 million in the first, which management describes as "cost normalization measures to preserve liquidity".

Lending to the parent continued after the quarter. In July the company advanced $500,000 to FFAI (two $250,000 advances at 10% interest, unsecured), and was negotiating a facility of up to $2.0 million in total. For a company that ended June with $0.58 million in cash, those advances are large relative to its own liquidity. A special committee of the board approves each advance. It also signed a $50,000-a-month consulting agreement with Aibot US Operation Inc. for finance, capital-markets and HR/legal support.

What's clean: the company had no borrowed money outstanding at June 30, having repaid its last $132,000 of convertible debt, and total current liabilities fell to $1.7 million from $3.3 million. About $700,000 of its $1.3 million in accounts payable is an amount the filing says is "purportedly claimed" by the University of Louisville Research Foundation, from the old drug business.

What to watch next

Management gives no revenue or earnings guidance. Its stated plan to cover the funding gap is cost control, selling crypto "as needed", starting RoboShare revenue, and drawing on an equity purchase facility (selling new shares to an investor over time) when its conditions are met. The filing itself says these plans have not removed the substantial doubt about the company continuing as a going concern.

Three things will decide whether the next report looks different:

1. First RoboShare revenue. The first robot rental was targeted for August 2026. The third-quarter report, due by mid-November 2026 for a company of this size, will show whether it happened and how much it brought in. The filing describes these as short, one-off service engagements rather than subscriptions, so early revenue is likely to be small.
2. The FFAI robotics deal. The September 25 term sheet to buy FFAI's robotics business is non-binding and is being reviewed by a special committee of two independent directors. If it goes ahead it will reshape the company, likely with more shares issued, and it deepens the dependence on one related party that is already its controlling owner, a supplier of services and a borrower.
3. Cash and new share issuance. With under $6 million of cash and crypto combined at June 30 and quarterly spending around $3 million before the July advances to FFAI, a new capital raise or significant crypto sales in the second half are likely. Watch how much existing shareholders are diluted.

Our read: as of this filing this is a pre-revenue company whose spending is outpacing its resources, with an unusual amount of its money flowing to, or locked up in, its controlling shareholder. Results will depend far more on financing and related-party decisions than on operating performance until RoboShare or an acquired robotics business produces revenue that shows up in a filing.