Executive Summary

Q3 2025 headline: SUI Group pivoted to a SUI blockchain treasury model and reported Gross Revenue and Portfolio Investment Income of $2.6M, “more than 3x” vs $0.711M in Q3 2024, driven by staking revenue; however, GAAP results included a $60.7M non‑cash unrealized loss on SUI, leading to a GAAP net loss of $44.3M and $(0.72) diluted EPS .
Capital return/catalyst: Completed a $2M buyback and authorized a new repurchase program of up to $50M; ~276,296 shares repurchased under the new program as of September 2025 .
Strategic progress: Launched first native Sui stablecoins (suiUSDe, USDi) with Ethena and Sui Foundation; signed Bluefin partnership to lend 2M SUI for a 5% revenue share payable in SUI; scaled SUI treasury to 107,743,979 SUI with ~2.2% staking yield (~5,225 SUI/day) .
Estimates context: S&P Global shows Q3 2025 Primary EPS consensus of $0.01 (1 estimate) vs actual Primary EPS of $0.0116 (beat), while GAAP EPS was $(0.72) due to non‑cash marks on SUI; revenue consensus unavailable (no estimates reported) (Values retrieved from S&P Global).*

What Went Well and What Went Wrong

What Went Well
- Treasury strategy traction: “accumulation of over 100 million in SUI holdings” and partnerships (Ethena, Sui Foundation; Bluefin) “unlocked new revenue streams” tied to stablecoins and trading activity .
- Stablecoin/DeFi partnerships: First native Sui stablecoins (suiUSDe, USDi) launched; Bluefin agreement provides a 5.0% revenue share payable in SUI, beginning Nov 2025 .
- Shareholder returns and market access: Completed $2M buyback; new $50M authorization; options listing on Cboe (“SUIG”) .
What Went Wrong
- GAAP loss on digital assets: $60.7M non‑cash unrealized loss from SUI mark‑to‑market drove Q3 net loss ($44.3M) and $(0.72) diluted EPS .
- Elevated operating expenses on a reported basis: Total operating expenses were $64.7M; excluding unrealized digital asset loss and SBC, operating expenses were $1.7M .
- Limited estimate coverage/liquidity of consensus: Only 1 EPS estimate and no revenue estimates reported by S&P Global for Q3 2025, reducing visibility for traditional “beat/miss” frameworks (Values retrieved from S&P Global).*

Financial Results

Summary P&L and key items (USD):

Metric	Q1 2025	Q2 2025	Q3 2025
Gross Revenue & Portfolio Investment Income ($M)	N/A	N/A	2.60
GAAP Net Income (Loss) ($M)	0.45*	0.68*	-44.30
GAAP Diluted EPS	$0.07*	$0.11*	$(0.72)
EBIT ($M)	0.40*	0.63*	-63.66*
Total Operating Expenses ($M)	0.38*	0.32*	64.70

Notes: Values with “” retrieved from S&P Global. Some historical line items are not disclosed in the press release and were not available in the document set; revenues for Q1/Q2 not reported in available materials (Values retrieved from S&P Global).

Q3 2025 vs Prior Year and Estimates:

Metric	Q3 2024	Q3 2025	YoY	Consensus	Actual vs Consensus
Gross Revenue & Portfolio Investment Income ($M)	0.711	2.60	>3x	N/A*	N/A*
GAAP Diluted EPS	$0.07	$(0.72)	Down sharply	N/A*	N/A*
Primary EPS (Normalized)	N/A	$0.0116*	N/A	$0.01* (1 est.)	Beat by $0.0016*

Notes: Consensus/actual Primary EPS from S&P Global; revenue consensus not available (Values retrieved from S&P Global).*

KPIs and Balance-Sheet-Like Indicators:

KPI	Q3 2025
SUI Holdings (units)	107,743,979 SUI
Staking Yield (approx.)	~2.2%
Estimated Daily Yield	~5,225 SUI/day
Bluefin Revenue Share	5.0% of Bluefin revenues (2M SUI lent)
Share Repurchases (under new program)	~276,296 shares as of Sept 2025
Buyback Authorization	Up to $50M (new); prior $2M completed

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Formal Financial Guidance	Q4 2025/FY 2025	Not provided	Not provided	Maintained
Share Repurchase Authorization	Open-ended	$2M (completed)	Up to $50M total authorization	Raised
Treasury Yield/Deployment Commentary	Ongoing	N/A	~2.2% staking yield; Bluefin 5% revenue share	New disclosure

No numerical revenue, margin, OpEx, OI&E, or tax-rate guidance was provided in the Q3 press release .

Earnings Call Themes & Trends

Note: The full transcript was not available via the document tools; a public transcript was posted (see link in citations). Themes below reflect Q3 prepared remarks/press release and known initiatives.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
SUI Treasury Strategy	N/A in prior quarter materials available here	“Initiation” and scaling to 107.7M SUI; staking yield ~2.2%	New / Expanding
Stablecoins on Sui	N/A	Launched suiUSDe and USDi with Ethena & Sui Foundation	New
DeFi/Exchange Partnerships	N/A	Bluefin partnership: 2M SUI lent for 5% revenue share	New
Capital Returns	N/A	$2M buyback completed; new $50M authorization	Increasing
Accounting/Volatility of Digital Assets	N/A	$60.7M non‑cash unrealized loss on SUI; GAAP volatility acknowledged	Elevated risk factor

Public transcript reference: https://seekingalpha.com/article/4843751-sui-group-holdings-limited-suig-q3-2025-earnings-call-transcript

Management Commentary

“The third quarter was a pivotal period for SUI Group, highlighted by the initiation of our SUI treasury strategy, the accumulation of over 100 million in SUI holdings, and innovative partnerships that helped create new avenues to drive shareholder value.” — Stephen Mackintosh, CIO .
“Both the launch of suiUSDe and USDi… as well as our partnership with Bluefin, unlocked new revenue streams for investors tied to stablecoin adoption and perpetual futures trading.” — Stephen Mackintosh, CIO .
“We… completed value‑accretive share repurchases — all while laying the groundwork for new revenue‑generating initiatives within the Sui ecosystem.” — Marius Barnett, Chairman .

Q&A Highlights

The full Q&A transcript was not retrievable in the document set; a public transcript was posted here: https://seekingalpha.com/article/4843751-sui-group-holdings-limited-suig-q3-2025-earnings-call-transcript. Based on company disclosures in the press release:

Management emphasized the non‑cash nature of the $60.7M unrealized SUI loss under GAAP fair‑value accounting .
Strategy clarifications highlighted staking yield generation (~2.2%) and revenue‑share economics with Bluefin (5%) .
Management framed stablecoin launches and exchange partnerships as near‑term revenue drivers and network‑growth enablers .

Estimates Context

EPS: S&P Global shows Q3 2025 Primary EPS consensus mean of $0.01 (1 estimate) vs actual Primary EPS of $0.0116 — a modest beat; GAAP diluted EPS was $(0.72) due to non‑cash marks (Values retrieved from S&P Global).*
Revenue: No revenue consensus available; S&P shows no estimate count, and the company reported gross revenue and portfolio investment income of $2.6M in Q3 2025 (Values retrieved from S&P Global).*
Implications: Expect models to reflect (a) normalized EPS modest beat amid (b) high GAAP volatility from fair‑value marks, and to incorporate new yield/revenue streams (staking, Bluefin, stablecoins) with limited historical precedence (Values retrieved from S&P Global).*

Key Takeaways for Investors

The business model pivot is taking hold: staking revenue and ecosystem partnerships are beginning to contribute, with gross revenue & portfolio income up >3x YoY .
Reported GAAP earnings will remain volatile given fair‑value marks on SUI; focus on cash/yield generation and unit‑based KPIs (SUI staked, daily SUI yield) .
Capital return is a clear near‑term catalyst: a sizable $50M buyback authorization following initial repurchases .
New revenue vectors (Bluefin 5% revenue share, stablecoins) can diversify beyond staking and may scale with Sui network adoption .
Thin analyst coverage (single EPS estimate; no revenue consensus) may create information inefficiencies around results and narrative transitions (Values retrieved from S&P Global).*
Near‑term watchlist: realized vs unrealized P&L on SUI, cadence of stablecoin adoption, Bluefin volume/revenue share accruals, and pace of buybacks .

Footnote: Values marked with “*” were retrieved from S&P Global (Capital IQ) via the GetEstimates/GetFinancials tools.

SUI Group Holdings Ltd. (SUIG)·Q3 2025 Earnings Summary