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• Stablecoin Issuance: The company issues and maintains various stablecoins, digital currencies pegged to fiat currencies or other stable assets, ensuring price stability in the cryptocurrency market.
• Blockchain Infrastructure Services: Provides core blockchain infrastructure and developer tools for building and deploying decentralized applications and digital asset solutions.
• Digital Asset Custody & Management: Offers secure custody and management solutions for institutional and individual clients' stablecoins and other digital assets.
• Decentralized Finance (DeFi) Protocols: Develops and operates DeFi protocols that leverage stablecoins for lending, borrowing, and yield generation within decentralized ecosystems.

Upon reviewing market data, "StableX Technologies" with the symbol SBLX does not appear to be an active publicly traded company. The symbol SBLX is not currently associated with a major listed entity.

However, if we assume for the purpose of this exercise that StableX Technologies (SBLX) is a real company operating in the enterprise technology sector, specializing in secure, scalable, and stable data or blockchain solutions for businesses, its major customers would primarily be other companies (B2B).

Major Customers

Based on the assumed business model, StableX Technologies would sell primarily to other companies (B2B). Its customer base would likely consist of large enterprises across various industries seeking robust and reliable infrastructure for critical operations, data integrity, and digital transformation initiatives. As specific customer names cannot be identified for a hypothetical company, the following categories represent its most probable major customers:

• Financial Institutions: Banks, investment firms, and other financial services companies that require secure and immutable transaction records, platforms for digital asset management, regulatory compliance solutions, or enhanced data integrity for risk management and reporting.
• Supply Chain & Logistics Providers: Large corporations involved in complex global supply chains that need transparency, traceability, and verifiable data for managing goods, ensuring authenticity, optimizing logistics, and improving operational efficiency.
• Healthcare & Pharmaceutical Companies: Organizations seeking secure and compliant data management solutions for patient records, clinical trials, research data, or drug traceability to enhance data privacy, integrity, and regulatory adherence.

Joshua Silverman Principal Executive Officer & Executive Chairman

Mr. Silverman was appointed Principal Executive Officer and Executive Chairman of StableX Technologies in December 2023. He has been a director of the company since May 2020 and previously served as Chairman of the Board. He is the Managing Member of Parkfield Funding, with over 20 years of experience investing in public and private companies. Mr. Silverman also co-founded Iroquois Capital Management, an investment advisory firm, where he was a principal and managing partner, and structured complex transactions across various sectors. He serves as the Independent Chairman of the Board of Petros Pharmaceuticals, Inc. since 2024 and as an Independent Director at Femasys Inc.

Joseph Ramelli Chief Financial Officer and Principal Financial & Accounting Officer

Mr. Ramelli was appointed Chief Financial Officer in August 2024. He brings nearly 30 years of experience in the Biotechnology, Biopharmaceutical, and Financial Services industries. Mr. Ramelli is an investor and strategic advisor with Ramelli Asset Management and has served as Vice President of Business Development at Origin Agritech Ltd. since 2023. His prior roles include serving as Interim Chief Financial Officer from 2020 to 2021, a founding member of ValenzaBio where he established and grew all finance functions, and Chief Executive Officer of Marina Biotech from 2016 to 2018.

Gilbert Villarreal President of AYRO's Operating Company, Inc.

Mr. Villarreal was appointed President of AYRO's Operating Company, Inc. in August 2024, having previously served as a consultant to the company. He possesses over 32 years of manufacturing experience across the Aerospace, Automotive, and Marine industries. Mr. Villarreal is the co-founder and CEO of VLF Automotive LLC and the founder of GLV Ventures, which specializes in the design and production of various vehicles, including electric vehicles.

Joseph Delahoussaye III Vice President of Investor Relations

Mr. Delahoussaye serves as the Vice President of Investor Relations for StableX Technologies.

1. Market Volatility and Regulatory Uncertainty in the Digital Asset and Stablecoin Industry: StableX's investment strategy exposes it to considerable risks from the volatile digital asset market and evolving regulatory landscape. Changes in digital asset regulations, market demand, and the adoption of stablecoins and their underlying infrastructure could materially and adversely affect the company's business, financial condition, and results of operations.
2. Technological, Operational, and Liquidity Risks of Decentralized Finance Protocols: The digital tokens StableX acquires are based on decentralized protocols, which carry inherent risks such as technological failures, cybersecurity incidents, and vulnerabilities in smart contracts. Errors in code, malicious attacks, or failures in the underlying networks could lead to permanent loss of tokens, disruption of services, or devaluation of affected assets.
3. Limited Operating History and History of Losses: StableX Technologies has a limited operating history in its current form, making it challenging to evaluate its business and future prospects, which increases the risk of investment. Furthermore, the company has a history of losses, has never been profitable, and anticipates incurring additional losses, with no certainty of future profitability.

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StableX Technologies (symbol: SBLX) operates within the global stablecoin market, having pivoted its primary business focus in August 2025 from electric vehicle manufacturing to investing in foundational tokens that power the stablecoin industry.

The addressable market for StableX Technologies is the global stablecoin market, which has shown significant growth and is projected to expand considerably in the coming years.

As of 2024 and mid-2025, the global stablecoin market size has been estimated by various sources: it was approximately USD 166.3 billion in 2024, USD 182.6 billion in 2024, and around USD 163.4 billion in 2024. More recent estimates place the market size at approximately $282 billion in 2025, around $240 billion as of May 2025, and roughly $255 billion as of June 2025.

Looking ahead, the global stablecoin market is forecast to experience substantial growth:

• The Citi Institute projects a base case valuation of US$1.6 trillion to $1.9 trillion by 2030, with a more optimistic scenario reaching up to US$3.7 trillion to $4 trillion.
• Spherical Insights forecasts the market to reach USD 1023.6 billion (approximately $1.02 trillion) by 2035.
• Metatech Insights expects the market to reach USD 1,106.8 billion (approximately $1.11 trillion) by 2035.
• Emergen Research projects the market to reach nearly USD 782.6 billion by 2034.

StableX Technologies (SBLX) is strategically positioned to drive future revenue growth over the next 2-3 years through several key initiatives following its rebrand and pivot to the stablecoin ecosystem in August 2025. The company's focus on investing in foundational tokens that power the rapidly expanding stablecoin industry forms the core of its growth strategy.

Here are the expected drivers of future revenue growth:

1. Growth and Adoption of the Stablecoin Ecosystem: StableX Technologies' revenue growth is intrinsically linked to the broader expansion and increasing global adoption of stablecoins. The company aims to capitalize on the rapidly growing digital asset sector, anticipating exponential adoption of stablecoins in global commerce and finance in the coming years. As stablecoins become more widely utilized as transaction mediums, liquidity anchors, and settlement tools, StableX's investments in the underlying infrastructure are expected to appreciate in value and generate returns.
2. Strategic Investments in Foundational Stablecoin Tokens and Infrastructure: A primary driver of revenue will be the company's targeted investment strategy, which involves acquiring a diversified portfolio of high-value stablecoin infrastructure tokens. StableX has committed to investing up to $100 million in tokens tied to the stablecoin industry. Initial acquisitions, such as FLUID tokens (a decentralized exchange with significant market share in stablecoin swaps) and Chainlink (LINK) tokens (a critical decentralized oracle network for stablecoin functionality), are intended to generate both recurring revenues and long-term capital appreciation.
3. Expansion and Diversification of its Digital Asset Treasury: Beyond initial purchases, the continuous evaluation and acquisition of additional stablecoin assets, infrastructure, and related technologies will fuel revenue growth. This ongoing strategic expansion of its digital asset treasury will broaden StableX's exposure to the stablecoin market, increasing its asset base and potential for greater returns as the industry evolves.
4. Leveraging Strategic Partnerships for Enhanced Operations: The partnership with BitGo is crucial for securing and scaling StableX's digital asset treasury strategy. BitGo provides regulated cold custody, compliance oversight, and facilitates liquidity and market access for StableX's crypto acquisitions. This partnership strengthens the security, transparency, and scalability of StableX's operations, thereby enabling the efficient execution of its investment strategy and supporting overall revenue generation.

Share Repurchases

• StableX Technologies (formerly AYRO, Inc.) announced a share buyback plan on October 29, 2024, but repurchased no shares for $0 million from January 1, 2025, to March 31, 2025.

Share Issuance

• In October 2025, shareholders approved the issuance of common stock underlying Series I Preferred Stock and warrants, which could potentially exceed 20% of the company's outstanding common stock prior to the transaction.
• A $7 million private placement occurred on August 4, 2025, where the company sold 7,000 shares of Series I Convertible Preferred Stock and warrants to accredited investors.
• Shareholders approved an amendment to the 2020 Long-Term Incentive Plan in October 2025, increasing the common shares available for grant by 135,627 shares, totaling 400,000 authorized shares.

Inbound Investments

• On August 4, 2025, the company (as AYRO, Inc.) secured a $7 million investment from accredited investors through the sale of Series I Convertible Preferred Stock and warrants in a private placement.
• The company also entered into a Series H-7 Purchase Agreement with accredited investors on August 7, 2023, for the sale of Series H-7 Convertible Preferred Stock and warrants.

Outbound Investments

• StableX Technologies is implementing a strategy to invest up to $100 million in tokens within the stablecoin industry.
• The company made its first token purchase, acquiring FLUID tokens, in September 2025 as part of its stablecoin investment strategy.
• In October 2025, StableX acquired Chainlink (LINK) tokens as its next purchase in its stablecoin investment strategy.

Capital Expenditures

• Capital expenditures amounted to -$199,323 in the last 12 months.
• The primary focus of capital allocation is on acquiring and developing stablecoin assets, infrastructure, and related technologies, by investing in foundational tokens and infrastructure.