Klevo’s Fly Wallet doubled monthly revenue to $38.0 million in August, powered overwhelmingly by stablecoin sales. The subsidiary remained operating-profit positive, although gross profit fell as management fee income shifted into September.
- Fly Wallet revenue doubled to $38.0 million in August
- Stablecoin sales contributed approximately $36.6 million
- Operating profit was $79,000 despite lower gross profit
- Operating expenses fell 35% to $73,000
- FY2026 preliminary revenue reached $13.5 million, up 324%
Stablecoin sales drive Fly Wallet revenue surge
Klevo Group Limited (ASX:KLV) more than doubled monthly revenue at its Fly Wallet subsidiary to $38.0 million in August, up from $19.0 million in July. The headline growth was almost entirely tied to stablecoins: approximately $36.6 million of August revenue came from stablecoin sales, with the company saying the figure represents cash proceeds received and settled with Mastercard after conversion to fiat.
The result extends the sharp activity increase reported in the company’s
Operating profit holds despite lower gross profit
Fly Wallet recorded gross profit of $151,000 in August, down from the revised July figure of $284,000. Klevo attributed the decline to the timing of management fee billing, saying the balance is expected to be recognised in September. That statement is forward-looking, and the company cautions that actual results may differ.
Operating expenses fell 35% to $73,000, primarily because of lower consulting fees, leaving an operating profit of $79,000 from core operations. That compares with revised July operating profit of $173,000. The measure excludes non-cash unrealised foreign exchange and bank revaluations, so it is not the same as statutory net profit.
Unaudited figures leave conversion and durability questions
The August figures relate to Fly Wallet on a standalone basis and come from unaudited management accounts prepared on an accrual basis. They may change during Klevo’s financial reporting and audit process. The scale of stablecoin revenue also means the more useful test is likely to be whether the reported activity continues to generate stable gross profit and operating profit, rather than revenue alone.
Klevo also highlighted its preliminary FY2026 results, which showed revenue up 324% to $13.5 million and loss after tax down 72% to $0.66 million. Shareholders approved a 10:1 capital consolidation and the company’s name change at its August general meeting, while certain unlisted options were exercised for fully paid ordinary shares. Those corporate changes matter to the capital structure, but they do not resolve the central operating question: how much of Fly Wallet’s rapidly expanding transaction flow can be retained as durable earnings?
Bottom Line?
September should show whether deferred management fee income lifts profit, while audited results and ongoing stablecoin volumes will test the quality of August’s revenue surge.
Questions in the middle?
- How much of August’s $38.0 million revenue can be sustained once stablecoin activity normalises?
- Will the deferred management fee income materially improve September gross profit?
- How will option exercises and the 10:1 consolidation affect Klevo’s post-August share structure?