Platform Economics · Investor Overview

Real revenue. Real assets.
Sustainable economics.

Abraxas is engineered around recurring fee streams tied to assets under management. not speculative token activity. The economic model rewards institutional-scale assets: verification workload grows slowly, revenue grows rapidly, and margins compound over time.

Year 3 AUM (Large Path)
$0.0M
Year 3 Revenue (Large)
$0.0M
Year 3 EBITDA Margin
0.0%
Revenue Per Large Asset (Y3)
$0.0k
Revenue Architecture

Four compounding revenue streams.

Abraxas generates revenue at each stage of the asset lifecycle. from initial verification through ongoing platform participation and lending activity. Recurring streams scale with AUM without proportional cost increases.

◉Verification Fees
One-time · 0.50% of asset value

Charged during due diligence and documentation review. Covers legal analysis, title search, appraisal coordination, and AAS-1 certification issuance.

Y3 SMALL
$6.25M
Y3 LARGE
$18.75M
◈Tokenization Fees
One-time · 0.25% of asset value

Charged at issuance when the certificate is anchored on Sui. Scales linearly with the value of each asset brought on-chain.

Y3 SMALL
$3.13M
Y3 LARGE
$9.38M
◆Platform Fees
Recurring · 0.75% of AUM/year

Annual fee on tokenized assets under management. This is the compounding engine: once assets are onboarded, the fee base grows as AUM retention compounds each year.

Y3 SMALL
$8.93M
Y3 LARGE
$27.02M
⬡Lending Revenue
Recurring · 1.50% of loan volume

Spread and origination revenue on USDC loans drawn against verified collateral. Scales with both AUM and loan utilization rates, which increase as borrower confidence grows.

Y3 SMALL
$3.13M
Y3 LARGE
$11.89M
Revenue Composition by Year and Scenario ($M)
Operating Leverage

Why larger assets compound faster.

Verification cost scales with the number of assets, not their value. A $25M asset requires similar due diligence to a $2M asset. but generates 12.5× more fee revenue. This asymmetry drives margin expansion.

Revenue per asset (Year 3)
SMALL
$42,865
10.4×
LARGE
$446,903

Larger assets generate 10× more per-asset revenue with equivalent verification effort.

Verification analysts needed (Year 3)
SMALL
50 analysts
2.5×
LARGE
20 analysts

Small-asset path requires 2.5× the verification headcount to process similar AUM.

Onboarding margin per asset (Year 3)
SMALL
+1.3%
67×
LARGE
+86.8%

Large assets are immediately profitable on Day 1. Small assets break even only in Year 3.

Year 3 EBITDA margin
SMALL
−14.9%
89 pts
LARGE
+74.5%

The margin divergence is 89 percentage points by Year 3. a structural advantage of asset scale.

Gross Margin Progression (%). Scale Creates Structural Advantage
Scenario Analysis

Three-year financial projections.

Two scenarios modeled across identical fee structures and operating assumptions. The sole variable: average asset value.

Year 1
Assets Verified25
Tokenized AUM$375M
Total Revenue$4.57M
Gross Margin74.8%
EBITDA($0.21M)
EBITDA Margin-4.6%
Headcount15 FTEs
Year 2
Assets Verified75
Tokenized AUM$1.8B
Total Revenue$22.64M
Gross Margin87.6%
EBITDA$13.18M
EBITDA Margin58.2%
Headcount30 FTEs
Year 3
Assets Verified150
Tokenized AUM$5.4B
Total Revenue$67.04M
Gross Margin91.8%
EBITDA$49.95M
EBITDA Margin74.5%
Headcount55 FTEs
Tokenized AUM Growth ($M)
EBITDA Trajectory ($M)
Key Findings

Strategic conclusions from the model.

01
Asset value is the single most leveraged variable.
Doubling average asset value from $1.5M to $3M has a larger impact on economics than doubling the number of assets verified. Verification cost is per-asset, not per-dollar.
02
Verification capacity is the primary operational constraint.
The small-asset path requires 50 verification analysts in Year 3 vs. 20 for the large-asset path. processing similar aggregate dollar volume. Automation and tiered review are essential for small-asset economics.
03
Recurring AUM fees are the long-term value driver.
Platform fees on AUM compound annually with retention. By Year 3, the large-asset path generates $27M in platform fees alone. more than the total revenue of the small-asset path in Year 2.
04
Hybrid sourcing balances growth and institutional credibility.
Showcase assets like Cielo Sunrise ($1.1M) serve proof-of-concept and community trust functions. The revenue engine should be built on $10M+ institutional deals where unit economics are immediately profitable.
05
Margin expansion is structural, not cyclical.
The large-asset path reaches 74.5% EBITDA margins in Year 3. This is a direct consequence of fixed verification infrastructure supporting an exponentially growing AUM base. the classic operating leverage curve.
06
The path to profitability is dramatically shorter with large assets.
Large-asset path reaches near-breakeven in Year 1 (−4.6% EBITDA margin) and is solidly profitable in Year 2 (+58.2%). Small-asset path remains unprofitable through all three modeled years.
Fee Structure Reference

Transparent pricing. identical across scenarios.

FEE TYPERATETYPEBASIS
Verification Fee0.50%One-timeAsset value at onboarding
Tokenization Fee0.25%One-timeAsset value at issuance
Platform Fee0.75%RecurringAverage AUM per year
Lending Take Rate1.50%RecurringTotal loan volume originated
Investor Disclosure

These projections are illustrative and based on current fee structures, assumed onboarding velocity, modeled verification capacity, and projected AUM retention rates. Actual results will vary based on market conditions, regulatory environment, competitive dynamics, asset sourcing outcomes, and execution. The sensitivity pro forma presented here models two scenarios across identical fee and cost assumptions. the sole variable is average asset value. Neither scenario constitutes a guarantee of future performance. Abraxas does not provide investment advice. This material is provided for informational and strategic planning purposes only.