SRX Global is no longer a specialty-pharmacy story and is not yet a proven digital-asset allocator. The June close of the EMJX platform deal, the mid-June name change, and a midsummer reverse split recast a North Palm Beach holdco around an artificial-intelligence overlay while Halo, the leftover premium pet brand, still supplies essentially all product sales. What changed is the residual claim: equity now sits on a cash-heavy, debt-free balance sheet whose stated net asset value sits well above the tape. The investment debate is whether that gap is a temporary listing scar or the market's verdict that the new platform is an accounting asset without an operating track record.
Halo net sales reached $3.4 million in the fiscal third quarter. Gross profit recovered to $0.9 million after fill rates improved. That operational repair is real and still too small to carry the public-company cost base. Continuing operations still posted a $4.1 million net loss, and nine-month cash used in operations ran well ahead of Halo's quarterly gross profit. The financing side, not the pet aisle, rebuilt liquidity. Equity issuance filled the till after the Canadian pharmacy subsidiary entered creditor protection last year.
Management publishes a mid-year net asset value of $3.22 per share against a tape near $1.70. The spread between those two figures is the entire investment setup for common holders. The next several quarters resolve whether EMJX leaves paper trading and whether Halo's Prime Day bounce covers a still-heavy overhead, or whether post-quarter preferred paper and short-dated biotech notes recycle the cash that currently props the discount.