Fabric.AI, Inc.

What they do

Fabric.AI is developing the Neural I/o chip, a MicroLED-based optical interconnect intended to replace electrical links for GPU-to-GPU communication in AI data centers, under a Joint Development and License Agreement with Kopin Corporation. It has no revenue from semiconductor operations to date and is a development-stage company. Until April 2026 it operated as StableX Technologies, managing digital assets and marketable securities, and before that as AYRO, a compact electric vehicle maker.

Revenue drivers

• Semiconductor operations — No revenue has been generated from semiconductor operations to date; the Neural I/o chip remains under development with Kopin.
• Digital asset treasury — The prior strategy targeted up to $100 million in crypto assets, acquiring tokens such as FLUID, LINK and INJ, intended to generate value through capital appreciation; the company reported no revenue for 2025.
• Legacy electric vehicle business — Historically designed and manufactured compact electric vehicles; annual revenue fell from $1.6 million in 2020 to $63,777 in 2024 and to nil in the most recent year.

Recent performance

The company reported no revenue for the year ended December 31, 2025, versus revenue of $63,777 in 2024 and $3.0 million in 2022. Net income was $21.1 million in 2025 and $1.8 million in 2024, following net losses in earlier periods. Operating cash flow was negative $7.7 million in 2025, an improvement from negative $13.3 million in 2024. As of June 30, 2026, total assets were $49.7 million, total liabilities $21.4 million, shareholder equity $11.2 million and cash and equivalents $3.6 million. The most recent quarterly revenue reported was $5,426 for the period ended September 30, 2024.

Strategy

In April 2026 the company changed its name to Fabric.AI, Inc., moved its Nasdaq ticker from SBLX to FABC, and commenced a transition to designing fabless semiconductor technologies for AI data center infrastructure. Its near-term focus is the Neural I/o chip being developed with Kopin, which the company describes as the only company currently capable of producing programmable MicroLEDs, with shared intellectual property from the partnership. It intends to expand into additional system-critical semiconductor technologies over time. The company says it is in preliminary discussions with leading AI and hyperscale technology companies and has entered non-disclosure agreements with two chipmakers, with no assurance of definitive agreements or revenue.

Risks

• No revenue and history of losses — The company generated no revenue in 2025, has incurred a net loss each year since inception in 2016, and had an accumulated deficit of approximately $139 million as of December 31, 2025.
• Development-stage product — The Neural I/o chip is unproven, has not been commercialized, and there is no assurance of successful development or market acceptance.
• Reliance on Kopin collaboration — The initial MicroLED interconnect technology depends on a joint development and license agreement with Kopin and on Kopin's claimed programmable MicroLED capability.
• Nasdaq listing and capital needs — The company cites possible failure to meet Nasdaq Capital Market continued listing requirements and may need costly or dilutive additional capital, with existing preferred stock and warrants containing anti-dilution and adjustment provisions.

Outlook

Management states the company is a development-stage fabless semiconductor company with no semiconductor revenue to date and gives no guidance on when revenue may begin. It intends to develop and commercialize the Neural I/o chip with Kopin, pursue preliminary customer discussions with AI and hyperscale companies, and expand into additional system-critical semiconductor technologies. Any revenue depends on successful development, commercialization and market acceptance, of which there is no assurance.