Sol Strategies . Common Shares Stock Earnings Reports

SOL Strategies launched STKESOL, a liquid staking token (LST) in January, which has quickly attracted significant adoption (over ~675k SOL staked / ~661k SOL TVL) and is integrated across major Solana DeFi protocols. The LST uses an algorithmic delegation across many smaller validators (75) to reduce downtime risk, drives a new recurring revenue stream (5% of pool rewards), and positions the company as an aggregator in the staking stack. Operational metrics improved: Unique Wallets grew 63% to >31,000, Assets Under Delegation rose to 3.3M SOL, and validators maintained ~99.999% uptime with yields above network average. Financially, staking and validation income increased materially (staking income +69% YoY; +120% on a SOL basis), the company expanded its SOL treasury to ~529k SOL, completed a CAD 30M life offering and restructured/retired significant credit facilities post-quarter to strengthen its capital structure. Reported net loss was CAD 11.9M but management says this was dominated by noncash and nonrecurring items (amortization, share-based comp, realized crypto transaction losses), and an adjusted loss was approximately CAD 0.5M; unrealized markdowns on SOL holdings drove balance sheet declines. Management emphasizes a focus on institutional partnerships (VanEck selection), continued organic growth plus M&A opportunities, and execution on building operating infrastructure independent of short-term SOL price volatility.