Sol Strategies (HODL) Q1 2025 earnings summary

Executive summary

• Achieved total comprehensive income of CAD 7.8 million for Q1 2025, up from CAD 6.9 million year-over-year.

• Transitioned to a technology-driven company focused exclusively on Solana's blockchain.

• Expanded validator network and secured major institutional partnerships, including as staking provider for 3iQ's upcoming Solana ETF.

• Initiated process to uplist to Nasdaq and upgraded OTC ticker to QX.

Financial highlights

• Realized gain on cryptocurrency dispositions of CAD 4.4 million, up from nil year-over-year.

• Staking and validating income reached CAD 1.25 million, also up from nil.

• Operating expenses rose to CAD 1.3 million, mainly due to higher stock-based compensation and professional fees.

• Net income was CAD 2.2 million, with other comprehensive income of CAD 4.6 million from unrealized crypto gains.

• Cash and crypto holdings valued at CAD 38.6 million at quarter-end, up from CAD 25.6 million at prior fiscal year-end.

Outlook and guidance

• Expect continued growth in staking and validating income, especially with Orangefin assets contributing in Q2 2025.

• Anticipate further institutional adoption and expansion in ETF-related business lines.

• Optimistic about Nasdaq uplisting, with process underway and new auditor appointed.