Sol Strategies (HODL) Q3 2025 earnings summary

Executive summary

• Fiscal Q3 2025 marked a transformative period, with SOL Strategies surpassing CAD 1 billion in delegated SOL and over 7,000 unique wallets staking to its validators, reflecting strong institutional and retail trust.

• The company’s DAT++ model, combining staking yields and validator revenue, enabled organic treasury compounding at approximately 16% annually, outpacing peers.

• Strategic partnerships with industry leaders, including ARK Invest, BitGo, and Solana Mobile, reinforced its position as an institutional-grade infrastructure provider.

• Progress continued on NASDAQ uplisting, with stock consolidation and shelf registration completed, enhancing capital flexibility and market visibility.

Financial highlights

• Generated over CAD 3 million in staking and validator income for the quarter ended June 30, 2025.

• Reported comprehensive income of approximately CAD 900,000, despite incurring CAD 900,000 in legal fees and CAD 2.4 million in transaction costs related to NASDAQ listing and financings.

• Adjusted EBITDA was CAD 800,000, excluding CAD 4 million amortization, CAD 2.4 million non-recurring costs, and CAD 1.8 million stock-based compensation.

• Solana treasury increased to over CAD 90 million from CAD 48 million last quarter; total assets rose to CAD 164 million, liabilities to CAD 62 million, mainly due to convertible debentures.

Outlook and guidance

• Expects continued revenue growth as both treasury and third-party delegation businesses scale, with further upside from Solana price appreciation.

• Anticipates significant opportunity to enhance treasury yield through active management and financial tools.

• Confident in DAT++ strategy to drive long-term value creation and leadership in institutional blockchain adoption.