SOL Strategies Reports Financial Results for Fiscal Second Quarter 2026

Rhea-AI Summary

SOL Strategies (NASDAQ: STKE) reported fiscal Q2 2026 results for the quarter ended March 31, 2026.

Total staking and validation revenue was 9,171 SOL (CAD $1,147,432), down 6% in SOL and 45% in CAD versus Q1, mainly from SOL price changes.

Assets under Delegation rose 15% to 3.8 million SOL (CAD $453 million), with validators at 100% uptime and peak APY of 6.08% versus the 5.74% Solana network average.

Total SOL holdings reached about 524,000 SOL (CAD $60.6 million), and the company served over 34,000 unique wallets. Management will discuss the results on a webcast and conference call on May 18, 2026, at 4:30 PM EST.

Positive

• Assets under Delegation up 15% to 3.8 million SOL (CAD $453M)
• Staking rewards of 5,650 SOL and validator rewards of 3,521 SOL
• Validators maintained 100% uptime with 6.08% peak APY above 5.74% network average
• Total SOL holdings increased to approximately 524,000 SOL
• More than 34,000 unique wallets served across the validator network

Negative

• Staking and validation revenue down 6% QoQ to 9,171 SOL
• CAD staking and validation revenue down 45% QoQ to $1,147,432
• Quarter-over-quarter CAD revenue decline of $954,186 driven by SOL price
• CAD value of SOL holdings declined from $126.4M to $60.6M

News Market Reaction – STKE

-14.29%

17 alerts

-14.29% Session close to close

-12.5% Trough in 6 hr 11 min

$70.45M Market Cap

0.7x Rel. Volume

In the May 18 session, STKE declined 14.29%, reflecting a significant negative market reaction. Argus tracked a trough of -12.5% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -14.3% in the session following this news. The decline reflects sensitivity to CAD...

Analysis

The stock dropped -14.3% in the session following this news. The decline reflects sensitivity to CAD-denominated results, which fell 45% versus the prior quarter despite SOL-based volume growth. Historically, earnings updates moved the stock by an average of 1.84%, so a sharper pullback may highlight concern over the reported C$101.7M net loss and low C$0.37M cash balance. Investors may also weigh dependence on financing tools like unit offerings, at-the-market programs, and a cryptocurrency-backed credit facility.

Key Figures

Q2 staking & validation revenue: 9,171 SOL (CAD$1,147,432) Prior-quarter staking revenue: 9,787 SOL Assets under delegation: 3.8M SOL (CAD$453M) +5 more

8 metrics

Q2 staking & validation revenue 9,171 SOL (CAD$1,147,432) Quarter ended March 31, 2026; down 6% SOL and CAD$954,186 or 45% vs prior quarter

Prior-quarter staking revenue 9,787 SOL Quarter ended December 31, 2025; basis for 6% sequential decline

Assets under delegation 3.8M SOL (CAD$453M) As of March 31, 2026; up 15% from 3.3M SOL at Dec 31, 2025

Total SOL holdings ≈524,000 SOL (CAD$60.6M) As of March 31, 2026; up from 435,159 SOL (CAD$126.4M) at Sept 30, 2025

Validator APY 6.08% vs 5.74% Peak APY above Solana network average during quarter ended March 31, 2026

Net loss (six months) C$101.7M (C$3.43/share) Unaudited IFRS interim results for six months ended March 31, 2026

Digital asset revaluation loss C$56.5M Loss on digital asset revaluation in six months ended March 31, 2026

Cash and equity position C$0.37M cash; C$40.8M equity As of March 31, 2026 per Form 6-K

Previous Earnings Reports

2 past events · Latest: Feb 18 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 18	Q1 2026 earnings	Positive	+5.6%	Strong YoY growth in staking and validation revenue and SOL holdings.
Dec 31	FY 2025 results	Neutral	-1.9%	Full-year revenue growth with weaker adjusted EBITDA and mixed market reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings-related headlines previously showed modestly positive average moves of 1.84%, so today’s double-digit decline marks a weaker-than-usual reaction to this type of update.

Recent Company History

Recent history shows SOL Strategies using earnings and corporate updates to highlight rapid growth in Solana-linked assets and revenues. FY2025 results reported CAD$14.5M revenue and strong growth in staking and validator rewards. Q1 FY2026 earnings noted CAD$2.1M staking and validation revenue and substantial SOL holdings. Today’s Q2 FY2026 release contrasts that growth narrative with a 45% CAD revenue drop versus the prior quarter, even as assets under delegation and total SOL holdings continue to expand.

Key Terms

assets under delegation, apy, ifrs, impairment, +4 more

8 terms

assets under delegation financial

"Assets under Delegation grew to 3.8 million SOL (CAD$453 million)..."

Assets under delegation are investments or financial holdings that an investor has entrusted to a professional manager or firm to handle on their behalf. This arrangement allows the investor to benefit from expert management without actively overseeing the assets themselves, similar to hiring a trusted advisor to manage your investments. It matters because it influences how the assets are managed, risks are handled, and potential returns are generated.

apy financial

"...with validators maintaining 100% uptime and a peak APY of 6.08%..."

APY, or Annual Percentage Yield, shows how much money an investment or savings account can earn in a year, taking into account both the interest rate and how often that interest is added. Think of it like a snowball growing as it rolls downhill: the more frequently the snowball gains new snow, the faster it gets bigger. For investors, APY helps compare different options to see which one offers the best return over time.

View in glossary

ifrs financial

"filed a Form 6-K with unaudited IFRS interim results for the six months..."

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

impairment financial

"...and a C$12.1M impairment on validator-related intangible assets."

Impairment occurs when the value of an asset, such as property, equipment, or investments, drops below its recorded worth on the books. This situation signals that the asset may be less valuable than originally thought, similar to discovering that an item you own is worth less than what you paid for it. For investors, recognizing impairment is important because it can affect the overall financial health and future prospects of a business.

at-the-market share program financial

"...and an at-the-market share program raising C$2.1M..."

An at-the-market (ATM) share program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than all at once in a single offering. For investors this matters because it provides the company with a flexible, ongoing way to raise cash — like turning a tap on and off — which can dilute existing ownership gradually and may put downward pressure on the stock if large volumes are sold.

convertible debentures financial

"it continues to rely on convertible debentures and a cryptocurrency-backed..."

Convertible debentures are loans a company issues that pay interest like a bond but can be swapped later for the company’s shares at a set price. For investors they act like a safety-net plus a shortcut: you get regular interest payments while retaining the option to join ownership if the share price rises, which offers upside potential but can dilute existing shareholders if conversion occurs.

credit facility financial

"...and a cryptocurrency-backed Kamino credit facility, which had C$9.5M outstanding."

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

internal control over financial reporting financial

"Management concluded that internal control over financial reporting was not effective..."

Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Toronto, Ontario--(Newsfile Corp. - May 18, 2026) - SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) ("SOL Strategies" or the "Company"), one of the first publicly traded companies dedicated to growing and building the Solana Economy, has announced it released its financial results for the quarter ended March 31, 2026. The Company will host a webcast and conference call later today, May 18, 2026 at 4:30pm EST.

The Company's financial statements and management discussion & analysis are available on SEDAR+ at www.sedarplus.ca.

Financial Highlights for the Second Quarter Ended March 31, 2026:

• Total staking and validation revenue of 9,171, with staking rewards of 5,650 SOL and validator rewards of 3,521 SOL. Down 6% compared to the quarter ended 31 December 2025 during which the company generated 9,787 SOL in staking and validation revenue. In CAD this translates to CAD $1,147,432 the quarter, down CAD $954,186 or 45% from the quarter ended December 31, 2025, driven primarily by a change in the price of SOL.
• Assets under Delegation grew to 3.8 million SOL (CAD$453 million) as of March 31, 2026, up 15% from 3.3 million SOL at December 31, 2025, with validators maintaining 100% uptime and a peak APY of 6.08%, above the Solana network average of 5.74%.
• Total SOL holdings of approximately 524,000 SOL (CAD $60.6 million) as of March 31, 2026, compared to 435,159SOL (CAD $126.4 million million) at September 30, 2025, with the Company serving more than 34,000 unique wallets across its validator network at quarter-end.

Financial Results Webcast and Conference Call:

The Company will host a webcast and conference call to discuss these financial results today, Monday, May 18, 2026 at 4:30pm EST. To register to participate in the conference call, please use the dial-in instructions or webcast link below. The webcast will also be available for replay via the investor relations section of the Company's website https://solstrategies.io/investors/.

Event: SOL Strategies, Inc. Q2 2026 Financial Results Webcast and Conference Call
Webcast Date: Monday, May 18, 2026, at 4:30 PM EST
Live Call: (800) 274-8461 (U.S.) or (203) 518-9814 (International), Conference ID: SOLQ226
Webcast Link: SOL Strategies Q22026 Earnings

CEO Michael Hubbard, CFO Doug Harris, and CSO Steve Ehrlich will host the live webcast and conference call to review the results and answer questions. Investors, analysts, and stakeholders are encouraged to attend the call to hear more about the Company's recent milestones and growth outlook. A replay will be available shortly after the event at https://solstrategies.io/investor-relations.

About SOL Strategies

SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) is a Canadian investment company that operates at the forefront of blockchain innovation. Specializing in the Solana ecosystem, the company provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications.

To learn more about SOL Strategies, please visit www.solstrategies.io. A copy of this news release and all the Company's related material documents regarding the Company may be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

Investor Contact:
Doug Harris, Chief Financial Officer, 416-480-2488
John Ragozzino, CFA, solstrategies@icrinc.com, 203-682-8284

Media Contact: solstrategies@scrib3.co

Cautionary Note Regarding Forward-Looking Information:

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements and information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Company's or the Company's management team's expectations, hopes, beliefs, intentions or strategies regarding the future, and expectations regarding the characteristics, value drivers, and anticipated benefits of the Company's business plans and operations related thereto. Forward-looking information can also be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".

Forward-looking statements in this news release include statements regarding the Company's fiscal second quarter 2026 financial results, the planned May 18, 2026 investor webcast and conference call, and the expected impact of the Company's financing activities and operational growth on its long-term objectives. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.

The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates, and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.

Disclaimer:

SOL Strategies is an independent organization in the Solana ecosystem. SOL Strategies is not affiliated with, owned by, or under common control with Solana Foundation (the "Foundation"), and the Foundation has not entered into any association, partnership, joint venture, employee, or agency relationship with SOL Strategies.

None of the Foundation or its council members, officers, agents or make any representations or warranties, recommendations, endorsements or promises with respect to the accuracy of any statements made, information provided, or action taken by SOL Strategies and expressly disclaim any and all liability arising from or related to any such statements, information or action.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/297765

FAQ

What were SOL Strategies (NASDAQ: STKE) Q2 2026 staking and validation revenues?

SOL Strategies reported Q2 2026 staking and validation revenue of 9,171 SOL, equal to CAD $1,147,432. According to SOL Strategies, this was down 6% in SOL and 45% in CAD from the prior quarter, mainly due to changes in SOL price.

How did SOL Strategies' Assets under Delegation change in Q2 2026 (STKE)?

Assets under Delegation increased to 3.8 million SOL, or about CAD $453 million. According to SOL Strategies, this represented a 15% rise from 3.3 million SOL at December 31, 2025, highlighting growth in delegated capital on its validator network.

What were SOL Strategies' total SOL holdings as of March 31, 2026?

SOL Strategies held approximately 524,000 SOL, valued at about CAD $60.6 million as of March 31, 2026. According to SOL Strategies, this compares with 435,159 SOL valued at CAD $126.4 million as of September 30, 2025, reflecting unit growth but lower token prices.

How did SOL Strategies' validator performance compare to the Solana network average in Q2 2026?

SOL Strategies reported validator 100% uptime and a peak APY of 6.08%. According to SOL Strategies, this peak APY was above the Solana network average of 5.74%, suggesting competitive validator performance for stakers on its network.

How many wallets did SOL Strategies serve across its validator network in Q2 2026?

SOL Strategies served more than 34,000 unique wallets across its validator network by quarter-end. According to SOL Strategies, this wallet count reflects the breadth of its staking client base within the Solana ecosystem as of March 31, 2026.

When is the SOL Strategies Q2 2026 earnings webcast and how can STKE investors join?

The Q2 2026 webcast and conference call take place on May 18, 2026 at 4:30 PM EST. According to SOL Strategies, investors can join via the listed U.S. and international dial-in numbers or through the webcast link on its investor relations website.

Did SOL Strategies report changes in CAD-denominated revenue for Q2 2026?

Yes, CAD staking and validation revenue was $1,147,432, down CAD $954,186 from the prior quarter. According to SOL Strategies, this represented a 45% decline, primarily attributed to changes in the market price of SOL during the period.