SOL Strategies reports C$1.79 million in Q3 revenue, with Houdini contributing C$1.17 million at a 66% EBITDA margin.
SOL Strategies Inc. (STKE) posted C$1.79 million in operating revenue for the quarter ending June 30, 2026, a 41% decline from C$3.04 million in the same period last year. The drop reflects an 80% year-over-year fall in core staking and validation income to C$622,000, offset by C$1.17 million from the newly acquired Houdini swap aggregator.
Houdini, integrated in June, accounted for 65% of quarterly revenue and delivered a 66% EBITDA margin, reducing reliance on SOL price volatility. The company’s treasury holds 3.4 million SOL, supporting recovery potential with 100% uptime in validation services. STKE’s valuation at 2.6x FY27E revenue compares favorably to peers at 6.6x, signaling rerating potential.
The shift toward a broader blockchain infrastructure platform, including privacy and cross-chain technology, diversifies revenue streams and strengthens B2B monetization.