STKE

• Business Structure & Strategic Fit • Sol Strategies is the first public company built entirely around the Solana blockchain, with three interconnected, mutually reinforcing business lines: Validator infrastructure, privacy-focused cross-chain technology via HoudiniSwap, and an owned Solana corporate treasury. • The recent acquisition of HoudiniSwap expanded the company's infrastructure support to over 120 blockchains, adding a new independent revenue stream that complements the core staking business. • The company has completed 5 acquisitions in under 2 years, each expanding capabilities without diluting the core blockchain infrastructure thesis: OrangeFin, Laine (including Stakewiz analytics), Cogent, Darklake (including Zyga ZK technology), and HoudiniSwap.

• Validator & Liquid Staking Operational Highlights • All Solana validators achieved 100% uptime in Q3 2026; OrangeFin Validator delivered a 5.84% average APY in June 2026, above the Solana network average of 5.53%. • The Solana Mobile Seeker Validator, the default validator for Solana Mobile phones, attracted over 27,000 unique wallets by quarter-end. • The company became the sole staking provider for the VanEck Solana ETF, a key institutional validation of its infrastructure. • STKESOL, the company's liquid staking token launched in January 2026, launched with over 500,000 Sol deposits. It spreads deposits across 75 independent validators via the Stakewiz Wiz Score methodology, remains fully liquid for users, and is integrated across major Solana DeFi platforms. • The core validator business processes over 1 million transactions per day, earning revenue from staking commissions, MEV shares, and network transaction fees.

• HoudiniSwap Acquisition & Integration • Total acquisition consideration was USD 18 million, structured as USD 8.25 million in cash (with a USD 1.25 million 18-month indemnity holdback), USD 5.75 million in seller notes due December 1, 2026, and USD 4 million in common shares (subject to a 4-month hold). An additional earn-out of up to USD 10 million over 2 years is tied to Houdini hitting an annual adjusted EBITDA hurdle of USD 2.5 million. • Cash consideration was financed via DeFi borrowing using the company's Solana treasury as collateral, avoiding selling Sol into a depressed market; the company continues earning yield on the collateral while accessing capital at competitive rates, an example of its capital-efficient treasury management strategy. • HoudiniSwap is a non-custodial privacy-focused cross-chain swap aggregator that routes trades across 120+ blockchains without holding user funds, breaking on-chain transaction links to enable privacy. Over 50% of its historical volume touches Solana, and it currently integrates with 40+ major crypto wallets. • The company acquired Darklake and its proprietary Zyga zero-knowledge technology in April 2026; the Zyga team is integrating its privacy technology into HoudiniSwap to improve product offerings and margins for both retail and B2B users. • Post-closing operational integration of accounting, finance, and operational protocols is complete, and the company is now aligning sales, product development, and revenue strategy across the combined business.

Management did not provide formal quantitative full-year guidance in this call. Qualitative forward-looking statements include:

• Management expects HoudiniSwap to deliver strong growth, noting the September 2026 quarter looks promising following a strong first month of operational and financial performance post-acquisition.
• Management maintains a disciplined M&A pipeline focused on opportunities that expand distribution, add new technical capabilities, and include high-quality teams, with more opportunities available in the current digital asset bear market; the company will continue to pursue strategic acquisitions that fit its structural and cultural criteria, building on its 5-acquisition track record over 2 years.
• Management is focused on expanding HoudiniSwap's wallet and exchange integrations, growing sales channels, and adding new product features to capture the large underaddressed market for crypto-to-crypto cross-chain mobility and institutional privacy needs.
• Management expects HoudiniSwap to maintain a strong, durable margin profile as volume scales, due to low marginal costs and scalable infrastructure.

Sol Strategies reports two core reporting segments: Core Staking Infrastructure (including the Validator business and STKESOL liquid staking) and HoudiniSwap Privacy Business. For the 3 months ended June 30, 2026, HoudiniSwap was only included in results for 1 month post-acquisition closing on June 1, 2026, generating CAD 1.2 million in revenue and CAD 685,000 in operating income, representing a 57.1% revenue contribution share for the month of June and a 57% operating margin. The core staking infrastructure business reports no standalone absolute revenue figures in the call, but after backing out noncash items (intangible amortization, impairment, and digital asset treasury revaluation totaling ~CAD 12.5 million) from total operating expenses of CAD 15.4 million (over 80% of which are noncash), the combined company had an adjusted EBITDA loss of just over CAD 1.1 million for the quarter. As of June 30, 2026, the company's third segment, Owned Corporate Treasury, held digital assets valued at CAD 48 million, with CAD 1.9 million in cash and cash equivalents on the balance sheet.

• The company's financial performance and balance sheet valuation are highly dependent on Solana price volatility, which can cause significant fluctuations in business metrics and the value of the corporate digital asset treasury.
• Crypto markets overall are highly volatile, and the current macroeconomic environment for digital assets has been depressed, which has pressured valuations for the company despite its operational progress.
• Forward-looking statements are inherently subject to risks and uncertainties, and actual results may differ materially from management's expectations. Additional detailed risk factors are available in the company's regulatory filings.

Q: How large is the expansion opportunity for HoudiniSwap's integrations, and how durable is its margin profile as volume scales? / A: Management states Houdini has very scalable technology and operational infrastructure, allowing significant revenue growth with limited incremental expense. Only marketing spending will increase to accelerate growth. The B2B market opportunity is massive, and marginal costs to expand the business remain low, so the strong current margin profile is expected to stay durable as volume grows.

Q: What is management's view on the Solana network governance proposals SIMD-550 and SIMD-0553, and what impact will they have on the business? / A: Management confirms it supports both proposals, which adjust Solana's staking reward disinflation rate and align transaction fees to computing resource use. Management has published additional detailed reasoning on its social media channels and will vote its stake in favor of the proposals.

Q: Does the HoudiniSwap acquisition shift Sol Strategies' long-term strategic direction deeper into broad blockchain infrastructure? / A: Management confirms Houdini accelerates the company's existing strategy as a diversified blockchain infrastructure business. Management notes the market has not yet priced in the value of Houdini's strong margin profile combined with the company's large Solana treasury, and the company is expanding sales teams and funnels to grow the Houdini business.

Q: What are management's most positive forward-looking outlooks for the business? / A: CFO Douglas Harris highlights the strength of the company's combined cross-functional technical, operational, and financial team, and expressed confidence in the team's ability to develop creative growth strategies. CEO Michael Hubbard added that the company has a solid foundation, a strong foothold in the core Solana ecosystem, cross-chain reach, and a talented team, with significant untapped potential as the digital asset economy grows.