SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) has released preliminary, unaudited financial results for its fiscal fourth quarter ended September 30, 2026, reporting total revenue of approximately $4.0 million CAD. The results mark the first full quarter of operations for wholly-owned subsidiary Houdini Swap, which the company acquired on June 1, 2026. Houdini contributed approximately $3.4 million CAD of that revenue on transaction volume of approximately $326 million CAD, representing a 56% EBITDA margin. Investors may be watching whether audited results, expected by December 29, 2026, confirm these preliminary figures.

Key Points

  • SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) is a Toronto-based digital asset infrastructure company
  • Preliminary, unaudited Q4 fiscal 2026 total revenue of approximately $4.0 million CAD, with Houdini Swap contributing approximately $3.4 million CAD in swap aggregator fees
  • Houdini EBITDA of approximately $1.9 million CAD on volume of approximately $326 million CAD; monthly swap volume grew 37% from June to September 2026
  • Audited annual financial statements expected on or before December 29, 2026; preliminary figures are subject to change

Houdini Swap Delivers 56% EBITDA Margin in Debut Quarter Under SOL Strategies

Houdini Swap, a non-custodial, privacy-focused cross-chain swap aggregator, generated approximately $3.4 million CAD in swap aggregator fees and approximately $1.9 million CAD in EBITDA during the quarter, representing an EBITDA margin of approximately 56%. Total comprehensive income for Houdini, which includes income taxes and amortization, was approximately $1.0 million CAD. The company stated that monthly swap volume increased 37% from June to September 2026, with new distribution partnerships cited as a contributing factor to that growth.

Solana Treasury and Validator Operations Round Out SOL Strategies' Q4 Revenue Mix

Beyond Houdini, SOL Strategies reported staking rewards of approximately $410,000 CAD and validation service income of approximately $215,000 CAD for the quarter. The company held approximately 465,000 SOL, valued at approximately $77.9 million CAD, in its treasury as of September 30, 2026. Assets under delegation stood at approximately 3.56 million SOL, equivalent to approximately $596 million CAD. These figures reflect the company's continued operation of Solana staking infrastructure alongside its newly expanded privacy technology segment.

CEO Michael Hubbard Highlights Diversified Business Model Ahead of Fiscal 2027

CEO Michael Hubbard commented in the release that the quarterly results demonstrate "the value of our broader, more diversified business with the addition of Houdini," pointing to its EBITDA margin and volume growth as evidence of operational progress. Hubbard noted that business development efforts are "beginning to show value" through new Houdini distribution partners. The company stated it expects to file audited annual consolidated financial statements and management's discussion and analysis for the fiscal year ended September 30, 2026, on or before December 29, 2026.