Sol Strategies Inc STKE 2026年第三季度财报电话会议纪要

发布时间：2026-08-19 一、AI总结内容 一、核心要点 1. 公司概况：Sol Strategies是首家完全基于Solana区块链的公开交易公司，原交易代码STKE（纳斯达克）、HODL（CSE），近期收购Houdini Swap后，基础设施覆盖超120条区块链，拥有验证、隐私、国库三大互联业务线，2026年6月起按业务线分段报告。 2. 财务与业务表现（截至2026年6月30日的9个月）：6月2026年Solana单价约73美元，若涨20%公司国库将从4800万加元增至超5700万加元；6月30日公司现金及等价物约190万加元，数字资产国库估值约4800万加元；Houdini于6月1日完成收购，仅1个月贡献营收约120万美元、运营利润68.5万美元，利润率60%，符合预期；剔除非现金项目后，6月季度EBITDA亏损超110万美元，6个月运营费用中80%为非现金项（含无形资产摊销及减值约600万美元、数字资产国库重估约650万美元）。 3. 业务线协同：验证业务类似Solana网络的收费站，收取委托质押佣金、MEB分成及交易费，是公司国库增值的低成本渠道；隐私业务Houdini提供跨链隐私执行层，带来独立于Solana价格的新收入来源；国库为生产性抵押品，可通过去中心化金融协议融资，无需出售Solana，实现资本高效管理。 二、投资线索 1. Houdini相关规划：已与超40个钱包集成，将扩展至更多非集成钱包；计划将DarkLake收购的Zika隐私技术融入产品，服务零售及需要合规保密执行的B2B客户；2026年9月季度业绩预期良好，整合无缝；2026年3月2日收购Dark Lake资产及核心团队，其Zika零知识证明技术将应用于Houdini生态，未来将发布具体产品公告。 2. 验证业务进展：Q3 2026所有验证节点100%正常运行，Origin Stake验证节点平均API 5.84%高于网络平均的5.53%，Solana Mobile Seeker验证节点吸引超2.7万个唯一钱包，成为Vanex Solana ETF的唯一质押服务商，获机构认可。 3. 液体质押产品Stake SOL：2026年1月推出，初始获超50万SOL存款，聚合约75个验证节点，支持跨平台使用，质押奖励分层分配，保持流动性。三、风险与关注 1. 加密货币市场波动：加密市场波动性大，公司业务指标可能大幅波动，Solana价格变动直接影响公司国库估值及财务表现。 2. 整合与执行风险：Houdini、Dark Lake等收购后的业务整合需持续推进，后续增长计划（如B2B拓展、产品技术迭代）需执行到位。 3. 监管与行业竞争：区块链行业监管政策存在不确定性，跨链隐私等赛道竞争激烈，需保持技术及业务优势。四、后续关注点 1. 收购管道：正在评估Solana生态及相邻生态的机会，M&A筛选标准为与核心业务的协同性、技术互补性及团队契合度，熊市中收购机会增加，将保持纪律性筛选。 2. 提案投票：对Solana社区提案SIMD 0550（加速通货紧缩）、SIMD 0553（按计算量收取交易费）持支持态度，将投票通过，需关注其对业务模式的长期影响。 二、音频原文（转写） Hey everyone, I'm Steve Ehrlich, Chief StrategyOfficer here at Soul Strategies. Today I'm sitting down with our CEO Michael Hubbard and our CFODoug Harris to walk through where their business stands for the nine-month-end of June thirtieth, two thousand and twenty-six, how our three business lines fit together, and where we're headed from here. Truly excited to do this for the first time and can't wait to share some of the highlights for the June thirtieth, two thousand andtwenty-six quarter. One housekeeping note before we. I want to remind everyone that certain statements on this call contain forward looking statements subject to risks and uncertainties. Actual results may differ materially from these statements. We refer you to our latest press release, MDNA and Cedar Plus filings for detailed riskfactors and assumptions. All dollar amounts arein Canadian dollars unless otherwise noted. Thecompany assumes no significant events occur outside our normal course of business that current trends in the digital assets continue. However, listeners should note that crypto markets are volatile and our business metrics can fluctuate significantly. with that Michael Doug, thanks for doing this. Happy to be here, Steve, and a greatstart to this camera day. Good to be here, Steve. The June quarter was exciting for the companyand brought new energy to our business. Before we talk about the quarter and the future, let's start at the top for anyone new to this story. and sixty seconds What is sole strategies, Michael? Thanks, Eve. We were the first publicly traded company built entirely around the Solana blockchain. Recently, we acquired Houdini Swap, which ex panded our footprint and now we have infrastructure to over 120 blockchains. We trade as STKE onthe NASDAQ and HODL on the CSE, and also tradeon several German exchanges. In the last 2 years, we've built 3 interconnected business lines. Our validator business a privacy business To Sidini and our own corporate treasury, the sole we hold and stake on our own balance sheet. As of this month's recent quarter, we've also started reporting on a segmented basis. that's between ourmeetings office. retiary and are closed takinginfrastructure business. Or think of how much the platform has to be supplied. You mentioned three business lines. Can you walk us through how do you fit together? Absolutely. Each one reinforces others. The vandeyve business It is like running toll booths onthe Solana network. So parties delegate sold us, we charge a commission. on their stake in rewards plus a share of meb and none of that requires us to own the underlying sole. we are one of the largest salon of alabeta operators. which lets us grow our treasury faster and cheaper than if we were just buying salt in the open market. And now with the Dini. we've added a privacy andcross chain execution layer that gives us another revenue stream, its infrastructure. Treasury.and privacy technology, all compounding as a blockchain infrastructure company. Thanks for the foundation, Michael. Let's transition over to thefinancials for a moment. Doug, since we're talking about the 9-month end of June 30, 2026, andMichael just talked about the Solana Treasury, where did the balance sheet and treasury stand? As of June thirtieth. Great questions, Keith. Based on the June 30, 2026, Soul price of about $73 U.S., a 20% increase in the price of Seoul would increase our treasury from $48 million to over $57 million Canadian. That's almost 10 million dollars. Our digital treasury can provide a lotof capital when the markets turn and become bullish. At June 30 of 2026, we