Good day, everyone. Welcome to the SOL Strategies Fiscal First Quarter Ended December 31st, 2025 Earnings Conference Call. [Operator Instructions] On the call today is Mr. Michael Hubbard, Interim Chief Executive Officer; Mr. Doug Harris, Chief Financial Officer; and Mr. Max Kaplan, Chief Technology Officer. At this time, I would like to turn the conference over to Mr. John Ragozzino with ICR. Mr. Ragzzino, please go ahead, sir.

Good afternoon, and thanks for joining SOL Strategies Fiscal First Quarter 2026 Earnings Conference Call. Before we begin, 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, MD&A and SEDAR+ filings for detailed risk factors and assumptions. All dollar amounts are in Canadian dollars unless otherwise noted. The company assumes no significant events occur outside our normal course of business and that current trends in the digital assets marketplace continue. However, listeners should note that crypto markets are volatile and that our business metrics can fluctuate significantly. With that, let me turn it over to Michael Hubbard, SOL Strategies, Interim CEO.

Thanks, John. Good afternoon, everyone. I want to start with our most significant development. In January, we launched STKESOL, our Liquid Staking Token, commonly referred to as an LST. This is a major strategic milestone that fundamentally expands what SOL Strategies offers to the market. How it works? When SOL holders stake through our protocol, they receive STKESOL, a receipt token, representing a stake position that continues to earn accrued staking rewards. That token can be held, traded, used as collateral and DeFi applications or deployed for additional yield opportunities, all while the underlying SOL continues earning staking rewards. What is unique about STKESOL, is that when it allocates SOL across validators, it uses our own stake with score, which intelligently allocates SOL across validators based on performance, security and decentralization metrics. This moves us from being a player in the arena with other validators into an aggregator role, advancing decentralization by supporting dozens of vital smaller validators that help keep Solana safe, all while providing a new revenue stream to the company. LSTs solve several problems in the staking market. First, native Solana token staking, locks tokens with roughly 2-day unstaking periods, limiting liquidity. Second, stakers traditionally must choose between earning yield and capital deployment. Our LST eliminates that choice. Holders maintain full exposure to staking economics while preserving liquidity through a tradable receipt token that appreciates to reflect accumulated rewards. Third, staking to a single validator carries risk of lost rewards if that validator experiences downtime. Our LST delegates to dozens of validators, significantly reducing the risk of a single validator's failure. Lastly, LSTs carry significant tax advantages for holders as they don't own new tokens every few days from staking rewards, instead experiencing a gradual increase in their exchange rate back to SOL, resulting in long-term capital…

Thanks, Michael. As Michael said, Q1 marked an exciting quarter for us with the launch of STKESOL, one of our flagship new staking products. STKESOL is a liquid staking token, giving users more optionality into how they want to stake with us. In just a short period of time, STKESOL has grown to 661,000 SOL in TVL, total value locked and integrated into every blue-chip Solana DeFi protocol. One of the most unique parts is STKESOL is our algorithmic delegation strategy, which picks which validator to pool stakes with based on a number of key metrics and also spread downtime risks across 75 validators. With native staking, if a validator goes down, the staker loses out on potential rewards. By staking across 75 validators, if any single validator goes down, the risk is greatly minimized, providing stakers more assurances about their returns. For managing and developing the infrastructure for the pool, SOL Strategies takes 5% of the rewards the pool generates, making -- marking a new revenue stream for the company, which is quite exciting. We have a lot more planned for the future that I'm excited to launch. With that, I'll hand it over to Doug to discuss our financials.

Thank you, Max. Good afternoon, everyone. I'd like to walk you through the financial results for the 3 months ended December 31st, 2025, and provide some important context around the numbers. Keep in mind that the following discussion includes non-GAAP financial measures. Please refer to our MD&A for more information. The key takeaway from our results are that our staking income grew 69% year-over-year, 120% on a SOL basis. Our SOL treasury expanded to approximately 529,000 tokens. Our reported loss is dominated by noncash items, and our capital structure was strengthened through the post-quarter retirements of the unsecured credit facility. Total staking and validation income reached CAD 2.1 million, up 69% from CAD 1.2 million in Q1 fiscal 2025, consisting of CAD 1.6 million in staking rewards on our SOL Holdings and 471,000 in net validation service income from third-party delegators. On a SOL basis, rewards were up 120% year-over-year, with the difference from the COT figure attributable to the decline in the average SOL price and the strengthening Canadian dollar. Reported net loss was CAD 11.9 million compared to net income of CAD 3.2 million in the prior year's period. Adding back noncash and nonrecurring items, amortization of CAD 2.4 million, share-based compensation of CAD 1.3 million, noncash interest and accretion of CAD 1.2 million, realized cryptocurrency transaction losses of CAD 6 million. Note that these are primarily related to coin-to-coin swaps that are required to be recognized as a disposition by IFRS accounting standards and nonrecurring legal expenses of CAD 475,000 produced total add-backs of approximately CAD 10.9 million and an adjusted loss of approximately CAD 500,000. Below the net loss line, other comprehensive loss included a CAD 53.5 million unrealized markdown on our cryptocurrency holdings reflecting the decline in SOL price from approximately CAD 290 at September…

Thanks, team. Let me wrap up with where we're headed. Q1 proved institutional Solana adoption isn't slowing down. VanEck was the validation, 105% growth in Unique Wallets [indiscernible] proof. The STKESOL launch opened the next chapter. But here's what matters most. We're still early. Most institutional capital hasn't moved on chain yet. Most traditional finance firms are still evaluating whether the blockchain infrastructure is real. When they decide it is and they will, they need partners who deliver institutional-grade compliance, performance and reliability. That's us. That's our position. That's where we're building. We're not a passive treasury vehicle hoping for token appreciation. We're an operating company generating recurring revenue from critical infrastructure while holding strategic exposure to the asset powering that infrastructure. The next 12 months will see more ETF launches, more institutional custody integrations, more traditional finance service building on Solana. We intend to capture our share. To our shareholders, Q1 was about execution. The remainder of fiscal '26 will be about acceleration. We have the right strategy, the right team and the right positioning. We look forward to sharing some of our M&A developments in the near future. With that, operator, let's open it up for questions.

[Operator Instructions] And we'll go first this afternoon to John Roy with Water Tower Research.

So Michael, I'm curious if you can give us any more color on your M&A thoughts, maybe the type of acquisitions you're looking at. I mean we're trying to get an idea of what you see might be coming in the future.

Absolutely. Thanks, John. So we're looking at a few different opportunities, and we're very actively involved in evaluating options at the moment. So we have a strong pipeline and a few different paths we can go down. We're looking at opportunities that both involve larger scale, more developed businesses that have strong existing revenue that are in the infrastructure space or in the product space in the Solana ecosystem. But we're also evaluating opportunities that are smaller teams that have very big -- very strong promise that have a really strong team that we think will be accretive to our internal engineering teams. And business teams, but also that are building exciting technology that we think will fit in and slot in with [indiscernible]..

Great. And kind of maybe switching gears just a little bit. The LST, I'm kind of really trying to think about how it fits in your existing staking business. Is it really going to compete with the native validation business? And any kind of revenue expectations you might have longer term?

Absolutely. So when we think about the staking market, it's sort of like a layer cake, where you've got the validators right at the bottom and then you've got the stakers at the top. And over the last 2 or 3 years, we've seen this middle layer evolve, which is the liquid staking market. And that market is growing consistently. We've seen over the last 2 years, it's grown from basically 0 to now I think it's about 15%, 17% of the total market -- total staking market on Solana. Now what's very important is that liquid staking acts as kind of an aggregator above the validator layer. So there's an important market, important use case for native staking, which is taking directly to the validators. It provides you with the ability to choose your validator to have a relationship with that validator, if you want, which is important for institutions. And with liquid staking, you get the other side, which is where you have a token that you can hold in your wallet, you can deploy it in DeFi, you can potentially collateralize it. You might have some tax advantages depending on your jurisdiction, obviously, check with the tax adviser. This is not tax advice. But liquid staking gives you that flexibility. And what it means for us is that rather than competing with our validators where we're really serving a different segment of the staking market, we're stepping into that aggregator role where now we are providing the ability for liquid staking users to get exposure to dozens of different validators, and we're acting as an intermediary that is helping secure the network, supporting dozens of validators based on our algorithmic scoring. So we're really focused on smaller validators with good track records. We're using 120,000 data points, evaluating every single validator that we delegate to. So with that, we're really trying to improve the network and offer a unique use case to those liquid staking users. And sorry, just on the revenue front, you can think of it similar to operating an additional validator. We charge a 5% fee on all of the rewards that the liquid staking protocol generates. So all of the SOL people deposit generates staking rewards, we charge a 5% fee on that. So that's kind of similar to running a validator with a 5% commission. The difference being here that we're sitting at that intermediary aggregation layer.

[Operator Instructions] Mr. Hubbard, I'd like to turn things back to you, sir, for any closing comments.

Thank you all for joining us today. We're extremely excited about the future of global finance on Solana, and we continue to work diligently to capture that upside. I think the reports really speak for themselves. Year-over-year, we're seeing good growth. Our validate and staking business is maturing. Additional verticals have come in now with the liquid staking and the institutional partnerships. So we're on a strong footing and we're excited for the year ahead. With that, we end our Earnings Call today, and I thank you all for joining.

Thank you, gentlemen. And again, ladies and gentlemen, that will conclude the SOL Strategies Fiscal First Quarter Earnings Conference Call. Again, thank you all so much for joining us today, and we wish you all a great evening. Goodbye.