Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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Equity Bottom-Up

<ul><li>Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CBOE-CA: HODL) announced its FY25 earnings, with revenue of C$14.5 million, up 36.7% Y/Y on December 31, 2025. </li><li>The company reported FY25 adjusted EBITDA of ~C$4.2 million, down from C$9.5 million in FY24. FY25 revenue from validator and staking rewards was C$10.2 million compared with C$0.3 million in the previous year, showing the transition to the infrastructure model. </li><li>Of that, C$5.4 million was validator rewards, which shows the value of the delegation business and owning your own validators.</li></ul>

Solana technology pioneer SOL Strategies, Inc. (NASDAQ: STKE, CBOE-CA: HODL) announced its FY25 earnings, with revenue of C$14.5 million, up 36.7% Y/Y on December 31, 2025. The company reported FY25 adjusted EBITDA of ~C$4.2 million, down from C$9.5 million in FY24. FY25 revenue from validator and staking rewards was C$10.2 million compared with C$0.3 million in the previous year, showing the transition to the infrastructure model. Of that, C$5.4 million was validator rewards, which shows the value of the delegation business and owning your own validators.

STKE: FY25 Earnings Show Strong Revenue Growth; Up 37% Y/Y - January 5, 2026

Sol Strategies

STKE: FY25 Earnings Show Strong Revenue Growth; Up 37% Y/Y - January 5, 2026