STKE reported C$1.79 million in operating revenue for Q3 FY26 (quarter ending June 30, 2026), a 41% year-over-year decrease from C$3.04 million. However, the company's revenue composition materially changed following the June 1 closing of its Houdini acquisition. Houdini contributed C$1.17 million in revenue from just one month of ownership, representing approximately 65% of quarterly operating revenue, and C$768,000 in EBITDA at a 66% margin. Meanwhile, core staking and validation income fell 80% year-over-year to C$622,000. This shift indicates STKE's evolution towards a broader blockchain infrastructure platform, adding SOL-price-independent transaction revenue alongside validator infrastructure and its SOL treasury.