Solana Company Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Solana Company (NASDAQ: HSDT) reported Q4 and full-year 2025 results on March 30, 2026, following launch of a digital asset treasury (DAT) in September 2025. Q4 revenue was $5.2M driven by $5.1M staking rewards; full-year revenue was $6.0M with $5.5M staking rewards. The company recognized large non-cash digital asset impairments and derivative valuation gains, reported a 2025 net loss of $40.9M, held $7.3M cash and $293.7M digital assets at year-end, raised $29.9M from ATM programs in 2025, and repurchased $3.4M of common stock in 2026 to date.
Positive
- Staking rewards of $5.1M in Q4 2025
- Full-year staking rewards of $5.5M in 2025
- Digital assets at fair value of $293.7M at 12/31/2025
- Raised $29.9M via ATM programs in 2025
- Share repurchases totaling $3.4M in 2026
Negative
- Total operating expenses of $249.4M for full-year 2025
- Unrealized digital asset loss of $178.3M recorded in Q4 2025
- Loss from operations of $243.8M for full-year 2025
- Net loss of $40.9M for full-year 2025
News Market Reaction – HSDT
In the Mar 31 session, HSDT declined 6.99%, reflecting a notable negative market reaction. Argus tracked a peak move of +39.5% during that session. Argus tracked a trough of -17.0% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Crypto,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 18 | Earnings results | Negative | -6.0% | Q3 2025 results with large losses and Solana treasury ramp-up. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Prior crypto/earnings results in Q3 2025 saw a negative 6% reaction, indicating the market has been cautious around Solana-linked earnings events.
Over the last few quarters, HSDT transformed into a Solana-focused digital asset treasury, backed by large PIPE and warrant financings that sharply expanded its balance sheet and share count. Q3 2025 earnings showed modest revenue of $697,000 but heavy operating expenses of $36.0M and a net loss of $352.8M, which coincided with a -6% price move. Since then, the company has advanced Solana infrastructure initiatives and capital markets tools, and today’s Q4/FY 2025 results update those dynamics with larger staking revenues but substantial non-cash digital asset volatility.
Key Terms
digital asset treasury financial
staking rewards technical
atm programs financial
derivative liability financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
NEWTOWN, Pa., March 30, 2026 (GLOBE NEWSWIRE) -- Solana Company (NASDAQ: HSDT) (the “Company” or “HSDT”), a publicly listed company that has expanded its business to include a digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”), today announced results for the quarter and full year ended December 31, 2025.
Fourth Quarter and Full Year Recent Business Updates
- Generated
$5.1 million in staking rewards in the fourth quarter of 2025 and$5.5 million for the full year, as substantially all SOL holdings were staked throughout the period - Raised
$29.9 million in 2025 through the Company’s ATM programs, with proceeds used primarily to purchase SOL on an net asset value (“NAV”)/share accretive basis - Repurchased
$3.4 million of common stock in 2026, funded primarily through the sale of SOL, while NAV/share accretive to do so - Adopted share repurchase program, initiating share repurchases totaling
$3.4 million to-date in 2026 - The Company continues to evaluate a broad range of capital actions, including equity and debt financings, that are accretive to shareholder value
- The Company, together with Anchorage Digital and Kamino, launched the first-ever digital asset treasury to enable borrowing against natively staked SOL in qualified custody
- Initiated a strategic roadmap to invest in a new low-latency cluster in Asia Pacific to drive staking and validation
“The Company’s business expansion through the implementation of the DAT strategy has delivered tangible results. The Company maintains a strengthened balance sheet, and sufficient liquidity to support ongoing investment activities and long-term sustainable growth.” Joseph Chee, Executive Chairman at Solana Company said. “Notwithstanding the foregoing, the unanticipated and adverse downturn in the cryptocurrency industry—which we believe has been exacerbated by geopolitical uncertainties including U.S. tariff policies, armed conflicts and elevated crude oil prices—has adversely impacted the performance of the DAT strategy. Nevertheless, the Company remains steadfast in its long-term SOL accumulation strategy, with a particular focus on enhancing SOL per share metrics and expanding its SOL holdings in an accretive fashion. The Company’s objective of serving as the institutional access gateway for exposure to the Solana Ecosystem remains unchanged and firmly intact.”
Cosmo Jiang, General Partner at Pantera Capital and board director at Solana Company said, “Consistent with our recent announcement of the first-of-its-kind institutional-grade yield enhancement solution in collaboration with Kamino and Anchorage, together with business development initiatives aimed at revenue diversification such as the Pacific Backbone project, the Company plans to continue to pursue the generation of incremental cash flows for Solana Company in a safe and compliant manner. The Company also intends to pursue highly selective strategic capital markets transactions to advance the achievement of its stated objectives.”
Fourth Quarter 2025 Financial Results
Fourth quarter revenue was
For the fourth quarter, cost of revenue was
Selling, general and administrative expenses for the fourth quarter of 2025 were
Total operating expenses for the fourth quarter of 2025 were
The resulting loss from operations was
Non-operating income in the fourth quarter of 2025 was
Reported net income for the fourth quarter of 2025 was
Full Year 2025 Financial Results
Full year 2025 revenue was
Cost of revenue for the full year was
Selling, general and administrative expenses for the full year were
Full year operating expenses also included the same non-cash digital asset charges noted above, resulting in total operating expenses of
Non-operating income for the full year was
Net loss for the full year 2025 was
Cash and Liquidity
At December 31, 2025, cash totaled
Conference Call
Management will host a conference call to discuss the results and provide an expanded business update as follows:
| Date: | Monday, March 30, 2026 |
| Time: | 4:30 p.m. Eastern Time |
| Webcast: | Click here |
| Participant call link: | Click here (register to receive unique PIN and dial-in number) |
| The webcast will be archived under the News & Events section of the Company’s investor relations website. | |
About Solana Company
Solana Company (NASDAQ: HSDT) is a listed digital asset treasury dedicated to acquiring Solana (SOL), created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and on-chain activity, Solana Company offers public market investors optimal exposure to Solana’s secular growth. https://www.solanacompany.co/
For additional information, follow us on:
https://x.com/Solana_Company
https://www.linkedin.com/company/helius-solana-company/
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Forward-looking statements may include, among others, statements in relation to the expected benefits and implementation of the Company’s digital asset treasury strategy; expected staking, yield and broader opportunities across the Solana ecosystem; the Company’s expected treasury growth; the Company’s future growth and operational progress; the impacts of the current global macroeconomic environment on the Company, and the sufficiency of the Company’s cash and availability of funds and operating costs.
These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors-many of which are beyond the Company’s control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, capital requirements to achieve the Company’s business objectives; expected benefits and implementation of the Company’s digital asset treasury strategy, expected staking, yield and broader opportunities across the Solana ecosystem; the Company’s expected token treasury growth, the impact on the Company of global macroeconomic conditions including effects from supply chain constraints, including risks related to manufacturing delays, logistics challenges, labor shortages, disruptions in the banking system and financial markets; high levels of inflation and high interest rates on the Company’s ability to operate its business and access capital markets; the success of the Company’s business plan; the Company’s operating costs and use of cash; the Company’s ability to achieve significant revenues; and other risks and uncertainties described under “Risk Factors” in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, and in other subsequent filings with the SEC, including its upcoming Annual Report on Form 10-K for the year ended December 31, 2025, and in other subsequent filings with the SEC. These filings are available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.
Media Contacts:
Solana Company
ir@solanacompany.co
Pantera Capital Management LP
ir@panteracapital.com
press@panteracapital.com
Summer Capital Limited
pr@summer-cap.com
| Solana Company | |||||||
| Unaudited Consolidated Balance Sheets | |||||||
| (in thousands, except share data) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 7,282 | $ | 1,088 | |||
| Digital assets | 21,000 | — | |||||
| Inventory | 1,121 | 1,036 | |||||
| Prepaid expenses and other current assets | 1,752 | 1,300 | |||||
| Total current assets | 31,155 | 3,424 | |||||
| Digital assets | 196,724 | — | |||||
| Digital assets, restricted | 39,219 | — | |||||
| Digital assets receivable | 31,139 | — | |||||
| Digital assets fund investment | 5,617 | — | |||||
| Other long-term assets | 75 | 118 | |||||
| Total assets | $ | 303,929 | $ | 3,542 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 1,890 | $ | 873 | |||
| Accrued and other current liabilities | 1,126 | 1,290 | |||||
| Total current liabilities | 3,016 | 2,163 | |||||
| Other long-term liabilities | — | 79 | |||||
| Derivative liability | — | 241 | |||||
| Total liabilities | 3,016 | 2,483 | |||||
| Stockholders' equity | |||||||
| Class A common stock, | 44 | — | |||||
| Additional paid-in capital | 513,719 | 172,425 | |||||
| Accumulated deficit | (212,589 | ) | (171,699 | ) | |||
| Accumulated other comprehensive (loss) income | (261 | ) | 333 | ||||
| Total stockholders' equity | 300,913 | 1,059 | |||||
| Total liabilities and stockholders' equity | $ | 303,929 | $ | 3,542 | |||
| Solana Company Unaudited Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | |||||||||||||||
| Staking revenue | $ | 5,127 | $ | — | $ | 5,469 | $ | — | |||||||
| Product sales and other revenue | 101 | 152 | 548 | 520 | |||||||||||
| Total revenue | 5,228 | 152 | 6,017 | 520 | |||||||||||
| Cost of revenue | 180 | 154 | 500 | 582 | |||||||||||
| Gross profit (loss) | 5,048 | (2 | ) | 5,517 | (62 | ) | |||||||||
| Operating expenses | |||||||||||||||
| Selling, general and administrative expenses | 13,038 | 2,219 | 23,127 | 10,182 | |||||||||||
| Research and development expenses | 886 | 924 | 3,511 | 3,659 | |||||||||||
| Unrealized loss on digital assets and digital assets receivable | 178,315 | — | 208,855 | — | |||||||||||
| Realized loss on digital assets | 12,127 | — | 12,127 | — | |||||||||||
| Unrealized loss on digital assets fund investment | 2,053 | — | 2,053 | — | |||||||||||
| Realized gain on digital asset derivatives | (316 | ) | — | (316 | ) | — | |||||||||
| Total operating expenses | 206,103 | 3,143 | 249,357 | 13,841 | |||||||||||
| Loss from operations | (201,055 | ) | (3,145 | ) | (243,840 | ) | (13,903 | ) | |||||||
| Nonoperating income | |||||||||||||||
| Interest expense, net | — | (3 | ) | (635 | ) | (17 | ) | ||||||||
| Change in fair value of derivative liability | 520,324 | (46 | ) | 937,718 | 2,981 | ||||||||||
| Foreign exchange gain (loss) and other income | 282 | (733 | ) | 785 | (803 | ) | |||||||||
| Loss on derivative liability | 6,000 | — | (539,733 | ) | — | ||||||||||
| Financing costs | — | — | (195,185 | ) | — | ||||||||||
| Nonoperating income, net | 526,606 | (782 | ) | 202,950 | 2,161 | ||||||||||
| Income (loss) before provision for income taxes | 325,551 | (3,927 | ) | (40,890 | ) | (11,742 | ) | ||||||||
| Provision for income taxes | — | — | — | — | |||||||||||
| Net income (loss) | $ | 325,551 | $ | (3,927 | ) | $ | (40,890 | ) | $ | (11,742 | ) | ||||
| Earnings (loss) per share | |||||||||||||||
| Basic and diluted | $ | 4.25 | $ | (793.01 | ) | $ | (1.85 | ) | $ | (3,282.26 | ) | ||||
| Weighted average number of common shares outstanding | |||||||||||||||
| Basic and diluted | 76,614,643 | 4,952 | 22,047,841 | 3,577 | |||||||||||
