Solana Company Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Solana Company (NASDAQ: HSDT) reported second quarter 2026 revenue of $2.5 million, almost entirely from staking on its SOL holdings, up sharply from $43 thousand a year earlier. Gross profit was $2.4 million, a roughly 97% gross margin.
Net operating expenses rose to $35.1 million, including higher general and administrative costs and realized and unrealized digital asset losses, leading to a loss from operations of $32.7 million and a net loss of $30.3 million ($0.38 per share). The company completed the divestiture of its PoNS medical device business, recording a $3.1 million gain, and executed a registered direct equity offering for net proceeds of $7.9 million while repurchasing about $2.3 million of shares.
At June 30, 2026, total assets were $176.1 million, including $3.6 million in cash and $147.3 million in long-term digital assets and related exposure.
Positive
- Revenue growth to $2.5 million in Q2 2026 from $43 thousand in Q2 2025
- High gross margin of approximately 97% on Q2 2026 revenue
- 31.2 thousand SOL earned as staking rewards in Q2 2026 and restaked
- $3.1 million gain recognized on sale of the PoNS medical device business
- $7.9 million net proceeds from a registered direct offering to institutional investors
- $5.9 million of share repurchases year-to-date, including $2.3 million in Q2 2026
Negative
- Net loss of $30.3 million in Q2 2026 and $130.1 million for the first half of 2026
- Realized loss on digital assets of $25.4 million in Q2 2026 and $32.4 million for the first half
- Unrealized loss on digital assets and receivables of $86.8 million for the first half of 2026
- General and administrative expenses increased to $11.1 million in Q2 2026, including $6.8 million in PoNS-related severance
- Total assets declined from $303.9 million at December 31, 2025 to $176.1 million at June 30, 2026
- Cash and cash equivalents decreased from $7.3 million at year-end 2025 to $3.6 million at June 30, 2026
News Explained
At
Sources and calculations
- Solana Company Reports Second Quarter 2026 Financial Results (2026-08-14)
- Solana Company Q1 2026 fundamentals (2026Q1)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $4,395,000 / ($4,831,000 / 90) = [object Object]
Key Figures
Previous Crypto,earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 15 | 1Q26 earnings report | Negative | -5.2% | Staking revenue growth was outweighed by substantial digital-asset losses and a large net loss. |
| Mar 30 | 4Q25 earnings report | Negative | -7.0% | Revenue increased, but digital-asset impairments and operating expenses drove significant reported losses. |
| Nov 18 | 3Q25 earnings report | Negative | -6.0% | Capital-raising actions and treasury expansion accompanied substantial operating and digital-asset losses. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific crypto earnings releases were followed by negative 24-hour reactions, averaging -6.07%.
Key Terms
staking rewards technical
registered direct offering financial
derivative liability financial
validator cluster technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
PHILADELPHIA, Aug. 14, 2026 (GLOBE NEWSWIRE) -- Solana Company (NASDAQ: HSDT) (the “Company” or “HSDT”), a publicly listed digital asset treasury, infrastructure, and services company providing institutional access to the Solana ecosystem, today announced its results for the quarter ended June 30, 2026.
During the second quarter, the Company generated
Second Quarter Operational Highlights
- Built out the Company's first institutional validator cluster in Tokyo under the Pacific Backbone initiative.
- Announced a strategic partnership with the Jito Foundation in May which is expected to expand institutional-grade Solana infrastructure across Asia-Pacific, combining Jito’s market layer technology with Pacific Backbone.
- Announced the signing of a Memorandum of Understanding with the Administration of Alatau City, Kazakhstan, to collaborate on blockchain infrastructure, enterprise adoption, education, research and policy development.
- Completed the divestiture of the legacy PoNS medical device business, removing a cash-consuming operation from the Company’s cost base.
- Delivered 15 institutional education sessions and advisory workshops with banks, asset managers and exchanges across Asia-Pacific.
- Expanded the Board of Directors with seasoned executives that have both traditional finance and digital asset experience through the appointment of Michel Lee, co-founder and investment partner at Cybertech Partners and co-founder of HashKey Group, and Sergio Mello, global head of stablecoin solutions at Anchorage Digital.
Joseph Chee, Chairman, President, and Chief Executive Officer of Solana Company, said:
“This quarter was defined by execution of our integrated flywheel strategy, expanding operations across advisory, validator infrastructure, staking and treasury. With our first validator cluster operational in Tokyo, and the legacy business fully divested, the recurring revenue streams that leverage our institutional-grade infrastructure are beginning to take root.”
Cosmo Jiang, General Partner at Pantera Capital and board director at Solana Company, said:
“The digital asset treasury market has moved from its genesis phase into an execution and consolidation phase. Capital is concentrating around the vehicles that combine institutional-grade infrastructure, transparent reporting and disciplined capital management, and execution has surpassed scale as the key differentiator. Despite the volatility in digital asset markets during the quarter, our strategy did not change: active management of accretive capital allocation, generate staking yield above the network average, and build the operating businesses that produce revenue independent of the SOL price.”
Second Quarter Financial Highlights
- Generated
$2.5 million in revenue, driven primarily by staking revenue on the Company’s SOL holdings, bringing first half of 2026 revenue to$6.1 million . - Earned 31.2 thousand SOL in staking rewards, which were automatically restaked to compound returns.
- Completed a registered direct offering of common stock to global institutional investors for the net proceeds of
$7.9 million , led by Mirae Asset with participation from HashKey Capital. - Repurchased approximately
$2.3 million in shares during the quarter, retiring 1.3 million shares, bringing year-to-date repurchases to approximately$5.9 million .
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was
Cost of revenue for the second quarter of 2026 was
General and administrative expenses for the second quarter of 2026 were
Net operating expenses for the second quarter of 2026 were
Nonoperating income, net, for the second quarter of 2026 was
Reported net loss for the second quarter of 2026 was
Cash and Liquidity
At June 30, 2026, total assets were
About Solana Company
Solana Company (Nasdaq: HSDT) is a publicly listed digital asset treasury and infrastructure company purpose-built to maximize SOL per share. The company combines active treasury management, institutional-grade staking and validator operations with bespoke advisory services for financial institutions navigating blockchain adoption. Solana Company executes a self-reinforcing flywheel designed to compound value with every turn. The company's mission is to put more SOL behind every share, bridging public capital markets with the most commercially viable blockchain for institutions and financial applications. Visit https://www.solanacompany.co/ for more information.
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, the build-out of the Company’s validator infrastructure and advisory businesses, the expected timing and amount of validator rewards, the conversion of the Company’s advisory and third-party staking pipelines, the expected benefits of the divestiture of the Company’s legacy PoNS business, the expected benefits of the Company’s strategic partnerships and collaborations, and the Company’s future growth and operational progress.
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, validator infrastructure and advisory business, strategic partnerships and collaborations, 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 risks related to 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 Annual Report on Form 10-K for the year ended December 31, 2025, and in other subsequent filings with the SEC, including its upcoming Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 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 Contact
M Group Strategic Communications (on behalf of Solana Company)
solanaco@mgroupsc.com
| Solana Company Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 3,647 | $ | 7,282 | |||
| Digital assets | 21,000 | 21,000 | |||||
| Digital assets collateral receivable | 2,312 | — | |||||
| Prepaid expenses and other current assets | 1,787 | 2,873 | |||||
| Total current assets | 28,746 | 31,155 | |||||
| Digital assets | 112,329 | 196,724 | |||||
| Digital assets, restricted | 18,474 | 39,219 | |||||
| Digital assets receivable | 13,991 | 31,139 | |||||
| Digital assets fund investment | 2,513 | 5,617 | |||||
| Other long-term assets | 1 | 75 | |||||
| Total assets | $ | 176,054 | $ | 303,929 | |||
| LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 1,291 | 1,890 | ||||
| Accrued and other current liabilities | 868 | 1,126 | |||||
| Total current liabilities | 2,159 | 3,016 | |||||
| Derivative liability | 4,207 | — | |||||
| Total liabilities | 6,366 | 3,016 | |||||
| Mezzanine equity | |||||||
| Class A common stock subject to possible redemption, | 4,043 | — | |||||
| Stockholders' equity | |||||||
| Class A common stock, | 60 | 44 | |||||
| Additional paid-in capital | 513,857 | 513,719 | |||||
| Treasury stock, at cost | (5,855 | ) | — | ||||
| Accumulated deficit | (342,644 | ) | (212,589 | ) | |||
| Accumulated other comprehensive loss | 227 | (261 | ) | ||||
| Total stockholders' equity | 165,645 | 300,913 | |||||
| Total liabilities, mezzanine and stockholders' equity | $ | 176,054 | $ | 303,929 | |||
| Solana Company Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) | ||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenue | ||||||||||||||
| Staking revenue | $ | 2,512 | $ | — | $ | 5,929 | $ | — | ||||||
| Other revenue | 14 | 43 | 218 | 92 | ||||||||||
| Total revenue | 2,526 | 43 | 6,147 | 92 | ||||||||||
| Cost of revenue | 77 | 96 | 257 | 217 | ||||||||||
| Gross profit (loss) | 2,449 | (53 | ) | 5,890 | (125 | ) | ||||||||
| Operating (income) expenses | ||||||||||||||
| General and administrative expenses | 11,116 | 3,269 | 16,305 | 7,208 | ||||||||||
| Unrealized (gain) loss on digital assets and digital assets receivable | (2,363 | ) | — | 86,835 | — | |||||||||
| Realized loss on digital assets | 25,389 | — | 32,376 | — | ||||||||||
| Unrealized loss on digital assets fund investment | 298 | — | 1,983 | — | ||||||||||
| Loss on digital asset derivatives | 682 | — | 682 | — | ||||||||||
| Net operating expenses | 35,122 | 3,269 | 138,181 | 7,208 | ||||||||||
| Loss from operations | (32,673 | ) | (3,322 | ) | (132,291 | ) | (7,333 | ) | ||||||
| Nonoperating income (expense) | ||||||||||||||
| Change in fair value of derivative liability | (322 | ) | (6,028 | ) | (322 | ) | (5,919 | ) | ||||||
| Gain on sale of business | 3,065 | — | 3065 | — | ||||||||||
| Other (expense) income | (259 | ) | (43 | ) | (440 | ) | 21 | |||||||
| Financing costs | (67 | ) | (440 | ) | (67 | ) | (440 | ) | ||||||
| Nonoperating income (expense), net | 2,417 | (6,511 | ) | 2,236 | (6,338 | ) | ||||||||
| Loss before provision for income taxes | (30,256 | ) | (9,833 | ) | (130,055 | ) | (13,671 | ) | ||||||
| Provision for income taxes | — | — | — | — | ||||||||||
| Net loss | (30,256 | ) | (9,833 | ) | (130,055 | ) | (13,671 | ) | ||||||
| Other comprehensive loss | ||||||||||||||
| Foreign currency translation adjustments | 271 | (577 | ) | 488 | (628 | ) | ||||||||
| Comprehensive loss | $ | (29,985 | ) | $ | (10,410 | ) | $ | (129,567 | ) | $ | (14,299 | ) | ||
| Loss per share | ||||||||||||||
| Basic and diluted | $ | (0.38 | ) | $ | (79.73 | ) | $ | (1.66 | ) | $ | (201.55 | ) | ||
| Weighted average number of common shares outstanding | ||||||||||||||
| Basic and diluted | 79,756,908 | 123,335 | 78,254,877 | 67,828 | ||||||||||
