Every 10-Q that Solana Company (HSDT) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow HSDT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HSDT filings page.
Solana Company has transformed into a digital asset treasury focused on Solana (SOL), with results now dominated by crypto-mark-to-market effects. For the six months ended June 30, 2026, it reported a net loss of $130.1 million, compared with $13.7 million a year earlier, driven mainly by $86.8 million of unrealized losses and $32.4 million of realized losses on SOL-related positions and investments.
Total assets were $176.1 million, of which SOL and related exposures were central: direct SOL and Locked PIPE SOL fair value was $151.8 million (86.2% of assets), and total SOL exposure was 2,319,919 tokens valued at $170.6 million at a SOL price of $73.54. Digital assets receivable and a digital asset fund investment added further locked and staked SOL exposure. Staking revenue reached $6.1 million for the first half, with minimal cost of revenue.
The company generated a $3.1 million gain on the sale of its legacy PoNS medical device business, but also recorded $6.8 million of severance, contributing to $16.3 million in general and administrative expenses for the half. Operating cash outflow was $16.7 million; cash stood at $3.6 million and working capital at $26.6 million, including $21.0 million of readily saleable digital assets. Management states this liquidity should cover at least 12 months, though the balance sheet remains highly sensitive to SOL price and market liquidity.
Solana Company reported a Q1 2026 net loss of $99.8 million, driven mainly by unrealized and realized losses on its Solana (SOL) holdings as prices fell. Revenue rose to $3.6 million, almost all from SOL staking.
The company operates as a digital asset treasury focused on SOL and held 2,071,127 SOL tokens plus lock‑up and fund interests, with digital asset exposure of $193.8 million representing 85.8% of total assets as of March 31, 2026. Cash was $4.4 million, and management believes liquidity is sufficient through at least May 2027, assuming it can sell SOL when needed.
Subsequent to quarter end, Solana Company sold its PoNS medical device business for $5 million upfront plus up to $20 million in potential earnouts, completed a $7.9 million registered direct equity offering with investor put options, continued a $100 million stock repurchase program, and made significant leadership changes alongside $5.4 million in executive separation payments.
Solana Company (HSDT) reported a transformational Q3 2025 as it pivoted into a Solana token (SOL) treasury strategy funded by large equity and warrant financings. Total assets rose to $475.9 million from $3.5 million at year-end 2024, driven mainly by $350.2 million of SOL at fair value, including $59.1 million of restricted, vesting SOL. The company generated $0.7 million of quarterly revenue, mostly from SOL staking rewards and other income, but recorded a net loss of $352.8 million for the quarter and $366.4 million year-to-date, largely due to non-cash derivative and financing charges tied to newly issued stapled and advisor warrants.
Cash and cash equivalents increased to $124.1 million, and management states that prior going concern doubts have been alleviated based on current liquidity and forecasts. However, the balance sheet now includes a $625.2 million Level 3 derivative liability for 2025 stapled warrants and a large concentration of value in SOL, whose price fell 37% between September 30 and November 17, 2025. Shares outstanding expanded sharply to 41.3 million by mid-November, reflecting reverse splits, offerings, private placements, and warrant exercises, and a $100 million stock repurchase plan was authorized but not yet used.