olivLaw · US equity research
Solana Company HSDT
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Solana Company (HSDT) is a Nasdaq-listed digital asset treasury whose main activity is acquiring and holding SOL tokens, with the stated aim of maximizing SOL per share. In the second quarter of 2026 it reported revenue of 2.5 million USD, almost entirely from staking rewards, in a context where the SOL price has fallen sharply. The company has divested its PoNS medical device business and is expanding its validator infrastructure in Asia-Pacific.
At the close of 04 Nov 2026, Solana Company (HSDT) stock was 2.10 USD (+1.94% on the day), with market capitalisation 127.0 m USD, beta 2.01, 52-week range 1.27–5.50 USD. Latest reported quarter (Q2 2026): revenue of 2.5 m USD (+5,774.4% YoY), net income of -30.3 m USD, diluted EPS -0.38 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.1
- weak (30–45)
- Bollinger (20, 2)
- 2.03 – 2.47
- in the lower half of the band · %B 0.15 · band width 19.4%
- SMA 50 / 200
- 2.40 / 2.09
- mixed trend
- MACD (12, 26, 9)
- -0.09 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.8% | −1.1% | −19.7 pp | — |
| 3 months | +22.1% | −0.5% | +22.5 pp | — |
| 6 months | −5.4% | +4.4% | −9.8 pp | — |
| Year to date | −27.3% | +12.3% | −39.7 pp | — |
| 1 year | −53.8% | +13.5% | −67.4 pp | −53.7% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −63.8% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51.0 k | 152.0 k | 49.0 k | 43.0 k | 697.0 k | 5.2 m | 3.6 m | 2.5 m |
| Cost of revenue | 187.0 k | 154.0 k | 121.0 k | 96.0 k | 103.0 k | 180.0 k | 180.0 k | 77.0 k |
| Gross profit | -136.0 k | -2.0 k | -72.0 k | -53.0 k | 594.0 k | 5.0 m | 3.4 m | 2.4 m |
| Research & development | 1.1 m | 924.0 k | 945.0 k | 822.0 k | 858.0 k | 886.0 k | — | — |
| SG&A | 2.9 m | 2.2 m | 3.0 m | 2.4 m | 4.6 m | 13.0 m | — | — |
| Operating income | -4.1 m | -3.1 m | -4.0 m | -3.3 m | -35.5 m | -201.1 m | -99.6 m | -32.7 m |
| Pre-tax income | -3.7 m | -3.9 m | -3.8 m | -9.8 m | -352.8 m | 325.6 m | -99.8 m | -30.3 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -3.7 m | -3.9 m | -3.8 m | -9.8 m | -352.8 m | 325.6 m | -99.8 m | -30.3 m |
| Diluted EPS | -744.35 | -793.54 ≈ | -382.29 | -79.73 | -32.89 | 4.32 ≈ | -1.30 | -0.38 |
| Operating cash flow | -2.8 m ≈ | -2.4 m | -3.5 m | -2.8 m ≈ | -4.0 m ≈ | -6.2 m | -4.8 m | -11.9 m ≈ |
| Capex | 0 ≈ | 0 | — | — | — | — | — | — |
| Share repurchases | — | — | — | — | — | — | 3.5 m | 2.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 478.0 k | 1.5 m | 661.0 k | 522.0 k | 787.0 k | 644.0 k | 520.0 k | 6.0 m |
| Revenue YoY | unavailable | +213.0% | −55.8% | −21.0% | +50.8% | −18.2% | −19.3% | +1,057.1% |
| Net income | -28.6 m | -9.8 m | -14.1 m | -18.1 m | -14.1 m | -8.9 m | -11.7 m | -40.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -1.26 | -12.99 | -11.80 | -7.38 | -52.13 | -14.56 | -3,282.26 | -1.85 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -5,988.1% | -653.8% | -2,137.7% | -3,473.6% | -1,788.1% | -1,374.2% | -2,258.1% | -679.6% |
| Free cash flow | -20.1 m | -21.3 m | -11.8 m | -13.4 m | -14.3 m | -10.4 m | -11.0 m | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 300.9 m USD
- Total assets
- 303.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 10.33x
- ROE
- -27.1%
- ROA
- -26.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 661.0 k | 522.0 k | 787.0 k | 644.0 k | 520.0 k | 6.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 388.0 k | 298.0 k | 463.0 k | 583.0 k | 582.0 k | 500.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 273.0 k | 224.0 k | 324.0 k | 61.0 k | -62.0 k | 5.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Research & development | 4.6 m | 6.0 m | 4.3 m | 2.9 m | 3.7 m | 3.5 m | SEC (XBRL)· 31 Mar 2026verified |
| SG&A | 9.7 m | 12.2 m | 10.6 m | 9.3 m | 10.2 m | 23.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -14.4 m | -18.1 m | -15.5 m | -12.4 m | -13.9 m | -243.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -14.1 m | -18.1 m | -14.1 m | -8.9 m | -11.7 m | -40.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -14.1 m | -18.1 m | -14.1 m | -8.9 m | -11.7 m | -40.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -11.80 | -7.38 | -52.13 | -14.56 | -3,282.26 | -1.85 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 1.2 m | 2.5 m | 269.9 k | 607.9 k | 3.6 k | 22.0 m | SEC (XBRL)· 31 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | — | 11.0 m | 14.5 m | 5.2 m | 1.1 m | 7.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 74.0 k | 66.0 k | 71.0 k | 117.0 k | 70.0 k | — | SEC (XBRL)· 25 Mar 2025verified |
| Inventories | 389.0 k | 476.0 k | 589.0 k | 457.0 k | 1.0 m | 1.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 4.7 m | 12.6 m | 16.7 m | 7.4 m | 3.4 m | 31.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 486.0 k | 409.0 k | 347.0 k | 178.0 k | 107.0 k | — | SEC (XBRL)· 25 Mar 2025verified |
| Goodwill | 759.0 k | 763.0 k | — | — | — | — | SEC (XBRL)· 14 Mar 2022verified |
| Intangibles (excl. goodwill) | 527.0 k | 333.0 k | 140.0 k | 24.0 k | — | — | SEC (XBRL)· 28 Mar 2024verified |
| Total assets | 6.5 m | 14.1 m | 17.3 m | 7.7 m | 3.5 m | 303.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 747.0 k | 1.1 m | 627.0 k | 531.0 k | 873.0 k | 1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 2.4 m | 2.7 m | 2.0 m | 1.9 m | 2.2 m | 3.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 2.7 m | 2.8 m | 9.1 m | 5.3 m | 2.5 m | 3.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 3.9 m † | 11.3 m † | 8.2 m † | 2.4 m † | 1.1 m † | 300.9 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -11.7 m | -13.4 m | -14.3 m | -10.4 m | -11.0 m | -16.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 63.0 k | 54.0 k | 17.0 k | 29.0 k | 5.0 k | — | SEC (XBRL)· 25 Mar 2025verified |
| Free cash flow | -11.8 m ≈ | -13.4 m ≈ | -14.3 m ≈ | -10.4 m ≈ | -11.0 m ≈ | — | SEC (XBRL)· 25 Mar 2025derived |
| Investing cash flow | -9.0 k | -56.0 k | -11.0 k | -29.0 k | -5.0 k | -426.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 9.6 m | 21.1 m | 17.9 m | 1.1 m | 7.0 m | 449.2 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 127.0 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -1,302.8% | 13 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 97.0% | 100 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 13.3x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial13/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOLANA COMPANY (HSDT). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 6.0 m USD in 2025; YoY growth 1,057.1%; net margin -1,302.8%; ROE -183.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 97.0%
- Current ratio: 13.3x
What contradicts it
- Net margin: -1,302.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WLTHWealthfront Corporation | 1.7 bn | — | -20.5% | -19.4% | +18.2% | unavailable / unavailable |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −54% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for HSDT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Solana Company (HSDT) is a Nasdaq-listed digital asset treasury whose main activity is acquiring and holding SOL tokens, with the stated aim of maximizing SOL per share. In the second quarter of 2026 it reported revenue of 2.5 million USD, almost entirely from staking rewards, in a context where the SOL price has fallen sharply. The company has divested its PoNS medical device business and is expanding its validator infrastructure in Asia-Pacific 3.
SWOT
Strengths
- Clear focus on SOL, with a single-asset strategy built on native staking that produces a recurring treasury yield.
- Access to capital through registered direct offerings and financing programs, including well-known institutional investors that supported 2026 operations.
- Own validator infrastructure in Asia-Pacific and partnerships with Solana ecosystem providers that can support staking revenue.
Weaknesses
- Near-total dependence on the price of a single asset, which makes company value highly sensitive to volatility.
- Large net losses in 2026, driven by high administrative costs and the decline in the value of digital assets.
- Operating revenue still small and almost entirely from staking, with no consolidated diversified revenue stream.
Opportunities
- Expansion of validation and advisory services for institutions in Asia-Pacific, if clients commit over the long term.
- Regulatory clarity on digital assets could reduce uncertainty and could ease access to new investors.
- Growth in SOL use for payments, stablecoins and tokenization could support long-term demand for the network.
Threats
- Sharp falls in the SOL price, which could reduce treasury value and force sales or accounting write-downs.
- Counterparty and custody risks, including the possibility that assets become part of an insolvency estate.
- Changes in regulation or a different legal classification of SOL, which could affect its price and the company's ability to operate.
Risks
- SOL price volatilityhigh
The treasury is concentrated almost exclusively in SOL, whose price has fallen significantly in the recent period 1. A further decline could directly affect asset values and financial results.
- Custody and counterparty riskshigh
Assets are held with third-party custodians, and if one of them became insolvent, the company could be treated as an unsecured creditor 1. This risk remains even though the company negotiated contractual protections.
- Financing and dilutionmedium
Acquiring SOL depends on capital raised through equity and debt, and put options in the registered direct offering could require the company to repurchase shares under certain conditions 2. If financing becomes expensive, the plan to grow SOL per share could be affected.
- Regulation and legal classificationmedium
The legal classification of SOL is still developing, and a change in interpretation could affect the asset price and the company's regulatory position 1. Such a scenario could bring additional rules for staking and trading activities.
- Operational execution and lossesmedium
Launching the validator cluster and expanding in Asia-Pacific involves costs, technical risks and dependence on partners, and net losses in the second quarter of 2026 were significant 3. Operational failures or delays could reduce investor confidence.
Investment thesis
What would need to be true (bull case)
- If staking rewards are maintained and extended through the company's own validator cluster, recurring revenue could grow and reduce reliance on the spot SOL price.
- If institutional adoption of SOL increases and regulation becomes clearer, the company could benefit from stronger demand for its exposure to the ecosystem.
- If the repurchase program and capital discipline continue, SOL per share could rise over time.
What would break the thesis
- If the SOL price keeps falling, treasury value and accounting results could be repeatedly affected and losses could persist.
- If equity financing becomes costly, dilution or repurchase obligations could reduce earnings per share for existing investors.
- If the reduction in validator rewards is not offset, staking revenue could fall further, putting pressure on operating costs.
What to watch
- Trend in net losses and administrative expenses after the PoNS divestiture and the launch of the validator clusterQ3 2026
- Number of SOL held and staking ratio, compared with the figures at 30 June 2026next 10-Q
- Whether external delegations on the company's own cluster grow beyond the 0.5 million SOL level2027
- Any exercise of put options from the registered direct offering, tied to the 12- and 18-month anniversaries2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Solana Company is a digital asset treasury (DAT) dedicated to acquiring and holding SOL tokens, with the stated objective of increasing the amount of SOL underlying each share and offering public market investors direct exposure to the Solana ecosystem 1. Its activity rests on staking, active treasury management and advisory services for financial institutions. By the end of 2025 its total SOL exposure was 2,360,083 SOL 1, and at 30 June 2026 total assets were 176.1 million USD 3.
Revenue is dominated by staking rewards. In the first half of 2026 revenue reached 6.1 million USD 3, compared with a negligible amount in the prior year, when the staking component of the DAT strategy did not yet exist. The company launched its own validator cluster in July 2026, and third parties had already delegated 0.5 million SOL to it 2.
In April 2026 the company sold its PoNS medical device business to Bioness Medical, Inc., for an upfront payment of 5 million USD plus earnout payments linked to PoNS revenues through fiscal 2028 2. The divestiture removed a cost-consuming operation and reduced the neurotechnology component, which had previously been secondary.
Segments
DAT treasury and staking
Most assets are SOL, held partly in native staking and partly in liquid staking. Staking rewards generated almost all revenue in the second quarter of 2026 3. The company cites a native staking yield of about 7% 1, but this depends on the network and on the amount of SOL staked.
Advisory and validator infrastructure
The company built its first institutional validator cluster in Tokyo under the Pacific Backbone initiative and partnered with the Jito Foundation to extend infrastructure across Asia-Pacific 3. Advisory services for banks, asset managers and exchanges are still at an early stage, and their revenue is small relative to staking.
Market context
The company describes Solana as a high-performance blockchain processing nearly 1,000 transactions per second with block times below 400 milliseconds 1. It argues that institutional adoption of SOL is still small relative to Bitcoin, with 1% of SOL held by institutions against 16% for Bitcoin at year-end 2025 1. If institutional adoption grew, demand for staking and custody services could follow a similar path.
According to an investor representative, the digital asset treasury market has moved from its launch phase into an execution and consolidation phase, where institutional infrastructure and capital discipline matter most 3. For companies of this type, value per share depends directly on the SOL price and on the ability to generate revenue independent of it.
Trends
- Regulatory framework for digital assetstailwind
In March 2026 the SEC and CFTC issued a release indicating that SOL could be characterized as a digital commodity and that staking and secondary-market transactions could fall outside securities rules under certain conditions 1. The release is not formal rulemaking, so clarity remains incomplete, but it could reduce legal uncertainty if later confirmed.
- Volatility of the SOL priceheadwind
The SOL price fell 33% between 31 December 2025 and 27 March 2026 1, and the company did not adjust the carrying value of its digital assets at year-end for this later decline. If the SOL price keeps falling, accounting losses on the treasury could grow and value per share could shrink.
- Declining validator rewardsheadwind
The Solana protocol reduces the total rewards distributed to validators by 15% each year until a long-term rate of 1.5% is reached 1. If this reduction is not offset by fees or higher network activity, staking yield could decline over time, directly affecting the company's revenue.
Competitive position
The company operates in an emerging group of public companies that use digital assets as their primary treasury strategy. The source does not name specific competitors but stresses that their number could grow and that better-capitalized participants could emerge later 1. Differentiation is sought through focus on SOL, staking and ecosystem services.
Besides other DAT companies, the company competes with passive investment vehicles and exchange-traded products that give investors exposure to SOL. The company states it does not operate as such a passive product, and instead combines active treasury management with infrastructure operations 1. This positioning could become less distinctive if more participants adopt similar models.
- Other SOL-exposed DAT companies
Emerging group of public companies with digital asset treasury strategies; the source does not name them individually.
- Exchange-traded products on SOL
Products giving exposure to SOL through US exchanges; the company cites them as a regulatory reference point.
- Institutional custody platforms
Custodians used by HSDT; they are suppliers but could also compete for institutional staking services.
- Staking infrastructure providers
Validator and liquid staking providers that compete for SOL delegations from institutional investors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report30 Sept 2026Regulation FD disclosure · Other events
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 May 2026Material agreement · Financial statements and exhibits
- Current report22 May 2026Shareholder vote · Other events
- Quarterly report15 May 2026
- Current report15 May 2026Results of operations · Financial statements and exhibits
- Current report27 Apr 2026Item 3.02 · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report24 Apr 2026Departure or appointment of officers
- Current report13 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Solana Company · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Solana Company · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Solana Company · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.