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Screener / SEC EDGAR /CIK 0001610853 /10-K filed Mar 31, 2026, compared with Mar 25, 2025 /Numbers from the XBRL of the 10-Ks
Crypto peers:
DJTHSDTTRONDFDVUPXIBTCS
Nasdaq Crypto · Financial Services

Solana Company HSDT

HSDT quote by TradingView

We are a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”). 10-K, Item 1

Headquarters
Philadelphia, PA
Next results
around Nov 17, 2026
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What changed

155 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Mar 31, 2026 against Mar 25, 2025.

Risk factors
155 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Auditor change
8-K item 4.01 (change in certifying accountant) filed Oct 16, 2025
10-K · XBRL
Going concern language
“As previously disclosed, we had expressed substantial doubt about our ability to continue as a going concern due to recurring losses and negative operating cash flows.”
10-K · XBRL
Late filing notice (NT 10-K or NT 10-Q)
NT 10-Q filed Nov 12, 2025: the company said its 10-Q would be late
10-K · XBRL
Accounting checks
6 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

9 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 6 checks found nothing to note

  • Auditor change
    8-K item 4.01 (change in certifying accountant) filed Oct 16, 2025
  • Going concern language
    “As previously disclosed, we had expressed substantial doubt about our ability to continue as a going concern due to recurring losses and negative operating cash flows.”
  • Late filing notice (NT 10-K or NT 10-Q)
    NT 10-Q filed Nov 12, 2025: the company said its 10-Q would be late
  • Inventory +8.2% vs revenue +1057.1% (-1048.9 pts)
5 more checks with nothing to note
  • No 8-K item 4.02 in the last 2 years
  • No longer listed: Valuation of warrants. Same as last year: F-1
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

155 paragraphs in Risk Factors that were not in the 10-K filed Mar 25, 2025. Quoted as filed.

All 155 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Mar 25, 2025 10-K, ITEM 1A
    Solana is a highly volatile asset that has traded below $100 per Solana and above $240 per Solana on the Coinbase exchange (a major U.S.-based crypto exchange) in the 12 months preceding the date of this Annual Report on Form 10-K. The trading price of Solana significantly decreased during prior periods, and such declines may occur…
  2. Item 1A · new paragraph · not in the 10-K filed Mar 25, 2025 10-K, ITEM 1A
    As Solana and other digital assets are relatively novel and the application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that…
  3. Item 1A · new paragraph · not in the 10-K filed Mar 25, 2025 10-K, ITEM 1A
    The Tokenization of our Class A common stock could introduce risks and uncertainties that adversely affect the market for, and the trading price of, our Class A common stock, among other potential consequences. We are evaluating the feasibility of enabling onchain holding and trading of our Class A common stock (“Tokenized HSDT”). While…
  4. Item 1A · new paragraph · not in the 10-K filed Mar 25, 2025 10-K, ITEM 1A
    Generally, global macroeconomic conditions remain uncertain, largely due to the effects of geopolitical conflicts in the Middle East, disruptions in the banking system and financial markets, high inflation, sustained high interest rates, and unpredictable trade policies, including U.S. tariffs imposed or threatened to be imposed, any…

New risk paragraphs, against peers

Latest 10-K of each, Crypto companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$787K$644K$520K$6.0M
Net income−$14.1M−$8.8M−$11.7M−$40.9M
Operating cash flow−$14.3M−$10.4M−$11.0M−$16.5M
Free cash flow−$14.3M−$10.4M−$11.0M

Revenue, FY2018 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$6.0M ▲ 1057.1% in FY2025

FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

Solana Company, Philadelphia, PA · from the 10-K filed Mar 31, 2026

We are a listed digital asset treasury (“DAT”) dedicated to acquiring and holding Solana tokens (“SOL”). Solana Company’s DAT objective is to maximize SOL per share through strategic use of capital markets and onchain opportunities, offering public market investors direct exposure to Solana. Strategic digital asset reserves like SOL lay the groundwork for a future where global payments, credentialing, and personalized learning can be powered by decentralized infrastructure, enhancing how we grow our company.

Headquarters
Philadelphia, PA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Aug 14, 2026
Incorporated in
DE

Email alerts

Sources

The 10-K filed Mar 31, 2026 (open at SEC), compared with the 10-K filed Mar 25, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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