Solana Company Reports Second Quarter 2026 Financial Results
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 $2.5 million in revenue and achieved strategic milestones, including building out its first institutional validator cluster in Tokyo, expanding its institutional infrastructure across Asia-Pacific, growing its digital asset treasury, staking, and advisory businesses, and completing the divestiture of its legacy medical device business.
• 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.” 1
• 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.
Revenue for the second quarter of 2026 was $2.5 million, consisting of $2.5 million in staking revenue and $14 thousand of other revenue. This represents significant growth from the $43 thousand in the prior-year period, which did not include contributions from staking revenue attributable to the Company’s digital asset treasury strategy.
Cost of revenue for the second quarter of 2026 was $0.1 million, resulting in gross profit of $2.4 million, or a gross margin of approximately 97%, compared to a gross loss of $0.1 million in the prior-year period.
General and administrative expenses for the second quarter of 2026 were $11.1 million, compared with $3.3 million in the prior-year period, and $16.3 million for the first six months of 2026. The increase reflects the expansion of operations associated with the Company’s digital asset treasury and infrastructure strategy, together with $6.8 million of severance associated with the PoNS divestiture. Net operating expenses for the second quarter of 2026 were $35.1 million, compared with $3.3 million in the prior-year period. The resulting loss from operations was $32.7 million, compared with a loss of $3.3 million in the prior- year period, and was $132.3 million for the first six months of 2026. Nonoperating income, net, for the second quarter of 2026 was $2.4 million, including a $3.1 million gain on the sale of the PoNS business, a change in the fair value of the Company’s derivative liability of $0.3 million, and other expense of $0.3 million relating primarily to a foreign exchange loss on fluctuations in the Canadian to U.S. dollar exchange rate.
Reported net loss for the second quarter of 2026 was $30.3 million, or a loss of $0.38 per basic and diluted common share, compared with a net loss of $9.8 million, or a loss of $79.73 per basic and diluted common share, in the prior- year period.
At June 30, 2026, total assets were $176.1 million, including cash and cash equivalents of $3.6 million, current digital assets of $21.0 million, and $147.3 million of long-term digital assets and digital asset exposure across staked positions, restricted assets, receivables and fund investments. Common shares outstanding totaled 60.4 million, with 57.4 million outstanding as of June 30, 2026, net of treasury stock.
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 2
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 ot her 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.
June 30, 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── -unaudited ASSETS Current assets Cash and cash $ 3,647 $ 7,282 equivalents Digital assets 21,000 21,000 Digital assets collateral 2,312 — receivable Prepaid expenses and other current 1,787 2,873 assets Total current 28,746 31,155 assets Digital assets 112,329 196,724 Digital assets, 18,474 39,219 restricted Digital assets 13,991 31,139 receivable Digital assets 2,513 5,617 fund investment Other long-term 1 75 assets Total assets $ 176,054 $ 303,929 LIABILITIES, MEZZANINE AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $ 1,291 1,890 Accrued and other current 868 1,126 liabilities Total current 2,159 3,016 liabilities Derivative 4,207 — liability Total liabilities 6,366 3,016 Mezzanine equity Class A common stock subject to possible redemption, $0.001 par value; 3,076,922 and 0 shares issued and outstanding, 4,043 — with an aggregate redemption value of $8.1 million and $0 as of June 30, 2026 and December 31, 2025, respectively Stockholders' equity Class A common stock, $0.001 par value; 800,000,000 shares authorized; 60,354,067 shares issued and 57,416,984 outstanding as of June 30, 2026 and 43,744,207 shares issued and 60 44 outstanding December 31, 2025 (excluding 3,076,922 and 0 shares subject to possible redemption as of June 30, 2026 and December 31, 2025, respectively) Additional paid-in 513,857 513,719 capital Treasury stock, at -5,855 — cost Accumulated -342,644 -212,589 deficit Accumulated other 227 -261 comprehensive loss Total stockholders' 165,645 300,913 equity Total liabilities, mezzanine and $ 176,054 $ 303,929 stockholders' equity
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data)
Full text with the tables
Exhibit 99.1
Solana Company Reports Second Quarter 2026 Financial Results
Philadelphia - August 14, 2026 -
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 $2.5 million in revenue and
achieved strategic milestones, including building out its first institutional
validator cluster in Tokyo, expanding its institutional infrastructure across
Asia-Pacific, growing its digital asset treasury, staking, and advisory
businesses, and completing the divestiture of its legacy medical device
business.
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.”
1
Exhibit 99.1
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 $2.5 million, consisting of $2.5
million in staking revenue and $14 thousand of other revenue. This represents
significant growth from the $43 thousand in the prior-year period, which did not
include contributions from staking revenue attributable to the Company’s digital
asset treasury strategy.
Cost of revenue for the second quarter of 2026 was $0.1 million, resulting in
gross profit of $2.4 million, or a gross margin of approximately 97%, compared
to a gross loss of $0.1 million in the prior-year period.
General and administrative expenses for the second quarter of 2026 were $11.1
million, compared with $3.3 million in the prior-year period, and $16.3 million
for the first six months of 2026. The increase reflects the expansion of
operations associated with the Company’s digital asset treasury and
infrastructure strategy, together with $6.8 million of severance associated with
the PoNS divestiture.
Net operating expenses for the second quarter of 2026 were $35.1 million,
compared with $3.3 million in the prior-year period. The resulting loss from
operations was $32.7 million, compared with a loss of $3.3 million in the prior-
year period, and was $132.3 million for the first six months of 2026.
Nonoperating income, net, for the second quarter of 2026 was $2.4 million,
including a $3.1 million gain on the sale of the PoNS business, a change in the
fair value of the Company’s derivative liability of $0.3 million, and other
expense of $0.3 million relating primarily to a foreign exchange loss on
fluctuations in the Canadian to U.S. dollar exchange rate.
Reported net loss for the second quarter of 2026 was $30.3 million, or a loss of
$0.38 per basic and diluted common share, compared with a net loss of $9.8
million, or a loss of $79.73 per basic and diluted common share, in the prior-
year period.
Cash and Liquidity
At June 30, 2026, total assets were $176.1 million, including cash and cash
equivalents of $3.6 million, current digital assets of $21.0 million, and $147.3
million of long-term digital assets and digital asset exposure across staked
positions, restricted assets, receivables and fund investments. Common shares
outstanding totaled 60.4 million, with 57.4 million outstanding as of June 30,
2026, net of treasury stock.
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
2
Exhibit 99.1
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 ot her 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
3
Exhibit 99.1
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 $ 3,647 $ 7,282
equivalents
Digital assets 21,000 21,000
Digital assets
collateral 2,312 —
receivable
Prepaid expenses
and other current 1,787 2,873
assets
Total current 28,746 31,155
assets
Digital assets 112,329 196,724
Digital assets, 18,474 39,219
restricted
Digital assets 13,991 31,139
receivable
Digital assets 2,513 5,617
fund investment
Other long-term 1 75
assets
Total assets $ 176,054 $ 303,929
LIABILITIES,
MEZZANINE AND
STOCKHOLDERS’
EQUITY
Current
liabilities
Accounts payable $ 1,291 1,890
Accrued and other
current 868 1,126
liabilities
Total current 2,159 3,016
liabilities
Derivative 4,207 —
liability
Total liabilities 6,366 3,016
Mezzanine equity
Class A common
stock subject to
possible
redemption, $0.001
par value;
3,076,922
and 0 shares
issued and
outstanding, 4,043 —
with an aggregate
redemption value
of
$8.1 million and
$0 as of June 30,
2026
and December 31,
2025, respectively
Stockholders'
equity
Class A common
stock, $0.001 par
value;
800,000,000 shares
authorized;
60,354,067 shares
issued and
57,416,984
outstanding as of
June 30, 2026 and
43,744,207 shares
issued and 60 44
outstanding
December 31, 2025
(excluding
3,076,922
and 0 shares
subject to
possible
redemption as of
June 30, 2026 and
December 31, 2025,
respectively)
Additional paid-in 513,857 513,719
capital
Treasury stock, at -5,855 —
cost
Accumulated -342,644 -212,589
deficit
Accumulated other 227 -261
comprehensive loss
Total
stockholders' 165,645 300,913
equity
Total liabilities,
mezzanine and $ 176,054 $ 303,929
stockholders'
equity
4
Exhibit 99.1
Solana Company
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
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