HSDTSolana Company
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
The biggest changes in the 10-K filed 2026-03-31, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
-2673.7% → -44496.4% (-41822.7 pts) Big change FY to 2025-12-31 vs 2024-12-31“The decrease in research and development expenses was primarily from increases in clinical trial related costs of $0.3 million and an increase in product development costs of $0.3 million offset by a decrease in non-cash employee stock compensation expense of $0.2 million and a decrease in employee wages of $0.5 million.”
Read it in the 10-K ↗
Gross margin
-11.9% → 1006.8% (+1018.7 pts) Big change FY to 2025-12-31 vs 2024-12-31“The cost of revenue for 2025 as compared to the same period in the prior year decreased year to year due to decreased unit volumes sold resulting in lower product costs and a decrease in certain inventory adjustments offset by increases in fixed employee costs and staking costs related to our new Solana treasury strategy.”
Read it in the 10-K ↗
Revenue
+5.4% FY to 2025-12-31 vs 2024-12-31“Product sales and other revenue for 2025 compared to the same period in the prior year remained flat as a result of a decrease in product sales offset by a one-time recognition of deferred revenue.”
Read it in the 10-K ↗
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on HSDT in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/HSDT/export.csv") into a cell.