Solana Co
Business
Solana Company is a publicly traded digital asset treasury dedicated to acquiring and holding Solana tokens (SOL) to maximize SOL per share through strategic capital deployment and ecosystem engagement. The company offers public market investors direct exposure to SOL through equity securities and intends to generate yield via staking, capital markets tools, and decentralized finance participation. Solana Company also operates a neurotechnology business commercializing the PoNS device, a non-implantable medical device for treating gait and balance deficits in multiple sclerosis and stroke patients in the United States and Canada.
Summary from 10-K filed 2026-03-31
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Staking revenue | 5 | — | — | — | — | |
| Product sales and other revenue | 548,000 | 520,000 | 605,000 | 778,000 | 493,000 | |
| Total revenue | 6 | 520,000 | 644,000 | 787,000 | 522,000 | |
| Cost of revenue | 500,000 | 582,000 | — | — | — | |
| Gross profit (loss) | 6 | −62,000 | 61,000 | 324,000 | 224,000 | |
| Selling, general and administrative expenses | 23 | 10 | 9 | 11 | 12 | |
| Research and development expenses | 4 | 4 | 3 | 4 | 6 | |
| Unrealized loss on digital assets and digital assets receivable | 209 | — | — | — | — | |
| Realized loss on digital assets | 12 | — | — | — | — | |
| Unrealized loss on digital assets fund investment | 2 | — | — | — | — | |
| Realized gain on digital asset derivatives | −316,000 | — | — | — | — | |
| Total operating expenses | 249 | 14 | 12 | 16 | 18 | |
| Loss from operations | −244 | −14 | −12 | −16 | −18 | |
| Interest expense, net | −635,000 | −17,000 | 257,000 | −834,000 | — | |
| Foreign exchange gain (loss) and other income | 785,000 | −803,000 | 275,000 | −756,000 | 10,000 | |
| Change in fair value of derivative liability | 938 | 3 | 3 | 3 | — | |
| Loss on derivative liability | −540 | — | — | — | — | |
| Financing costs | −195 | — | — | — | — | |
| Nonoperating income, net | 203 | 2 | 4 | 1 | 10,000 | |
| Loss before provision for income taxes | −41 | −12 | −9 | −14 | −18 | |
| Provision for income taxes | 0 | 0 | 0 | 0 | 0 | |
| Net loss | −41 | −12 | −9 | −14 | −18 | |
| Foreign currency translation adjustments | −594,000 | 1 | −285,000 | 737,000 | −26,000 | |
| Comprehensive loss | −41 | −11 | −9 | −13 | −18 | |
| Basic (in dollars per share) | −1.85 | −3,282 | −14.56 | −52.13 | −7.38 | |
| Diluted (in dollars per share) | −1.85 | −3,282 | −14.56 | −52.13 | −7.38 | |
| Basic (in shares) | 22 | 3,577 | 607,890 | 269,929 | 2 | |
| Diluted (in shares) | 22 | 3,577 | 607,890 | 269,929 | 2 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 7 | 1 | 5 | 15 | 11 | |
| Digital assets | 21 | — | — | — | — | |
| Inventory | 1 | 1 | 457,000 | 589,000 | 476,000 | |
| Prepaid expenses and other current assets | 2 | 1 | — | — | — | |
| Total current assets | 31 | 3 | 7 | 17 | 13 | |
| Digital assets | 197 | — | — | — | — | |
| Digital assets, restricted | 39 | — | — | — | — | |
| Digital assets receivable | 31 | — | — | — | — | |
| Digital assets fund investment | 6 | — | — | — | — | |
| Other long-term assets | 75,000 | 118,000 | — | — | — | |
| Total assets | 304 | 4 | 8 | 17 | 14 | |
| Accounts payable | 2 | 873,000 | 531,000 | 627,000 | 1 | |
| Accrued and other current liabilities | 1 | 1 | 1 | 1 | 1 | |
| Total current liabilities | 3 | 2 | 2 | 2 | 3 | |
| Other long-term liabilities | — | 79,000 | — | — | — | |
| Derivative liability | — | 241,000 | 3 | 7 | — | |
| Total liabilities | 3 | 2 | 5 | 9 | 3 | |
| Class A common stock, $0.001 par value; 800,000,000 shares authorized; 43,744,207 and 4,936 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 44,000 | 4,000 | 1,000 | 1,000 | 4,000 | |
| Additional paid-in capital | 514 | 172 | 163 | 160 | 149 | |
| Accumulated deficit | −213 | −172 | −160 | −151 | −137 | |
| Accumulated other comprehensive (loss) income | −261,000 | 333,000 | −673,000 | −388,000 | −1 | |
| Total stockholders' equity | 301 | 1 | 2 | 8 | 11 | |
| Total liabilities and stockholders' equity | 304 | 4 | 8 | 17 | 14 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Net loss | −41 | −12 | −9 | −14 | −18 | |
| Amortization of debt discount and imputed interest expense | 680,000 | — | — | — | — | |
| Change in fair value of derivative liability | −938 | −3 | −3 | — | — | |
| Net change in fair value of digital assets and digital assets receivable | 209 | — | — | — | — | |
| Net change in fair value of digital assets fund investment | 2 | — | — | — | — | |
| Stock-based compensation expense | 9 | 3 | 2 | 2 | 4 | |
| Other | −550,000 | 1 | — | — | — | |
| Inventory | −85,000 | −607,000 | 137,000 | −111,000 | −87,000 | |
| Prepaid expense and other current assets | −452,000 | 359,000 | 54,000 | −354,000 | −127,000 | |
| Accounts payable | 1 | 344,000 | −103,000 | −418,000 | 369,000 | |
| Accrued and other current liabilities | −169,000 | −63,000 | −20,000 | −152,000 | 194,000 | |
| Other liabilities | −81,000 | −41,000 | — | — | — | |
| Net cash used in operating activities | −17 | −11 | −10 | −14 | −13 | |
| Digital assets purchased | −421 | — | — | — | — | |
| Digital assets sold | 47 | — | — | — | — | |
| Digital assets receivable purchased | −45 | — | — | — | — | |
| Digital assets fund investment | −8 | — | — | — | — | |
| Purchase of property and equipment | — | −5,000 | −29,000 | −17,000 | −54,000 | |
| Net cash used in investing activities | −427 | −5,000 | −29,000 | −11,000 | −56,000 | |
| Proceeds from issuance of common stock in ATM | 30 | 3 | 500,000 | 19 | 23 | |
| Proceeds from issuance of warrants and common stock warrants in private placement | 433 | 5 | — | — | — | |
| Proceeds from exercise of warrants | 4 | 164,000 | 642,000 | — | — | |
| Share issuance costs | −17 | −1 | −65,000 | −775,000 | −3 | |
| Proceeds from issuance of notes payable | 880,000 | — | — | — | — | |
| Repayment of notes payable | −2 | — | — | — | — | |
| Net cash provided by financing activities | 449 | 7 | 1 | 18 | 21 | |
| Effect of currency exchange rate changes on cash and cash equivalents | 1,000 | −2,000 | 1,000 | −4,000 | −8,000 | |
| Net increase (decrease) in cash and cash equivalents | 6 | −4 | −9 | 4 | 8 | |
| Digital assets received in-kind from private placement | 85 | — | — | — | — | |
| Purchase of digital assets with stablecoins | 34 | — | — | — | — | |
| Derivative warrant liability reclassified to equity on exercise of warrants | 10 | 101,000 | 628,000 | — | — | |
| Derivative warrant liability reclassified to equity on warrant amendment | 105 | — | — | — | — | |
| Deferred offering costs reclassified to equity upon public offering | 8,000 | 132,000 | — | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Solana Co's CIK number?
Solana Co's SEC CIK number is 0001610853 (1610853). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Solana Co's SEC filings?
All of Solana Co's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Solana Co last report earnings?
Solana Co (HSDT) most recently filed an earnings 8-K with the SEC on May 15, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-062534). This is Solana Co's most recent earnings filing of record — not a forecast of its next earnings date.
What is Solana Co's most recent earnings 8-K?
Solana Co's latest earnings 8-K (Item 2.02) was filed May 15, 2026 under accession 0001104659-26-062534. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Solana Co's latest earnings 8-K →
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