Solana Company posts $30.3M Q2 loss despite staking gains

Solana Company has reported a $30.3 million second-quarter loss despite earning $2.5 million in revenue, almost entirely from staking its SOL holdings.

Solana Company said in its Aug. 14 financial release that staking contributed $2.512 million of its $2.526 million quarterly revenue, while other operations generated only $14,000.

Compared with the same quarter of 2025, when revenue reached $43,000, the Nasdaq-listed company recorded a sharp increase after building a large Solana treasury. Revenue still declined about 30% from the $3.6 million reported in the first quarter, based on its first-half figures.

During Q2, the company earned 31,200 Solana (SOL) in staking rewards and automatically restaked the tokens. Restaking allowed the holdings to continue earning rewards rather than being sold or moved into cash.

Cost of revenue came to $77,000, leaving a gross profit of $2.4 million and a gross margin of about 97%. High margins from staking were not enough to cover operating expenses and losses tied to the company’s digital assets.

SOL sales drove most of the quarterly loss

Operating expenses reached $35.1 million during the quarter, up from $3.3 million a year earlier. Solana Company consequently recorded a $32.7 million operating loss, compared with a $3.3 million loss in Q2 2025.

A realized loss of $25.4 million from digital-asset sales accounted for the largest part of the increase. On the company’s earnings call, management said the loss came from “strategic sales executed as part of our capital allocation program.”

At the same time, the accounts included a $2.4 million unrealized gain on digital assets and receivables. Solana Company also booked a $298,000 unrealized loss on a digital-asset fund investment and a $682,000 loss on digital-asset derivatives.

Administrative expenses increased to $11.1 million from $3.3 million in the year-earlier quarter. Approximately $6.8 million came from severance costs connected to the divestiture of the PoNS medical-device business, leaving roughly $4.3 million in other administrative spending.

The company completed the sale of PoNS during Q2 as it moved away from its former medical-device operations. Solana Company recorded a $3.1 million gain from the transaction, which partly reduced the effect of its operating loss.

Nonoperating income totaled $2.4 million after including the gain from the sale, a $322,000 change in the value of a derivative liability, and $259,000 in other expenses. Most of the latter amount came from fluctuations between the Canadian and U.S. dollars.

After accounting for those items, the company posted a net loss of $30.3 million, or $0.38 per basic and diluted share. A year earlier, its loss stood at $9.8 million, or $79.73 per share, although changes in the number of outstanding shares make the per-share figures difficult to compare directly.

Solana Company’s first-half loss reached $130.1 million

For the first six months of 2026, revenue increased to $6.1 million from $92,000 in the comparable period of 2025. Staking supplied $5.9 million of the total, while other revenue contributed $218,000.

First-half operating expenses rose to $138.2 million, including an $86.8 million unrealized loss on digital assets and receivables. Realized digital-asset losses reached another $32.4 million, while the digital-asset fund investment produced a $2 million unrealized loss.

As a result, Solana Company reported a six-month net loss of $130.1 million, equal to $1.66 per share. Management said on the earnings call that fair-value movements recorded under U.S. accounting rules did not reduce its cash balance or the number of SOL tokens produced through staking.

The company adopted its SOL-focused model in September 2025, when it was still called Helius Medical Technologies. As crypto.news reported, the firm launched the treasury strategy through a $500 million private placement led by Pantera Capital and Summer Capital.

Participants purchased shares at $6.88 each and received warrants exercisable at $10.13. The deal included as much as $750 million in potential proceeds from warrant exercises, although the additional capital depended on investors choosing to exercise them.

By October 2025, the renamed company had grown past 2.2 million SOL, then valued at more than $525 million. The company also reported over $15 million in cash at the time.

Its June 2026 balance sheet showed a much smaller asset base. Total assets fell to $176.1 million from $303.9 million at the end of 2025, while stockholders’ equity declined to $165.6 million from $300.9 million.

Cash and cash equivalents dropped to $3.6 million from $7.3 million. Current digital assets stood at $21 million, with another $2.3 million classified as a digital-asset collateral receivable.

Long-term digital assets and related exposure totaled $147.3 million. According to the company, the figure covered staked positions, restricted assets, receivables, and investments in digital-asset funds.

Nasdaq investors remain exposed to SOL price movements

Because HSDT trades on the Nasdaq Capital Market, U.S. investors can obtain indirect SOL exposure through its shares without holding the token directly. The company’s filings also show that its financial position depends heavily on SOL prices, staking returns, and its ability to raise money through stock sales.

During Q2, Solana Company raised $7.9 million in net proceeds from a registered direct stock offering led by Mirae Asset, with HashKey Capital also participating. The company sold approximately 3.08 million shares at $2.60 each and said the proceeds could support SOL purchases, working capital, and corporate expenses.

At the same time, it spent about $2.3 million repurchasing 1.3 million shares. First-half buybacks reached approximately $5.9 million, covering 2.9 million shares held as treasury stock at the end of June.

The company had 60.4 million issued shares on June 30, of which 57.4 million were outstanding after excluding treasury stock. Its accumulated deficit rose to $342.6 million from $212.6 million at the end of 2025.

HSDT closed Aug. 14 at $1.70, down 5.56% during regular trading, according to market data cited by Investing.com. Shares recovered slightly to $1.71 after the closing bell, while the reported revenue total fell about $400,000 short of the $2.9 million analyst estimate cited by the publication.

Validator revenue could begin in the third quarter

Apart from staking its own treasury, Solana Company is building infrastructure intended to earn revenue from third-party assets. Its first institutional validator cluster became operational in Tokyo under an initiative called Pacific Backbone.

Chief Executive Joseph Chee said the company’s recurring businesses were starting to develop as the Tokyo operation came online and PoNS left its cost base.

“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,” Chee said.

Management expects the Tokyo cluster to begin contributing validator-related revenue in the third quarter. In July, the operation secured its first third-party staking commitment of approximately 500,000 SOL, according to comments made during the earnings call.

Solana Company previously added Helius and Twinstake to its staking setup, allowing it to stake SOL directly from custody at Anchorage Digital Bank. At the time of the October 2025 announcement, Helius and Twinstake ranked among the Solana network’s 25 largest validators by delegated SOL.

Under Pacific Backbone, the company also entered a May partnership with the Jito Foundation to develop institutional Solana infrastructure across the Asia-Pacific region. Management said it expects administrative expenses to return closer to first-quarter levels as the severance costs from the PoNS sale fall out of its accounts.

After the quarter ended, Solana Company completed a $2 million acquisition of a Hong Kong trust company on July 15. The transaction will be included in its third-quarter financial statements.