Solana Company Reports Third Quarter 2026 Financial Results

PHILADELPHIA, Nov. 11, 2026 (GLOBE NEWSWIRE) — 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 September 30, 2026.

The third quarter was defined by streamlined operations and the expansion of its treasury holdings. The Company generated $3.4 million in revenue as its self-reinforcing flywheel began to turn, reducing operating costs to their lowest level yet. Headlining the quarter, the Company priced an approximately $15 million registered direct offering at a 5% premium to net asset value per share and used the proceeds to purchase approximately 125 thousand SOL.

Third Quarter Operational Highlights

• Pacific Backbone moved from build-out to operation, with approximately 1.3 million SOL of total stake delegated as of September 30, 2026, including 1.0 million SOL delegated by third parties.
• Achieved an average net staking yield of 5.9% APY on treasury holdings, outperforming the Solana network average of approximately 4.9% APY by 100 basis points.
• Held approximately 2.4 million SOL across all categories, with a fair value of approximately $288.2 million as of September 30, 2026.
• Diluted share count on a Treasury Stock Method basis was approximately 85.2 million shares which equates to 0.0274 SOL per Treasury Stock Method diluted shares
• Participated in Solana’s first onchain governance vote, publishing the Company’s positions in advance so that delegators could vote with full knowledge of their operator’s view.
• Delivered over 40 institutional education sessions and advisory workshops with banks, asset managers and exchanges across Asia-Pacific.

Joseph Chee, Chairman, President, and Chief Executive Officer of Solana Company, said:

“This was a milestone quarter for Solana Company. Our Pacific Backbone infrastructure went live, institutions entrusted us with a million SOL of third-party stake, and that confidence is already flowing through to our revenue. Every turn of our flywheel is now picking up speed. We are building the bridge that brings Asia’s financial institutions onto Solana, and with our new headquarters in Hong Kong, we will be building it right where the demand is. We could not be more excited about the road ahead.”

Cosmo Jiang, General Partner at Pantera Capital and board director at Solana Company, said:

“The third quarter showed exactly what sets Solana Company apart. We beat the network’s staking yield by a full percentage point, and put both sides of our capital toolkit to work, buying back shares below NAV and raising capital above it. Owning SOL is a great start. Owning a company that keeps adding more SOL behind every share is even better, and that is the opportunity we are delivering for our shareholders.”

Third Quarter Financial Highlights

• Generated $3.4 million in revenue, driven primarily by staking revenue on the Company’s SOL holdings, bringing year-to-date revenue to $9.5 million.
• Earned 30.8 thousand SOL in staking rewards, which were automatically restaked to compound returns.
• Repurchased approximately $2.8 million of Class A common stock (1.4 million shares) during the quarter, bringing year-to-date repurchases to approximately $8.7 million.

Third Quarter 2026 Financial Results

Revenue for the third quarter of 2026 was $3.4 million, consisting of $3.3 million in staking revenue and $23 thousand of other revenue. This represents significant growth from the $0.7 million in the prior-year period.

Cost of revenue for the third quarter of 2026 was $0.6 million, resulting in gross profit of $2.7 million, or a gross margin of approximately 82%, compared to a gross profit of $0.6 million in the prior-year period.

General and administrative expenses for the third quarter of 2026 were $3.4 million, compared with $5.5 million in the prior-year period. The decrease was primarily due to lower bonus expense and professional fees, partially offset by higher trading advisory and custodian fees, For the first nine months of 2026, general and administrative expenses were $19.7 million, compared with $12.7 million in the prior-year period, primarily due to $6.8 million of severance associated with the PoNS divestiture.

Net operating income for the third quarter of 2026 was $101.1 million, compared with net operating expense of $36.0 million in the prior-year period. The resulting income from operations was $103.9 million, compared with a loss of $35.5 million in the prior-year period, and the loss from operations was $28.4 million for the first nine months of 2026.

Nonoperating income, net, for the third quarter of 2026 was $1.3 million, including a $1.7 million gain from the change in the fair value of the Company’s derivative liability of $1.7 million and other expense of $0.4 million relating primarily to a foreign exchange fluctuations.

Reported net income for the third quarter of 2026 was $105.2 million, or earnings of $1.21 per basic and $1.17 per diluted common share, compared with a net loss of $352.8 million, or a loss of $32.89 per basic and diluted common share, in the prior-year period.

Cash and Liquidity

At September 30, 2026, total assets were $292.6 million, including cash and cash equivalents of $1.1 million, current digital assets of $21.0 million and a $14.8 million digital assets receivable from broker for SOL purchased on September 30, 2026 and settled on October 1, 2026, and $252.4 million of long-term digital assets and digital asset exposure across staked positions, restricted assets, receivables and fund investments. Common shares issued totaled 65.1 million, including 3.1 million shares subject to possible redemption; 57.1 million shares were outstanding as of September 30, 2026, excluding mezzanine shares and net of 4.4 million 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 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 other subsequent filings with the SEC, including its upcoming Quarterly Report on Form 10-Q for the quarter ended September 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

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