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Solana Company (HSDT) investor relations material
Solana Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Pacific Backbone launched, third-party stake reached 1.0M SOL, and staking, advisory and validator operations began generating recurring revenue as operating costs fell below Q1 levels.
Q3 net income of $105.2M was driven largely by non-cash digital-asset fair-value gains as SOL rose ~60%; quarter-end treasury held 2.4M SOL, valued at $288.2M.
Institutional engagement expanded across Asia-Pacific, with 40+ education sessions and workshops; strategy focuses on growing SOL per share through treasury, infrastructure and advisory services.
Financial highlights
Q3 revenue was $3.4M, including $3.3M of staking revenue, versus $697K in Q3 2025; 9M revenue was $9.5M.
Q3 gross profit was $2.7M on $617K cost of revenue, with ~82% gross margin; 9M gross profit was $8.6M.
Q3 operating income was $103.9M and net income $105.2M; diluted EPS was $1.17 versus a $32.89 loss per share YoY. 9M operating loss was $28.4M and net loss $24.9M.
Q3 G&A was $3.4M versus $5.5M YoY and below Q1's $5.2M and Q2's $11.1M; Q2 included ~$6.8M of non-recurring PoNS-divestiture severance. 9M G&A was $19.7M.
Outlook and guidance
Q4 priorities include growing Pacific Backbone third-party stake, assessing Hong Kong as a validator location, pursuing ISO 27001 certification, expanding institutional adoption and compounding SOL per share.
G&A is expected to normalize between current and historic run rates as operations grow; no forward OpEx guidance was provided.
Third-party stake growth may slow in Q4 after rising from a few hundred thousand SOL to over 1M; further adoption-driven growth is expected by Q1 2027.
- Q2 2026 revenue surged on staking, but net loss widened amid SOL losses and restructuring.HSDT
Q2 2026 - All director nominees and the auditor appointment were approved without shareholder questions.HSDT
AGM 2026 - Director nominee withdrawn, board size reduced, and new CEO and CFO appointed.HSDT
Proxy filing - Q1 2026 revenue surged on staking, but SOL volatility drove a $99.8M net loss.HSDT
Q1 2026 - Shareholders will vote on director elections, auditor ratification, and board changes at the virtual annual meeting.HSDT
Proxy filing - Annual meeting to elect directors, ratify auditor, and reinforce governance and sustainability.HSDT
Proxy filing - Q4 2025 delivered strong staking rewards, $325.6M net income, and 14% SOL per share growth.HSDT
Q4 2025 - CMS pricing delays hinder access and commercialization, prompting strategic review and regulatory focus.HSDT
Status Update - First third-party reimbursement and Medicare rates expected to drive late-2024 revenue growth.HSDT
Q2 2024
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