Solana Company (HSDT) Q1 2026 earnings summary

Executive summary

• Achieved significant progress in building a digital asset treasury platform focused on Solana, with a strategy to maximize SOL per share and provide public market investors direct exposure to Solana.

• Revenue surged to $3.6 million in Q1 2026, primarily from staking rewards, up from $49,000 in Q1 2025, reflecting the shift to a digital asset treasury strategy.

• Divested the medical device and PONS businesses, with the PONS sale generating $5 million upfront and up to $20 million in earnouts, and completed cost rationalization steps.

• Welcomed Madelene Gani as COO and later CFO, and saw major executive transitions in May 2026, including CEO and CFO resignations and new appointments.

• Completed strategic capital raises, including an $8 million raise led by Mirae and HashKey and a $7.9 million registered direct offering in April 2026.

Financial highlights

• Q1 2026 revenue was $3.6 million, mainly from $3.4 million in staking revenue, up from $49,000 in Q1 2025.

• Cost of revenue was $180,000, yielding a gross profit of $3.4 million versus a gross loss of $72,000 a year ago.

• Operating expenses reached $103.1 million, including $89.2 million in unrealized and $7 million in realized digital asset losses.

• Net loss for Q1 2026 was $99.8 million, or $1.30 per share, compared to a $3.8 million loss in Q1 2025.

• Cash and cash equivalents stood at $4.4 million, with digital assets valued at $193.8 million as of March 31, 2026.

Outlook and guidance

• Liquidity is expected to be sufficient through at least May 2027, assuming the ability to liquidate SOL as needed.

• Recurring revenue growth is anticipated from advisory, infrastructure, and platform businesses, with positive financial results from divestitures and cost rationalization expected in Q2.

• Guidance indicates minimal CapEx and a focus on scaling costs only with revenue growth.

• Future results will be heavily dependent on the price and liquidity of SOL, which remains highly volatile.

• Ongoing evaluation of strategic acquisitions or investments may require additional capital.