Solana Company (HSDT) Q3 2026 earnings summary

Executive summary

• Q3 net income was $105.16M, largely reflecting a $102.7M non-cash unrealized gain on digital assets as SOL rose; 9M net loss was $24.89M.

• Pacific Backbone entered operation, with third-party stake reaching 1.0M SOL; advisory activity included 40+ institutional sessions and workshops across Asia-Pacific.

• Treasury held 2,441,560 SOL valued at $288.2M at Sept. 30, equivalent to 0.0274 SOL per diluted share on a Treasury Stock Method basis.

Financial highlights

• Q3 revenue was $3.36M, including $3.34M in staking revenue, versus $0.70M and $0.3M, respectively, in Q3 2025; 9M revenue was $9.51M.

• Q3 gross profit was $2.74M on $617K cost of revenue, with ~82% gross margin; 9M gross profit was $8.63M.

• Q3 operating income was $103.85M and net income was $105.16M, versus losses of $35.45M and $352.77M in Q3 2025; diluted EPS was $1.17.

• 9M operating loss was $28.4M and net loss was $24.89M, versus a $366.44M net loss in 9M 2025.

• Q3 G&A was $3.4M versus $5.5M YoY; 9M G&A was $19.7M, including $6.8M of PoNS-divestiture severance.

Outlook and guidance

• Priorities include growing Pacific Backbone third-party stake, assessing Hong Kong as a validator location, pursuing ISO 27001 certification, expanding institutional adoption and increasing 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.

• Available cash and working capital were expected to cover liquidity needs for at least 12 months, assuming SOL can be liquidated when needed; market stress or reduced liquidity could challenge that assumption.