HSDT Solana Co
Price Chart
Executive Summary
Solana Co reported Q1 2026 revenue of $3.6M, up from $49K in Q1 2025, driven by $3.4M in staking rewards from its digital asset treasury strategy. However, the company posted a net loss of $99.8M ($1.30 per share) vs a $3.8M loss in the prior year, driven by $89.2M in unrealized losses on digital assets. Cash dropped to $4.4M from $7.3M at year-end, and the company completed a $8M registered direct offering 18 days prior, raising capital for SOL accumulation and working capital.
Key Financial Metrics
Actionable Insight
The massive net loss driven by mark-to-market on digital assets and the rapid cash burn ($4.4M remaining) raise going-concern risk despite the revenue ramp. The $8M April offering provides near-term runway but adds dilution. Monitor SOL price action and the company's ability to generate positive operating cash flow from staking. The lack of guidance is a yellow flag.
Key Facts
- Q1 2026 revenue of $3.6M ($3.4M staking + $0.2M other) vs $49K in Q1 2025
- Net loss of $99.8M ($1.30/share) vs $3.8M loss ($382.29/share) in Q1 2025
- Operating loss of $99.6M included $89.2M unrealized loss on digital assets and $7.0M realized loss on strategic sales
- Cash and cash equivalents fell to $4.4M from $7.3M at Dec 31, 2025
- Digital assets at fair value totaled $193.8M (current $21M + long-term $127.6M + restricted $23.6M + receivable $18.3M + fund investment $3.3M)
- Executed ~$3.5M in share repurchases during the quarter
- Completed $8M registered direct offering on April 27, 2026 (18 days ago) at $2.60/share
- Common shares outstanding: 55.0M (net of treasury) vs 43.7M at Dec 31, 2025
- No guidance provided in the release
Financial Impact
Revenue grew 73x YoY but net loss widened 26x to $99.8M; cash burn of ~$2.9M from operations (excluding digital asset movements); $8M equity raise completed post-quarter
Risk Factors
- Digital asset price volatility drives large unrealized losses and could trigger further dilution if SOL declines
- Cash runway appears limited with only $4.4M in cash; additional capital raises likely
- Share count increased from 43.7M to 55.0M outstanding in one quarter (26% dilution)
- No forward guidance provided, increasing uncertainty
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-062534 |
| Document: hsdt-20260515x8k.htm | 0001104659-26-062534 |
| Document: 0001104659-26-062534-index-headers.html | 0001104659-26-062534 |
| Document: 0001104659-26-062534-index.html | 0001104659-26-062534 |
| Document: 0001104659-26-062534.txt | 0001104659-26-062534 |
| 8-K Data (Synthetic) | 0001104659-26-062534 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 29, 2026
14d ago
|
8-K
| $1.75 $1.27 | ▲ +27.22% | ▲ +24.47% | $1.54 (+11.75%) |
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May 29, 2026
14d ago
|
424B5
| $1.75 $1.27 | ▲ +27.22% | ▲ +24.47% | $1.54 (+11.75%) |
|
May 22, 2026
21d ago
|
8-K
| $2.30 $1.60 | ▼ −30.43% | ▼ −31.65% | $1.54 (−33.04%) |
|
May 15, 2026
28d ago
|
8-K
| $2.18 $2.30 | ▼ −5.50% | ▼ −3.89% | $1.54 (+29.36%) |
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May 15, 2026
28d ago
|
Press Release
| $2.18 $2.30 | ▲ +5.50% | ▲ +3.89% | $1.54 (−29.36%) |
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May 1, 2026
6w ago
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DEFA14A
| $2.16 $2.23 | ▲ +3.24% | ▲ +0.30% | $1.54 (−28.70%) |
|
Apr 27, 2026
6w ago
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424B5
| $2.12 $2.16 | ▼ −1.89% | ▼ −1.49% | $1.54 (+27.36%) |
|
Apr 27, 2026
6w ago
|
8-K
| $2.12 $2.16 | ▼ −1.89% | ▼ −1.49% | $1.54 (+27.36%) |
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Apr 24, 2026
7w ago
|
8-K
| $2.12 $2.16 | ▲ +1.89% | ▲ +1.49% | $1.54 (−27.36%) |
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Apr 13, 2026
8w ago
|
8-K
| $1.98 $2.00 | ▲ +1.01% | ▼ −0.38% | $1.54 (−22.22%) |
US Market Status
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