NEWTOWN, PA — Solana Company (Nasdaq: HSDT) recenlty reported fourth-quarter net income of $325.6 million for 2025, driven by gains on derivative liabilities, while posting a full-year net loss of $40.9 million, the company announced.
Fourth-quarter revenue totaled $5.2 million, up from $0.2 million a year earlier, primarily from $5.1 million in staking rewards tied to its digital asset treasury strategy.
The company reported a fourth-quarter operating loss of $201.1 million, compared with a $3.1 million loss in the prior-year period, largely due to non-cash charges related to declines in the value of digital assets.
Non-operating income of $526.6 million, primarily from changes in derivative liability valuations, offset those losses and resulted in net income of $325.6 million, or $4.25 per share.
For the full year, revenue increased to $6.0 million from $0.5 million in 2024, reflecting $5.5 million in staking rewards following the launch of the company’s digital asset treasury strategy in September 2025.
Full-year operating expenses totaled $249.4 million, including non-cash charges tied to digital asset valuations, resulting in an operating loss of $243.8 million.
The company reported a full-year net loss of $40.9 million, compared with a $11.7 million loss in the prior year.
Solana Company said it generated $5.1 million in staking rewards in the fourth quarter and $5.5 million for the full year, with most of its Solana token holdings staked during the period.
The company raised $29.9 million in 2025 through at-the-market equity programs, using the proceeds primarily to acquire additional Solana tokens.
It also repurchased $3.4 million in common stock in 2026, funded largely through the sale of digital assets.
As of December 31, 2025, the company reported $7.3 million in cash and $293.7 million in digital assets, for total liquidity of $301.0 million.
Joseph Chee, executive chairman of Solana Company, said market conditions have affected the company’s strategy.
“The unanticipated and adverse downturn in the cryptocurrency industry…has adversely impacted the performance of the DAT strategy,” Chee said, citing geopolitical factors and market volatility.
The company said it continues to evaluate financing options and plans to expand its infrastructure, including investment in a low-latency cluster in the Asia-Pacific region to support staking operations.
Solana Company also said it collaborated with Anchorage Digital and Kamino to launch a digital asset treasury structure that allows borrowing against staked Solana tokens.
Support the local news that supports Chester County. MyChesCo delivers reliable, fact-based reporting and essential community resources—free for everyone. If you value that, click here to become a patron today.