PHILADELPHIA, PA — Solana Company (NASDAQ: HSDT) recently posted a $30.3 million second-quarter net loss as expenses tied to its digital asset strategy and divestiture of a legacy medical-device business outweighed $2.5 million in revenue generated primarily from staking its Solana holdings.
The loss, equal to 38 cents per basic and diluted share, widened from $9.8 million in the prior-year period. Revenue increased from $43,000 a year earlier, when the company had not yet generated staking revenue from its digital asset treasury strategy.
Second-quarter revenue consisted of $2.5 million in staking revenue and $14,000 of other revenue, bringing first-half revenue to $6.1 million.
Gross profit totaled $2.4 million, representing a margin of about 97%, compared with a gross loss of $100,000 a year earlier.
The gains at the revenue level were overshadowed by sharply higher operating costs. General and administrative expenses rose to $11.1 million from $3.3 million, including $6.8 million of severance associated with the divestiture of the company’s PoNS medical-device business.
Net operating expenses reached $35.1 million, up from $3.3 million in the second quarter of 2025. The resulting operating loss widened to $32.7 million from $3.3 million.
For the first six months of 2026, the company recorded an operating loss of $132.3 million.
Nonoperating income totaled $2.4 million during the quarter, including a $3.1 million gain from the sale of the PoNS business and a $300,000 gain tied to the change in fair value of a derivative liability. Other expense totaled $300,000, primarily reflecting foreign-exchange losses related to fluctuations between the Canadian and U.S. dollars.
The divestiture removed the company’s former medical-device operation as Solana Company concentrates its capital and operations on digital asset treasury management, staking, validator infrastructure and advisory services.
During the quarter, the company earned 31,200 SOL in staking rewards, which were automatically restaked.
Solana Company also completed a registered direct stock offering that generated $7.9 million in net proceeds from institutional investors. Mirae Asset led the transaction, with HashKey Capital also participating.
The company repurchased about $2.3 million of its own stock during the quarter and retired 1.3 million shares. Year-to-date repurchases totaled approximately $5.9 million.
At June 30, Solana Company reported $176.1 million in total assets, including $3.6 million in cash and cash equivalents, $21 million in current digital assets and $147.3 million in long-term digital assets and related exposure through staked positions, restricted assets, receivables and fund investments.
The company reported 60.4 million common shares outstanding, including 57.4 million shares outstanding net of treasury stock.
Operationally, Solana Company established its first institutional validator cluster in Tokyo under its Pacific Backbone initiative and entered a partnership with the Jito Foundation intended to expand Solana infrastructure across the Asia-Pacific region.
It also signed a memorandum of understanding with the administration of Alatau City, Kazakhstan, covering potential cooperation on blockchain infrastructure, enterprise adoption, education, research and policy development.
The company conducted 15 institutional education and advisory sessions with banks, asset managers and exchanges across Asia-Pacific during the quarter.
“Despite the volatility in digital asset markets during the quarter, our strategy did not change,” board director Cosmo Jiang stated, citing capital allocation, staking yield and the development of businesses intended to generate revenue independent of the price of SOL.
Solana Company also added Michel Lee, co-founder of HashKey Group and investment partner at Cybertech Partners, and Sergio Mello, global head of stablecoin solutions at Anchorage Digital, to its board.
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.