---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-062534"
form_type: "8-K"
ticker: "HSDT"
cik: "0001610853"
company_name: "Solana Co"
filed_at: "2026-05-15T20:10:16+00:00"
generated_at: "2026-05-15T20:16:32.630460+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Solana Company Q1 revenue $3.6M, net loss $99.8M ($1.30/share) on digital asset write-downs

## Summary
- Q1 revenue $3.6M (primarily $3.4M staking rewards) vs $49K in Q1 2025; gross profit $3.4M.
- Operating loss $99.6M, driven by $89.2M unrealized loss on digital assets and $7.0M realized loss from strategic sales.
- Net loss $99.8M ($1.30 per share) vs $3.8M ($382.29) in prior year; shares outstanding increased to 55.0M.
- Executed $3.5M in share repurchases during quarter; cash $4.4M, digital asset exposure $193.8M at fair value.
- Appointed Madelene Gani as COO and Deputy CFO effective April 6, 2026; advancing Pacific Backbone validator with Jito.

## SEC filing metadata
- accession: 0001104659-26-062534
- form_type: 8-K
- ticker: HSDT
- cik: 0001610853
- company_name: Solana Co
- filed_at: 2026-05-15T20:10:16+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1610853/000110465926062534/0001104659-26-062534-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1610853/000110465926062534/hsdt-20260515x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-062534
- JSON: https://secwatch.observer/filing/0001104659-26-062534.json
- Plain text: https://secwatch.observer/filing/0001104659-26-062534.txt

## Key facts
- Earnings Releases
  Solana Co reported the quarter ended March 31, 2026 results: revenue $3.6 million, net income $99.8 million, or a loss of $1.30 per basic and diluted common share.
  - Period: the quarter ended March 31, 2026
  - Revenue: $3.6 million
  - Net income: $99.8 million, or a loss of $1.30 per basic and diluted common share
  - Result: reported results
  source text: HSDT) (the “Company” or “HSDT”), a publicly listed company, today announced results for the quarter ended March 31, 2026. First Quarter Recent Business Updates ● Generated $3.6 million in revenue in the first quarter of 2026, with the increase primarily driven by the Company’s SOL earning staking yield ● Executed approximately $3.5 million in share repurchases
  evidence_url: https://www.sec.gov/Archives/edgar/data/1610853/000110465926062534/0001104659-26-062534-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.