secwatch.observer — SEC 8-K summary
======================================

Issuer:     Solana Co (HSDT)
CIK:        0001610853
Form:       8-K
Filed at:   2026-05-15T20:10:16+00:00
Accession:  0001104659-26-062534
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1610853/000110465926062534/0001104659-26-062534-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1610853/000110465926062534/hsdt-20260515x8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-062534

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer