---
schema_version: "secwatch.filing_event.v1"
accession: "0001558370-23-009374"
form_type: "8-K"
ticker: "HSDT"
cik: "0001610853"
company_name: "Solana Co"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:11:52.047593+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Helius Medical Q1 revenue $111K, net loss $2.5M; guides Q2 revenue above prior year

## Summary
- Q1 2023 revenue $111K, down from $190K in Q1 2022 due to lower Canada sales and one-time prior year delivery.
- Net loss $2.5M ($0.09 per share) vs $4.3M ($1.15 per share) in Q1 2022; operating loss $3.8M.
- Cash used in operations $3.2M, down from $4.7M; cash balance $11.3M, no debt.
- Received Health Canada authorization for PoNS for gait deficit due to mild/moderate stroke symptoms.
- Signed exclusive distribution agreement with HealthTech Connex for Vancouver/Fraser Valley region.

## SEC filing metadata
- accession: 0001558370-23-009374
- form_type: 8-K
- ticker: HSDT
- cik: 0001610853
- company_name: Solana Co
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1610853/000155837023009374/0001558370-23-009374-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1610853/000155837023009374/hsdt-20230511x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001558370-23-009374
- JSON: https://secwatch.observer/filing/0001558370-23-009374.json
- Plain text: https://secwatch.observer/filing/0001558370-23-009374.txt

## Key facts
- Earnings Releases
  Solana Co reported the quarter ended March 31, 2023 results: revenue $111 thousand, net income $2.5 million, EPS $0.09 per share. Guidance initiated.
  - Period: the quarter ended March 31, 2023
  - Revenue: $111 thousand
  - Net income: $2.5 million
  - EPS: $0.09 per share
  - Guidance: initiated
  - Result: reported results
  source text: Total revenue for the first quarter of 2023 was $111 thousand, a decrease of $79 thousand compared to $190 thousand in the first quarter of 2022, primarily attributable to lower Canada product sales, partially offset by increased net product sales in the United States. Commercial product sales in the United States commenced in April 2022. Canada product sales for the three months ended March 31, 2022 included approximately $120 thousand of revenue recognized in connection with the delivery of PoNS devices under our prior distribution agreement with HTC. Cost of revenue was $122 thousand for the three months ended March 31, 2023, compared to $124 thousand for the comparable period in 2022, remaining relatively flat due to fixed overhead costs. Operating expenses for the first quarter of 2023 decreased to $3.8 million, compared to $4.6 million in the first quarter of 2022. The decrease was driven primarily by a decrease in product development expenses and clinical trial activities as we
  evidence_url: https://www.sec.gov/Archives/edgar/data/1610853/000155837023009374/0001558370-23-009374-index.htm

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