HSDT

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Finalized the divestiture of the cash-consuming PoNS medical device business to focus exclusively on digital asset treasury and infrastructure operations. Operationalized the first institutional validator cluster in Tokyo to address the underserved Asia-Pacific market, which management identifies as having the majority of global crypto users. Acquired a Hong Kong-regulated trust company to serve as a licensed, in-region counterparty required by institutional clients for compliant digital asset transactions. Established a 'flywheel' strategy where advisory services generate demand for validator infrastructure, which in turn produces recurring fee revenue to be recycled into SOL accumulation. Reported average net staking yield of 6.14% APY, outperforming the network average by 46 basis points through active MEV capture and validator selection. Leveraged strategic partnerships with Jito Foundation and Alatau City to integrate market layer technology and influence regional blockchain policy development. Attributed institutional demand acceleration to the growth of tokenized equities on Solana, which reached $4.8 billion in trading volume during the second quarter. Expect to report inaugural third-party validator revenue in Q3 2026 following a commitment of approximately 0.5 million SOL from an external client. Anticipate general and administrative expenses will decline and normalize to Q1 levels as nonrecurring severance costs from the legacy business divestiture phase out. Plan to scale the Pacific Backbone infrastructure by launching additional validator nodes across the APAC region as favorable market conditions arise. Intend to maintain a capital allocation strategy focused on SOL-per-share accretion, prioritizing share repurchases while the stock trades at a discount to net asset value. Aim to convert the current institutional advisory pipeline into executed engagements and recognized revenue throughout the remainder of the fiscal year. Recorded $6.8 million in nonrecurring severance charges related to the PoNS divestiture, significantly impacting Q2 general and administrative expenses. Completed an $8 million strategic institutional funding round led by Mirae Asset and Hashkey Capital to strengthen the balance sheet and regional partnerships. Recognized a $3.1 million gain on the sale of the legacy medical business, partially offsetting operating losses during the transition period. Pursuing ISO 27001 and SOC 2 certifications to differentiate the validator business through institutional-grade compliance and transparency standards. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects the validator business to be profitable this year, noting that third-party SOL was secured almost immediately after the Tokyo cluster launch. The revenue model focuses on optimizing performance to exceed market averages, with specific revenue figures expected to be disclosed in the coming quarter. The company utilizes a total allocation approach where the end goal is always maximizing SOL per share, regardless of whether revenue originates from staking or advisory services. Management confirmed they will continue to lean into share repurchases as long as the stock trades at a discount to NAV, viewing it as the most accretive use of capital. Management acknowledged the opportunity for accretion through M&A given the small number of Solana-focused treasury vehicles. While open to consolidation to maximize shareholder value, they noted that such moves require significant work to align timing, management synergy, and specific circumstances.

This article first appeared on GuruFocus. Revenue: $2.5 million in Q2 2026, consisting of $2.5 million in staking revenue and $14,000 in other revenue, compared with $43,000 in Q2 2025. Gross Margin: Approximately 97% in Q2 2026, with gross profit of $2.4 million. Net Loss: $13.3 million, or $0.38 per basic and diluted share, for Q2 2026. General and Administrative Expenses: $11.1 million in Q2 2026, including $6.8 million in non-recurring severance costs related to the Pons divestiture. Digital Asset Fair Value Movements: Unrealized gain of $2.4 million and realized loss of $25.4 million in Q2 2026. Staking Yield: Average net staking yield of 6.14% APY in Q2 2026, outperforming the network average of 5.68% by 46 basis points. SOL Holdings: Approximately 2.3 million SOL held as of June 30, 2026, with a fair value of approximately $170.6 million. Share Repurchases: Repurchased 1.3 million shares for approximately $2.3 million in Q2 2026. Cash and Cash Equivalents: $3.6 million as of June 30, 2026. Total Assets: $176.1 million as of June 30, 2026. Warning! GuruFocus has detected 2 Warning Signs with HSDT. Is HSDT fairly valued? Test your thesis with our free DCF calculator. Release Date: August 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Solana Co (NASDAQ:HSDT) successfully launched its first institutional validated cluster in Tokyo, securing its first third-party stake commitment of approximately $0.5 million, which is expected to generate revenue in Q3 2026. The company divested its cash-consuming medical device business and acquired a profitable Hong Kong-regulated trust company, enhancing its financial focus and operational capabilities. Staking rewards contributed $2.5 million in Q2 2026, with a net staking yield of 6.14% APY, outperforming the Solana network average by 46 basis points. Solana Co (NASDAQ:HSDT) executed $2.3 million in share repurchases during the quarter, retiring 1.3 million shares, and improved its MNAV from 0.73 to 0.81 times, demonstrating disciplined capital allocation. The company formed strategic partnerships with the JITO Foundation and Alatal City, expanding its institutional infrastructure and policy-level engagement in Asia Pacific. Advisory services delivered 15 institutional education sessions and workshops, building a pipeline that is converting into negotiations for third-party engagements. Solana Co (NASDAQ:HSDT) reported a net loss of $13.3 million for Q2 2026, with significant non-cash fair value losses on digital assets, including a $25.4 million realized loss from strategic sales. General and administrative expenses increased significantly to $11.1 million in Q2 2026, up from $3.3 million in the prior year, partly due to $6.8 million in severance costs. The company's SOL holdings declined approximately 12% during the quarter, following a 33% decline in Q1, reflecting ongoing market volatility and price pressure. The validated infrastructure business is still in early stages, with only one cluster operational and limited third-party stake, indicating a slow ramp-up to meaningful revenue contribution. The company's stock continues to trade at a discount to net asset value (0.81 times), limiting the ability to issue shares accretively and relying on buybacks, which may not fully offset dilution from warrants. The acquisition of the Hong Kong trust company and other strategic initiatives involve integration risks and may not immediately generate expected synergies or revenue. Q: Regarding Pacific Backbone monetization, what is the revenue model once the Jito market layer tech is integrated, and what is the realistic timeline for this project to move from a cost center to a revenue contributor?A: Joseph Chee (Executive Chairman): This is no different from other validators with Jito as a partner. We are optimizing performance to get slightly above average versus the market. This is not a cost center; we already secured third-party SOL into it and expect revenue to come through. We expect it to be profitable this year, and we continue to win more third-party SOL to stake at the cluster, with new validator nodes launching in the coming quarters. Q: Can you frame what we should expect from a capital allocation perspective in Q3 and Q4 for the balance of the year?A: Cosmo Jiang (Director): We will keep to the plan of maximizing Solana per share accretion daily. When trading at a discount to NAV, we are happy to buy back stock, which is accretive on a SOL-per-share basis. On the flip side, there is tremendous strategic interest from large Asia-Pacific corporates, and we can create value by engaging with them on a staking or capital basis, as evidenced by bringing on Mirae Asset in an accretive transaction. As markets rebound, we expect capital market activity to rebound with it. Q: As you begin generating material cash flow from operating businesses, how do you think about allocating that capital between buybacks and reinvesting in the operating business?A: Cosmo Jiang (Director): We take a total allocation approach regardless of where revenue comes from. We will first pay for expenses required to keep the business growing. If the highest and best use of capital is buybacks because of where we are trading, we will do that; if it is buying Solana because we are trading at a premium, we will do that. The end goal is always maximizing Solana per share. Q: Given the market is in a consolidation phase and other SOL treasuries trade at deeper discounts, do you see yourself as a consolidator of existing digital asset treasuries as an attractive path to creating SOL per share?A: Cosmo Jiang (Director): The space is small and we all know each other. Finding the right circumstances from a timing and management synergy perspective requires a lot of work. The opportunity for accretion is absolutely there, and we are happy to do anything that maximizes shareholder value on either side of the coin. Q: What is the expected revenue impact from the validator business in Q3 on top of what you have now?A: Joseph Chee (Executive Chairman): We do not have the numbers available to give a forecast at this time. We do expect revenue to come through and are trying to build more SOL into the validator. At the right time, we will be able to provide guidance. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Solana Company? Here are five stocks we like better. Revenue reached $2.5 million in Q2 2026, entirely driven by staking rewards, while the company posted a $30.3 million net loss due largely to digital-asset losses and Ponce divestiture severance costs. The company advanced its institutional infrastructure strategy, launching a Tokyo validator cluster, securing a 500,000-SOL third-party staking commitment and acquiring a Hong Kong trust company to support regulated institutions. Solana Company held approximately 2.3 million SOL worth $170.6 million at quarter-end, generated a 6.14% annualized staking yield and repurchased $2.3 million of stock as shares traded below net asset value. Solana (NASDAQ:HSDT) reported second-quarter 2026 revenue of $2.5 million, driven primarily by staking rewards from its digital asset treasury, as the company continued building its institutional advisory, validator infrastructure and treasury businesses across Asia-Pacific. The company said it generated $2.5 million, or 31,200 SOL, in staking rewards during the quarter ended June 30. Chief Executive Officer Joseph Chee said the rewards represented SOL that the company “did not have to buy and did not have to raise capital to acquire.” → Applied Materials Beat Everything but Wall Street’s Expectations for Margins Solana Company reported a net loss of $30.3 million, or $0.38 per basic and diluted share, compared with a net loss of $9.8 million in the prior-year quarter. The result included a $25.4 million realized loss on digital assets related to strategic sales under its capital-allocation program, as well as $6.8 million of severance costs associated with divesting its Ponce medical device business. Chee said the company’s first institutional validator cluster became operational in Tokyo in early July. The cluster comprises three machines and is designed to provide redundancy and an independent testing environment before additional deployments. → Texas Roadhouse and Brinker International Have the Recipe Rivals Are Missing The company also secured an external third-party stake commitment of roughly 500,000 SOL in July. Management expects to report validator-business revenue in the third quarter and said the commitment represents its first institutional client stake. “We differentiate ourselves through stability, compliance, and transparency beyond simply headline yield,” Chee said, adding that the company is pursuing ISO/IEC 27001 and SOC 2 certifications. → AirJoule Technologies: Short Squeeze Setup Amid Rising Risks The company operates its validator infrastructure under the Pacific Backbone brand and plans to add validators elsewhere in Asia-Pacific as conditions permit. Chee said Solana Company expects its validator operation to be profitable this year, though he did not provide a revenue forecast. Solana Company has a strategic partnership with the Jito Foundation, announced in May, to expand institutional-grade Solana infrastructure in Asia-Pacific. The partnership combines Jito’s market-layer technology with Pacific Backbone to support high-performance validator deployments and staking services for regulated financial institutions and asset managers. The company’s advisory unit held 15 education sessions and advisory workshops during the second quarter with banks, asset managers and exchanges across Asia-Pacific. Chee said the company is negotiating with a third party and expects to finalize terms for an advisory engagement. Management views advisory services as both a potential source of revenue and a demand-generation channel for validator infrastructure. Institutions seeking help with Solana adoption may later need validator services, Chee said. Solana Company also completed its exit from the Ponce medical device business on April 8. The company recorded a $3.1 million gain on the sale during the quarter. Chief Financial Officer Madelene Gani said the divestiture removes an ongoing cash-consuming, non-core operation from the business. Separately, the company acquired a Hong Kong-based trust company in a transaction that closed July 15, after the end of the reporting period. The $2 million purchase consideration consisted of 50% cash and 50% stock. Chee said the acquisition provides a licensed, in-region counterparty for institutions operating in Hong Kong. The transaction will be reflected in third-quarter results. As of June 30, Solana Company held approximately 2.3 million SOL across liquid holdings, staked positions and receivables, with a fair value of approximately $170.6 million. The company’s in-the-money diluted share count was approximately 85.4 million shares. Director Cosmo Jiang, who is also a general partner at Pantera Capital, said the company’s average net staking yield was 6.14% annualized during the second quarter, compared with an estimated Solana network average of 5.68%. The 46-basis-point outperformance reflected validator selection, active maximal extractable value capture and rebalancing, he said. Jiang said SOL declined about 12% during the second quarter, following an approximately 33% decline in the first quarter. Despite those market conditions, the company’s strategy remained focused on growing SOL per share through staking returns, capital allocation and operating businesses that generate revenue independent of SOL prices. With its shares trading below net asset value, Solana Company repurchased approximately $2.3 million of stock during the quarter, retiring 1.3 million shares. Year-to-date repurchases totaled about $5.9 million. The company’s multiple of net asset value was approximately 0.81 times at quarter-end, up from 0.73 times at the end of the first quarter. The company also completed an approximately $8 million strategic institutional financing round on April 24 led by Mirae Asset, with participation from HashKey Capital. Second-quarter revenue: $2.5 million, including $2.5 million of staking revenue. Second-quarter gross profit: $2.4 million, representing an approximately 97% gross margin. Second-quarter general and administrative expense: $11.1 million, including $6.8 million of Ponce-divestiture severance costs. Total assets at June 30: $176.1 million, including $3.6 million of cash and cash equivalents. Total liabilities at June 30: $6.4 million. Looking ahead, Chee said the company’s priorities for the third quarter include expanding Pacific Backbone and its third-party staking book, converting advisory opportunities into revenue-generating engagements, and continuing capital-allocation actions intended to increase SOL backing each outstanding share while the stock trades below net asset value. Helius Medical Technologies, Inc (NASDAQ: HSDT) is a medical technology company focused on developing and commercializing non‐invasive neuromodulation platforms designed to enhance neurorehabilitation. Its flagship product, the Portable Neuromodulation Stimulator (PoNS®), delivers mild electrical pulses to the tongue to stimulate neural pathways in conjunction with targeted physical therapy. The device is intended to improve neuroplasticity and support recovery in patients with neurological conditions. The PoNS system is cleared for use in the United States, Canada and the European Union and is prescribed through specialized rehabilitation clinics. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Solana Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Jefferson Capital, Inc. (JCAP) came out with quarterly earnings of $0.67 per share, beating the Zacks Consensus Estimate of $0.63 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +6.35%. A quarter ago, it was expected that this company would post earnings of $0.8 per share when it actually produced earnings of $0.61, delivering a surprise of -23.75%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Jefferson Capital, Inc., which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $177.54 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 2.27%. This compares to year-ago revenues of $152.71 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Jefferson Capital, Inc. shares have lost about 5.6% since the beginning of the year versus the S&P 500's gain of 13.2%. While Jefferson Capital, Inc. has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Jefferson Capital, Inc. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.63 on $175.1 million in revenues for the coming quarter and $2.53 on $703.73 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Solana Company (HSDT), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 14. This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Solana Company's revenues are expected to be $3.8 million, up 9400% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Jefferson Capital, Inc. (JCAP) : Free Stock Analysis Report Solana Company (HSDT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Marex Group PLC (MRX) came out with quarterly earnings of $1.64 per share, beating the Zacks Consensus Estimate of $1.36 per share. This compares to earnings of $1.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +20.59%. A quarter ago, it was expected that this company would post earnings of $1.4 per share when it actually produced earnings of $1.48, delivering a surprise of +5.71%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Marex Group PLC, which belongs to the Zacks Financial - Miscellaneous Services industry, posted revenues of $695.8 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 18.13%. This compares to year-ago revenues of $500.1 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Marex Group PLC shares have added about 56.2% since the beginning of the year versus the S&P 500's gain of 12.9%. While Marex Group PLC has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Marex Group PLC was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.32 on $595 million in revenues for the coming quarter and $5.56 on $2.57 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Miscellaneous Services is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Solana Company (HSDT), is yet to report results for the quarter ended June 2026. This company is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +100%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Solana Company's revenues are expected to be $3.8 million, up 9400% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Marex Group PLC (MRX) : Free Stock Analysis Report Solana Company (HSDT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Friday, May 15, 2026 at 4:30 p.m. ET Executive Chairman — Joseph Chee Director — Cosmo Jiang Chief Financial Officer — Jeff Mathiesen Choon Wee Chee: Thank you. Good afternoon, everyone, and welcome to Solana Company's Fourth Quarter and Full Year 2025 Earnings Call. I'm Joseph Chee, the Executive Chairman of Solana Company, and I'm pleased to report on transformative year for Solana and the shareholders. When we closed our $500-plus-million PIPE transaction in September 2025, we described it as a new beginning. Looking back over the full year and particularly over the fourth quarter, I believe we have validated the ambition with tangible results across every dimension of our strategy. Our digital treasury is larger. Our efficacy is broader. Our capital markets tool kit is more sophisticated, and we have expanded the business well beyond a passive holding structure into a multifaceted platform with distinct value-adding legs. I'll speak to the strategic picture and then Cosmo Director at the Solana Company will take you through the operational and financial results. As we closed out 2025, I want to walk through the 3 distinct activities that together define the foundation of the Solana company and how each contributes to our goal of creating long-term shareholder value by growing Solana Company's SOL per share and contributing to the growth of Solana ecosystem. The first is capital markets. from our ATM programs and other offerings to share buybacks to operating businesses that synergize directly with our SOL holdings and the broader Solana ecosystem. The second is asset management. The core accumulation or SOL and this disciplined deployment of capital to grow our holdings in a way that's accretive on a per share basis. This includes taking yield which is the unchanged income we generate by taking substantially all of our SOL. This is not passive. It requires a rigorous validated selection, MEF optimization and continuous rebalancing and it produces a meaningful and growing revenue stream. Cosmo will speak to the specific API we achieved in '25 and year-to-date, 2026 and how that compares to public benchmarks. It also includes intelligent risk-adjusted deployment into other new opportunities on Solana. We'll talk about our on change partnership with Anchorage and Kamino on this front later. The third is marketing and partnership. Our role as a designated DAT partner to the Solana Foundation, particularly in Asia Pacific, and the broader institutional outreach that has defined our public presence since launch. This has included publishing educational content on Solana and DATs on our website, participating in prominent podcasts, engaging with local print and online media and presenting a key ecosystem industry events, including Solana Breakpoint Abu Dhabi, Solana Accelerate Consensus Hong Kong, Hong Kong FinTech Week, Token to our online GTX, Japan FinTech week, among others. The company has also conducted investor roadshows and partnership meetings with Solana Foundation with a focus on underpenetrated Asian markets, including Mainland China, Japan, Hong Kong, and Singapore. In addition, the market has delivered -- the company has delivered educational presentation on Web3 and Technology Executive Programs at leading Universities and Institutions and make regular appearances on mainstream financial media outlets, including CNBC and Bloomberg. We are also very active in engaging the bankers and research analysts of investment banks and brokers to promote coverage on Solana and Solana company. The company also intends to establish a strategic partnership with major financial institutions across key markets, which may adopt Solana as their underlying blockchain to support payment and tokenization initiatives. In February, we announced a landmark collaboration with Anchorage Digital and Kamino, making HSBC the first digital asset treasury to enable borrowing against natively stake SOL held in qualified custody. This is the first of its kind triparty custody model to access on-chain protocols on Solana. Under the structure, Anchorage Digital acts as a collateral manager for our natively-stakes sold, allowing us to earn taking rewards, while simultaneously unlocking borrowing power on Kamino all while our assets remain in a segregated account at Anchorage Digital Bank, never leaving custody. Anchorage Digital's Atlas collateral management system provides 24/7 automated oversight of loan-to-value ratios, orchestrate margin at collateral movements, and execute rules-based liquidation when required, giving us institutional-grade risk and compliance control alongside direct on chain participation. Also in February, we announced the Pacific backbone, a strategic roadmap to invest in a new low latency cluster across the Asia-Pacific region, beginning with notes, connecting SOL, Tokyo, Singapore and Hong Kong. This infrastructure buildup is designed to drive staking and validation, support ecosystem development in the region and diversify our revenue streams. Asia Pacific represents the majority of the world's crypto users and a substantial share of global cross-border payments and trading activities. Yes, it remains significantly underserved by the Solana existing network infrastructure. The Pacific backbone is our commitment to closing that gap. We plan to begin activating notes immediately, optimize performance and adopt new technologies in the second half of 2026 and launch liquidity-related products and services within the next 12 to 18 months. The buildout is designed to serve Market Makers, High-Frequency Traders, Exchanges and Traditional Finance Partners and is expected to include DeFi, liquid staking AMM RPC and execution services for institutional partners in the region. With that, I'll turn it over to Cosmo to elaborate on our treasury management and capital markets results and some of the key financials. Cosmo? Cosmo Jiang: Thank you, Joe. Hello, everyone. I'm Cosma Jiang, Director of Solana Company and General Partner at Pantera Capital. Pantera has been the asset manager for Solana Company's Digital Asset Treasury since the close of the PIPE transaction in September 2025. And I'm proud to report on a relatively strong first 6 months of operation. As I noted last quarter, we believe the genesis phase of the digital asset treasury market is over. The white space that we identified earlier in 2025 has been substantially filled. We're now squarely in the execution and consolidation phase, and I believe the fourth quarter validated that thesis. We've seen meaningful differentiation among that with stronger operators or those with institutional sponsorship, transparent reporting and disciplined capital management starting to separate from the others. We believe Solana Company is among that leading group and the results we are reporting today, we believe, reflect that. Let me begin with staking as it's one of the most important and differentiated aspects of our business. As of December 31, 2025, Solana Company had staked substantially all of its SOL holdings. For the fourth quarter of 2025, our internal calculations reflect an average net staking yield of 6.8%. This compares to the system-wide average of 6.2%, using public benchmarking data from research provider Blockworks over the same time period, representing outperformance of nearly 60 basis points. Year-to-date in 2026, our internal calculations show our staking yield has been 7.0% APY compared to the system-wide average of 6.0%, continuing to that same pattern of disciplined outperformance. This staking yield is generated through careful validator selection, active MEV capture and continuous rebalancing, the same institutional approach that Pantera implies across its broader digital asset portfolio. Taking rewards are automatically restated to compound returns and result is consistent daily on chain revenue that can fund the operations of the business and grow the company's SOL per share. As Joe mentioned, we have recently expanded our yield generation options through an announced collaboration with Anchorage Digital and Kamino, which provides institutional-grade infrastructure for both custody and on-chain borrowing. We're in the early stages of executing against this opportunity and believe it could have the potential to drive an additional 100 to 200 basis points of yield across our asset base. Turning to capital markets. Different market environments and valuation paradigms provide different opportunities. And regardless, we plan to always pursue actions that are accretive on a per share basis. Since the launch of our Digital Asset Treasury, we've been able to grow SOL per share through both share issuance as well as share buybacks. Early in the fourth quarter, when our stock traded well above 1.0x mNAV our ATM program was a useful tool for disciplined issuance. We raised over $29 million through the ATM program with proceeds deployed primarily into SOL purchases. When the broader digital assets markets pulled back, we also saw our valuation multiple compressed to below 1.0x mNAV, at which point, share repurchases became an accretive option. We have now executed over $3 million in share repurchases year-to-date under our buyback program adopted this past November, funded primarily by the sale of Solana at prices that were accretive to NAV per share. We believe the ability to operate on both sides of the capital structure, which means issuing when trading at a premium and buying back when trading at a discount is what makes the ATM and buyback program together such a powerful toolkit to create shareholder value in almost any market environment for this business model. Looking ahead to 2026. We continue to evaluate the full spectrum of capital formation alternatives, including convertible debt, warrant-linked structures and strategic M&A. We're often in exploratory conversations with many different investors, ranging from retail brokerages to family offices, to strategic corporates, to institutional hedge funds and long-only funds, and we do welcome any shareholder feedback and referrals. Next, our Treasury. As of December 31, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stable points. The company's diluted share count, including common shares and in the money warrants was 84.1 million shares. As of March 27, 2025, Solana Company held 2.33 million SOL focus. The company has diluted share count, including common shares and in-the-money warrants was 82.6 million shares. That means that in the 6 months since the beginning of embarking on our Digital Asset Treasury strategy on September 18, we have actually increased our SOL per share by 14%. This is measured using the value of the capital grade divided by the price of SOL and the diluted share count at transaction close compared to the March 27 figures just mentioned. We are proud of that meaningful per share accretion from our active management. I will now turn the call over to Jeff Mathiesen for the financial results. Jeff Mathiesen: Thank you, Cosmo. Our financial results reflect our full fourth quarter of DAT operations and the full year ended December 31, 2025. Our fourth quarter revenue of $5.2 million included staking revenue of $5.1 million, comprising the majority of the increase from the prior year period. For the full year 2025 total revenue was $6 million, including $5.5 million of staking revenue compared to $0.5 million for the full year 2024. For the fourth quarter, cost of revenue was $0.2 million, in line with the prior year period. Selling, general and administrative expenses for the fourth quarter of 2025 were $13 million compared to $2.2 million reported in the fourth quarter of 2024 due primarily to increased noncash compensation costs, salaries and wages, digital asset management and custodian fees as well as legal and professional fees in conjunction with the addition of the company's VAT strategy. Research and development expenses were $0.9 million, in line with the prior year period. Total operating expenses for the fourth quarter of 2025 were $206.1 million compared to $3.1 million in the fourth quarter of 2024. Operating expenses included noncash charges of $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million for realized loss on digital intangible assets and $2.1 million for unrealized loss on digital assets and investment due to the decline in the value of SOL. The resulting loss from operations for the fourth quarter of 2025 was $201.1 million compared to a loss of $3.1 million in the prior year period. Current year nonoperating income for the fourth quarter was $526.6 million and included a $526.3 million gain from the change in fair value of derivative liability related to the stapled warrants from the September PIPE transaction compared to nonoperating loss of $0.8 million in the prior year period, comprised mostly of foreign exchange loss. We reported net income for the fourth quarter of 2025 of $325.6 million or earnings of $4.25 per basic and diluted common share based on weighted average shares outstanding of $76.6 million. We had a net loss of $3.9 million in the prior year period or a loss of $793.01 per basic and diluted share. For the full year 2025, we reported a net loss of $40.9 million or a loss of $1.85 per basic and diluted common share based on weighted average shares of $22.0 million compared to a net loss of $11.7 million or a loss of $3,282.26 per basic and diluted common share for the full year of 2024. At December 31, 2025, we had $7.3 million in cash and approximately $293.7 million of digital assets comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable and $5.6 million in digital assets fund investment. The combined total approximately $301 million. Total assets were $303 million and total shareholders -- $303.9 million and total shareholders' equity was $300.9 million at year-end. With that, operator, let's now open the call up for questions. Operator: [Operator Instructions] Our first question will be coming from Fedor Sabelin of B. Riley. Fedor Sabelin: I just have a couple of questions. First one is on ATM and buybacks. So beyond these 2 and the stake in yield compounding organically what incremental capital rising structures are you actively evaluating? Just maybe specifically SOL collateralized term lending beyond the Kamino facility or maybe structured equity products on the table? And how do you think about the accretion now for each relative to the dilution cost of the ATM at current levels? Cosmo Jiang: Yes. Thanks, nor for the question. So we're thinking pretty broadly about what the capital markets opportunities are to us. We're trying to optimize for the lowest cost of capital that we can get. Clearly, when our stock is trading below 1x NAV, we think share buybacks are a pretty powerful tool to accrete value per share for our shareholders. and we have an outstanding share buyback program that we'll continue to pursue. At the same time, there are interesting ways where we can raise additional capital in a prudent way as so long as it is accretive, accretive to our shareholders, some of the options that are out there that we've seen some of our competitors do include things like convertible debt with high strike warrants or high strike -- with the high strike or high strike warrants, structured equity notes with -- where the common is being sold above NAV, potentially with additional kickers above NAV as well as preferred equity options. We're evaluating all these. It really comes down to where we think we can have the best terms and where the market is. It does seem like that there is appetite to do things, but you guys will know when we actually do execute. We are going to be focused on to the extent that we are selling our volatility via warrants that we are selling volatility at a price that makes sense. And we do think there's a reasonable world where we can continue to excel our volatility and do so via either convertible debt or equity -- structured equity. Fedor Sabelin: That's helpful. And my second one, Cosmo, probably for you again. In your press release, your odd references pursuing highly selective strategic capital market transactions to advance the company's objectives. Can you help me understand what highly selective actually means in practice. And so the company has already launched the Kamino Anchorage borrowing structure and the new recently announced specific backbone infrastructure initiatives. So that strategic capital markets transactions refer to new instruments like tokenized equity through super states opening Solana delineated convertible structures or potentially mergers with complementary debt vehicles. And given that Solana Company's fully diluted share count moved a little bit by late March through warrant exercises and buyback, what is the internal hurdle rate or Solana per share accretion test transaction must clear before you would proceed in current environment? Choon Wee Chee: This is Joseph Chee. Maybe I'll start with one point, and then I think you have kind of multiple questions in one question. I guess when we talk about highly selective strategy, it is like Cosmo, it's important that we raise capital at the right level so that would be -- it's accretive to -- for our shareholders. But at the same time, one important consideration that we bear in mind is also to bring in like high-quality strategic investors, not only the name on our share would mean something to the market would actually promote the credibility and reputation of the firm. Also, I think some of the strategic investors may work with us on some of the strategic business build-out or opportunities. And there might be someone that is very close to the Solana ecosystem. I think part of this statement here when the highly selective strategic capital market transaction. It also means optimizing the shareholder register and bringing some of the good investors under register to help us grow and also to get them on to the Solana ecosystem. We're going to build out their businesses on the blockchain, right? And then I guess, for the rest of the question, it talks about hurdle rates and things like that. I'll leave that to Cosmo. Cosmo Jiang: Thanks, Fedor. Yes. But again, great question. I would say -- and I apologize -- apologies for this. It is dependent on what the market will give us. There's our controllables that we can control and then there's uncontrollables that are out of our hands. From a controllables perspective, I hope I can -- you can trust me when I say that we are aggressively looking at anything under the sun that is reasonable. Now all the options are out there. We're talking to existing investors that have been with us for a long time. We're talking to new investors who are looking at that -- who have been looking at that for a long time or even new investors that have not looked at that, but are looking for Solana exposure in an alpha-generative way. And so we're talking to all these folks about what kinds of things make the most sense for them. There is a little bit of a -- when you talk about accretion, different structures can be accretive on different time horizons as well, right? Something that may be -- there are some transaction structures where it maybe looks a little less accretive near term, but it's actually very accretive long term, especially when you think about the strategic benefits that might bring to us, some of which Joseph Chee just mentioned. I think the other color I would give you is that we are active repurchasers of our stock, and I'd say that is -- that continues to be an interesting avenue. If someone would do the math, they would be able to get to probably something like double-digit type accretion that we're targeting. That said, there's always opportunity to do things for less than that, with less accretion than that. I'm very proud to say that we are managing both the asset side of the balance sheet as well as the liability side of the balance sheet. The asset side, which means buying things well, finding opportunities to acquire Solana in interesting ways beyond just buying spot Solana and the liability side, all the capital markets transactions we've been talking about. And in aggregate, in the 6 months since we started doing this, we're pretty -- it's pretty -- I would say it's pretty compelling that we've been able to grow Solana per share by 14%, all right, over 6 months. No, I'm definitely not saying that, that is what we will do going forward or necessarily that the market will present opportunities for us to do that. But at least like inception to date of this strategy, we're pretty happy about those results. Operator: And our next question will be coming from the line of Matthew Galinko of Maxim Group. Matthew Galinko: You touched on the I guess, the DAT stake center and consolidation phase. I was hoping maybe you could go a little bit deeper into how you see that playing out? And over what time frame we might see consolidation, particularly in the SOL DAT? Choon Wee Chee: Thank you, Matthew. It looks like you have -- I guess, your question is actually for Cosmo as well. Cosmo? Cosmo Jiang: Yes. It's a great question. Look, I would say -- I wear a few hats. One is certainly as a Director of HSDT and the other is as an investor at Pantera Capital, where we've invested in many of these the DATs. And I think you realize that a lot of these DATs were formed not so long ago, right? This -- I'm realizing that now it's almost exactly the 1-year anniversary of when I decided to kick off investing in these digital asset treasuries and which really kicked off the boom in the DAT space. Almost exactly a year ago today. And so a lot of these companies and management teams have only been at it for at most a year, which was early on or more likely 3 to 6 months. And so as you would expect, many of these people who came in with the right intentions I still believe they have the right to win. And so it's going to take some time for some management teams to realize they either are not going to make it or they need to throw in the towel. And so that takes some time for people to come to that realization. And so that's that's one thing to think about. The other is strategically, it has to be a good fit and culturally, you have to be a good fit. It takes 2 to tango ultimately with consolidation. To date, we've only seen one instance of DAT consolidation in the Bigpoint space. We haven't seen anything else. But I think it's -- and the easiest way to consolidate certainly Solana DAT to Solana DAT. But it is possible that we see acquisition opportunities of other assets. And certainly -- of other assets that could be accretive even if they're required by a Solana DAT. And so we're looking -- we're considering things pretty widely. But it does take 2 to tango. It does take a management team that's willing to realize that the right path forward is consolidation. And then just as importantly, there is the concept of whether it's accretive enough and while the math is kind of tricky, while everyone trades below 1x NAV, there are ways to structure it, and we don't want to give away all the capital markets special sauce that we're working on. But there are interesting things that we can do. And so we're working through that. And hopefully, we -- hopefully, there's something to do eventually, but unfortunately, nothing to report today. Matthew Galinko: Great. That's super helpful. Appreciate it, and look forward to seeing where that goes. My follow-up question is just on, I guess, the cleanup on the model. Your SG&A was about $13 million in the fourth quarter. I'm just curious if that's a good number to use as the run rate on a GAAP basis in 2026? Or is that a little bit inflated for kind of the early stages of operating through the DAT launch? Choon Wee Chee: Again, thank you for the questions. I think it's probably a question that our CFO, Jeff will answer. Jeff Mathiesen: Yes. Are you able to hear me? Okay. All right. We talked about was the noncash compensation expense that came in during the quarter. And then also, we had higher run rate for legal and professional fees as we were setting up this new business for us. So as we get moving forward, some of that should come out of our future costs. And obviously, it's going to somewhat fluctuate as we do some of the business, but I would say for the most part, fourth quarter was higher than what we achieved to expect. Operator: And our next question will be coming from the line of Bill Papanastasiou of Chardan Capital Markets. Bill Papanastasiou: For the first one, I apologize if I missed this, but just a clarification. Is the Anchorage collaboration active today? And are you able to share how that's going in the early days? And what kind of institutions you're seeing the most demand from using this product? Or which one is your plan targeting first? Cosmo Jiang: Bill, thanks for dialing in. So the increased partnership is still -- we're still working out the kinks. We're pretty excited to deploy, but we want to do so in a risk-managed way and in a way that -- in a risk-managed way that makes sense. We anticipate that being relatively soon, but it has not yet taken off. I would say that some of the most interesting opportunities that exist on Kamino today relate to some of their private credit yields or rather -- sorry, ready to their housing-backed financing opportunities, such as Prime, which yields in the 7% plus range. or some of the other stable coin yields, which are in the 6%-plus range. We believe we're able to borrow closer to 3% or 4% to be able to pursue those opportunities. And so that is a really interesting spread. Now we want to do so, again, in a risk managed and controlled way. But we do think that is available to us, and we feel pretty good about the capacity of those opportunities. We do think that as the first ones to really do this, we anticipate that other people will want to follow and will likely follow in our footsteps. And we certainly welcome that for the growth of the Solana ecosystem. We're doing this as much for growing our actual yield that we can generate at Solana as well as to make sure that the underlying Solana token, which we believe in and are invested in also increases in value as we as we participate in the ecosystem and encourage others to participate. Right now, we haven't seen a lot of other institutions start to deploy yet in Solana DeFi. I think a big piece of that is the regulatory clarity. People are looking for market structure legislation to pass in order to come in to DeFi in a much bigger way. But when we do, we believe the on-chain yields available to us on Solana could actually increase in addition to capacity increasing. And so we're pretty -- we are excited about that opportunity in the medium-term horizon. Bill Papanastasiou: Great. I appreciate that color. And then one last question, if I may. Kind of just a high-level one on the Solana ecosystem. Taking a step back and looking at the landscape, obviously, there's a lot of excitement with tokenization of real-world assets and bringing TradFi on chain. Perhaps you can just provide your view on where Solana sits in all of this and how you see competing with the other networks that are going after similar markets. Choon Wee Chee: Cosmo, do you want to go first? I'll step in. Cosmo Jiang: Bill, thank you so much for asking that. I mean as much as an investment in Solana Company is about investing in our management team's ability to execute against this plan and growth Solana per share in an effective way. The most important piece of that function is certainly Solana itself, the SOL itself and its value growth. And this really comes back to why we are so excited about pursuing a Solana based Digital Asset Treasury. And because one of the areas that we're seeing really fine product market fit right now across blockchain technology is this concept of real-world assets tokenization and everything that you can do with that when you put it into DeFi. Solana is very well positioned because Solana has speed, low fees, broad retail and institutional distribution make it one of the most compelling networks for RWA tokenization. Solana is the #3 blockchain for RWAs with $1.7 billion on chain and the #2 network for tokenize stocks with over $260 million of value locked. According to Blockworks Research, Solana has facilitated almost 98% of tokenized equity spot volume by blockchain, showing that Solana is actually, while maybe the second or third place for a number of assets is actually the chain where assets actually move in or traded. The top 3 contributors to Solana's RWA HCBL are BlackRock product, their tokenized treasuries, Prime, which is issued by bigger markets and asset-backed credit and on those U.S. treasuries. There is a growing roster of institutional partnerships already live on the network from Apollo Global and they're tokenized private credit fund to Janus Henderson and their 2 tokenized funds on Solana or VanEck Treasury Fund or Franklin Templeton's money market fund. And so we really look forward to seeing the continued traction from these asset issuers as well as new issuers and new products as the RWA tokenization market matures? Choon Wee Chee: And Bill, I guess, just to add on to that, right? I think I've been asked that question many times when as we get the various functions and dinners and seminars, right? Like at the RWA that you get on to the chain, where is liquidity coming from? That's the biggest question mark for most people around the world. Let's say you have another $10 trillion of assets coming on chain, who's buying it? We think that a lot of this liquidity that we're buying this on-chain asset, we sort of accumulation of stable coins and crypto-based payment, mainly from cross-border payments. And a lot of that probably have to do with trade over time. We did -- I mean in various functions, we did talk about this. I think as you could see that last year, the broad numbers, the stable coins payment is already hit something like over $30 trillion, right? And a lot of this I think over time, they will stay in the form of crypto instead of turning back to PR. And if you think about Solana, especially if you think about the export and cross-border trade, a big part of it has to do with Asia, China being one of them, the market that's very export led. And as you know, all for all these cost-border trading companies, manufacturing companies, speed uncertainty, lowering the FX risk is important, but cost is also very important. And then if you see all that sort of point towards Solana. That's why we're also spending quite a bit of work in different parts of Asia, especially there are a lot of import/export trade and a lot of cross-border payments. We believe that Solana probably will be one on the main blockchain if not the blockchain to use for a lot of these cross-border payments. Operator: And I would now like to turn the call back to Joseph Chee for closing remarks. Choon Wee Chee: Thank you. Thank you all for joining Solana Company's Fourth Quarter 2025 Operating Results Update, and thanks for all the good questions. We are pleased by the progress we have made this year and look forward to sharing further updates next quarter. Operator, I guess it's time to close the call. Operator: Thank you. This does concludes today's program. Thank you for participating. You may now disconnect. Before you buy stock in Solana, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Solana wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $472,852!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,317,207!* Now, it’s worth noting Stock Advisor’s total average return is 984% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 27, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Solana (HSDT) Q4 2025 Earnings Transcript was originally published by The Motley Fool

Image source: The Motley Fool. Friday, May 15, 2026 at 4:30 p.m. ET Chief Executive Officer — Choon Wee Chee Director and General Partner, Pantera Capital — Cosmo Jiang Chief Financial Officer, Treasurer, Secretary, and Chief Operating Officer — Madelene Gani Choon Wee Chee: Thank you, Sarina. Good afternoon, everyone, and welcome to Solana Company's First Quarter 2026 Earnings Call. I'm pleased to report on another quarter of significant progress as we continue to build out our multifaceted digital asset treasury platform and execute our Solana treasury strategy. Before diving into our strategic initiatives, I would like to highlight key additions to the Solana Company in early April. We welcome Madelene Gani as our Chief Operating Officer and Deputy Chief Financial Officer; and today announced that she will serve as our Chief Financial Officer, Treasurer and Secretary. Madelene is joining us on this earnings call for the first time, and she will be presenting our financial results later in the call. In late April, we closed the strategic capital raise as disclosed in our public filings. The incremental offering led by global institution investor, Mirae, we participation by HashKey marks an inflection point demonstrating both deep commitment from leading APAC institutional investors and the market premium for our Solana strategy. Now turning to the first quarter of 2026. In a quarter of crypto market volatility and headwinds, I'm proud of our first quarter's performance and how we stayed focused on execution with strategic use of capital markets, on-chain opportunities and operational discipline enabled the company to maximize our SOL per shares during the first quarter. Our first quarter revenue increased exponentially from the prior year. Notwithstanding the volatility of Solara price, we remain resilient and continued our execution of generating consistent staking reward of 32,500 Solara tokens in the first quarter of 2026 compared to 34,000 Solara tokens in the fourth quarter 2025. At Solara Company, we are building a diversified revenue engine, architected to target institutional demand in what we believe to be one of the fastest-growing digital asset region in the world. We support the growth of on-chain ecosystem through 3 integrated revenue-generating service lines. Advisory services, we provide bespoke advisory to traditional financial institutions and corporates, enabling them to unlock tangible business value through blockchain adoption. Second, validated infrastructure. We offer what we call Pacific Backbone, a compliant high-performance infrastructure necessary for regulated institutions to scale staking and validation activities in Solana. Platform business is the third piece. We bring an AI-powered end-to-end compliance stack. This serves as the critical foundation for long-term collaborative digital asset operations, seamlessly connecting our global business partners. With these initiatives, represent a multiyear trajectory, we expect the operational impact to be felt within this fiscal year. We are not simply participating in APAC growth trend, but aim to be positioned to drive meaningful impact through accelerated Solana adoption through our digital advisory services, Pacific Backbone, compliant and high-performance infrastructure and orchestration through our platform business. To illustrate how this unlock in recurring revenue, we view them as a self-reinforcing flywheel. First, our bespoke advisory services provide a strategic road map and implementation services for major financial institutions and corporates to transition on chain and unlock tangible business outcomes. By focusing on high-impact use cases, specifically stablecoin payments and real-world asset tokenization, we lower the barrier to entry, moving our partners from concept to execution with speed and regulatory confidence. Next, the Pacific Backbone serves as the foundation of our flywheel. The infrastructure provides the enterprise-grade throughput, security, compliance operation that institutional clients demand. By offering what we believe to be a trusted high-performance environment, we enable our partners to scale their on-chain operation with a reliability unique to our specialized APAC footprint. In early May, we announced a strategic partnership with Jito to advance yield optimization capabilities to our validator operation. The broader digital assets -- the Pacific -- the platform business is our AI-powered orchestration foundation, offering an end-to-end compliance and operations stack. It acts as a conservative -- connective tissue for collaborative digital asset operations. It continuously brings and connect business partners, serving as an essential layer to foster digital asset operations and business partnerships. Asia-Pacific represent the majority of the world's crypto users and a substantial share of global cross-border payments and trading activity, yet it remains significantly underserved by Solana's existing network infrastructure. We believe our integrated approach, advisory infrastructure and platform position us to serve this market and potentially capture meaningful recurring revenue streams if and as adoption accelerates. With that, before I turn it over to Cosmo to elaborate on our treasury management and capital markets results, I would also like to mention that as you were able to see in our even subsequent section of our 10-Q, we have completed the divestiture of our cash burning PoNS business, the medical device business and completed a series of rationalization steps in Q2. The positive financial results will be felt in Q2. Let me pass the podium back to Cosmo. Cosmo Jiang: Hey, everyone. I'm Cosmo Jiang, Director at Solana Company and General Partner at Pantera Capital. Pantera Capital is the asset manager for Solana Company's digital asset treasury since the close of the PIPE transaction in September 2025, and I am pleased to report on another quarter of disciplined execution. As we discussed last quarter, the digital asset treasury market has moved on from its genesis phase and is solidly in its execution and consolidation phase. The first quarter of 2026 continues to validate this. We saw further differentiation among that with operators that have institutional-grade infrastructure, transparent reporting and disciplined capital management beginning to outperform. The broader digital asset market experienced significant volatility during the quarter with Solana declining approximately 33% in price from December 31, 2025, through the end of the first quarter. Despite this headwind, we remain focused on our core strategy, which is growing our Solana per share through accretive capital allocation, generating consistent staking yield and building out the revenue-generating business that is designed to drive long-term value creation. Staking remains one of the most important and differentiated aspects of our business. For the quarter of 2026 -- for the first quarter of 2026, our average net staking yield was 6.9%. This compares to the system-wide average of approximately 6.0% over the same period, representing outperformance of 90 basis points. This yield is generated through careful validator selection, active MEV capture and continuous rebalancing, the same institutional approach that Pantera applies across its broader digital asset portfolio. Staking rewards are also automatically restaked to compound returns, resulting in consistent daily on-chain revenue. Turning to capital markets. We remain committed to capital allocation strategies that are accretive on a SOL per share basis regardless of market conditions. When our stock traded at a discount to net NAV during periods of broader market weakness, we executed approximately $3.5 million in share repurchases during the first quarter and $5.0 million in share repurchases year-to-date under our previously announced repurchase program as reflected in our treasury stock position. These repurchases were funded through strategic SOL sales at prices that were at a discount to our NAV per share at the time of repurchase, making them accretive to our NAV per share. At the end of April, we successfully completed a strategic capital raise of $8 million through a structured equity offering, a portion of which we deployed into SOL purchases at favorable entry points. This capital raise was at a price of $2.60 per share, which at the time was roughly 1.1x mNAV or multiple of NAV and a result, immediately accretive to our SOL per share. This is the highest multiple of NAV capital raise of any Solana digital asset treasury that we know has completed since the beginning of the downturn in 2025. We believe this is -- our ability to do so is indicative of both industry factors, namely that the digital assets market has shown some signs of bottoming as well as factors idiosyncratic to capital market participants recognizing and appreciating our relative execution. We believe the ability to operate opportunistically on both sides of the capital structure, issuing our stock at a premium and buying back and trading at a discount is a powerful mechanism for creating shareholder value across different market environments. As of March 31, 2026, Solana Company held approximately $193.8 million of Solana across all categories, including liquid holdings, stake positions and receivables and $4.4 million of cash and cash equivalents. The company's diluted share count, including common shares and in-the-money warrants, was 82.5 million shares as of March 31, 2026. As of May 12, 2026, Solana Company held 2.37 million SOL tokens. The company's diluted share count, including common shares and in-the-money warrants, was 86.0 million shares. I will now turn the call over to Madelene Gani, our Chief Operating Officer and Deputy CFO, for the detailed financial results. Madelene Gani: Thank you, Cosmo, and thank you, Joe, for the introduction. I'm thrilled to be joining Solana Company is such an extraordinary inflection point, and I'm honored to present our financial results for the first quarter of 2026. Our first quarter revenue was $3.6 million, consisting primarily of $3.4 million in staking revenue and $0.2 million in other revenue. This represents significant growth from the $49,000 in revenue recorded in the first quarter of 2025, which did not include contributions from our staking revenue attributable to our treasury strategy. Cost of revenue for the first quarter was $180,000, resulting in a gross profit of $3.4 million compared to a gross loss of $72,000 in the prior year period. Cost of revenue increased primarily due to the increase in staking revenue-related costs. General and administrative expenses for the first quarter of 2026 were $5.2 million compared to $3.9 million in the first quarter of 2025. The increase reflects the expansion of operations associated with the company's digital asset treasury strategy. During the quarter, we recorded an unrealized loss on digital assets and digital assets receivable of approximately $89.2 million, reflecting the approximately 33% in SOL prices during the quarter. We also recorded a realized loss on capital and digital assets of $7 million related to strategic sales executed as part of our capital allocation program and an unrealized loss on our digital assets fund investment of $1.7 million due to the decline in the value of SOL. Total operating expenses for the first quarter were $103.1 million compared to $3.9 million in prior year. Operating expenses included noncash charges of $89.2 million for unrealized loss on digital assets and digital asset receivables, $7 million for realized loss on digital assets related strategic sales executed as part of the company's capital allocation program and $1.7 million for unrealized loss on digital assets fund investment due to the decline in value of SOL. The resulting loss from operations was $99.6 million compared to a loss of $4 million for the prior year period. Nonoperating expense for the quarter was $0.2 million, primarily attributable to dividend income earned on investments of excess cash in money market funds, offset by foreign exchange loss due to fluctuations in the Canadian to U.S. dollar exchange rate as compared to $0.2 million nonoperating income for the prior year period. We reported a net loss for the first quarter of 2026 of $99.8 million or a loss of $1.3 per basic and diluted common share based on weighted average shares outstanding of 76.6 million. This compared to a net loss of $3.8 million or $382.29 per basic and diluted common share based on weighted average shares outstanding of 10,000 in the prior year period. As of March 31, 2026, we had total assets of $200.7 million, including $4.4 million in cash and cash equivalents, $21 million in current digital assets and $172.8 million in long-term digital assets across various categories, including stake positions, restricted assets, receivables and fund investments. During the quarter, we executed approximately $3.5 million in share repurchases during our previous authorized stock repurchase program, which are reflected in treasury stocks on our balance sheet. With that, I now hand it over to Joseph for closing remarks. Choon Wee Chee: Thank you, Mady. Well, Again, thank you all for joining the Solana First Quarter 2026 operating results update. We look forward to updating you on our progress again in the coming quarters. Operator, please open the call for questions. Operator: [Operator Instructions] Our first question comes from the line of Matthew Galinko from Maxim Group. Matthew Galinko: Maybe if we could talk about the flywheel that you discussed in the prepared remarks, and particularly around the advisory. Maybe touch on what sort of traction you have there, what level of engagement you have? And is there a revenue model there? Or is it primarily just sort of engaging counterparties into the Solana ecosystem? Choon Wee Chee: Thank you, Matthew. I guess since I talked about that, I'll address your question here. And the answer directly, yes, it's supposed to be a revenue-generating business line. And this advisory business actually work very closely with Solana Foundation in targeting some of the major financial institutions and some tech corporates in the region. And we are in the process of signing some contracts, which represent relatively significant revenues to us even for this year, and we expect to do that over time. The -- a lot of financial institutions in this -- in APAC are sort of coming from behind, -- this whole trend of major banks, asset managers, different institutions in the U.S. either getting on the asset cash management products on chain and different kind of products as well and also somebody getting on to stablecoin-based payments with the U.S. leading the way, now there are a lot of institutions that haven't done much in the past now have landed from the top to get this thing done as soon as possible. And a lot of them have not spent a lot of time understanding how to get that done and they have some basic understanding when it comes to execution, project managing the whole thing based on the time coming from the top, they need some help. And I think with us and the foundation in this part of the world, we are like the first start from the ask questions. And I think that's a good time that we to suggest that we can help them manage this and then charge them for managing the project. Matthew Galinko: All right. That's very helpful. And maybe just as my follow-up, I think currently, you operate with a pretty lean structure. And so I'm wondering how you deliver those advisory services. And to the extent that you're generating material revenue there, how do you think about the allocation of any cash flow you might begin to generate from those sorts of activities. Choon Wee Chee: Good question, Matthew. We are doing this very carefully. We do not want to -- we're not going to let cost lead the revenue per se, right? With the current team of 2.5 people, we have hired a head of business development and advisory from Boston Consulting Group and a couple of juniors to get going. And we believe that with the revenue that we're generating from the contracts, we covered the cost that we just incurred on the human resources side. And the additional revenue net of cost or cash flow net of cost will be used for to execute our strategy. The core one is still to purchase SOL. And obviously, some of that will be used to reinvest in some of the infrastructure that we need to build to provide more services to the clients or partners that we bring on board to generate more revenues on a recurring basis to Solana company. Operator: And our next question comes from the line of Fedor Shabalin from B. Riley. Fedor Shabalin: I have a first one on the Pacific Backbone infrastructure. Can you tell us where we are with that infrastructure today versus where we were at the quarter end? And specifically, how much SOL is currently delegated to the -- if any? And what's the stake ramp trajectory you're targeting over the next 2, maybe or 3 quarters? Just how should we think about the economic uplift from the integration on MEV capture relative to the standard staking yield you're currently realizing? Choon Wee Chee: Yes. Fedor, thank you for your question. Since we announced this a couple of months ago, we have also mandated the same team, which the advisory business to build this -- the infrastructure for the validation business. We have put together a detailed execution plan, and we are tracking quite well. The nodes that we are building at the moment, we are starting with 3 nodes, will be operational according to the plan in late June. On your question of how much SOL, especially third-party SOL that we will bring on board, we are still in the process of pitching and we already have some verbal commitments. But at this stage, I probably cannot provide you with a projected number. But we -- based on what we could see, it will be a fairly significant number that would add good revenues to our platform over time. It is something that we want to build not only to serve the clients that we would attract on our advisory services platform. For many of the larger players that have SOL at the moment, they're probably staking that SOL with some players, which are not structured the way we are structured. At the moment, we are structuring this as the highest and top quality institutional-grade infrastructure, and we would have hired a certification engineer to make sure that the whole process front and back will be properly certified and will meet the requirements of the most demanding finance institution across APAC. We believe that we can move some of the SOLs from some of the players, which stake that SOL with other less smaller or less institutional grade players. So that we have high hope, but I guess I will probably can only give you a more, I guess, higher confidence guidance in the next quarter. Fedor Shabalin: That's super helpful. And another one is on how should we think about the buyback cadence going forward and overall Solana accumulation, like anything -- should we expect something beyond stake in revenue or in Solana tokens, I mean, or at least at current mNAV level, you will like stick with staking only and will not pursue any external purchases of extra tokens? Choon Wee Chee: Thank you. That's a good question. It's something we debate all the time. I think the right person to answer this question is Cosmo. Why don't I pass it on to Cosmo. Cosmo Jiang: Fedor, thanks for the question. As you can appreciate, we're constantly monitoring -- we're constantly having dialogues with capital providers to see where we can potentially raise capital in an accretive way, which we were really excited to do this past quarter with major strategic investors in Asia. And we're also evaluating when our stock trades below NAV, we do what with -- what we do in that case. And we're pretty proud of the fact that we are trading well above most of our peers and certainly the average of our peers in terms of mNAV. That does mean that buybacks are less accretive for us than they are for some of our peers at this point because our mNAV multiples held up. But that does mean -- in which case, it means like the capital markets window opens up a little bit more on the accumulation front as opposed to the buyback front. And so it will -- I'm sure there will be volatility in our multiple as well as volatility in Solana, and we'll just try to make the best decision as we go forward. But I would expect that at these levels that we're looking to raise capital accretively as opposed to buying back aggressively. Fedor Shabalin: And I promise my last one, it will be quick. It's on SG&A run rate going forward. So obviously, you build infrastructure of the operating business you described in Asia. And how should we think about this line item run rate from here? Is the 1Q a reasonable jumping off point? Or maybe are there step-ups we should model in 2Q and 3Q as you scale the business? Maybe headcount will grow from 2.5 to 3.5 or 4.5. Choon Wee Chee: Fedor, we don't have a set of Board approved numbers that we could disclose on this call to guide you on that. But we could probably give you the thinking process behind it, so it might be helpful to you on building out your model. What we're building here, including develop infrastructure. And first of all, we are building this in Asia, the kind of IT talent that you could hire for your money is zero versus the Western world is night and day. And then in terms of the third-party consultants that we can hire to build out certain part of our infrastructure, they also come at a very low cost. I don't think you should expect very large CapEx going into this is all at a very, very low level. You're probably not going to notice it in the overall financial results. And I mentioned at the end of my presentation that we have divested in the second quarter this year, the medical device business PoNS. And that will slow down after all the onetime and everything else, and that's a serious step that we took to rationalize our cost base, but that's all happening in the second quarter. And you would expect some pretty significant positive impact of that on our operation on a recurring basis going forward. We can only talk about that in the second Q -- when the second Q results are available and we do the next call. So I think all in all in a way that I don't think you should be expecting an uptick in your cost and then 2.5% to 3.5% to 4.5%, that will rely on the additional revenue, i.e., the contract we sign rather than we're going to let the cost front run the revenue. So I think that's the principle that how we agreed to build out this business because you still want the investors investing in us getting access to Solana exposure and they would not be piled on by additional costs that will skew their calculation. Operator: Ladies and gentlemen, for your participation in today's question-and-answer session. This does conclude the question-and-answer session. I'd like to hand the program back to Joseph Chee for any further remarks. Choon Wee Chee: Well, I guess thank you for that. And again, thank you for joining us today on the call. And we look forward to updating you on our progress in the coming quarters. And for some of you, if they have call set up separately, happy to provide more colors in what's going on and what's going to happen. Thank you very much. Operator: Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day. 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While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Solana (HSDT) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Solana Company? Here are five stocks we like better. Revenue jumped to $3.6 million in Q1, driven mainly by $3.4 million of staking revenue tied to Solana’s digital asset treasury strategy, up from just $49,000 a year earlier. The company posted a much wider net loss of $99.8 million as SOL’s roughly 33% quarterly price decline triggered about $89.2 million in unrealized digital asset losses, plus additional realized and investment losses. Management emphasized capital allocation and growth initiatives, including share repurchases, an $8 million capital raise, and APAC expansion plans focused on advisory services, validator infrastructure, and an AI-powered compliance platform. Solana (NASDAQ:HSDT) reported sharply higher first-quarter revenue tied to its digital asset treasury strategy, while a steep decline in the price of SOL drove large non-cash losses and a wider net loss for the period. Chairman, President and Chief Executive Officer Joseph Chee said the company made “significant progress” in building its “multifaceted digital asset treasury platform” and executing its Solana treasury strategy during a volatile period for crypto markets. He said the company continued to focus on increasing SOL per share through capital markets activity, staking rewards and operational discipline. → Micron Investors Face a High-Stakes Moment After the Latest Rally Chee also highlighted management changes, including the appointment of Madelene Gani as Chief Operating Officer and Deputy Chief Financial Officer in early April. The company announced on the call that Gani will serve as Chief Financial Officer, Treasurer and Secretary. Gani said first-quarter revenue totaled $3.6 million, consisting primarily of $3.4 million in staking revenue and $0.2 million in other revenue. That compared with $49,000 in revenue in the first quarter of 2025, before the company’s staking revenue tied to its treasury strategy contributed to results. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? Cost of revenue was $180,000, producing gross profit of $3.4 million. In the prior-year period, Solana reported a gross loss of $72,000. Gani said the increase in cost of revenue was primarily related to staking revenue-related costs. General and administrative expenses rose to $5.2 million from $3.9 million a year earlier, reflecting the expansion of operations associated with the digital asset treasury strategy. → How Berkshire’s New York Times Bet Looks Today The company recorded an unrealized loss on digital assets and digital assets receivable of about $89.2 million, which Gani attributed to an approximately 33% decline in SOL prices during the quarter. Solana also recorded a $7 million realized loss on digital assets related to strategic sales executed as part of its capital allocation program, as well as a $1.7 million unrealized loss on its digital assets fund investment. Total operating expenses were $103.1 million, up from $3.9 million in the prior-year quarter. The company reported a loss from operations of $99.6 million, compared with a loss from operations of $4 million a year earlier. Net loss for the first quarter was $99.8 million, or $1.30 per basic and diluted common share, based on 76.6 million weighted average shares outstanding. That compared with a net loss of $3.8 million, or $382.29 per basic and diluted common share, based on 10,000 weighted average shares outstanding in the prior-year period. Cosmo Jiang, director at Solana Company and general partner at Pantera Capital, said Pantera has served as asset manager for the company’s digital asset treasury since the close of its PIPE transaction in September 2025. Jiang said the broader digital asset market was volatile during the first quarter, with Solana declining approximately 32% in price from Dec. 31, 2025, through the end of the quarter. Despite that headwind, he said the company remained focused on growing SOL per share through accretive capital allocation, staking yields and development of revenue-generating businesses. For the first quarter, Jiang said Solana Company’s average net staking yield was 6.9%, compared with a system-wide average of approximately 6.0%, representing outperformance of 90 basis points. He said the yield was generated through validator selection, active MEV capture and continuous rebalancing, and that staking rewards are automatically restaked to compound returns. Chee said the company generated staking rewards of 32,500 Solana tokens in the first quarter, compared with 34,000 Solana tokens in the fourth quarter of 2025. Jiang said the company executed about $3.5 million in share repurchases during the first quarter and $5 million in share repurchases year to date under its previously announced repurchase program. He said the repurchases were funded through strategic SOL sales at prices that were at a discount to the company’s net asset value per share at the time of repurchase, making them accretive to NAV per share. At the end of April, Solana completed an $8 million strategic capital raise through a structured equity offering. Jiang said a portion of the proceeds was deployed into SOL purchases at favorable entry points. The offering was priced at $2.60 per share, which he said was roughly 1.1 times NAV at the time and “immediately accretive” to SOL per share. Jiang said the company believes its ability to issue stock at a premium and buy back shares when trading at a discount is a mechanism for creating shareholder value across different market environments. As of March 31, Solana Company held approximately $193.8 million of Solana across all categories, including liquid holdings, staked positions and receivables, along with $4.4 million of cash and cash equivalents. The company’s diluted share count, including common shares and in-the-money warrants, was 82.5 million as of March 31. As of May 12, the company held 2.37 million SOL tokens, and its diluted share count was 86 million. Chee said Solana is building a diversified revenue engine aimed at institutional demand in the Asia-Pacific region. He described three integrated service lines: advisory services for traditional financial institutions and corporates, validator infrastructure through what the company calls “Pacific Backbone,” and an AI-powered compliance and operations platform. Chee said the company expects operational impact from these initiatives to be felt within the current fiscal year. He said the company is targeting use cases such as stablecoin payments and real-world asset tokenization, while offering infrastructure intended to meet the needs of regulated institutions scaling staking and validation activities on Solana. During the Q&A session, Maxim Group analyst Matthew Galinko asked about traction and the revenue model for the advisory business. Chee said advisory is intended to be a revenue-generating business line and is being developed closely with the Solana Foundation. He said the company is in the process of signing contracts that could represent “relatively significant revenues” this year. Chee said some APAC financial institutions have mandates to move more quickly into on-chain products and stablecoin-based payments but need help with execution and project management. He said the company sees an opportunity to charge for managing those projects. In response to a follow-up question from Galinko, Chee said the company is building the advisory operation carefully and does not intend to let costs run ahead of revenue. He said the company has hired a head of business development and advisory from Boston Consulting Group, along with junior staff, and expects contract revenue to cover the related human resources costs. Additional cash flow would be used to execute the company’s strategy, including purchasing SOL and reinvesting in infrastructure. B. Riley Securities analyst Fedor Shabalin asked about the company’s validator infrastructure and the expected impact of its Jito partnership. Chee said the company has developed an execution plan and expects its first three nodes to be operational in late June. He said the company is still pitching third-party SOL holders and has verbal commitments but did not provide a projected number. Chee said Solana is building validator infrastructure intended to meet “the requirements of the most demanding financial institution across APAC,” including certification efforts to support institutional-grade operations. Shabalin also asked about buybacks and SOL accumulation. Jiang said the company is evaluating capital markets opportunities and repurchases depending on its market valuation relative to NAV. At current levels, he said the company is more likely to look at raising capital accretively than aggressively buying back shares. Chee also noted that the company completed the divestiture of its cash-burning PoNS medical device business in the second quarter and said the financial impact of that move would be reflected in second-quarter results. He said investors should not expect a significant cost increase as the company builds its Asia operations, adding that headcount and expenses would be tied to revenue growth rather than allowed to front-run it. Helius Medical Technologies, Inc (NASDAQ: HSDT) is a medical technology company focused on developing and commercializing non‐invasive neuromodulation platforms designed to enhance neurorehabilitation. Its flagship product, the Portable Neuromodulation Stimulator (PoNS®), delivers mild electrical pulses to the tongue to stimulate neural pathways in conjunction with targeted physical therapy. The device is intended to improve neuroplasticity and support recovery in patients with neurological conditions. The PoNS system is cleared for use in the United States, Canada and the European Union and is prescribed through specialized rehabilitation clinics. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Solana Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Executives said 2025 was “transformative” after closing a $500+ million PIPE and repositioning the company from a passive holder into a multifaceted platform focused on capital markets, digital-asset treasury management, and ecosystem marketing/partnerships to grow SOL per share. The company has staked substantially all of its SOL and reported staking outperformance (6.8% Q4 vs. 6.2% system average; 7.0% YTD 2026 vs. 6.0%), and management expects Anchorage/Kamino collaborations could add roughly 100–200 basis points of additional yield while deploying new strategies cautiously. Financials show Q4 revenue of $5.2 million (mostly staking) and FY2025 revenue of $6.0 million, offset by large non-cash operating losses that produced a $201.1 million Q4 operating loss but a $325.6 million Q4 net income driven by a $526.6 million fair-value gain on PIPE-related warrants, leaving a FY2025 net loss of $40.9 million. Interested in Solana Company? Here are five stocks we like better. Solana (NASDAQ:HSDT) executives on Monday highlighted what Executive Chairman Joseph Chee called a “transformative year” in 2025, underscored by the September closing of a $500+ million PIPE transaction and a shift from what he described as a passive holding structure to a “multifaceted platform” built around capital markets activity, digital asset treasury management, and ecosystem marketing and partnerships. Chee framed the company’s business model around three “distinct activities” intended to grow SOL per share and support the Solana ecosystem: capital markets, asset management, and marketing/partnership. → Down 25%, Chinese Giant PDD Could Be a Strong Long-Term Value On capital markets, Chee pointed to tools that include at-the-market (ATM) offerings, share buybacks, and operating businesses that “synergize directly” with the firm’s SOL holdings. On asset management, he emphasized accumulation of SOL and deploying capital in an accretive way on a per-share basis, including staking rewards and other on-chain yield opportunities. Chee also reviewed the company’s outreach efforts as a designated DAT partner to the Solana Foundation, particularly across Asia-Pacific, including participation in industry events such as Solana Breakpoint Abu Dhabi, Solana Accelerate Consensus Hong Kong, Hong Kong FinTech Week, TOKEN2049, GTC, and Japan Fintech Week. He said the company has also engaged mainstream financial media, naming CNBC and Bloomberg, and has worked with banks and analysts to promote coverage of Solana and the company. → Coursera's Options Anomaly: A Big Bet on What's Next? Director Cosmo Jiang, who is also a general partner at Pantera Capital, said Pantera has served as asset manager for the digital asset treasury since the PIPE closed in September 2025. Jiang argued the digital asset treasury market has moved from a “genesis phase” into an “execution and consolidation phase,” with differentiation increasingly tied to operator strength, institutional sponsorship, transparency, and disciplined capital management. Jiang said Solana Company had staked “substantially all” of its SOL holdings as of December 31, 2025. For the fourth quarter, he reported the company’s “internal calculations” showed an average net staking yield of 6.8%, compared with a system-wide average of 6.2% using Blockworks benchmarking data. Year-to-date in 2026, Jiang said the company’s staking yield was 7.0% APY versus a 6.0% system-wide average. → MercadoLibre Stock Is in Deep Pullback Territory: Time to Buy? He attributed outperformance to validator selection, active MEV capture, and rebalancing, and said rewards are automatically restaked. He also discussed an announced collaboration involving Anchorage Digital and Kamino that could expand yield generation. Jiang said the company is in “early stages” and believes the structure has the potential to add 100 to 200 basis points of yield across the asset base. During Q&A, Jiang said the Anchorage partnership “has not yet taken off,” adding that the company is “still working out the kinks” and wants to deploy in a risk-managed way. He highlighted opportunities on Kamino including private credit-related yields and “housing-backed financing opportunities such as SolanaPrime,” which he said yields “in the 7%+ range,” as well as stablecoin yields “in the 6%+ range.” Jiang said the company believes it can borrow at roughly 3% to 4% to pursue that spread, but reiterated the intention to proceed in a controlled manner. Jiang said the company has used both issuance and repurchases to increase SOL per share. Early in the fourth quarter, when the stock traded “well above 1.0 times NAV,” he said the ATM program raised “over $29 million,” with proceeds deployed primarily into SOL purchases. When digital asset markets pulled back and the company’s valuation fell below 1.0 times NAV, Jiang said buybacks became an accretive option. He reported the company executed “over $3 million” in share repurchases year-to-date under a buyback program adopted in November, funded “primarily by the sale of Solana at prices that were accretive to NAV per share.” Jiang characterized the ability to issue when trading at a premium and buy back when trading at a discount as a key value-creation mechanism. Looking to 2026, Jiang said the company is evaluating “the full spectrum” of capital formation alternatives, including: Convertible debt Warrant-linked structures Strategic M&A In response to analyst questions about additional structures, Jiang also referenced preferred equity and “structured equity notes” that could involve selling common “above NAV” with “additional kickers above NAV.” He said the company would aim to “sell our volatility at a price that makes sense” if using warrants in convertibles or structured equity. Chee added that “highly selective strategic” capital markets transactions also reflect a desire to bring “high-quality strategic investors” onto the shareholder register—investors that can enhance credibility and potentially support business build-out tied to the Solana ecosystem. Jiang reported that as of December 31, 2025, Solana Company held 2.36 million SOL tokens and $7 million of cash and stablecoins, with diluted share count of 84.1 million shares (including common shares and in-the-money warrants). As of March 27, 2025, he said the company held 2.33 million SOL tokens and had a diluted share count of 82.6 million shares. Jiang said that, measured from the start of the digital asset treasury strategy on September 18, SOL per share increased by 14% over six months. CFO Jeff Mathiesen said fourth-quarter revenue was $5.2 million, including $5.1 million of staking revenue. For full-year 2025, total revenue was $6 million, including $5.5 million of staking revenue, compared with $0.5 million for full-year 2024. Mathiesen reported fourth-quarter SG&A expenses of $13 million, up from $2.2 million in the prior-year quarter, driven primarily by increased non-cash compensation, salaries and wages, digital asset management and custodian fees, and legal and professional fees tied to implementing the digital asset treasury strategy. R&D was $0.9 million, in line with the prior-year period. Total operating expenses in the fourth quarter were $206.1 million, compared to $3.1 million in Q4 2024. Mathiesen said operating expenses included non-cash charges, including $178.3 million of unrealized loss on digital intangible assets and digital assets receivable, $12.1 million of realized loss on digital intangible assets, and $2.1 million of unrealized loss on digital assets on investment, which he attributed to a decline in the value of SOL. The company reported a fourth-quarter loss from operations of $201.1 million, compared with a $3.1 million loss a year earlier. However, Mathiesen said non-operating income in the quarter was $526.6 million, including a $526.3 million gain from a change in the fair value of derivative liability related to stapled warrants from the September PIPE transaction. The company reported net income of $325.6 million, or $4.25 per basic and diluted share, based on weighted average shares of 76.6 million. For full-year 2025, Mathiesen reported a net loss of $40.9 million, or a loss of $1.85 per basic and diluted share, compared to a net loss of $11.7 million in 2024. At year-end, Mathiesen said Solana Company had $7.3 million in cash and approximately $293.7 million of digital assets, comprised of $217.7 million in digital intangible assets, $70.4 million in digital assets receivable, and $5.6 million in a digital assets fund investment, for combined total assets of $303 million and shareholders’ equity of $300.9 million. On expense expectations, Mathiesen told analysts that fourth-quarter SG&A was elevated due to non-cash compensation and higher legal and professional fees associated with establishing the new business, adding that “some of that should come out of our future costs,” though costs may fluctuate depending on business activity. Chee also highlighted two February announcements: the Anchorage Digital and Kamino collaboration, and the “Pacific Backbone,” a roadmap to invest in a low-latency cluster across Asia-Pacific, beginning with nodes connecting Seoul, Tokyo, Singapore, and Hong Kong. He said the effort is intended to support staking and validation, diversify revenue streams, and help address what management sees as under-served Solana network infrastructure in the region. Chee said the company plans to begin activating nodes “immediately,” adopt new technologies in the second half of 2026, and launch liquidity-related products and services within 12 to 18 months, including services he said are expected to include DeFi, liquid staking, AMM, RPC, and execution offerings for institutional partners. In response to a question on real-world asset (RWA) tokenization, Jiang said Solana’s speed, low fees, and distribution position it as “one of the most compelling networks for RWA tokenization.” He cited Blockworks Research statistics, saying Solana is the number three blockchain for RWAs with $1.7 billion on-chain and the number two network for tokenized stocks with over $260 million of value locked, and said Blockworks data shows Solana facilitated “almost 98% of tokenized equity spot volume by blockchain.” Chee added that he believes liquidity for tokenized assets will be supported over time by stablecoins and crypto-based payments, particularly in cross-border trade, and said the company is focusing on Asia in part due to the region’s cross-border payment activity. Helius Medical Technologies, Inc (NASDAQ: HSDT) is a medical technology company focused on developing and commercializing non‐invasive neuromodulation platforms designed to enhance neurorehabilitation. Its flagship product, the Portable Neuromodulation Stimulator (PoNS®), delivers mild electrical pulses to the tongue to stimulate neural pathways in conjunction with targeted physical therapy. The device is intended to improve neuroplasticity and support recovery in patients with neurological conditions. The PoNS system is cleared for use in the United States, Canada and the European Union and is prescribed through specialized rehabilitation clinics. The article "Solana Q4 Earnings Call Highlights" was originally published by MarketBeat.

Management characterized 2025 as a transformative year, shifting from a passive holding structure to a multifaceted platform with capital markets, asset management, and partnership 'legs'. Performance outperformance in staking was driven by a rigorous, non-passive approach involving validated selection, MEV optimization, and continuous rebalancing. The company achieved a 14% increase in SOL per share over the first six months of the strategy by actively managing both sides of the balance sheet through accretive issuance and buybacks. Strategic positioning is focused on the Asia-Pacific region, which management identifies as the world's largest crypto user base but significantly underserved by existing Solana infrastructure. The 'Pacific Backbone' initiative aims to establish a low-latency cluster across Seoul, Tokyo, Singapore, and Hong Kong to drive validation revenue and support institutional DeFi services. Management attributes their market leadership to institutional sponsorship and transparent reporting, which they believe separates them from weaker operators in the 'execution and consolidation' phase. The company plans to activate Pacific Backbone nodes immediately, with performance optimization scheduled for the second half of 2026 and product launches within 12 to 18 months. Management is evaluating a spectrum of capital formation alternatives including convertible debt, warrant-linked structures, and strategic M&A to optimize the cost of capital. The collaboration with Anchorage Digital and Kamino is expected to potentially drive an additional 100 to 200 basis points of yield across the asset base through on-chain borrowing. Future revenue growth is expected to stem from liquidity-related products, including liquid staking, AMM RPC, and execution services for institutional partners in Asia. Guidance assumes continued use of the ATM program when trading at a premium and share repurchases when trading at a discount to maintain per-share accretion. The fourth quarter included $178.3 million in non-cash unrealized losses on digital assets due to the decline in the value of SOL during the period. A significant $526.3 million non-operating gain was recorded from the change in fair value of derivative liabilities related to the September PIPE transaction warrants. SG&A expenses were elevated at $13 million due to one-time non-cash compensation and legal fees associated with the launch of the Digital Asset Treasury strategy. Management flagged regulatory clarity as a key dependency for broader institutional adoption of Solana DeFi and real-world asset tokenization. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is aggressively evaluating 'anything under the sun,' including convertible debt with high-strike warrants and structured equity notes sold above NAV. The internal goal is to achieve double-digit type accretion, though they may accept lower levels for transactions offering significant strategic benefits or high-quality institutional partners. Management believes the sector is entering a consolidation phase as teams realize they lack the scale to compete, though they noted it 'takes two to tango' and requires cultural fit. While Solana-to-Solana DAT mergers are most likely, the company is considering acquisitions of other accretive assets even if they are outside the immediate ecosystem. The partnership is currently 'working out the kinks' and has not yet fully launched, as management prioritizes a risk-managed deployment. The strategy involves borrowing at 3-4% against staked SOL to capture 6-7% yields in private credit or stablecoin opportunities on the Kamino protocol. Management views Solana as the premier chain for RWAs due to its high transaction velocity, noting it already facilitates 98% of tokenized equity spot volume. They anticipate massive liquidity for on-chain assets will come from cross-border trade and stablecoin payments, particularly in export-led Asian markets. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.