Solana Company filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 12, 2026, reporting a net income of $105,162 thousand for the third quarter driven primarily by unrealized gains on digital assets.

Key Highlights

  • Net income of $105,162 thousand for the three months ended September 30, 2026, compared to a net loss of $352,768 thousand in the same period of 2025, according to the filing.
  • Staking revenue of $3,337 thousand for the third quarter of 2026, up from $342 thousand in the third quarter of 2025, as reported in the condensed consolidated statements of operations.
  • Unrealized gain on digital assets and digital assets receivable of $102,720 thousand was recorded for the three months ended September 30, 2026, versus an unrealized loss of $30,540 thousand in the prior-year quarter.
  • Total assets of $292,648 thousand as of September 30, 2026, with digital assets (non-current) of $190,103 thousand representing the largest single component.
  • Accumulated deficit of $239,744 thousand as of September 30, 2026, compared to $212,589 thousand as of December 31, 2025.
  • 62,886,574 shares of Class A common stock outstanding as of November 10, 2026, with 3,674,008 shares subject to possible redemption carrying an aggregate redemption value of $9.0 million.
  • Cash and cash equivalents of $1,129 thousand as of September 30, 2026, down from $7,282 thousand as of December 31, 2025.

Solana Company's Q3 2026 Financial Results: Digital Asset Gains and Staking Revenue

According to the filing, Solana Company (NASDAQ:HSDT) reported total revenue of $3,360 thousand for the three months ended September 30, 2026, compared to $697 thousand in the same period of 2025. Staking revenue accounted for the substantial majority at $3,337 thousand, with other revenue contributing $23 thousand. For the nine months ended September 30, 2026, the company disclosed total revenue of $9,507 thousand, up from $789 thousand in the first nine months of 2025. Gross profit for the third quarter was $2,743 thousand, against $594 thousand in Q3 2025.

The company's income from operations for the three months ended September 30, 2026 was $103,850 thousand, compared to a loss from operations of $35,450 thousand in the prior-year quarter. The filing attributes the swing primarily to an unrealized gain on digital assets and digital assets receivable of $102,720 thousand in Q3 2026, contrasted with a $30,540 thousand unrealized loss in Q3 2025. For the nine-month period, the company disclosed a loss from operations of $28,441 thousand, which included a realized loss on digital assets of $33,466 thousand and a gain on sale of business of $3,065 thousand within nonoperating items.

The balance sheet as of September 30, 2026 reflects total liabilities of $19,081 thousand, including a derivative liability of $2,466 thousand that did not exist as of December 31, 2025. The company also disclosed treasury stock at cost of $8,677 thousand, reflecting share repurchase activity during the period. Total stockholders' equity stood at $266,235 thousand as of September 30, 2026, down from $300,913 thousand at year-end 2025. Basic earnings per share for the third quarter were reported as $1.21, compared to a basic loss per share of $32.89 in Q3 2025, based on weighted average shares of 85,021,721 and 10,724,112, respectively.

What Was Disclosed

Solana Company's 10-Q for the quarter ended September 30, 2026 disclosed quarterly net income of $105,162 thousand, staking revenue of $3,337 thousand, total assets of $292,648 thousand, a reduced cash position of $1,129 thousand, and an accumulated deficit of $239,744 thousand, with digital assets comprising the majority of the company's asset base.