Nasdaq-listed Solana Company (HSDT) reported a net loss of $30.3 million in the second quarter of 2026. Their revenue reached $2.526 million, with SOL staking rewards contributing the largest portion, valued at $2.512 million.
That revenue figure was down 30% from the $3.6 million achieved in the first quarter, but jumped significantly compared to the second quarter of last year, which was only $43,000. Throughout these three months, the company generated 31,200 SOL from staking rewards and immediately redeployed them back into the network.
The problem is, the 97% gross margin from this staking engine has not been enough to cover a major expense outside of daily operating costs.
Why the Tens of Millions in Losses?
The heaviest blow this quarter actually came from management’s own decision. The company recorded a realized loss of $25.4 million from digital asset sales. They described this move as a strategic sale under their capital allocation program. This operating loss was actually slightly offset by a $3.1 million gain from the disposal of their legacy PoNS medical device business.
This red ink made the company’s financial burden even heavier. Throughout the first half of this year, their net loss reached $130.1 million, or $1.66 per share. The accumulated deficit has now ballooned to $342.6 million, up from $212.6 million at the end of 2025.
Acquisition Trail and New Focus
Solana Company only pivoted to become a crypto entity in September 2025. The company, formerly known as Helius Medical Technologies, shifted its focus to SOL through a $500 million private capital injection led by Pantera Capital and Summer Capital. A month later, they immediately held control over 2.2 million SOL valued at more than $525 million.
Currently, their long-term digital asset portfolio is valued at $147.3 million, which includes staking positions, restricted assets, receivables, and digital fund investments. In the second quarter, they also successfully raised an additional $7.9 million in net funds through an offering of 3.08 million shares at $2.60 per share, led by Mirae Asset and HashKey Capital. At the same time, management repurchased 1.3 million shares valued at $2.3 million, bringing the total first-half buybacks to $5.9 million.
Opening Doors for Third Parties
Beyond paper losses, their physical expansion is proceeding normally. The first institutional validator cluster, dubbed Pacific Backbone, began operations in Tokyo and immediately secured a 500,000 SOL staking commitment from third parties. On July 15, right after the quarter closed, they also completed the acquisition of a Hong Kong trust company for $2 million.
This series of maneuvers shows the company is testing how much capital resilience they have to support their business transition. For investors, the primary question now is: how long will it take for this staking engine to become self-funding.
Reported from crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.