November 18, 2025 — Newtown, PA — Leads & Copy — Solana Company (NASDAQ: HSDT) has reported its financial results for the quarter ending September 30, 2025, highlighting a strategic expansion into digital assets and key business developments.
The company, which has ventured into a digital asset treasury (DAT) focused on acquiring and holding Solana tokens (SOL), announced a third-quarter revenue of $697,000, which included staking rewards income of $342,000. However, the company’s net loss for the quarter totaled $352.8 million, equating to a loss of $32.89 per share, compared to a net loss of $3.7 million in the same period last year, or $744.35 per share. These results reflect significant financial activities, including a $508 million private investment in public equity (PIPE) transaction completed on September 18, 2025, and the associated DAT operations.
Solana Company also outlined several business updates, including the closure of a partnership with Pantera Capital and Summer Capital. This partnership brought in over $500 million in funding through cash and stablecoins, intended to bolster the company’s SOL treasury strategy. Additionally, the company issued cash-exercise warrants, potentially generating an additional $750 million. An at-the-market (ATM) program was launched to enhance the company’s financial flexibility.
On the medical front, Solana Company announced positive clinical data for its PoNS device, showcasing effectiveness in improving gait deficit. The company has also submitted a 510(k) designation to the FDA for label expansion of the PoNS device in stroke applications.
Joseph Chee, Executive Chairman of Solana Company, commented on the company’s progress, emphasizing the significance of the digital treasury strategy and the PIPE transaction. He noted the commitment from Pantera and Summer, as well as the adoption of the Solana network. The ATM launch and warrant issuance were cited as strengthening Solana’s financial footing for future growth within the digital asset landscape.
The cost of revenue for the third quarter was $103,000, down from $187,000 in the prior year, attributed to reduced inventory reserve and production expenses. Selling, general, and administrative expenses rose to $4.6 million from $2.9 million, due to a $1.5 million discretionary bonus. Research and development expenses decreased slightly to $0.9 million. The company experienced an unrealized loss on digital assets of $30.5 million due to fair value changes.
Non-operating losses included a $545.7 million loss on derivative liability related to stapled warrants from the PIPE transaction, and $194.7 million in financing costs, offset by a $423.3 million gain from changes in the fair value of the related derivative liability.
As of September 30, 2025, Solana Company held $124 million in cash and $350.2 million in digital assets, totaling $474.2 million. The total number of common shares and pre-funded warrants outstanding was 75.9 million.
Media Contacts:
Solana Company
ir@solanacompany.co
Pantera Capital Management LP
ir@panteracapital.com
Summer Capital Limited
pr@summer-cap.com
Source: Solana Company
