Solana Co HSDT
We are a listed digital asset treasury ("DAT") dedicated to acquiring and holding Solana tokens ("SOL"). Solana Company's DAT objective is to maximize SOL per share through strategic use of capital markets and onchain opportunities, offering public market investors direct exposure to Solana.
Strategic digital asset reserves like SOL lay the groundwork for a future where global payments, credentialing, and personalized learning can be powered by decentralized infrastructure, enhancing how we grow our company. We believe that Solana represents a uniquely scalable, high-performance blockchain platform that aligns with our long-term vision of integrating innovative technologies into our services. By investing in and participating in the Solana ecosystem, we aim to both enhance our digital asset treasury strategy and create strategic optionality for product innovation in our core business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $548.0K | $520.0K | $605.0K | $778.0K | $493.0K | $661.0K | $1.5M | $478.0K | — | — |
| Cost of revenue | $500.0K | $582.0K | $583.0K | $463.0K | $298.0K | $388.0K | $846.0K | — | — | — |
| Gross profit | $5.5M | -$62.0K | $61.0K | $324.0K | $224.0K | $273.0K | $650.0K | $478.0K | — | — |
| R&D | $3.5M | $3.7M | $2.9M | $4.3M | $6.0M | $4.6M | $8.1M | $9.9M | $14.4M | — |
| SG&A | $23.1M | $10.2M | $9.3M | $10.6M | $12.2M | $9.7M | $16.5M | $17.2M | $8.5M | — |
| Total operating expenses | $249.4M | $13.8M | $12.5M | $15.8M | $18.4M | $14.7M | $24.6M | $27.2M | $22.9M | — |
| Operating income | -$243.8M | -$13.9M | -$12.4M | -$15.5M | -$18.1M | -$14.4M | -$24.0M | -$26.7M | -$22.9M | — |
| Pre-tax income | -$40.9M | -$11.7M | -$8.8M | -$14.1M | -$18.1M | -$14.1M | $9.8M | $28.6M | $28.0M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Net income | -$40.9M | -$11.7M | -$8.9M | -$14.1M | -$18.1M | -$14.1M | -$9.8M | -$28.6M | -$28.0M | — |
| EPS, basic | -1.85 | -3,282.26 | -14.56 | -52.13 | -7.38 | -11.80 | -12.99 | -1.26 | — | — |
| EPS, diluted | -1.85 | -3,282.26 | -14.56 | -52.13 | -7.38 | -11.80 | -12.99 | -1.26 | -1.50 | — |
| Shares, diluted (wtd. avg.) | $22.0M | $3.6K | $607.9K | $269.9K | $2.5M | $1.2M | $752.9K | $22.8M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.3M | $1.1M | $5.2M | $14.5M | $11.0M | — | — | — | — | $2.7M |
| Receivables | — | $70.0K | $117.0K | $71.0K | $66.0K | $74.0K | $210.0K | $177.0K | $704.0K | $225.0K |
| Inventory | $1.1M | $1.0M | $457.0K | $589.0K | $476.0K | $389.0K | $598.0K | $392.0K | — | — |
| Total current assets | $31.2M | $3.4M | $7.4M | $16.7M | $12.6M | $4.7M | $7.2M | $27.0M | $6.6M | $3.5M |
| Property, plant and equipment | — | $107.0K | $178.0K | $347.0K | $409.0K | $486.0K | $712.0K | $554.0K | $173.0K | $0 |
| Goodwill | — | — | — | — | $763.0K | $759.0K | $1.2M | — | — | — |
| Other intangibles | — | — | $24.0K | $140.0K | $333.0K | $527.0K | $582.0K | — | — | — |
| Total assets | $303.9M | $3.5M | $7.7M | $17.3M | $14.1M | $6.5M | $10.3M | $27.8M | $6.8M | $3.5M |
| Accounts payable | $1.9M | $873.0K | $531.0K | $627.0K | $1.1M | $747.0K | $1.7M | $2.4M | $3.5M | $2.2M |
| Total current liabilities | $3.0M | $2.2M | $1.9M | $2.0M | $2.7M | $2.4M | $3.8M | $18.0M | $14.3M | $6.9M |
| Total liabilities | $3.0M | $2.5M | $5.3M | $9.1M | $2.8M | $2.7M | $4.5M | $18.0M | $14.3M | $6.9M |
| Retained earnings | -$212.6M | -$171.7M | -$160.0M | -$151.1M | -$137.0M | -$118.9M | -$104.8M | -$95.0M | -$66.4M | -$38.3M |
| Total equity | $300.9M | $1.1M | $2.4M | $8.2M | $11.3M | $3.9M | $5.8M | $9.9M | -$7.5M | -$3.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$16.5M | -$11.0M | -$10.4M | -$14.3M | -$13.4M | -$11.7M | -$21.0M | -$19.6M | -$19.3M | — |
| Depreciation and amortisation | — | $36.0K | $45.0K | $74.0K | $112.0K | $119.0K | $127.0K | $59.0K | $17.0K | — |
| Stock-based compensation | $9.2M | $2.5M | $1.6M | $2.3M | $4.3M | $2.5M | $4.7M | $8.1M | $1.8M | — |
| Capital expenditure | — | $5.0K | $29.0K | $17.0K | $54.0K | $63.0K | $278.0K | $440.0K | $190.0K | — |
| Investing cash flow | -$426.5M | -$5.0K | -$29.0K | -$11.0K | -$56.0K | -$9.0K | -$769.0K | -$440.0K | -$190.0K | — |
| Financing cash flow | $449.2M | $7.0M | $1.1M | $17.9M | $21.1M | $9.6M | $1.7M | $40.0M | $22.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041970.
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