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.”
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.
Infrastructure Build-Out Advances
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.
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.
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.
Advisory Pipeline and Hong Kong Trust Company
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.
Treasury Holdings, Yield and Capital Allocation
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.
About Solana (NASDAQ:HSDT)
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.
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