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Solana (HSDT) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · Solana (HSDT) Q2 2026 earnings results →
Q2 2026 Revenue up 5774% year over year to $2.5M
Solana made $2.5M in Q2 2026 (59× Y/Y). Operating margin n/m, net loss $30.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $2.5M in Q2 2026, up 5774% year over year and down 30% from the previous quarter.
Gross margin was 97.0%. Operating costs exceeded revenue by $32.7M, an operating margin of -1293.5%. The quarter ended with a net loss of $30.3M, narrower than the previous quarter's $99.8M loss.
Operating cash flow was −$11.9M. Non-cash charges added back $63K of share-based compensation. Working capital and other items added $18.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $2.5M | 59× | n/m | −$30.3M | −$11.9M |
| Q1 2026 | 10-Q | May 15, 2026 | $3.6M | 74× | n/m | −$99.8M | −$4.8M |
| Q4 2025 | 10-K | Mar 31, 2026 | $5.2M | 34× | n/m | $326M | −$6.2M |
| Q3 2025 | 10-Q | Nov 18, 2025 | $697K | 14× | n/m | −$353M | −$4.0M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $43K | -76% | n/m | −$9.8M | −$2.8M |
| Q1 2025 | 10-Q | May 1, 2025 | $49K | -64% | n/m | −$3.8M | −$3.5M |
| Q4 2024 | 10-K | Mar 25, 2025 | $152K | +13% | n/m | −$3.9M | −$2.4M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Solana
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.
In its own words, from its 10-K, filed Mar 31, 2026.
Solana against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: 59× against the peers' median +18%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HSDT Solana | Q2 2026 | $2.5M | 59× | n/m |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Solana 10-Q on SEC EDGAR · CIK 1610853 · Finance Services
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results