Filing Flows › Solana (HSDT) › Q3 2025
Solana (HSDT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 18, 2025
Solana (HSDT) reported revenue of $697K for the third quarter 2025 (Q3 2025), up 14-fold from a year earlier and up 16-fold from the quarter before.
Solana, Q3 2025: revenue $697K (14× year over year), net loss $353M, operating cash flow −$4.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $697K | 16× | 14× |
| Operating profit | −$35.5M | — | — |
| Net earnings | −$353M | — | — |
| Operating cash flow | −$4.0M | — | — |
What changed
Revenue was $697K in Q3 2025, up 1267% year over year and up 1521% from the previous quarter.
Gross margin was 85.2%. Operating costs exceeded revenue by $35.5M, an operating margin of -5086.1%. The fastest-growing cost line was SG&A (+63%). The quarter ended with a net loss of $352.8M, wider than the previous quarter's $9.8M loss. Minority interests bore $2K of it: to shareholders the quarter was a loss of $352.8M. Net interest and other expense of $317.3M was the main reason.
Operating cash flow was −$4.0M. Non-cash charges added back $473K of share-based compensation. Working capital and other items added $348.3M.
Questions
What was Solana's revenue in the third quarter 2025?
Solana (HSDT) reported revenue of $697K for the third quarter 2025 (Q3 2025), up 14-fold from a year earlier and up 16-fold from the quarter before.
Source: Solana 10-Q on SEC EDGAR.