Filing Flows › Solana (HSDT) › Q4 2025
Solana (HSDT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 31, 2026
Solana (HSDT) reported revenue of $5.2M for the fourth quarter 2025 (Q4 2025), up 34-fold from a year earlier and +650% from the quarter before.
Solana, Q4 2025: revenue $5.2M (34× year over year), net earnings $326M, operating cash flow −$6.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.2M | +650% | 34× |
| Operating profit | −$201M | — | — |
| Net earnings | $326M | — | — |
| Operating cash flow | −$6.2M | — | — |
What changed
Revenue was $5.2M in Q4 2025, up 3339% year over year and up 650% from the previous quarter.
Gross margin was 96.6%. Operating costs exceeded revenue by $201.1M, an operating margin of -3845.7%. The fastest-growing cost line was SG&A (+487%). Net earnings were $325.6M. The effective tax rate was 0.0%. Non-operating items added $526.6M, 162% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$6.2M. Non-cash charges added back $7.7M of share-based compensation. Working capital and other items used $339.5M.
Questions
What was Solana's revenue in the fourth quarter 2025?
Solana (HSDT) reported revenue of $5.2M for the fourth quarter 2025 (Q4 2025), up 34-fold from a year earlier and +650% from the quarter before.
Source: Solana 10-K on SEC EDGAR.