Solana Company (HSDT)
NASDAQ:HSDT
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Solana Company
(NASDAQ:HSDT)
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Rating:45Neutral
Price Target:
$1.50
▼(-29.25% Downside)
Action:Reiterated
Date:06/06/26
Overall score is weighed down primarily by weak financial performance (large losses and ongoing cash burn) and bearish technicals (price below all key moving averages with negative MACD). Earnings-call positives around staking revenue/yield and execution initiatives provide some offset, but profitability, liquidity, dilution and volatility-linked losses keep risk elevated, with valuation also constrained by negative earnings.
Positive Factors
Rapid revenue growth with very high gross margins
Sharp top-line acceleration and exceptionally high gross margins indicate the business model (staking-driven revenue) can scale revenue with low direct costs. If SG&A is controlled, these characteristics support durable margin expansion and operating leverage as revenues normalize.
Negative Factors
Earnings volatility from SOL mark-to-market exposure
Material mark-to-market swings tied to SOL price create large, recurring volatility in reported earnings and equity. This structural dependency makes profitability and capital stability highly sensitive to crypto market cycles and complicates long-term financial planning.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth with very high gross margins
Sharp top-line acceleration and exceptionally high gross margins indicate the business model (staking-driven revenue) can scale revenue with low direct costs. If SG&A is controlled, these characteristics support durable margin expansion and operating leverage as revenues normalize.
Read all positive factors
Solana Company (HSDT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$89.92M
Dividend YieldN/A
Average Volume (3M)1.55M
Price to Earnings (P/E)―
Beta (1Y)0.62
Revenue Growth2109.45%
EPS Growth95.41%
CountryUS
Employees21
SectorFinancial
Sector Strength70
IndustryMedical - Devices
Share Statistics
EPS (TTM)-33.93
Shares Outstanding58,386,677
10 Day Avg. Volume1,311,391
30 Day Avg. Volume1,547,142
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.21
Price to Sales (P/S)10.59
P/FCF Ratio-1.04
Enterprise Value/Market Cap1.19
Enterprise Value/Revenue11.14
Enterprise Value/Gross Profit11.83
Enterprise Value/Ebitda-0.78
Forecast
1Y Price Target
$3.50Price Target Upside65.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.54
Revenue Forecast (FY)$12.65M
Solana Company Business Overview & Revenue Model
Company Description
Solana Co. is a medical device firm specializing in neurotechnology, dedicated to improving neurological wellness. The company's strategy involves developing, licensing, and acquiring innovative, non-invasive platform technologies. These technolog...
How the Company Makes Money
Helius Medical Technologies makes money primarily by commercializing its PoNS neuromodulation device and related therapy program. Revenue is generated through sales of PoNS units and associated components (e.g., mouthpiece-related consumables) tha...
Solana Company Earnings Call Summary
Earnings Call Date:May 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: operational and strategic progress (large YoY revenue growth driven by staking, a strong staking yield outperforming peers, meaningful SOL holdings, accretive capital raise, share repurchases, and infrastructure/partnership momentum) contrasted with significant near-term financial headwinds from a ~33% SOL price decline that produced an $89.2M unrealized loss and drove a $99.8M net loss for the quarter. Management emphasized execution, cost rationalization (divestitures) and an accretive capital allocation framework, but liquidity (cash of $4.4M), realized losses on strategic sales, dilution and limited near-term financial guidance leave material uncertainty.Positive Updates
Strong Revenue Growth Driven by Staking
Total Q1 2026 revenue of $3.6M versus $49K in Q1 2025 — an increase of over 7,200% YoY — driven primarily by $3.4M in staking revenue (other revenue $0.2M).
Negative Updates
Large Unrealized Loss from SOL Price Decline
Recorded an $89.2M unrealized loss on digital assets and digital assets receivable in Q1 2026, driven by an approximate 33% decline in SOL price from Dec 31, 2025 through quarter-end.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth Driven by Staking
Total Q1 2026 revenue of $3.6M versus $49K in Q1 2025 — an increase of over 7,200% YoY — driven primarily by $3.4M in staking revenue (other revenue $0.2M).
Read all positive updates
Company Guidance
Management guided that the operational impact of its Solana treasury strategy should be felt within this fiscal year, with the Pacific Backbone validation nodes (initially three nodes) expected to be operational in late June and third‑party SOL delegation expected to ramp (verbal commitments in place, no firm third‑party SOL target yet); they reiterated that staking rewards are automatically restaked to compound returns (32,500 SOL earned in Q1 2026 vs 34,000 SOL in Q4 2025) and that their average net staking yield was 6.9% in Q1 (90 bps above the ~6.0% system average), while continuing opportunistic capital allocation (Q1 share repurchases ≈ $3.5M, $5.0M YTD; strategic equity raise of $8M at $2.60/share ≈ 1.1x mNAV completed in April, with a portion deployed to buy SOL); balance sheet/holdings metrics cited as of Mar 31: ~$193.8M of SOL across categories, $4.4M cash, $200.7M total assets ($21M current digital assets, $172.8M long‑term digital assets) and diluted share counts of ~82.5M (Mar 31) and ~86.0M (May 12), with 2.37M SOL held as of May 12; management also flagged a Q2 positive impact from divestitures and a Jito partnership to enhance MEV/yield capture.Solana Company Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.59M | 6.02M | 520.00K | 644.00K | 787.00K | 522.00K |
| Gross Profit | 9.03M | 5.52M | -62.00K | 61.00K | 324.00K | 224.00K |
| EBITDA | -136.21M | -40.26M | -13.80M | -12.11M | -14.50M | -17.82M |
| Net Income | -136.85M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M |
Balance Sheet | ||||||
| Total Assets | 200.71M | 303.93M | 3.54M | 7.69M | 17.29M | 14.10M |
| Cash, Cash Equivalents and Short-Term Investments | 4.39M | 7.28M | 1.09M | 5.18M | 14.55M | 11.01M |
| Total Debt | 0.00 | 0.00 | 12.00K | 57.00K | 110.00K | 3.00K |
| Total Liabilities | 2.81M | 3.02M | 2.48M | 5.34M | 9.14M | 2.85M |
| Stockholders Equity | 197.90M | 300.91M | 1.06M | 2.35M | 8.15M | 11.26M |
Cash Flow | ||||||
| Free Cash Flow | -17.81M | -61.29M | -11.05M | -10.45M | -14.33M | -13.44M |
| Operating Cash Flow | -17.81M | -16.51M | -11.04M | -10.42M | -14.31M | -13.39M |
| Investing Cash Flow | -421.06M | -426.53M | -5.00K | -29.00K | -11.00K | -56.00K |
| Financing Cash Flow | 442.16M | 449.24M | 6.95M | 1.08M | 17.87M | 21.13M |
Solana Company Technical Analysis
Negative
2.12
Price Trends
1.98
Negative
2.10
Negative
4.81
Negative
Market Momentum
-0.19
Positive
39.16
Neutral
42.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HSDT, the sentiment is Negative. The current price of 2.12 is above the 20-day moving average (MA) of 1.84, above the 50-day MA of 1.98, and below the 200-day MA of 4.81, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 39.16 is Neutral, neither overbought nor oversold. The STOCH value of 42.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HSDT.
Solana Company Risk Analysis
Solana Company disclosed 45 risk factors in its most recent earnings report. Solana Company reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Solana Company Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $400.62M | 26.97 | 10.66% | ― | 23.10% | 22.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | $128.21M | 7.98 | -450.56% | ― | 22.49% | ― | |
54 Neutral | $83.14M | -1.10 | -55.88% | ― | 2.01% | 85.71% | |
53 Neutral | $279.12M | -7.43 | -59.10% | ― | 1.85% | 27.73% | |
47 Neutral | $133.48M | -2.52 | -120.77% | ― | 11.73% | 8.07% | |
45 Neutral | $89.92M | -0.86 | -155.31% | ― | 2109.45% | 95.41% |
* Financial Sector Average
HSDT
Solana Company
1.54
-17.24
-91.80%
SNWV
Sanuwave Health
14.91
-16.04
-51.83%
VMD
Viemed Healthcare
10.45
3.70
54.81%
OM
Outset Medical
4.49
-15.97
-78.05%
CVRX
CVRx
5.03
-0.85
-14.46%
SGHT
Sight Sciences
5.13
0.92
21.85%
Solana Company Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Solana Company Expands ATM Equity Offering Capacity
Neutral
May 29, 2026
On May 29, 2026, Solana Company amended and restated its sales agreement with Clear Street LLC and Maxim Group LLC to support its existing at-the-market offering of Class A common stock, increasing the maximum aggregate gross sales capacity from $...
Executive/Board ChangesShareholder Meetings
Solana Company Reconfigures Board and Audit Oversight
Neutral
May 22, 2026
Solana Company, a publicly traded firm, held its annual meeting of stockholders on May 21, 2026, where shareholders addressed board composition and oversight of financial reporting for the coming year. While the company did not specify its industr...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Solana Company Raises Capital in Structured Equity Offering
Positive
Apr 27, 2026
On April 27, 2026, Solana Company entered into securities purchase agreements for a registered direct offering of 3,076,922 Class A common shares at $2.60 each, raising expected net proceeds of about $7.9 million from global institutional investor...
Business Operations and StrategyExecutive/Board Changes
Solana Company Strengthens Board with Crypto Finance Experts
Positive
Apr 24, 2026
On April 22 and 23, 2026, Solana Company directors Sherrie Perkins and Paul Buckman informed the company that they will not stand for re-election when their current terms expire at the 2026 Annual Meeting of Stockholders on May 21, 2026, with the ...
Business Operations and StrategyExecutive/Board Changes
Solana Company Announces Chief Medical Officer Resignation
Negative
Apr 13, 2026
On April 8, 2026, Solana Company and its Chief Medical Officer, Antonella Favit-Van Pelt, MD, PhD, mutually agreed to her resignation and separation from the company, effective the same day. The move marks a significant leadership change in the co...
Business Operations and StrategyExecutive/Board Changes
Solana Company Expands Leadership With New COO Appointment
Positive
Apr 9, 2026
On April 9, 2026, Solana Company announced that veteran Web3 and fintech executive Madelene Gani, CPA, had been appointed Chief Operating Officer and Deputy Chief Financial Officer, effective April 6, 2026. With more than 25 years of experience at...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.