Solana Company (HSDT)
NASDAQ:HSDT
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Solana Company
(NASDAQ:HSDT)
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Rating:50Neutral
Price Target:
$2.50
▲(17.92% Upside)
Action:Reiterated
Date:05/16/26
The score is held down primarily by weak financial quality—large losses and sustained cash burn despite strong revenue momentum and high gross margins. Technicals provide some near-term support, while valuation is constrained by ongoing losses and no dividend. Earnings-call and corporate-event updates are constructive on strategy and leadership, but liquidity/volatility and execution risks remain meaningful.
Positive Factors
High Gross Margin & Revenue Momentum
The company’s rapid revenue acceleration and exceptionally high gross margin (94.2% TTM) indicate a scalable, low-COGS business model driven by staking revenue. This combination supports durable margin expansion as volumes scale, making operating leverage achievable if operating costs are controlled.
Negative Factors
Persistent Cash Burn
Sustained negative operating and free cash flow indicates the business is not self-funding and must repeatedly access capital markets. Over months this raises execution risk, constrains reinvestment, and increases the probability of dilutive financings or liquidity-driven operational tradeoffs.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin & Revenue Momentum
The company’s rapid revenue acceleration and exceptionally high gross margin (94.2% TTM) indicate a scalable, low-COGS business model driven by staking revenue. This combination supports durable margin expansion as volumes scale, making operating leverage achievable if operating costs are controlled.
Read all positive factors
Solana Company (HSDT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$133.49M
Dividend YieldN/A
Average Volume (3M)1.55M
Price to Earnings (P/E)―
Beta (1Y)0.40
Revenue Growth1057.12%
EPS Growth88.67%
CountryUS
Employees21
SectorFinancial
Sector Strength70
IndustryMedical - Devices
Share Statistics
EPS (TTM)-33.93
Shares Outstanding58,038,030
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 Cap0.66
Enterprise Value/Revenue9.21
Enterprise Value/Gross Profit9.78
Enterprise Value/Ebitda-0.65
Forecast
1Y Price Target
$3.50Price Target Upside65.09% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.58
Revenue Forecast (FY)$13.15M
Solana Company Business Overview & Revenue Model
Company Description
Solana Co. is a neurotech company in the medical device industry that focuses on neurological wellness. The firm develops, licenses and acquires non-invasive platform technologies that amplify the brain’s ability to heal itself and reduce symptoms...
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:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive operational progress story: strong staking performance (outperforming benchmarks), rapid revenue growth from staking, SOL-per-share accretion (+14% over six months), meaningful treasury and asset base, and strategic partnerships/infrastructure initiatives that position the company for future yield and ecosystem growth. Offsetting these positives are large GAAP operating losses driven by substantial noncash digital asset markdowns, a spike in SG&A/operating costs, modest cash on hand, and earnings volatility—Q4 profitability was driven largely by a one-time derivative fair-value gain. Anchor/Kamino borrowing and Pacific Backbone are strategic positives but not yet fully monetized. Overall, operational and strategic momentum is clear, but financial statement volatility, liquidity and execution timing risks temper the near-term outlook.Positive Updates
Staking Outperformance
Average net staking yield of 6.8% in Q4 2025 vs system-wide 6.2% (outperformance ~60 bps). Year-to-date 2026 staking yield 7.0% vs system-wide 6.0% (outperformance ~100 bps). Yields driven by validator selection, MEV capture and continuous rebalancing.
Negative Updates
Large GAAP Operating Losses and Noncash Write-Downs
Q4 2025 operating expenses totaled $206.1M vs $3.1M in Q4 2024 (an increase of ~6,548%), including noncash charges of $178.3M (unrealized loss on digital intangible assets and receivable), $12.1M realized loss, and $2.1M unrealized loss tied to a decline in SOL value; Q4 loss from operations was $201.1M vs a $3.1M loss prior-year.
Read all updates
Q4-2025 Updates
Positive
Negative
Staking Outperformance
Average net staking yield of 6.8% in Q4 2025 vs system-wide 6.2% (outperformance ~60 bps). Year-to-date 2026 staking yield 7.0% vs system-wide 6.0% (outperformance ~100 bps). Yields driven by validator selection, MEV capture and continuous rebalancing.
Read all positive updates
Company Guidance
Management's guidance and forward-looking targets focused on driving higher yield and per‑share accretion: they reported Q4 2025 net staking yield of 6.8% (vs. system 6.2%, ~60 bps outperformance) and year‑to‑date 2026 staking yield of 7.0% (vs. system 6.0%, ~100 bps outperformance), said the Anchorage/Kamino triparty structure could add ~100–200 bps of incremental yield, and indicated potential borrowing costs of ~3–4% to arbitrage into on‑chain yields in the 6–7%+ range; operationally they will begin activating Pacific‑backbone nodes immediately, optimize performance in H2 2026 and target launching liquidity‑related products/services within 12–18 months; capital‑markets guidance included ATM proceeds of >$29M in Q4, >$3M of share repurchases YTD under the buyback program, treasury holdings of 2.36M SOL (Dec 31, 2025) and 2.33M SOL (Mar 27) with diluted share counts of 84.1M and 82.6M respectively, a reported 14% increase in SOL per share since Sept 18, 2025, and continued evaluation of convertibles, warrant‑linked/structured equity and other accretive financings (management cited buybacks delivering "double‑digit" accretion as a reference).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 | -135.87M | -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
Neutral
2.12
Price Trends
2.02
Positive
2.63
Negative
5.86
Negative
Market Momentum
-0.03
Negative
55.19
Neutral
77.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HSDT, the sentiment is Neutral. The current price of 2.12 is above the 20-day moving average (MA) of 1.94, above the 50-day MA of 2.02, and below the 200-day MA of 5.86, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 55.19 is Neutral, neither overbought nor oversold. The STOCH value of 77.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $358.45M | 34.27 | 10.66% | ― | 23.10% | 22.75% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
55 Neutral | $144.89M | -25.81 | -141.56% | ― | 22.49% | ― | |
54 Neutral | $270.96M | -3.92 | -59.10% | ― | 1.85% | 27.73% | |
50 Neutral | $133.49M | -0.33 | -104.96% | ― | 1057.12% | 88.67% | |
50 Neutral | $67.21M | -0.93 | -55.88% | ― | 2.01% | 85.71% | |
44 Neutral | $158.95M | -4.75 | -99.33% | ― | 11.73% | 8.07% |
* Financial Sector Average
HSDT
Solana Company
2.30
-211.20
-98.92%
SNWV
Sanuwave Health
16.85
-15.46
-47.85%
VMD
Viemed Healthcare
9.35
2.59
38.31%
OM
Outset Medical
3.63
-15.87
-81.38%
CVRX
CVRx
5.99
-0.35
-5.52%
SGHT
Sight Sciences
4.98
1.43
40.28%
Solana Company Corporate Events
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...
Other
Helius Medical Updates Share Count and Capital Structure
Neutral
Feb 20, 2026
Solana Company announced that, as of February 20, 2026, it has 52,802,604 shares of common stock issued and outstanding, along with pre-funded warrants covering an additional 23,930,181 shares. The disclosure clarifies the company’s current ...
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.