Helius Medical Technologies (HSDT) AI Stock Analysis

• Market Cap: $113.58M
• Dividend Yield: N/A
• Average Volume (3M): 1.55M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.11
• Revenue Growth: 87.45%
• EPS Growth: 72.30%
• Country: US
• Employees: 21
• Sector: Financial
• Sector Strength: 70
• Industry: Medical - Devices
• EPS (TTM): -32.89
• Shares Outstanding: 41,301,400
• 10 Day Avg. Volume: 1,311,391
• 30 Day Avg. Volume: 1,547,142
• PEG Ratio: 2.86
• Price to Book (P/B): 1.29K
• Price to Sales (P/S): 2618.59
• P/FCF Ratio: -123.27
• Enterprise Value/Market Cap: -0.27
• Enterprise Value/Revenue: -32.04
• Enterprise Value/Gross Profit: -64.57
• Enterprise Value/Ebitda: 0.08
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: $2.50 ▼(-22.12% Downside)

The score is primarily constrained by weak financial fundamentals: very large losses, ongoing cash burn, and negative equity outweigh the recent revenue rebound and low debt. Technicals also remain bearish with the stock trading below major moving averages and negative MACD. Earnings-call positives around fundraising and staking execution modestly support the score but do not offset the scale of losses.

Positive Factors

Revenue and gross margin recovery

A sharp TTM revenue rebound (~219%) coupled with gross margin near ~50% shows improving unit economics for the device business. Sustained demand and higher margins can enable operating leverage as sales scale, narrowing losses and supporting longer-term viability.

Low financial leverage (near-zero debt)

Near-zero debt materially reduces bankruptcy and interest-rate risk, preserving financial flexibility. With low leverage the company can prioritize R&D, commercial rollout, or strategic M&A without large debt service burdens, which benefits long-term capital structure resilience.

Large fundraising and digital-asset treasury

A successful >$500M raise and expanded digital-asset strategy (noted SOL holdings and staking yields) represent a material, structural increase in liquidity and alternative yield generation. This extends runway and gives strategic optionality beyond device revenue during commercialization.

Negative Factors

Persistent negative cash flow and cash burn

Consistent negative operating and free cash flow (~-$12.7M TTM) indicates the core business does not yet self-fund. Ongoing cash burn forces reliance on external financing or asset sales, increasing dilution risk and constraining long-term investment in commercialization and R&D.

Negative stockholders' equity

Negative shareholders' equity reflects accumulated losses and weak capitalization. This condition can hinder access to debt markets, elevate financing costs, and compel dilutive equity raises, limiting strategic flexibility and increasing long-term financing risk for the business.

Deep operating losses; unproven path to profitability

Despite revenue growth, persistent large operating losses and deeply negative EBITDA show the business has not achieved scalable profitability. A small revenue base relative to fixed costs means profitability depends on sustaining high growth and margin gains, which remains uncertain.

Helius Medical Technologies 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 of neurological disease or trauma. It engages in the development of the investigational portable neuromodulation stimulator, that delivers neurostimulation via the tongue which has been shown in clinical studies to enhance the effectiveness of physical exercises in people with neurological symptoms from disease or trauma such as mild-to-moderate traumatic brain injury. The company was founded on March 13, 2014 and is headquartered in Newtown, PA.

How the Company Makes Money

Helius Medical Technologies generates revenue primarily through the sale of its medical devices, specifically its portable neuromodulation device (PND), which is utilized in clinical settings and by patients at home. The company may also engage in partnerships with healthcare providers and institutions to facilitate the distribution of its products, thereby expanding its market reach. Additionally, HSDT may explore revenue streams through reimbursement agreements with insurance companies, allowing patients to access their technology with financial support. The ongoing development of new applications for its technology and potential collaborations with pharmaceutical companies further contribute to its revenue potential.

Helius Medical Technologies Financial Statement Overview

Summary

Despite a sharp TTM revenue rebound and improved gross margin (~50%), the company remains dominated by extremely large losses, persistent negative operating/free cash flow (about -$12.7M TTM), and a significant balance-sheet concern with negative stockholders’ equity. Near-zero debt helps, but overall financial health appears highly dependent on external funding.

Income Statement

TTM (Trailing-Twelve-Months) revenue rebounded sharply (up ~219%), and gross margin improved to ~50%, a meaningful positive versus several prior years. However, profitability is extremely weak: EBIT and EBITDA are deeply negative and the TTM net margin is massively negative, driven by outsized losses relative to a very small revenue base. Annual results from 2020–2024 also show persistent operating losses and generally negative net margins, indicating the business has not yet demonstrated a sustainable earnings model.

Balance Sheet

Debt levels appear very low (near-zero debt across periods, including zero debt in TTM), which reduces financial leverage risk. The major concern is capitalization: TTM stockholders’ equity is negative, which is a significant balance-sheet red flag and can limit financing flexibility. Earlier annual periods showed positive equity, suggesting deterioration into negative equity more recently.

Cash Flow

Cash burn remains heavy and consistent: operating cash flow and free cash flow are negative across every annual period and in TTM (about -$12.7M TTM). Free cash flow has shown occasional improvements (including modest positive growth in TTM), but cash generation is still far from breakeven, and cash outflows remain large relative to the company’s revenue scale.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	941.00K	520.00K	644.00K	787.00K	522.00K	661.00K
Gross Profit	467.00K	-62.00K	61.00K	324.00K	224.00K	-90.00K
EBITDA	-368.40M	-13.80M	-12.11M	-14.50M	-17.82M	-13.65M
Net Income	-370.37M	-11.74M	-8.85M	-14.07M	-18.13M	-14.13M
Balance Sheet
Total Assets	475.92M	3.54M	7.69M	17.29M	14.10M	6.55M
Cash, Cash Equivalents and Short-Term Investments	124.05M	1.09M	5.18M	14.55M	11.01M	3.33M
Total Debt	0.00	12.00K	57.00K	110.00K	3.00K	91.00K
Total Liabilities	628.31M	2.48M	5.34M	9.14M	2.85M	2.68M
Stockholders Equity	-152.39M	1.06M	2.35M	8.15M	11.26M	3.87M
Cash Flow
Free Cash Flow	-12.71M	-11.05M	-10.45M	-14.33M	-13.44M	-11.80M
Operating Cash Flow	-12.71M	-11.04M	-10.42M	-14.31M	-13.39M	-11.74M
Investing Cash Flow	-267.38M	-5.00K	-29.00K	-11.00K	-56.00K	-9.00K
Financing Cash Flow	400.68M	6.95M	1.08M	17.87M	21.13M	9.64M

Helius Medical Technologies Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.21
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 3.21 is above the 20-day moving average (MA) of 3.12, below the 50-day MA of 3.29, and below the 200-day MA of 42.96, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 35.63 is Neutral, neither overbought nor oversold. The STOCH value of 13.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HSDT.

Helius Medical Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	72 Outperform	$291.60M	24.20	10.53%	―	18.90%	29.22%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
OM	48 Neutral	$90.84M	-0.38	-92.33%	―	4.65%	68.71%
CVRX	48 Neutral	$179.54M	-3.52	-91.88%	―	18.44%	25.42%
SGHT	47 Neutral	$332.03M	-7.19	-57.91%	―	-4.39%	11.70%
HSDT	43 Neutral	$113.58M	>-0.01	―	―	87.45%	72.30%
SNWV	42 Neutral	$231.21M	-15.80	―	―	40.89%	-749.65%

Helius Medical Technologies Corporate Events

Solana Company Releases Corporate Presentation and Report

On November 3, 2025, Solana Company, previously known as Helius Medical Technologies, shared a corporate presentation and a press release on their website. These documents, which are part of a Current Report, include forward-looking statements and are intended for informational purposes only, highlighting potential risks and uncertainties associated with the company’s future operations and financial projections.

The most recent analyst rating on (HSDT) stock is a Sell with a $6.50 price target. To see the full list of analyst forecasts on Helius Medical Technologies stock, see the HSDT Stock Forecast page.