Solana Company (NASDAQ: HSDT) is a listed digital asset treasury created in partnership with Pantera and Summer Capital. Focused on maximizing SOL per share by leveraging capital markets opportunities and on-chain activity, Solana Company offers public market investors optimal exposure to Solana’s secular growth. Fourth quarter revenue was $5.2 million, driven by $5.1 million in staking rewards. For the fourth quarter, cost of revenue was $0.2 million, in line with the prior-year period.
Selling, general and administrative expenses for the fourth quarter of 2025 were $13.0 million, compared to $2.2 million in the prior-year period, due primarily to increased non-cash compensation costs, salaries and wages, digital asset management and custodian fees as well as legal and professional fees in conjunction with the addition of the Company’s DAT strategy. Research and development expenses were $0.9 million, in line with the prior-year period. Total operating expenses for the fourth quarter of 2025 were $206.1 million, compared to $3.1 million in the prior year period. Operating expenses also included non-cash charges of $178.3 million for unrealized loss on digital assets and digital assets receivable, $12.1 million for realized loss on digital assets, and $2.1 million for unrealized loss on digital assets fund investment, due to the decline in the value of SOL.
The resulting loss from operations was $201.1 million compared to a loss of $3.1 million for the prior year period. Non-operating income in the fourth quarter of 2025 was $526.6 million, primarily driven by a $526.3 million gain from the change in fair value of derivative liability compared to non-operating loss of $0.8 million for the prior year period comprised mostly of foreign exchange loss. Reported net income for the fourth quarter of 2025 was $325.6 million, or earnings of $4.25 per basic and diluted common share, compared to a net loss of $3.9 million, or a loss of $793.01 per basic and diluted common share, in the prior-year period. Full year 2025 revenue was $6.0 million, and non-operating income for the year was $203.0 million, yielding a net loss of $40.9 million.
Cost of revenue for the full year was $0.5 million, compared to $0.6 million in the prior year. Gross profit was $5.5 million compared to a gross loss of $0.1 million in the prior year. Full year operating expenses also included the same non-cash digital asset charges noted above, resulting in total operating expenses of $249.4 million compared to $13.8 million in the prior year. Loss from operations was $243.8 million compared to a loss of $13.9 million in the prior year.
At December 31, 2025, cash totaled $7.3 million and digital assets at fair value totaled $293.7 million, for a combined total of $301.0 million. Also at that date, common shares issued and outstanding totaled 43.7 million, along with an additional 40.4 million shares comprised of in-the-money warrants, all totaling 84.1 million shares. By March 27, 2026, common shares outstanding totaled 55.0 million, net of repurchased shares year-to-date held in treasury, along with in-the-money warrants of 27.6 million, reflecting the exercise of pre-funded warrants during the first quarter of 2026, for a total of 82.6 million. The company raised $29.9 million in 2025 through ATM programs to fund NAV-share accretive SOL purchases and repurchased $3.4 million of common stock in 2026, funded by SOL sales, and adopted a share repurchase program totaling $3.4 million to date in 2026.
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