Solana Company Swings to $105.2 Million Q3 Profit, Adds 125,000 SOL

Solana treasury and infrastructure firm Solana Company (NASDAQ: $HSDT) reported third-quarter net income of $105.2 million on Wednesday, reversing a year-earlier loss as gains on its SOL holdings boosted results. The company also disclosed a purchase of approximately 125,000 SOL funded by proceeds from a share offering priced at a premium to its net asset value.

Net loss came in at $352.8 million in the third quarter of 2025. Despite returning to profitability in the latest quarter, the company remained in the red for the first nine months of 2026, posting a cumulative net loss of $24.9 million.

According to the company's earnings release, net income was $1.21 per basic share and $1.17 per diluted share. The results included a $102.7 million unrealized gain on digital assets and related receivables.

Revenue climbed to $3.4 million from $700,000 a year earlier, with staking accounting for nearly all of the total. Revenue for the first nine months of 2026 reached $9.5 million. Gross profit was $2.7 million, while general and administrative expenses declined to $3.4 million from $5.5 million.

Solana Company held approximately 2.4 million SOL (CRYPTO: $SOL) as of Sept. 30, with a fair value of about $288.2 million. Its holdings represented approximately 0.0274 SOL per diluted share, based on 85.2 million diluted shares outstanding.

During the quarter, the company priced a registered direct offering of approximately $15 million at a 5% premium to net asset value per share. It used the proceeds to acquire roughly 125,000 SOL. Solana Company also repurchased approximately $2.8 million of its own shares, equivalent to 1.4 million shares, bringing total share buybacks for the year to about $8.7 million.

The company's staking operations generated an average net yield of 5.9% on its SOL holdings, compared with approximately 4.9% for the broader Solana network. Solana Company earned 30,800 SOL in staking rewards during the quarter and automatically restaked the tokens.

Its Pacific Backbone validator operation had approximately 1.3 million SOL delegated at the end of September, including 1 million SOL delegated by third parties.

"Our Pacific Backbone infrastructure went live," Chief Executive Joseph Chee said, adding that the company is establishing a new headquarters in Hong Kong to position itself closer to demand from Asian financial institutions.

Cosmo Jiang, a general partner at Pantera Capital and a director of Solana Company, said the company's staking operation outperformed the broader network's yield by approximately one percentage point.

Total assets stood at $292.6 million as of Sept. 30, including $1.1 million in cash.

Shares of Solana Company (NASDAQ: $HSDT) were up 5.38 percent at $1.96 in after hours trading.