Solana Co
HSDT · Finance Services · 58.4M shares · -77%/yr ↓ buyback · EDGAR filings ↗
Grade
D46Leveraged Solana digital-asset treasury bolted onto a tiny, struggling neurotech device business.
Strengths
- Large tangible book/NAV (~$301M) and high current ratio (84.6th pct)
- Native SOL staking yield (~7%) provides some treasury productivity
Risks
- Operating margin -40x and OCF margin -274%; conventional operations are deeply unprofitable
- Balance sheet concentrated in volatile SOL with leverage (Master Loan) and a single small-revenue PoNS product
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -679.6%)
- Buying back stockNet buyback — share count -77%/yr over 4y
- Revenue declineRevenue -30.7% YoY
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
91.7%
Operating margin
-4052.5%
Net margin
-679.6%
Return on equity
-13.6%
Return on assets
-13.5%
Revenue growth (QoQ)
-30.7%
Current ratio
10.3×
Tangible book value
$301M
Cash & investments
$7M
Stock comp / revenue
153.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-02 | Jiang Cosmo Yi | Option exercise | 1.0M | $0.00 |
| 2026-06-02 | Jiang Cosmo Yi | Tax withheld | 610 | $1.65 |
| 2026-05-21 | Walter Blane | Grant | 6.4K | — |
| 2026-05-21 | Mello Sergio | Grant | 6.4K | — |
| 2026-05-21 | Lee Michel Kai Tai | Grant | 6.4K | — |
| 2026-05-21 | STRAW EDWARD M | Grant | 6.4K | — |
| 2026-05-11 | Fusion Summer Ltd | Other | 1.5M | — |
| 2026-05-11 | Chee Choon Wee | Option exercise | 1.1M | — |
| 2026-03-31 | STRAW EDWARD M | Grant | 2.2K | — |
| 2026-03-31 | Walter Blane | Grant | 2.2K | — |
| 2026-03-31 | STRAW EDWARD M | Grant | 2.2K | — |
| 2026-03-31 | Perkins Sherrie L | Grant | 2.2K | — |
| 2026-03-31 | Walter Blane | Grant | 2.2K | — |
| 2026-03-31 | BUCKMAN PAUL | Grant | 2.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-29 | Material agreementExhibits | filing ↗ |
| 2026-05-22 | Shareholder voteOther | filing ↗ |
| 2026-05-15 | ResultsExhibits | filing ↗ |
| 2026-04-27 | 3.02Reg FDOtherExhibits | filing ↗ |
| 2026-04-24 | Exec/director change | filing ↗ |
| 2026-04-13 | Exec/director changeExhibits | filing ↗ |
| 2026-04-09 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-31 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-29 | 2026-05-29 | 0001104659-26-068370 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0001104659-26-065815 ↗ |
| 8-K | 2026-05-15 | 2026-05-15 | 0001104659-26-062534 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001104659-26-062611 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001104659-26-049070 ↗ |
| 8-K | 2026-04-24 | 2026-04-22 | 0001104659-26-048625 ↗ |
| 8-K | 2026-04-13 | 2026-04-08 | 0001104659-26-042666 ↗ |
| 8-K | 2026-04-09 | 2026-04-09 | 0001104659-26-041571 ↗ |
| 8-K | 2026-03-31 | 2026-03-30 | 0001104659-26-037118 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001104659-26-037194 ↗ |
| 8-K | 2026-02-20 | 2026-02-20 | 0001104659-26-018212 ↗ |
| 10-Q | 2025-11-18 | 2025-09-30 | 0001104659-25-113714 ↗ |