HSDT · Tessera Defense and Homeland Security Inc

Solana Company announced first quarter 2026 results showing revenue of $3.6 million, primarily from $3.4 million in staking rewards income generated through its digital asset treasury strategy focused on SOL, marking significant growth from $49,000 in the prior-year quarter which lacked staking revenue. Gross profit reached $3.4 million versus a prior-year gross loss, but high operating expenses of $103.1 million, driven by $89.2 million unrealized losses on digital assets and receivables, $7.0 million realized losses from strategic sales, and $1.7 million unrealized losses on fund investments, led to a $99.6 million operating loss and $99.8 million net loss, or $1.30 per share. General and administrative expenses rose to $5.2 million from $3.9 million, reflecting operational expansion. Management highlighted disciplined capital allocation, including $3.5 million in share repurchases reducing outstanding shares to 55.0 million, and strategic initiatives like the Pacific Backbone validator infrastructure with Jito for MEV capture, plus collaborations with Anchorage Digital and Kamino for institutional staking and lending. The appointment of Madelene Gani as COO and Deputy CFO adds expertise from Web3 growth companies. Balance sheet shows $4.4 million cash and $193.8 million digital asset exposure at quarter-end, down from December 31, 2025 levels amid market volatility. Executive Chairman Joseph Chee emphasized building recurring revenue streams beyond holding assets, while board director Cosmo Jiang noted resilience in the treasury strategy. No forward guidance was provided in the release.