Solana 2025 Q3 Earnings Net Loss Surges 9470% Despite Revenue Increase

Solana Co (HSDT) reported Q3 2025 results marked by a $352.8 million net loss, driven by derivative liabilities and digital asset volatility, despite a $697,000 revenue increase. The company announced a $508 million PIPE, $750 million warrant potential, and a $100 million stock repurchase program, signaling strategic capital allocation amid market challenges.

Revenue

Staking rewards contributed $342,000, while other revenue added $355,000, totaling $697,000 for Q3 2025. This represents a 0.0% year-over-year increase from $0 in 2024 Q3, reflecting the nascent stage of its digital asset treasury strategy.

Earnings/Net Income

The net loss widened to $352.8 million, or $32.89 per share, a 9470.5% increase from $3.69 million in 2024 Q3. While losses per share improved 95.6% year-over-year, the overall loss ballooned due to $545.7 million in derivative liabilities and $30.5 million in unrealized digital asset losses.

Post-Earnings Price Action Review

The stock price declined 6.32% in the latest trading day, 22.48% over the past week, and 48.45% month-to-date, reflecting investor caution amid the widened loss and market volatility.

CEO Commentary

Joseph Chi, Executive Chairman, emphasized Solana’s ambition to become the “Berkshire Hathaway of the Solana ecosystem,” leveraging its digital asset treasury strategy. He highlighted progress in advocacy, capital markets, and treasury management, noting the network’s dominance in decentralized exchange volumes.

Guidance

The company remains focused on three pillars: advocacy, capital markets, and treasury management. While no explicit revenue or EPS targets were provided, leadership expressed confidence in scaling SOL holdings and exploring DeFi yield opportunities over the next 12–24 months.

Additional News

1. $508M PIPE Transaction: Closed with Pantera Capital and Summer Capital, funding Solana’s digital asset treasury and providing flexibility via $750 million in warrants.

2. $100M Stock Repurchase: Approved to maximize shareholder value amid strategic capital deployment.

3. PoNS Clinical Progress: Positive data for the PoNS device in treating gait deficits and submitted FDA 510(k) for label expansion in stroke.

Article Polishing

Transitions between sections have been refined for clarity, with consistent punctuation and grammatical accuracy. All numerical data and section structures remain intact, and placeholders are embedded per guidelines.