Total Revenue
$2.5 millionvs $43,000 in Q2 2025
Q2 FY26
Second quarter revenue was $2.5 million consisting of $2.5 million of staking revenue and $14,000 of other revenue. This compares with $43,000 in the second quarter of 2025, which did not include contributions from the staking revenue attributable to our treasury strategy.
Staking Revenue
$2.5 million
Q2 FY26
Second quarter revenue was $2.5 million consisting of $2.5 million of staking revenue and $14,000 of other revenue.
Other Revenue
$14,000
Q2 FY26
Second quarter revenue was $2.5 million consisting of $2.5 million of staking revenue and $14,000 of other revenue.
Total Revenue
$6.1 millionvs $92,000 in prior year period
YTD FY26
For the first 6 months of 2026, revenue was $6.1 million comprising of $5.9 million of staking revenue and $0.2 million of other revenue, compared with $92,000 in the prior year period.
Staking Revenue
$5.9 million
YTD FY26
For the first 6 months of 2026, revenue was $6.1 million comprising of $5.9 million of staking revenue and $0.2 million of other revenue.
Other Revenue
$0.2 million
YTD FY26
For the first 6 months of 2026, revenue was $6.1 million comprising of $5.9 million of staking revenue and $0.2 million of other revenue.
Gross Profit
$2.4 million
Q2 FY26
Cost of revenue for the second quarter was $0.1 million, resulting in gross profit of $2.4 million, a gross margin of approximately 97%.
Gross Margin
97%
Q2 FY26
Cost of revenue for the second quarter was $0.1 million, resulting in gross profit of $2.4 million, a gross margin of approximately 97%.
Gross Profit
$5.9 million
YTD FY26
For the first 6 months, cost of revenue was $0.3 million and gross margin was $5.9 million.
General and Administrative Expenses
$11.1 millionvs $3.3 million in Q2 2025
Q2 FY26
General and administrative expenses for the second quarter of 2026 were $11.1 million, compared with $3.3 million in the second quarter of 2025 and $16.3 million for the first 6 months. The increase reflects the expansion of operations associated with our digital asset treasury and infrastructure strategy, together with the $6.8 million of severance associated with the PoNS divestiture. Of the $11.1 million recorded this quarter, approximately $6.8 million relates to nonrecurring items, with the remainder being the digital asset treasury operating expense. Roughly 63,000 of that is noncash stock-based compensation.
General and Administrative Expenses
$16.3 million
YTD FY26
General and administrative expenses for the second quarter of 2026 were $11.1 million, compared with $3.3 million in the second quarter of 2025 and $16.3 million for the first 6 months.
Unrealized Gain on Digital Assets and Receivables
$2.4 million
Q2 FY26
During the quarter, we recorded an unrealized gain on digital assets and digital asset receivables of $2.4 million...
Realized Loss on Digital Assets
$25.4 million
Q2 FY26
...a realized loss in digital assets of $25.4 million related to strategic sales executed as part of our capital allocation program...
Unrealized Loss on Digital Asset Fund Investment
$0.3 million
Q2 FY26
...and an unrealized loss of our digital asset fund investment of $0.3 million.
Unrealized Loss on Digital Assets and Receivables
$86.8 million
YTD FY26
For the first 6 months, those figures were an unrealized loss of $86.8 million...
Realized Loss on Digital Assets
$32.4 million
YTD FY26
...and realized loss of $32.4 million...
Digital Asset Fund Investment Loss
$2 million
YTD FY26
...and a fund investment loss of $2 million.
Net Operating Expenses
$35.1 millionvs $3.3 million in prior year period
Q2 FY26
Net operating expenses for the second quarter were $35.1 million, compared with $3.3 million net operating in the prior year period and $138.2 million for the first 6 months of 2026.
Net Operating Expenses
$138.2 million
YTD FY26
Net operating expenses for the second quarter were $35.1 million, compared with $3.3 million net operating in the prior year period and $138.2 million for the first 6 months of 2026.
Loss from Operations
$32.7 millionvs $3.3 million in prior year period
Q2 FY26
The resulting loss from operations was $32.7 million, compared with $3.3 million in the prior year period and $132.3 million for the first 6 months.
Loss from Operations
$132.3 million
YTD FY26
The resulting loss from operations was $32.7 million, compared with $3.3 million in the prior year period and $132.3 million for the first 6 months.
Nonoperating Income Net
$2.4 million
Q2 FY26
Nonoperating income net was $2.4 million for the quarter. This includes the $3.1 million gain on the sale of the PoNS business, a change in fair value of our derivative liability of $0.3 million and other expense of $0.3 million, which relates primarily to the foreign exchange loss due to fluctuations in the Canadian to U.S. dollar exchange rates.
Gain on Sale of PoNS Business
$3.1 million
Q2 FY26
This includes the $3.1 million gain on the sale of the PoNS business...
Change in Fair Value of Derivative Liability
$0.3 million
Q2 FY26
...a change in fair value of our derivative liability of $0.3 million...
Other Expense (FX Loss)
$0.3 million
Q2 FY26
...and other expense of $0.3 million, which relates primarily to the foreign exchange loss due to fluctuations in the Canadian to U.S. dollar exchange rates.
Net Loss
$30.3 millionvs $9.8 million in Q2 2025
Q2 FY26
We reported a net loss for the second quarter of 2026 of $30.3 million, or $0.38 per basic and diluted common share, based on weighted average shares outstanding of 79.8 million. This compares with a net loss of $9.8 million in the second quarter of 2025.
Net Loss Per Share
$0.38
Q2 FY26
We reported a net loss for the second quarter of 2026 of $30.3 million, or $0.38 per basic and diluted common share, based on weighted average shares outstanding of 79.8 million.
Net Loss
$130.1 million
YTD FY26
For the first 6 months of 2026, our net loss was $130.1 million, or $1.66 per share, on weighted average shares of 78.3 million.
Net Loss Per Share
$1.66
YTD FY26
For the first 6 months of 2026, our net loss was $130.1 million, or $1.66 per share, on weighted average shares of 78.3 million.
Total Assets
$176.1 million
as of June 30, 2026
As of June 30, 2026, we had total assets of $176.1 million...
Cash and Cash Equivalents
$3.6 million
as of June 30, 2026
...including $3.6 million of cash and cash equivalents...
Current Digital Assets
$23.3 million
as of June 30, 2026
...$23.3 million of current digital assets...
Long-Term Digital Assets and Digital Asset Exposure
$147.3 million
as of June 30, 2026
...and $147.3 million of long-term digital assets and digital asset exposure across staked positions, restricted assets, receivables and fund investments.
Total Liabilities
$6.4 million
as of June 30, 2026
Total liabilities were $6.4 million...
Derivative Liability
$4.2 million
as of June 30, 2026
...including a derivative liability of $4.2 million...
Total Stockholders and Mezzanine Equity
$169.7 million
as of June 30, 2026
...and total stockholders and mezzanine equity was $169.7 million.
Share Repurchases
$2.3 million
Q2 FY26
With our stock trading at a discount to net asset value during the quarter, we executed approximately $2.3 million of share repurchases, retiring 1.3 million shares...
Share Repurchases
$5.9 million
YTD FY26
...and year-to-date repurchases now total approximately $5.9 million, as reflected in our treasury stock position... As of June 30, treasury stock stood at 5.9 million, representing 2.9 million shares at cost, compared with 3.5 million and 1.6 million shares at March 31.
Strategic Institutional Capital Raise
$8 million
April 24, 2026
On the issuance side, on April 24, we completed a strategic institutional round of approximately $8 million, led by Mirae Asset with participation from Hashkey Capital.
Market-to-Net Asset Value (mNAV)
0.81xup from 0.73x in Q1
as of Q2 FY26 end
On mNAV, at quarter end, we stood at approximately 0.81x, up from 0.73x in the first quarter.
Total SOL Holdings
2.3 million
as of June 30, 2026
As of June 30, 2026, Solana Company held approximately 2.3 million SOL across all categories, including liquid holdings, staked positions and receivables, with a fair value of approximately $170.6 million.
Fair Value of SOL Holdings
$170.6 million
as of June 30, 2026
As of June 30, 2026, Solana Company held approximately 2.3 million SOL across all categories, including liquid holdings, staked positions and receivables, with a fair value of approximately $170.6 million.
In-the-Money Diluted Share Count
85.4 million
as of Q2 FY26 end
Our in-the-money diluted share count was approximately 85.4 million shares, comprising 60.5 million common shares, 24.9 million in-the-money warrants and 21,000 RSUs.
SOL Price Decline
12%
Q2 FY26
SOL declined approximately 12% during the second quarter, following a decline of approximately 33% in the first quarter.
SOL Price Decline
33%
Q1 FY26
SOL declined approximately 12% during the second quarter, following a decline of approximately 33% in the first quarter.
Average Net Staking Yield
6.14%outperformance of 46 basis points vs network average
Q2 FY26
Over the second quarter of 2026, our average net staking yield was 6.14% APY. That compares with a network average of approximately 5.68% APY, representing outperformance of 46 basis points.
Staking Rewards Contribution
$2.5 million
Q2 FY26
Staking rewards contributed to $2.5 million, or 31,200 SOL in the second quarter.
Third-Party Stake Commitment
0.5 million
July 2026
We secured our first third-party stake commitment of around 0.5 million SOL in July and expect to report the results in the third quarter of 2026.
Solana On-Chain Real-World Asset Market
$3.62 billion
end of June
First, Solana's on-chain real-world asset market reached a new all-time high of $3.62 billion at the end of June.
Tokenized Equities Trading Volume on Solana
$4.8 billionup from $1.1 billion in Q1
Q2 FY26
Second, tokenized equities on Solana generated $4.8 billion in trading volume during the second quarter, up from $1.1 billion in the first quarter.
Tokenized Equities Trading Volume on Solana
$1.1 billion
Q1 FY26
Second, tokenized equities on Solana generated $4.8 billion in trading volume during the second quarter, up from $1.1 billion in the first quarter.
Tokenized Equities Monthly Volume on Solana
$670 million
April
Monthly volume grew from $670 million in April to $871 million in May before reaching $3.3 billion in June alone.
Tokenized Equities Monthly Volume on Solana
$871 million
May
Monthly volume grew from $670 million in April to $871 million in May before reaching $3.3 billion in June alone.
Tokenized Equities Monthly Volume on Solana
$3.3 billion
June
Monthly volume grew from $670 million in April to $871 million in May before reaching $3.3 billion in June alone.
On-Chain Tokenized Equity Spot Volume on Solana
97%
as of late July 2026
As of late July 2026, 97% of all on-chain tokenized equity spot volume to date had settled on Solana, which underscores its position as the leading infrastructure for institutional tokenized securities.
Institutional Education Sessions and Advisory Workshops
15
Q2 FY26
Our team delivered 15 institutional education sessions and advisory workshops with banks, asset managers and exchanges across Asia Pacific.