Solana Company

Second-quarter 2026 revenue was $2.5 million, consisting of $2.5 million of staking revenue and $14,000 of other revenue, versus $43,000 in Q2 2025. Gross profit was $2.4 million with a gross margin of approximately 97%, on $0.1 million of cost of revenue. General and administrative expenses were $11.1 million, compared with $3.3 million a year ago. The company recorded a net loss of $30.3 million, or $0.38 per basic and diluted share, versus a $9.8 million net loss in Q2 2025. As of June 30, 2026, it had $176.1 million of total assets, $3.6 million of cash and cash equivalents, and $170.6 million of SOL fair value holdings; liabilities were $6.4 million. For the first six months, revenue was $6.1 million and net loss was $130.1 million, or $1.66 per share. Forward, management expects Q3 to include first validator-related rewards, validator revenue from the first third-party stake, and continued conversion of the advisory pipeline into revenue; G&A is expected to decline and normalize back toward Q1 levels as PoNS costs roll off.

Joseph Chee framed the quarter as progress on a digital-asset treasury plus infrastructure strategy, saying the company is building a “flywheel” across advisory, validator infrastructure, and treasury. He emphasized that the Tokyo validator cluster is live, the first institutional third-party stake has been secured, and the legacy medical-device business has been exited. His tone was constructive and expansionary, with repeated references to Asia-Pacific institutional adoption and the company’s role as a named, regulated counterparty.

Madelene Gani walked through the financial impact of staking-led revenue growth and the expense profile tied to the transition. She noted G&A of $11.1 million in Q2, including about $6.8 million of nonrecurring severance tied to the PoNS divestiture, and said G&A should decline and normalize as the PoNS cost base rolls off. She also highlighted noncash digital asset fair-value movements, including a $2.4 million unrealized gain, a $25.4 million realized loss from strategic sales, and a $0.3 million unrealized fund loss, and pointed to balance-sheet strength with $3.6 million of cash, $176.1 million of assets, and $6.4 million of liabilities. She said the company repurchased 1.3 million shares under its program and that treasury stock stood at $5.9 million, representing 2.9 million shares at cost.

Analysts focused on how Pacific Backbone will monetize and whether it can become a revenue contributor quickly. Joseph Chee said the Tokyo validator is not merely a cost center and that third-party SOL was secured almost immediately after launch, adding that he expects it to be profitable this year, though he declined to give specific revenue guidance. Questions also centered on capital allocation and possible consolidation of other SOL digital-asset treasuries; Cosmo Jiang said the company will keep maximizing SOL per share through buybacks when shares trade below NAV, while also staying open to strategic capital raises or other transactions that create accretion.