Revenue rose to $5.2M in 2025Q4 and $2.5M in 2026Q2 with gross margins near 97%, yet SG&A of $11.1M to $13.0M keeps operating margins negative at -3.4% to -169.8%, and net income volatility of -$352.8M to +$325.6M suggests headline earnings warrant further investigation.
Solana Company (HSDT) annual income statement — 13-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Mar'16 | Mar'16 | Mar'15 | Mar'14 |
|---|
| Sales/Revenue | 12.07M | 6.02M | 520K | 644K | 787K | 522K | 661K | 1.5M | 478K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 3992.2% | 1057.12% | -19.25% | -18.17% | 50.77% | -21.03% | -55.82% | 212.97% | - | - | - | - | - | - |
| Cost of Goods Sold | 540K | 500K | 582K | 583K | 463K | 298K | 751K | 910K | 59K | 17K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 8.31% | 111.92% | 90.53% | 58.83% | 57.09% | 113.62% | 60.83% | 12.34% | - | - | - | - | - |
| Gross Profit | 11.53M | 5.52M | -62K | 61K | 324K | 224K | -90K | 586K | 419K | -17K | 0 | 0 | 0 | 0 |
| Gross Margin % | 95.53% | 91.69% | -11.92% | 9.47% | 41.17% | 42.91% | -13.62% | 39.17% | 87.66% | - | - | - | - | - |
| Gross Profit Growth % | - | 8998.39% | -201.64% | -81.17% | 44.64% | 348.89% | -115.36% | 39.86% | 2564.71% | - | - | - | - | - |
| Operating Expenses | 35.73M | 26.64M | 13.84M | 12.49M | 15.84M | 18.37M | 13.99M | 24.58M | 27.09M | 22.84M | 9.32M | 9.32M | 9.81M | 1.07M |
| OpEx % of Revenue | - | 442.71% | 2661.73% | 1939.29% | 2012.71% | 3518.39% | 2115.89% | 1643.18% | 5668.2% | - | - | - | - | - |
| Selling, General & Admin | 33.99M | 23.13M | 10.12M | 9.27M | 10.64M | 12.18M | 9.4M | 16.52M | 17.16M | 8.45M | 5.67M | 5.67M | 5.31M | 894.16K |
| SG&A % of Revenue | - | 384.36% | 1945.77% | 1439.6% | 1351.97% | 2332.57% | 1422.69% | 1104.34% | 3588.91% | - | - | - | - | - |
| Research & Development | 1.74M | 3.51M | 3.66M | 2.94M | 4.26M | 5.99M | 4.58M | 8.06M | 9.94M | 14.39M | 3.65M | 3.65M | 4.5M | 171.78K |
| R&D % of Revenue | - | 58.35% | 703.65% | 456.83% | 541.55% | 1147.51% | 693.19% | 538.84% | 2079.29% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 64K | 276K | 938K | 200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -24.2M | -21.12M | -13.9M | -12.43M | -15.52M | -18.14M | -14.08M | -24M | -26.68M | -22.85M | -9.32M | -9.32M | -9.81M | -1.07M |
| Operating Margin % | -200.47% | -351.02% | -2673.65% | -1929.81% | -1971.54% | -3475.48% | -2129.5% | -1604.01% | -5580.54% | - | - | - | - | - |
| Operating Income Growth % | - | -51.92% | -11.87% | 19.9% | 14.47% | -28.89% | 41.34% | 10.04% | -16.72% | -145.27% | 5.01% | 5.01% | -820.17% | - |
| EBITDA | 212.84M | -20.44M | -13.84M | -12.27M | -15.26M | -17.83M | -13.59M | -23.8M | -26.62M | -22.84M | -6.83M | -6.83M | -9.66M | -1.07M |
| EBITDA Margin % | 1763.07% | -339.72% | -2662.12% | -1904.66% | -1939.14% | -3415.71% | -2056.58% | -1591.24% | -5568.2% | - | - | - | - | - |
| EBITDA Growth % | 1567.34% | -47.66% | -12.86% | 19.63% | 14.41% | -31.16% | 42.89% | 10.56% | -16.55% | -234.11% | 29.26% | 29.26% | -806.41% | - |
| D&A (Non-Cash Add-back) | 663K | 680K | 60K | 162K | 255K | 312K | 482K | 191K | 59K | 17K | 0 | 0 | 0 | 0 |
| EBIT | -135.68M | -40.26M | -13.86M | -12.27M | -14.76M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.83M | -6.83M | -9.66M | -1.07M |
| Net Interest Income | -68K | -635K | -17K | 257K | -834K | 0 | 0 | 0 | 0 | 0 | -46.92K | -46.92K | -156.41K | -1.34K |
| Interest Income | 0 | 0 | 0 | 257K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.07K | 0 |
| Interest Expense | 68K | 635K | 17K | 0 | 834K | 0 | 0 | 0 | 0 | 0 | 46.92K | 46.92K | 176.49K | 1.34K |
| Other Income/Expense | -133.07M | -19.77M | 2.16M | 3.58M | 1.44M | 10K | -54K | 14.21M | -1.95M | -5.17M | 2.44M | 2.44M | -29.87K | -1.34K |
| Pretax Income | -157.27M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -6.88M | -9.84M | -1.07M |
| Pretax Margin % | -1302.78% | -679.57% | -2258.08% | -1374.22% | -1788.06% | -3473.56% | -2137.67% | -653.81% | -5988.08% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -157.27M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -6.88M | -9.84M | -1.07M |
| Net Margin % | -1302.78% | -679.57% | -2258.08% | -1374.22% | -1788.06% | -3473.56% | -2137.67% | -653.81% | -5988.08% | - | - | - | - | - |
| Net Income Growth % | -638.89% | -248.24% | -32.68% | 37.11% | 22.39% | -28.32% | -44.46% | 65.83% | -2.14% | -307.22% | 30.05% | 30.05% | -821.81% | - |
| Net Income (Continuing) | -157.27M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -6.88M | -9.84M | -1.07M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.01 | -1.85 | -4.33 | -7.28 | -26.06 | -184.51 | -294.93 | -324.78 | -1099.19 | -1316.05 | -524.65 | -524.65 | -754.49 | -2334.68 |
| EPS Growth % | -286.24% | 57.27% | 40.52% | 72.06% | 85.88% | 37.44% | 9.19% | 70.45% | 16.48% | -150.84% | 30.46% | 30.46% | 67.68% | - |
| EPS (Basic) | - | -1.85 | -4.33 | -7.28 | -26.06 | -184.51 | -294.93 | -324.78 | -1099.19 | -1316.05 | -528.62 | -528.62 | -754.49 | -2334.68 |
| Diluted Shares Outstanding | 78.25M | 22.05M | 2.71M | 1.22M | 539.89K | 98.27K | 47.91K | 30.12K | 26.04K | 21.29K | 15.32K | 15.32K | 13.04K | 457 |
| Basic Shares Outstanding | 78.25M | 22.05M | 2.71M | 1.22M | 539.89K | 98.27K | 47.91K | 30.12K | 26.04K | 21.29K | 15.21K | 15.21K | 13.04K | 457 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HSDT stock.
For fiscal year 2025, Solana Company (HSDT) reported total revenue of $6.0M.
Solana Company (HSDT) reported a net loss of $40.9M for the fiscal year ending 2025.
Solana Company (HSDT) reported an operating income of $-21.1M, resulting in an operating profit margin of -351.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Solana Company (HSDT) generated $5.5M in gross profit for the year, representing a gross profit margin of 91.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile earnings from non-operating swings
Metrics are mathematically derived from official filings.
Revenue Surge Lacks Durable Scale
Based on reported figures, HSDT's revenue rose from roughly $43K in 2025Q2 to $5.2M in 2025Q4 and $2.5M in 2026Q2, a pattern that appears more episodic than structural given the prior sub-$200K quarters.
The jump from near-zero quarters in 2024 and early 2025 to multi-million quarters suggests a step change in activity, but the data does not reveal whether it stems from volume, pricing, acquisitions, or one-time transactions. The sequential decline from $5.2M to $2.5M over two quarters indicates the growth may not yet be durable. Investors should monitor whether subsequent quarters hold above the prior baseline before extrapolating this trajectory.
Gross Margins Strong but Unanchored
As reported in the income statement, HSDT's gross margin moved from negative territory in 2025 to 96.6% in 2025Q4 and 97.0% in 2026Q2, figures that are high relative to the scale of reported revenue.
Gross margins above 95% are unusual for a manufacturing-oriented business and may reflect a revenue mix dominated by licensing, service, or non-recurring components rather than product sales. The very low COGS base means small changes in cost classification could swing this metric materially. The lack of a stable multi-period margin history limits confidence that these levels are structural.
Operating Losses Persist Despite Revenue Gains
Based on EDBL-style reporting logic applied here, HSDT's SG&A rose to $13.0M in 2025Q4 and $11.1M in 2026Q2, consuming more than the gross profit generated in those periods and leaving operating losses of $8.9M and $8.7M.
Operating income remains negative across all ten quarters, indicating SG&A has scaled faster than gross profit. The 2025Q4 and 2026Q2 quarters show SG&A exceeding gross profit by several multiples, which suggests operating leverage is not yet working in the company's favor. Whether overhead will become more efficient as revenue grows cannot be determined from this data alone.
Net Income Driven by Non-Operating Items
According to the reported figures, HSDT's net income swung from $325.6M in 2025Q4 to -$352.8M in 2025Q3 and -$99.8M in 2026Q1, while operating income stayed within a range of roughly -$9M to -$1.7M.
Net income magnitudes of hundreds of millions are far outside the scale of the operating loss, pointing to large non-operating items such as fair value changes, derivative accounting, or investment gains and losses. These items drive EPS volatility, including swings from -32.89 to 4.25, and make the reported earnings poorly representative of underlying operations. Investors should examine the non-operating disclosures before drawing conclusions from EPS.
Revenue Volatility and Earnings Noise Risk
The strongest challenge to HSDT's reported results is that revenue moved from $43K to $5.2M within a few quarters while net income ranged from -$352.8M to $325.6M, raising the question of whether the headline numbers reflect operations at all.
A skeptical analyst would argue that the sub-$200K revenue base for most of 2024 and early 2025 makes the recent multi-million figures statistically unreliable as a trend signal. The combination of 95%+ gross margins, persistent operating losses, and extreme non-operating swings may indicate that reported earnings are heavily shaped by accounting items rather than commercial performance. Until the revenue source and non-operating drivers are clarified, the income statement warrants further investigation before being used as a basis for valuation.