Revenue growth has accelerated to $3.6 million in 2026Q1, supported by a high gross margin of 95.0%, though this is offset by a $1.7 million operating loss.
| Sales/Revenue | 9.59M | 6.02M | 520K | 644K | 787K | 522K | 661K | 1.5M | 478K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 2109.45% | 1057.12% | -19.25% | -18.17% | 50.77% | -21.03% | -55.82% | 212.97% | - | - | - | - | - |
| Cost of Goods Sold | 559K | 500K | 582K | 583K | 463K | 298K | 751K | 910K | 59K | 17K | 0 | 0 | 0 |
| COGS % of Revenue | - | 8.31% | 111.92% | 90.53% | 58.83% | 57.09% | 113.62% | 60.83% | 12.34% | - | - | - | - |
| Gross Profit | 9.03M | 5.52M | -62K | 61K | 324K | 224K | -90K | 586K | 419K | -17K | 0 | 0 | 0 |
| Gross Margin % | 94.17% | 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 | 27.89M | 26.64M | 13.84M | 12.49M | 15.84M | 18.37M | 13.99M | 24.58M | 27.09M | 22.84M | 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 | 25.32M | 23.13M | 10.12M | 9.27M | 10.64M | 12.18M | 9.4M | 16.52M | 17.16M | 8.45M | 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 | 2.57M | 3.51M | 3.66M | 2.94M | 4.26M | 5.99M | 4.58M | 8.06M | 9.94M | 14.39M | 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 |
| Operating Income | -18.86M | -21.12M | -13.9M | -12.43M | -15.52M | -18.14M | -14.08M | -24M | -26.68M | -22.85M | -9.32M | -9.81M | -1.07M |
| Operating Margin % | -196.64% | -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% | -820.17% | - |
| EBITDA | -32.28M | -40.26M | -13.84M | -12.27M | -15.26M | -17.83M | -13.59M | -23.8M | -26.62M | -22.84M | -6.83M | -9.66M | -1.07M |
| EBITDA Margin % | -336.6% | -669.02% | -2662.12% | -1904.66% | -1939.14% | -3415.71% | -2056.58% | -1591.24% | -5568.2% | - | - | - | - |
| EBITDA Growth % | -123.43% | -190.8% | -12.86% | 19.63% | 14.41% | -31.16% | 42.89% | 10.56% | -16.55% | -234.11% | 29.26% | -806.41% | - |
| D&A (Non-Cash Add-back) | 9K | 0 | 60K | 162K | 255K | 312K | 482K | 191K | 59K | 17K | 0 | 0 | 0 |
| EBIT | -38.17M | -40.26M | -13.86M | -12.27M | -14.76M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.83M | -9.66M | -1.07M |
| Net Interest Income | -629K | -635K | -17K | 257K | -834K | 0 | 0 | 0 | 0 | 0 | -46.92K | -156.41K | -1.34K |
| Interest Income | 0 | 0 | 0 | 257K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.07K | 0 |
| Interest Expense | 629K | 635K | 17K | 0 | 834K | 0 | 0 | 0 | 0 | 0 | 46.92K | 176.49K | 1.34K |
| Other Income/Expense | -117.99M | -19.77M | 2.16M | 3.58M | 1.44M | 10K | -54K | 14.21M | -1.95M | -5.17M | 2.44M | -29.87K | -1.34K |
| Pretax Income | -136.85M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -9.84M | -1.07M |
| Pretax Margin % | -1427.15% | -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 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -136.85M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -9.84M | -1.07M |
| Net Margin % | -1427.15% | -679.57% | -2258.08% | -1374.22% | -1788.06% | -3473.56% | -2137.67% | -653.81% | -5988.08% | - | - | - | - |
| Net Income Growth % | -947.53% | -248.24% | -32.68% | 37.11% | 22.39% | -28.32% | -44.46% | 65.83% | -2.14% | -307.22% | 30.05% | -821.81% | - |
| Net Income (Continuing) | -136.85M | -40.89M | -11.74M | -8.85M | -14.07M | -18.13M | -14.13M | -9.78M | -28.62M | -28.02M | -6.88M | -9.84M | -1.07M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -1.78 | -1.85 | -4.33 | -7.28 | -26.06 | -184.51 | -294.93 | -324.78 | -1099.19 | -1316.05 | -524.65 | -754.49 | -2334.68 |
| EPS Growth % | -654% | 57.27% | 40.52% | 72.06% | 85.88% | 37.44% | 9.19% | 70.45% | 16.48% | -150.84% | 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 | -754.49 | -2334.68 |
| Diluted Shares Outstanding | 76.74M | 22.05M | 2.71M | 1.22M | 539.89K | 98.27K | 47.91K | 30.12K | 26.04K | 21.29K | 15.32K | 13.04K | 457 |
| Basic Shares Outstanding | 76.74M | 22.05M | 2.71M | 1.22M | 539.89K | 98.27K | 47.91K | 30.12K | 26.04K | 21.29K | 15.21K | 13.04K | 457 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and reimbursement dependence
As reported in recent financial filings, Solana Company achieved a significant revenue increase to $3.6 million in 2026Q1, representing a substantial acceleration from the $134,000 recorded in 2023Q4, though this growth remains highly sensitive to the company's limited commercial footprint and early-stage market penetration.
The rapid revenue expansion suggests that the company's US commercial relaunch is gaining initial traction, yet investors should monitor whether this trajectory is sustainable or merely a reflection of a low-base effect. The reliance on a single therapeutic modality for all revenue indicates that future growth durability is contingent upon successful expansion into broader indications like TBI and stroke.
According to the provided income statement data, Solana Company has demonstrated a notable improvement in gross margins, reaching 95.0% in 2026Q1, which suggests that the direct manufacturing costs of the PoNS device are minimal relative to its specialized medical pricing structure.
This high gross margin profile is characteristic of specialized medical technology, yet it may be inflated by early-stage manufacturing efficiencies that could normalize as production scales. Investors should remain cautious, as any shift in the reimbursement landscape that forces a lower price point could lead to a permanent contraction in these margins.
Based on the company's reported figures, operating expenses continue to outpace gross profit, resulting in a persistent operating loss of $1.7 million in 2026Q1, which highlights the significant fixed-cost burden associated with maintaining a specialized sales force and ongoing clinical research initiatives.
The lack of operating leverage suggests that the company is currently in a high-burn commercialization phase where revenue growth has not yet reached the critical mass required to amortize fixed costs. Further investigation into the efficiency of SG&A spending is warranted to determine if the current infrastructure can support long-term profitability without further dilutive capital raises.
As indicated by the financial statements, the company's reliance on a single product and its precarious cash position of $7.2 million suggest that the current growth narrative may be vulnerable to significant execution risks and potential funding gaps in the near term.
Short-term observers might focus on the disconnect between the high revenue growth rates and the persistent inability to achieve operating breakeven, which may indicate that the PoNS device has not yet achieved standard-of-care status. The market may be underestimating the 'last mile' delivery risk, where physical therapists' willingness to adopt device-assisted models remains the primary bottleneck to long-term viability.
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.