Solana Company posts $3.4 million in Q3 revenue as staking income climbs

Solana Company (NASDAQ: HSDT) reported $3.4 million in third-quarter revenue, up from $697,000 in the same quarter a year earlier. That is nearly five times the prior-year figure.

The bigger number on the income statement came from somewhere else entirely. Net income reached $105.2 million, a sharp reversal from a $352.8 million loss in the prior year, driven largely by the rising price of the SOL tokens the company holds.

Staking does the heavy lifting

The company released its results on November 11, 2026, covering the quarter that ended September 30. Most of the revenue growth came from staking, the process of locking up tokens to help secure the Solana network in exchange for rewards.

Solana Company earned 30.8 thousand SOL in staking rewards during the quarter. Those rewards were automatically restaked, meaning the company put them straight back to work rather than selling them.

The economics of that model look favorable on paper. Gross margin on operations came in at approximately 82% for the quarter.

Year-to-date revenue reached $9.5 million as of September 30. For a company whose quarterly top line was under $700,000 a year ago, the trajectory has changed meaningfully.

The paper gain behind the profit

The $105.2 million net income figure deserves a closer look. Of that total, $102.7 million reflected an unrealized gain on digital assets.

Put plainly, the company did not sell its SOL and pocket the money. The tokens simply became worth more on the balance sheet as the price rose, and accounting rules required that increase to flow through the income statement.

That cuts both ways. The same mechanism that turned a $352.8 million loss into a nine-figure profit can reverse just as quickly if SOL falls, so the net income line is closer to a token price chart than a measure of operating performance.

Treasury and validator growth

At quarter-end, Solana Company held about 2.4 million SOL. Those holdings were valued at approximately $288 million.

The company also added to its stack during the period. It completed a registered direct offering of around $15 million and used the proceeds to buy about 125,000 SOL.

Then there is Pacific Backbone, the company’s validator operation. Pacific Backbone had approximately 1.3 million SOL delegated by September 30. That figure grew to 1.5 million SOL by early November, indicating that outside token holders are choosing to park their stake with the company’s infrastructure.

Where this fits in the treasury company trend

Solana Company specializes in digital asset treasury management and infrastructure within the Solana ecosystem. Its strategy is to hold SOL as a core treasury asset while generating yield through staking and validator services.

That approach distinguishes it from treasury companies that simply buy and hold a token. A Bitcoin treasury firm has no native staking yield to collect, while a SOL treasury can earn rewards on the very asset it is accumulating.

What this means for investors

For shareholders, the quarter offers two very different stories in one report. The operating story shows revenue growing from $697,000 to $3.4 million with approximately 82% gross margins.

The growth of Pacific Backbone may be the most telling metric to watch. Delegations rising from about 1.3 million SOL to 1.5 million SOL in roughly five weeks suggest demand for the company’s validator services beyond its own treasury.