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 Nasdaq-listed SOL treasury firm released its results on November 11, 2026, covering the quarter that ended September 30.

Staking drives growth

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, which were automatically restaked rather than sold.

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

Token price impact

Net income reached $105.2 million, a sharp reversal from a $352.8 million loss in the prior year. Of that total, $102.7 million reflected an unrealized gain on digital assets as the price of SOL rose. The company did not sell its SOL; the tokens simply became worth more on the balance sheet.

This mechanism cuts both ways. The same accounting rules that turned a loss into a nine-figure profit can reverse just as quickly if SOL falls, making the net income figure more reflective of token price movements than operating performance.

Validator expansion

At quarter-end, Solana Company held about 2.4 million SOL valued at approximately $288 million. The company completed a registered direct offering of around $15 million and used the proceeds to buy about 125,000 SOL.

Its validator operation, Pacific Backbone, saw approximately 1.3 million SOL delegated by September 30. That figure grew to 1.5 million SOL by early November, indicating increasing demand for the company's validator services beyond its own treasury.