HSDT · Solana Co - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $6.02M | $520.0K | $644.0K | $787.0K | $522.0K | $661.0K |
| Cost of Revenue | $582.0K | $582.0K | $583.0K | $463.0K | $298.0K | $388.0K |
| Gross Profit | $5.52M | ($62.0K) | $61.0K | $324.0K | $224.0K | $273.0K |
| R&D | $3.51M | $3.66M | $2.94M | $4.26M | $5.99M | $4.58M |
| SG&A | $23.13M | $10.12M | $9.27M | $10.64M | $12.18M | $9.71M |
| Total Operating Expenses | $249.36M | $13.84M | $12.49M | $15.84M | $18.37M | $14.66M |
| D&A | - | $36.0K | $45.0K | $74.0K | $112.0K | $119.0K |
| Operating Income | ($243.84M) | ($13.90M) | ($12.43M) | ($15.52M) | ($18.14M) | ($14.39M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $0 | $0 | $0 | $0 | - | $0 |
| Net Income | ($40.89M) | ($11.74M) | ($8.85M) | ($14.07M) | ($18.13M) | ($14.13M) |
| EPS - Basic | ($1.85) | ($3247.50) | ($10920.00) | ($39000.00) | ($276750.00) | ($442500.00) |
| EPS - Diluted | ($1.85) | ($3247.50) | ($10920.00) | ($39000.00) | ($276750.00) | ($442500.00) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.28M | $1.09M | $5.18M | $14.55M | $11.01M | $3.33M |
| Accounts Receivable | - | $70.0K | $117.0K | $71.0K | $66.0K | $74.0K |
| Inventory | $1.12M | $1.04M | $457.0K | $589.0K | $476.0K | $389.0K |
| Accounts Payable | $1.89M | $873.0K | $531.0K | $627.0K | $1.07M | $747.0K |
| Current Assets | $31.16M | $3.42M | $7.44M | $16.70M | $12.59M | $4.68M |
| Total Assets | $303.93M | $3.54M | $7.69M | $17.29M | $14.10M | $6.55M |
| Current Liabilities | $3.02M | $2.16M | $1.88M | $1.99M | $2.65M | $2.42M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $3.02M | $2.48M | $5.34M | $9.14M | $2.85M | $2.68M |
| Stockholders' Equity | $300.91M | $1.06M | $2.35M | $8.15M | $11.26M | $3.87M |
| Retained Earnings | ($212.59M) | ($171.70M) | ($159.96M) | ($151.11M) | ($137.03M) | ($118.90M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($16.51M) | ($11.04M) | ($10.42M) | ($14.31M) | ($13.39M) | ($11.74M) |
| Investing Cash Flow | ($426.53M) | ($5.0K) | ($29.0K) | ($11.0K) | ($56.0K) | ($9.0K) |
| Financing Cash Flow | $449.24M | $6.95M | $1.08M | $17.87M | $21.13M | $9.64M |
| CapEx | - | $5.0K | $29.0K | $17.0K | $54.0K | $63.0K |
| Free Cash Flow | - | ($11.05M) | ($10.45M) | ($14.33M) | ($13.44M) | ($11.80M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 91.7% | -11.9% | 9.5% | 41.2% | 42.9% | 41.3% |
| Operating margin | -4052.5% | -2673.7% | -1929.8% | -1971.5% | -3475.5% | -2176.4% |
| EBITDA margin | - | -2666.7% | -1922.8% | -1962.1% | -3454.0% | -2158.4% |
| Net margin | -679.6% | -2258.1% | -1374.2% | -1788.1% | -3473.6% | -2137.7% |
| Free cash flow margin | - | -2124.2% | -1621.9% | -1820.5% | -2575.1% | -1785.3% |
| FCF / Net income | - | 0.94 | 1.18 | 1.02 | 0.74 | 0.84 |
| R&D / Revenue | 58.4% | 703.7% | 456.8% | 541.6% | 1147.5% | 693.2% |
| SG&A / Revenue | 384.4% | 1945.8% | 1439.6% | 1352.0% | 2332.6% | 1469.6% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -13.5% | -331.5% | -115.1% | -81.4% | -128.6% | -215.8% |
| Return on equity | -13.6% | -1108.8% | -376.6% | -172.6% | -161.1% | -365.0% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 10.33 | 1.58 | 3.96 | 8.40 | 4.75 | 1.93 |
| Quick ratio | 9.96 | 1.10 | 3.72 | 8.10 | 4.57 | 1.77 |
| Cash ratio | 2.41 | 0.50 | 2.76 | 7.32 | 4.15 | 1.37 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.01 | 3.34 | 3.27 | 2.12 | 1.25 | 1.69 |
| Liabilities / Assets | 0.01 | 0.70 | 0.69 | 0.53 | 0.20 | 0.41 |
| Efficiency | ||||||
| Asset turnover | 0.02 | 0.15 | 0.08 | 0.05 | 0.04 | 0.10 |
| Inventory turnover | 0.52 | 0.56 | 1.28 | 0.79 | 0.63 | 1.00 |
| Days sales outstanding | - | 49d | 66d | 33d | 46d | 41d |
| Days inventory outstanding | 703d | 650d | 286d | 464d | 583d | 366d |
| Days payable outstanding | 1185d | 548d | 332d | 494d | 1309d | 703d |
| Cash conversion cycle | - | 151d | 20d | 3d | -680d | -296d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 0.2x | 1285.8x | 1559.6x | 19063.4x | 42479.7x | 153106.1x |
| P / S | 10.6x | 2618.6x | 5691.2x | 197441.0x | 915998.5x | 896631.7x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 1057.1% | -19.3% | -18.2% | 50.8% | -21.0% | -55.8% |
| Revenue CAGR (3y) | 97.0% | -0.1% | -0.9% | -19.3% | 3.0% | - |
| Revenue CAGR (5y) | 55.5% | -19.1% | 6.1% | - | - | - |
| Gross profit growth (YoY) | - | - | -81.2% | 44.6% | -17.9% | -42.9% |
| Operating income growth (YoY) | -1653.9% | -11.9% | 19.9% | 14.5% | -26.1% | 40.0% |
| Net income growth (YoY) | -248.2% | -32.7% | 37.1% | 22.4% | -28.3% | -44.5% |
| EPS growth (YoY) | 99.9% | 70.3% | 72.0% | 85.9% | 37.5% | -119594494.6% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | -5.8% | 27.1% | -6.6% | -13.9% | 44.5% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 28314.8% | -54.9% | -71.2% | -27.6% | 190.8% | -33.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$357.0K totalProduct$229.0K · 64.1%
Product And Service Other$128.0K · 35.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
38.91
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Finance Services
Comparing Solana Co against the 5 most active filers in the same SIC group.