Solana Co. is a medical device firm specializing in neurotechnology, dedicated to improving neurological wellness. The company's strategy involves developing, licensing, and ...
Solana Company, listed on NASDAQ under the symbol HSDT, is a medical device company headquartered in Newtown, Pennsylvania. Founded in 2014, the company focuses on developing innovative neurotechnology solutions to enhance neurological wellness. Its core strategy involves developing, licensing, and acquiring non-invasive platform technologies that harness the brain's intrinsic capacity ...Solana Company, listed on NASDAQ under the symbol HSDT, is a medical device company headquartered in Newtown, Pennsylvania. Founded in 2014, the company focuses on developing innovative neurotechnology solutions to enhance neurological wellness. Its core strategy involves developing, licensing, and acquiring non-invasive platform technologies that harness the brain's intrinsic capacity for self-healing and mitigate the effects of neurological diseases or trauma.
A flagship product is an investigational portable neuromodulation stimulator that delivers neurostimulation through the tongue. Clinical studies suggest that this approach significantly enhances the efficacy of physical exercises for individuals with neurological symptoms from conditions such as mild-to-moderate traumatic brain injury.
Financially, Solana Company is a micro-cap with a market capitalization around $101.6 million. As of the latest TTM data, the company has 21 full-time employees. The company is led by CEO Dane Carl Andreeff. Key financial metrics indicate a high gross profit margin of 94.2%, but the company is currently unprofitable with a negative net profit margin of -1427.1%. The company has minimal debt and a strong current ratio of 9.9, indicating good short-term liquidity. The enterprise value is approximately $97.2 million, with an EV/Sales ratio of 10.1.
The company is in the development stage, with significant research and development expenses relative to revenue (26.8% of revenue). Sales, general, and administrative expenses are also high, at 264.1% of revenue. Operating cash flow is negative, indicating that the company is using cash to fund operations. However, the company has a strong balance sheet with tangible asset value of $70.3 million and net current asset value of $25 million.
Solana Company is part of the healthcare sector, specifically the medical devices industry. The company's website is solanacompany.co. As a publicly traded entity since June 2014, it is actively trading on the NASDAQ Capital Market. Despite recent rebranding to align with digital assets, as indicated in some sources, the core focus aligns with its description as a neurotechnology medical device firm.
Key personnel include CEO Dane Carl Andreeff. The company's future success depends on regulatory approvals and successful commercialization of its investigational neurostimulation device.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$6.0M
+1057.1%
-30.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-40.9M
-248.2%
+69.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+91.7%
+869.0%
+2.0%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-351.0%
+86.9%
-610.8%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-679.6%
+69.9%
+56.5%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-61.3M
-454.9%
-146.2%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-1018.7%
+52.0%
-252.9%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.0%
-100.0%
—
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
10.33x
+552.6%
+34.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, everyone, and thank you for participating in today's call to discuss Solana Company's Operating Results for the Second Quarter 2026 Ended June 30, 2026. The second quarter of 2026 Earnings press release was issued today, August 14, at approximately 4:25 Eastern time and is available on the Investor Relations section of Solana Company's website. Joining us today are Joseph Chee, Chairman and Chief Executive Officer; Cosmo Jiang, Director of Solana Company and General Partner at Pantera Capital; and Madelene Gani, Chief Financial Officer. [Operator Instructions] Today's call is being recorded. I would now like to turn the call over to Jake Morakis with M Group Strategic Communications for introductory remarks. Please go ahead, sir.
Jake Morakis: Thank you, operator. Before we begin, I'd like to inform you that comments and responses to questions during today's call reflect management's views as of today, August 14, 2026, only, and include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today and in the sections entitled Risk Factors in our annual report on Form 10-K filed with the United States Securities and Exchange Commission, or the SEC, on June 30, 2026, as well as in subsequent filings with the SEC. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. Please note, this conference call will be available for audio replay on our website under the News and Events section of our Investor Relations page. With that, I would now like to turn the call over to Solana Company's Chairman and Chief Executive Officer, Joseph Chee.
Choon Wee Chee: Good afternoon, everyone, and welcome to Solana Company's Second Quarter 2026 Earnings Call. On our first quarter call, I detailed our multifaceted digital asset treasury platform and flywheel strategy for the first time: advisory, validated infrastructure, taking and treasury, each designed to strengthen the others and diversify the Solana Company's revenue sources. Today, I'm pleased to report on the progress of this buildout. Our first institutional validated cluster is operational in Tokyo. We secured our first third-party stake commitment of around 0.5 million SOL in July and expect to report the results in the third quarter of 2026. We also addressed the legacy elements of the business by divesting the cash-consuming medical device business. We swapped the legacy business unit out with the acquisition of a Hong Kong regulated trust company, a profitable enterprise that allows us to better realize the financial focus of our …