Solana Company Increased Quarterly Revenue to $3.36 Million Thanks to Staking

On November 11, Solana Company (Nasdaq: HSDT) reported revenue of $3.36 million for the third quarter of 2026, compared to $697,000 a year earlier. The majority of the income was generated by staking SOL. The validator infrastructure Pacific Backbone also began generating revenue from servicing third-party token holders.

Staking accounted for over 99% of revenue

Revenue from staking amounted to $3.337 million, while other segments contributed $23,000. During the quarter, the company received approximately 30,800 SOL as rewards and reinvested them into staking. The average net annual yield of corporate reserves reached 5.9% compared to approximately 4.9% in the Solana network. However, the value of these rewards in dollars depends on the SOL exchange rate.

What assets the company owns

As of September 30, Solana Company accounted for about 2.4 million SOL across all asset categories and related positions. Their estimated value was $288.2 million. Meanwhile, approximately 1.3 million SOL were delegated to Pacific Backbone, including about 1 million SOL from third-party owners.

Delegation allows the validator to participate in transaction processing and retain a commission from the rewards. The tokens themselves remain the property of the delegators, so they cannot be added to the company's reserves. Management confirmed receipts from external clients but did not disclose their separate size.

What the report says about business sustainability

The cost of revenue was $617,000, with a gross profit of $2.743 million. However, administrative expenses reached $3.386 million, exceeding the gross profit. The company reported a net profit of $105.2 million, but $102.7 million of the result was due to unrealized revaluation of digital assets.

For evaluating Pacific Backbone, future commissions from external delegators, the cost of maintaining infrastructure, and the ability to retain clients are important. An increase in the number of SOL in staking does not in itself guarantee an increase in profit or shareholder value.