Form 8-K

8-K — Solana Co

Accession: 0001104659-26-062534

Filed: 2026-05-15

Period: 2026-05-15

CIK: 0001610853

SIC: 6199 (FINANCE SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — hsdt-20260515x8k.htm (Primary)

EX-99.1 (hsdt-20260515xex99d1.htm)

GRAPHIC (hsdt-20260515x8k001.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: hsdt-20260515x8k.htm · Sequence: 1

SOLANA COMPANY_May 15, 2026

0001610853falseDE00016108532026-05-152026-05-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 15, 2026

SOLANA COMPANY

(Exact name of registrant as specified in its charter)

Delaware

001-38445

36-4787690

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

642 Newtown Yardley Road, Suite 100

Newtown, PA

18940

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (215) 944-6100

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value

HSDT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02Results of Operations and Financial Condition.

On May 15, 2026, Solana Company (the “Company”) issued a press release announcing financial results for the fiscal quarter ended March 31, 2026. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K (including the accompanying Exhibit 99.1 hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, except as expressly incorporated by specific reference in such a filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

99.1

Press Release dated May 15, 2026.

104

Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HELIUS MEDICAL TECHNOLOGIES, INC.

Dated: May 15, 2026

By:

/s/Agustina Gani Tjandrasuwita

Agustina Gani Tjandrasuwita

Chief Operating Officer

EX-99.1

Filename: hsdt-20260515xex99d1.htm · Sequence: 2

Exhibit 99.1

Solana Company Reports First Quarter 2026 Financial Results

NEWTOWN, Pa., May 15, 2026 (GLOBE NEWSWIRE) -- Solana Company (NASDAQ: HSDT) (the “Company” or “HSDT”), a publicly listed company, today announced results for the quarter ended March 31, 2026.

First Quarter Recent Business Updates

● Generated $3.6 million in revenue in the first quarter of 2026, with the increase primarily driven by the Company’s SOL earning staking yield

● Executed approximately $3.5 million in share repurchases during the quarter under the Company's repurchase program

● Advanced the Pacific Backbone validator infrastructure initiative through strategic partnership with Jito to accelerate staking infrastructure development and MEV capture capabilities

● Continued collaboration with Anchorage Digital and Kamino for institutional-grade staking and lending against natively staked SOL

● Appointed Madelene Gani as Chief Operating Officer and Deputy Chief Financial Officer on April 6, 2026, bringing deep financial and operational expertise from hyper-growth Web3 companies

"Despite the volatility in digital asset markets during the quarter, we remain focused on the fundamentals: growing our SOL per share through disciplined capital allocation, generating consistent staking yield, and building out the diversified revenue streams that we believe will drive long-term value creation," said Joseph Chee, Executive Chairman at Solana Company. "We are not simply holding digital assets; we are building an operating business with recurring revenue streams that leverage our institutional-grade infrastructure and our position as a strategic partner to the Solana Foundation."

Cosmo Jiang, General Partner at Pantera Capital and board director at Solana Company said, "The first quarter demonstrated the resilience of our digital asset treasury strategy. Our average net staking yield reflects the institutional-grade infrastructure and active management approach that Pantera applies across its broader digital asset portfolio. We remain committed to capital allocation strategies that are accretive on a SOL per share basis."

First Quarter 2026 Financial Results

First quarter revenue was $3.6 million, consisting primarily of $3.4 million in staking rewards income and $0.2 million in other revenue. This represents significant growth from the $49,000 in revenue reported in the first quarter of 2025, which did not include staking revenue generated through the Company’s digital asset treasury strategy.

Cost of revenue for the first quarter was $0.2 million, resulting in a gross profit of $3.4 million compared to a gross loss of $72,000 in the prior-year period.

General and administrative expenses for the first quarter of 2026 were $5.2 million, compared to $3.9 million in the first quarter of 2025, reflecting the expansion of operations associated with the Company's digital asset treasury strategy.

Total operating expenses for the first quarter of 2026 were $103.1 million, compared to $3.9 million in the prior-year period. Operating expenses included non-cash charges of $89.2 million for unrealized loss on digital assets and digital assets receivable, $7.0 million for realized loss on digital assets related to strategic sales executed as part of the Company's capital allocation program, and $1.7 million for unrealized loss on digital assets fund investment.

The resulting loss from operations was $99.6 million compared to a loss of $4.0 million for the prior-year period.

Nonoperating expense for the quarter was $0.2 million, compared to nonoperating income of $0.2 million in the prior-year period.

Reported net loss for the first quarter of 2026 was $99.8 million, or a loss of $1.30 per basic and diluted common share, compared to a net loss of $3.8 million, or a loss of $382.29 per basic and diluted common share, in the prior-year period.

Cash and Liquidity

At March 31, 2026, cash and cash equivalents totaled $4.4 million and digital assets and digital asset exposure at fair value totaled $193.8 million, including $21.0 million in current digital assets, $127.6 million in long-term digital assets, $23.6 million in restricted digital assets, $18.3 million in digital assets receivable, and $3.3 million in digital assets fund investment. Common shares issued totaled 56.6 million with 55.0 million outstanding as of March 31, 2026, net of treasury stock.

Conference Call

Management will host a conference call to discuss the results and provide an expanded business update as follows:

Date:

Friday, May 15, 2026

Time:

4:30 p.m. Eastern Time

Webcast:

Click here

Participant call link:

Click here (register to receive unique PIN and dial-in number)

The webcast will be archived under the News & Events section of the Company’s investor relations website.

About Solana Company

Solana Company (NASDAQ: HSDT) is a listed digital asset treasury dedicated to acquiring SOL and focused on maximizing SOL per share by leveraging capital markets opportunities and on-chain activity, Solana Company offers public market investors optimal exposure to Solana’s secular growth. https://www.solanacompany.co/

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the U.S. federal securities laws. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those expressed or implied by such statements. Forward-looking statements may include, among others, statements in relation to the expected benefits and implementation of the Company’s digital asset treasury strategy and the Company’s future growth and operational progress.

These forward-looking statements are based on current expectations, estimates, assumptions, and projections, and involve known and unknown risks, uncertainties, and other factors-many of which are beyond the Company’s control-that may cause actual results, performance, or achievements to differ materially from those expressed or implied by such statements. Important factors that may affect actual results include, among others, capital requirements to achieve the Company’s business objectives; expected benefits and implementation of the Company’s digital asset treasury strategy, expected staking, yield and broader opportunities across the Solana ecosystem; the Company’s expected token treasury growth, the impact on the Company of global macroeconomic conditions including risks related to logistics challenges, labor shortages, disruptions in the banking system and financial markets; high levels of inflation and high interest rates on the Company’s ability to operate its business and access capital markets; the success of the Company’s business plan; the Company’s operating costs and use of cash; the Company’s ability to achieve significant revenues; and other risks and uncertainties described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in other subsequent filings with the SEC, including its upcoming Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. These filings are available at www.sec.gov. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Media Contacts:

Solana Company

ir@solanacompany.co

Solana Company

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

March 31, 2026

December 31, 2025

ASSETS

Current assets

Cash and cash equivalents

4,395

7,282

Digital assets

21,000

Prepaid expenses and other current assets

2,443

2,873

Total current assets

27,838

31,155

Digital assets

127,587

196,724

Digital assets, restricted

23,564

39,219

Digital assets receivable

18,347

31,139

Digital assets fund investment

3,304

5,617

Other long-term assets

Total assets

200,708

303,929

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

2,003

1,890

Accrued and other current liabilities

808

1,126

Total current liabilities

2,811

3,016

Stockholders' equity

Class A common stock, $0.001 par value; 800,000,000 shares authorized; 56,565,079 shares issued and 54,961,108 outstanding and 43,744,207 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

Additional paid-in capital

513,796

513,719

Treasury stock, at cost

(3,524)

—

Accumulated deficit

(312,388)

(212,589)

Accumulated other comprehensive loss

(44)

(261)

Total stockholders' equity

197,897

300,913

Total liabilities and stockholders' equity

200,708

303,929

Solana Company

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share data)

Three Months Ended

March 31,

2026

2025

Revenue

Staking revenue

3,417

—

Other revenue

204

Total revenue

3,621

Cost of revenue

180

121

Gross profit (loss)

3,441

(72)

Operating expenses

General and administrative expenses

5,189

3,939

Unrealized loss on digital assets and digital assets receivable

89,198

—

Realized loss on digital assets

6,987

—

Unrealized loss on digital assets fund investment

1,685

—

Total operating expenses

103,059

3,939

Loss from operations

(99,618)

(4,011)

Nonoperating income

Change in fair value of derivative liability

—

109

Other (expense) income

(181)

Nonoperating income, net

(181)

173

Loss before provision for income taxes

(99,799)

(3,838)

Provision for income taxes

—

Net loss

(99,799)

(3,838)

Other comprehensive loss

Foreign currency translation adjustments

217

(51)

Comprehensive loss

(99,582)

(3,889)

Loss per share

Basic and diluted

(1.30)

(382.29)

Weighted average number of common shares outstanding

Basic and diluted

76,736,156

10,039

GRAPHIC

Filename: hsdt-20260515x8k001.jpg · Sequence: 3

Binary file (6428 bytes)

Download hsdt-20260515x8k001.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 8

v3.26.1

Document and Entity Information

May 15, 2026

Document and Entity Information [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

May 15, 2026

Entity Registrant Name

SOLANA COMPANY

Entity Central Index Key

0001610853

Entity Emerging Growth Company

false

Entity File Number

001-38445

Entity Incorporation, State or Country Code

Entity Tax Identification Number

36-4787690

Entity Address, Address Line One

642 Newtown Yardley Road

Entity Address, Adress Line Two

Suite 100

Entity Address, City or Town

Newtown

Entity Address State Or Province

Entity Address, Postal Zip Code

18940

City Area Code

215

Local Phone Number

944-6100

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Class A Common Stock, $0.001 par value

Trading Symbol

HSDT

Security Exchange Name

NASDAQ

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration