Solana Company reports $3.4 million quarterly revenue as validator operations go live

Solana Company, the Nasdaq-listed firm trading as HSDT, reported third-quarter results on 11 November. Revenue for the quarter ended 30 September was about $3.4 million, including $3.3 million from staking, compared with $697,000 total revenue a year earlier.

The company said Pacific Backbone had moved into operation with approximately 1.3 million SOL delegated at quarter-end, including one million SOL from third parties. It reported earning 30,800 SOL in staking rewards during the quarter and restaking those rewards. Its roughly 2.4 million SOL of holdings across categories had a reported quarter-end fair value of $288.2 million.

These are company results and dated balance-sheet figures, rather than current network-wide revenue or a guaranteed staking return. Solana Company is a listed treasury and infrastructure business; its shares are distinct from holding SOL directly. Reported revenue also measures something different from profit or changes in treasury valuation. The release says the company raised roughly $15 million through a registered direct offering and bought about 125,000 SOL, while repurchasing approximately $2.8 million of common stock during the quarter.