Solana Company, formerly known as Helius Medical Technologies, Inc., reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated total revenue of $697,000 for the third quarter, a notable increase from $51,000 in the same period last year. This growth was primarily driven by $342,000 in staking rewards from its digital asset treasury strategy, which focuses on acquiring and holding Solana tokens (SOL). The company also reported a gross profit of $594,000, compared to a gross loss of $136,000 in the prior year, indicating improved operational efficiency.
In terms of overall financial performance, Solana Company recorded a net loss of $352.8 million for the third quarter, a substantial increase from a loss of $3.7 million in the same quarter of 2024. This increase in loss was largely attributed to a $545.7 million loss on derivative liabilities related to stapled warrants issued during the company's recent capital raises. Operating expenses surged to $36 million, up from $3.9 million in the previous year, driven by higher selling, general, and administrative costs, as well as an unrealized loss on digital assets of $30.5 million.
The company has made strategic moves to bolster its financial position, including a successful private placement in September 2025 that raised approximately $502.8 million, netting $374.9 million after expenses. This capital was primarily allocated to purchasing SOL and establishing a digital asset treasury operation. As of September 30, 2025, Solana Company held $350.2 million in digital assets, with $291.1 million classified as unrestricted and $59.1 million as restricted. The company’s cash and cash equivalents also saw a significant increase, rising to $124.1 million from just $1.1 million at the end of 2024.
Operationally, Solana Company has been expanding its market presence, particularly in the U.S. with its PoNS device, which is designed for neurological wellness. The company has begun accepting prescriptions for the PoNS device and has secured reimbursement approvals from major healthcare payers, including Anthem and United Healthcare. The company is also pursuing partnerships to enhance distribution, particularly within federal healthcare systems. As of September 30, 2025, the company reported a working capital of $122.5 million, alleviating previous concerns about its ability to continue as a going concern.
Looking ahead, Solana Company plans to continue leveraging its digital asset treasury strategy to generate revenue through staking and other opportunities within the Solana ecosystem. The company aims to build its SOL holdings significantly over the next 12 to 24 months while also focusing on expanding the commercialization of its PoNS device. However, the company acknowledges that its financial performance will remain closely tied to the volatile market conditions surrounding SOL and the broader cryptocurrency landscape.
About HELIUS MEDICAL TECHNOLOGIES, INC.
Helius Medical Technologies specializes in neurotechnology, developing non-invasive devices like the PoNS Stimulator to treat neurological conditions such as multiple sclerosis, traumatic brain injury, and stroke. The company's core product delivers mild electrical stimulation to promote neuroplasticity and improve gait and balance. Operating globally, Helius partners with healthcare providers, regulators, and payers to advance neuromodulation therapies for neurological wellness.
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