Solana Co is a US-listed company in the health care equipment industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $12m, up 3992.2% on a year earlier, faster than the 2109.4% growth a quarter earlier. That growth ranks 1 of 103 among the health care equipment companies we cover.
Our model value for Solana is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 14, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Solana Co's trailing-twelve-month revenue grew 3992.2% year on year, with a free-cash-flow margin of -223.2%. Where it stands out: revenue growth of 3992.2% ranks 1 of 129 health care equipment companies we cover. Where it lags: operating margin of -3055.0% ranks 124 of 132 health care equipment companies we cover.
Current signal Revenue growth accelerating: TTM revenue growth rose to 3992.2% (+1882.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Solana Co at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Solana Co as an operating company, with every model that fits that kind of business. Cost of equity 9.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.95 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.2 ~$0.2–$1.0 | Left out: out of range vs price (0.10x) |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Solana Co with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Solana's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Cash operating profit has been a median -138.1% of total assets over 6 years.
Gross margin has been a median 34.1%, moving by 51.4 percentage points (standard deviation) across 7 years.
Operating margin has been a median -2972.7%; its worst year was -4932.2%.
Free cash flow was positive in 0 of 7 years, at a median -2232.4% of revenue.
The diluted share count rose 46809310.9% over five years; stock-based pay has been a median 295.6% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.71 | — | $12m | — |
| Next | −$0.11 | +94% | $14m | +13% |
The consensus EPS forecast for the current fiscal year is +137.5% on 90 days ago. In the last 30 days, 0 analysts raised Solana Co's forecast and 2 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.72 | −$0.06 |
| 60 days ago | −$0.72 | −$0.06 |
| 30 days ago | −$0.72 | −$0.02 |
| 7 days ago | −$1.66 | −$0.02 |
| Now | −$1.71 | −$0.11 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.02 | −$0.03 | −37.5% |
| Mar 2026 | −$0.84 | −$1.30 | −54.8% |
| Sept 2025 | −$50.50 | −$32.89 | +34.9% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| HSDT | −61% | −94% | −48% | −92% | −99% | −30% |
| Industry peers (median) | −7% | −37% | −8% | −19% | −16% | −13% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| HSDT | 33% | 17% | 42% | 25% | 25% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| HSDT | −72% | −96% | −71% | −95% | −100% | −64% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from October 11, 2017 to June 5, 2026. Getting back needed a 2058144626% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 14, 2026 | −7.8% | −0.7% | +16.7% | +22.8% |
| May 15, 2026 | −8.8% | −1.3% | −4.2% | −31.8% |
| March 31, 2026 | −8.6% | +3.7% | +1.1% | +9.7% |
| November 18, 2025 | −12.6% | −0.5% | −16.5% | −32.8% |
| August 12, 2024 | −2.3% | +1.7% | −7.6% | +4.0% |
| May 13, 2024 | −4.3% | +0.5% | −16.0% | −32.5% |
| March 28, 2024 | +0.4% | −0.2% | +9.5% | −27.0% |
| November 9, 2023 | −3.3% | +0.8% | −0.4% | +13.0% |
| November 2, 2023 | +2.4% | +2.8% | −13.4% | −14.0% |
| August 10, 2023 | +5.0% | 0.0% | −12.6% | +0.6% |
| May 11, 2023 | −12.2% | −0.3% | −6.4% | 0.0% |
| March 9, 2023 | −14.4% | −3.3% | −12.0% | −24.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $792K |
| FY23 Q4 | $644K |
| FY24 Q1 | $668K |
| FY24 Q2 | $594K |
| FY24 Q3 | $502K |
| FY24 Q4 | $520K |
| FY25 Q1 | $434K |
| FY25 Q2 | $295K |
| FY25 Q3 | $941K |
| FY25 Q4 | $6M |
| FY26 Q1 | $9.6M |
| FY26 Q2 | $12.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 3.8% |
| FY23 Q4 | -18.2% |
| FY24 Q1 | -5.6% |
| FY24 Q2 | -29.7% |
| FY24 Q3 | -36.6% |
| FY24 Q4 | -19.3% |
| FY25 Q1 | -35.0% |
| FY25 Q2 | -50.3% |
| FY25 Q3 | 87.5% |
| FY25 Q4 | 1057.1% |
| FY26 Q1 | 2109.4% |
| FY26 Q2 | 3992.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -1622.6% |
| FY23 Q4 | -1929.8% |
| FY24 Q1 | -1801.5% |
| FY24 Q2 | -2034.5% |
| FY24 Q3 | -2590.0% |
| FY24 Q4 | -2673.7% |
| FY25 Q1 | -3340.6% |
| FY25 Q2 | -4932.2% |
| FY25 Q3 | -4881.0% |
| FY25 Q4 | -4052.5% |
| FY26 Q1 | -3539.9% |
| FY26 Q2 | -3055.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -1331.9% |
| FY23 Q4 | -1621.9% |
| FY24 Q1 | -1533.2% |
| FY24 Q2 | -1749.5% |
| FY24 Q3 | -2132.5% |
| FY24 Q4 | -2124.2% |
| FY25 Q1 | -2667.3% |
| FY25 Q2 | -3878.6% |
| FY25 Q3 | -1351.2% |
| FY25 Q4 | -274.5% |
| FY26 Q1 | -185.7% |
| FY26 Q2 | -223.2% |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||
| Revenue | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 6 | 12 |
| Gross profit | 0 | 1 | 0 | 0 | 0 | 0 | −0 | 6 | 12 |
| EBITDA | −27 | −24 | −14 | −18 | −15 | −12 | −14 | — | — |
| Operating income | −27 | −24 | −14 | −18 | −16 | −12 | −14 | −244 | −369 |
| Net income | −29 | −10 | −14 | −18 | −14 | −9 | −12 | −41 | −157 |
| Diluted EPS | −$860.34 | −$633550.56 | −$230.20 | −$287.95 | −$2606.50 | −$14.56 | −$3282.26 | −$1.85 | — |
| Growth (year on year) | |||||||||
| Revenue | — | +213.0% | −55.8% | −21.0% | +50.8% | −18.2% | −19.3% | +>999% | +>999% |
| Margins | |||||||||
| Gross margin | 100.0% | 43.4% | 41.3% | 42.9% | 41.2% | 9.5% | −11.9% | 91.7% | 95.5% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | — | — |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | −653.8% | <−999% | <−999% | <−999% | <−999% | <−999% | −679.6% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −274.5% | −223.2% |
| Cash flow | |||||||||
| Cash from operations | −20 | −21 | −12 | −13 | −14 | −10 | −11 | −17 | −27 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −20 | −21 | −12 | −13 | −14 | −10 | −11 | −17 | −27 |
| Stock-based pay | 8 | 5 | 3 | 4 | 2 | 2 | 3 | 9 | 8 |
| Free cash flow after stock pay | −28 | −26 | −14 | −18 | −17 | −12 | −14 | −26 | −35 |
| Balance sheet | |||||||||
| Cash | — | — | — | 11 | 15 | 5 | 1 | 7 | 4 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | — | — | — | −11 | −15 | −5 | −1 | −7 | −4 |
| Diluted shares | — | — | — | — | — | — | 4m | 22m | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 0 | 0 | 0 | 1 | 5 | 4 | 3 |
| Gross profit | −0 | −0 | −0 | −0 | 1 | 5 | 3 | 2 |
| EBITDA | −4 | −3 | −4 | −3 | — | — | — | — |
| Operating income | −4 | −3 | −4 | −3 | −35 | −201 | −100 | −33 |
| Net income | −4 | −4 | −4 | −10 | −353 | 326 | −100 | −30 |
| Diluted EPS | −$744.35 | −$774.45 | −$382.29 | −$79.73 | −$32.89 | $88.29 | −$1.30 | −$0.38 |
| Growth (year on year) | ||||||||
| Revenue | −64.3% | +13.4% | −63.7% | −76.4% | +>999% | +>999% | +>999% | +>999% |
| Margins | ||||||||
| Gross margin | −266.7% | −1.3% | −146.9% | −123.3% | 85.2% | 96.6% | 95.0% | 97.0% |
| EBITDA margin | <−999% | <−999% | <−999% | <−999% | — | — | — | — |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | >999% | <−999% | <−999% |
| Free-cash-flow margin | <−999% | <−999% | — | <−999% | −580.2% | −118.2% | −133.4% | −470.8% |
| Cash flow | ||||||||
| Cash from operations | −3 | −2 | −4 | −3 | −4 | −6 | −5 | −12 |
| Capital spending | 0 | 0 | — | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −3 | −2 | — | −3 | −4 | −6 | −5 | −12 |
| Stock-based pay | 1 | 0 | 1 | 0 | 0 | 8 | 0 | 0 |
| Free cash flow after stock pay | −4 | −3 | — | −3 | −5 | −14 | −5 | −12 |
| Last 12 months unless stated | HSDT | NNOX | NSPR | WOK | NMTC | MDAI | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $12m | $13m | $11m | $10m | $9m | $15m | $99m |
| Revenue growth, last 12 months | >999% | 15.4% | 53.4% | −14.4% | 42.8% | −44.1% | 9.2% |
| Revenue growth, 3-year average | 142.6% | — | 26.6% | — | 94.9% | −11.8% | 13.5% |
| Revenue growth, latest quarter | >999% | — | −0.4% | — | 16.3% | −30.4% | 10.2% |
| Gross margin | 95.5% | −98.2% | 18.1% | 23.8% | 55.6% | 42.9% | 61.2% |
| Operating margin | <−999% | −600.8% | −494.0% | — | −83.4% | −77.2% | −8.5% |
| Operating margin, 3-year average | <−999% | — | −501.9% | — | −160.3% | −49.1% | −17.9% |
| Net margin | <−999% | −576.1% | −484.1% | −10.9% | −78.6% | −65.5% | −12.0% |
| Cash from operations / revenue | −223.2% | −313.3% | −380.1% | 63.4% | −74.5% | −83.7% | −1.9% |
| Free-cash-flow margin | −223.2% | −345.6% | −391.7% | 49.9% | −75.6% | −84.4% | −3.9% |
| Free-cash-flow margin, 3-year average | <−999% | — | −372.4% | — | −142.5% | −58.8% | −7.0% |
| Stock pay / revenue | 69.3% | 32.2% | 98.8% | — | 14.9% | 10.0% | 6.1% |
| Change in share count | >999% | 10.4% | 63.5% | 128.1% | 41.1% | 38.4% | 4.0% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 3992.2% | 9.1% | 1 of 129 |
| Change in growth rate Growth | +1882.8pp | -0.6pp | 1 of 129 |
| Operating margin Profitability | -3055.0% | -8.3% | 124 of 132 |
| Net margin Profitability | -1302.8% | -12.0% | 124 of 133 |
| Stock pay as % of revenue Cash generation | 69.3% | 6.1% | 111 of 123 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Products | $420,000 | ▼ 11.8% |
| Other | $128,000 | ▲ 190.9% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Solana Co's 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Pantera Capital Partners LP | $8.2M | 5.0M | 31.6% | ▲ 28.3% |
| Kathmere Capital Management, LLC | $7.6M | 4.6M | 29.1% | 0.0% |
| Arrington Capital Management, LLC | $1.1M | 659K | 4.2% | 0.0% |
| Blackrock, Inc. | $1M | 633K | 4.0% | ▲ 37.2% |
| Vr Advisory Services Ltd | $959,162 | 581K | 3.7% | 0.0% |
| LPL Financial LLC | $924,717 | 560K | 3.6% | ▲ 2.4% |
| Vanguard Capital Management LLC | $917,367 | 556K | 3.5% | ▲ 71.3% |
| Geode Capital Management, LLC | $845,165 | 512K | 3.2% | ▲ 38.2% |
| Saba Capital Management, L.P. | $521,484 | 316K | 2.0% | ▲ 384.7% |
| Yorkville Advisors Global, LP | $495,000 | 300K | 1.9% | ▼ 72.4% |
| Avenir Tech Ltd | $479,581 | 291K | 1.8% | 0.0% |
| Vanguard Fiduciary Trust Co | $421,382 | 255K | 1.6% | ▲ 68.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Solana Co's complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 17, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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