Solana Company reported strong third-quarter 2026 results on November 11, highlighting significant financial improvements and strategic progress. Revenue surged 387% year-over-year to $3.4 million, with staking revenue contributing $3.3 million. Net income reached $105.2 million, driven by a $104.5 million unrealized gain on digital assets as the SOL token price rose 60% during the quarter. Despite the gains, shares closed at $1.86, still 65% below the 52-week high of $5.465.
The company’s operational efficiency improved, with gross profit at $2.7 million and an 82% margin. General and administrative expenses dropped to $3.4 million from $5.5 million year-over-year. Net income per diluted share was $1.17, a dramatic turnaround from a loss of $32.89 in the prior-year quarter. Total assets stood at $292.6 million as of September 30, with substantial liquidity indicated by a current ratio of 13.31.
Management emphasized the company’s three-engine "flywheel" strategy, which aims to increase SOL per share over time. The treasury component generated a net staking yield of 5.9% APY, 100 basis points above the network average. The validator business, Pacific Backbone, achieved a total stake of 1.3 million SOL by quarter-end, with third-party stake reaching 1.0 million SOL. The advisory segment conducted over 40 institutional education sessions in the Asia-Pacific region.
Key milestones included third-party stake on Pacific Backbone doubling to 1.0 million SOL, a $15 million registered direct offering in September, and a widening staking yield spread. Institutional engagement accelerated, with over 40 sessions held with banks, asset managers, and exchanges. Chairman and CEO Joseph Chee noted that "the third quarter is when the flywheel started to turn," highlighting the company’s growing presence in key markets like Hong Kong.