Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Solana Co files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.48
1.5
0.66
0.52
0.79
0.64
0.52
6.02
Cost of revenue
0.85
0.39
0.3
0.46
0.58
0.58
0.5
Gross profit
0.48
0.65
0.27
0.22
0.32
0.06
-0.06
5.52
Research and development
3.65
14.4
9.94
8.06
4.58
5.99
4.26
2.94
3.66
3.51
Selling, general and administrative
17.2
16.5
9.71
12.2
10.6
9.27
10.2
23.1
General and administrative
5.67
8.47
17.2
Operating expenses
9.32
22.9
27.2
24.6
14.7
18.4
15.8
12.5
13.8
249
Operating income
-9.32
-22.9
-26.7
-24
-14.4
-18.1
-15.5
-12.4
-13.9
-244
Interest expense
0.05
Other non-operating income
2.44
-5.17
-1.95
14.2
0.26
0.01
1.44
3.58
2.16
203
Pre-tax income
-6.88
28
28.6
9.78
-14.1
-18.1
-14.1
-8.85
-11.7
-40.9
Income tax
0
0
0
0
0
0
0
Net income
-6.88
-28
-28.6
-9.78
-14.1
-18.1
-14.1
-8.85
-11.7
-40.9
EBITDA
-22.8
-26.6
-23.9
-14.3
-18
-15.4
-12.4
-13.9
EPS, basic
-133,397.00
-2,000,955.00
-1,680,802.00
-493,569.00
-448,354.00
-280,411.00
-39,516.00
-11,037.00
-3,282.00
-1.85
EPS, diluted
-160,077.00
-2,000,959.00
-1,680,805.00
-493,570.00
-448,354.00
-280,412.00
-39,516.00
-11,037.00
-3,282.00
-1.85
Shares, basic (weighted)
0
0
0
0
0
0
0
0
0
22
Shares, diluted (weighted)
0
0
0
0
0
0
0
0
0
22
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
2.64
5.56
25.6
5.46
3.33
11
14.5
5.18
1.09
7.28
Short-term investments
0
Receivables
0.4
0.7
0.18
0.21
0.07
0.07
0.07
0.12
0.07
Inventory
0.39
0.6
0.39
0.48
0.59
0.46
1.04
1.12
Other current assets
0.5
0.35
0.26
0.61
0.74
0.24
0.82
0.69
0.2
0.07
Total current assets
4.04
6.62
27
7.24
4.69
12.6
16.7
7.44
3.42
31.2
Property, plant and equipment
0.17
0.55
0.71
0.49
0.41
0.35
0.18
0.11
Lease right-of-use assets
0.55
0.09
0
0.1
0.05
0.01
Goodwill
1.24
0.76
0.76
Intangible assets
0.58
0.53
0.33
0.14
0.02
Other non-current assets
0.02
0.02
0.02
0.12
0.08
Total assets
4.04
6.81
27.8
10.3
6.55
14.1
17.3
7.69
3.54
304
Accounts payable
2.18
3.48
2.39
1.68
0.75
1.07
0.63
0.53
0.87
1.89
Accrued liabilities
1.24
1.81
1.52
1.34
1.43
Deferred revenue
0.43
0.28
0.15
0.03
Total current liabilities
4.06
14.3
18
3.8
2.42
2.65
1.99
1.88
2.16
3.02
Lease liabilities
0.47
0.03
0.06
0.01
Other non-current liabilities
0.08
Total liabilities
4.06
14.3
18
4.51
2.68
2.85
9.14
5.34
2.48
3.02
Paid-in capital
2.94
6.6
105
112
124
149
160
163
172
514
Retained earnings
-26.3
-66.4
-95
-105
-119
-137
-151
-160
-172
-213
Treasury stock
0
Other comprehensive income
-1
0.05
-0.59
-0.9
-1.1
-1.13
-0.39
-0.67
0.33
-0.26
Shareholders' equity
-0.02
-7.49
9.85
5.84
3.87
11.3
8.15
2.35
1.06
301
Total equity
-0.02
-7.49
9.85
5.84
3.87
11.3
8.15
2.35
1.06
301
Total liabilities and equity
4.04
6.81
27.8
10.3
6.55
14.1
17.3
7.69
3.54
304
Shares outstanding
0
0
0
0
0
0
0
0
0
43.7
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-6.88
-28
-28.6
-9.78
-14.1
-18.1
-14.1
-8.85
-11.7
-40.9
Depreciation and amortization
0.02
0.06
0.13
0.12
0.11
0.07
0.05
0.04
Stock-based compensation
1.23
1.82
8.1
4.69
2.53
4.25
2.25
1.63
2.52
9.25
Change in receivables
-0.39
-0.48
-0.26
-0.44
-0
0.03
-0.01
-0.04
0.04
Change in inventory
0
-0.39
-0.26
0
-0.09
-0.11
0.14
-0.61
-0.09
Change in payables
0.49
1.32
-1.09
-1.12
-0.64
0.37
-0.42
-0.1
0.34
1.02
Cash from operations
-7.94
-19.3
-19.6
-21
-11.7
-13.4
-14.3
-10.4
-11
-16.5
Capital expenditures
-0.19
-0.44
-0.28
-0.06
-0.05
-0.02
-0.03
-0.01
Acquisitions
-0.42
Cash from investing
0.38
-0.19
-0.44
-0.77
-0.01
-0.06
-0.01
-0.03
-0.01
-427
Stock issued
7.78
20.9
38.5
1.69
10.7
22.7
18.6
0.5
2.96
29.9
Cash from financing
9.69
22.2
40
1.65
9.64
21.1
17.9
1.08
6.95
449
Exchange rate effect
0.09
0.19
0.05
Net change in cash
2.23
20
-20.1
-2.13
7.67
3.54
-9.37
-4.09
6.19
Free cash flow
-19.5
-20.1
-21.3
-11.8
-13.4
-14.3
-10.4
-11
Interest paid
0
0
0
Income taxes paid
0
0
0
0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.94 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
95.5%
Gross profit / revenue.
Operating margin
-3,055.0%
Operating income / revenue.
Pre-tax margin
-1,303.0%
Pre-tax income / revenue.
Net margin
-1,303.0%
Net income / revenue.
Operating cash flow margin
-223.2%
Cash from operations / revenue.
Return on equity (ROE)
-94.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-89.3%
Net income / average total assets.
Return on invested capital (ROIC)
-179.8%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue
69.3%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
1,057.0%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
97.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
55.5%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit CAGR, 3y
157.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
82.4%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
28,315.0%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
233.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
138.8%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
8,481.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
160.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
115.5%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
616,278.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
3,856.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
1,371.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.3x
Current assets / current liabilities.
Quick ratio
1.69x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.69x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.15
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.34
Cash from operations / diluted weighted shares.
Book value per share
$2.88
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
14.7x
Market cap / revenue.
P/B
1.07x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.07x
Market cap / tangible book value, when positive.
EV/Sales
14.4x
Enterprise value / revenue.
Earnings yield
-88.5%
Net income / market cap (the inverse of P/E).
What was Solana Co's revenue in fiscal 2025?
Solana Co reported revenue of $6.0M for fiscal 2025, 1,057.1% higher than the year before.
Was Solana Co profitable in fiscal 2025?
No. It reported a net loss of $40.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.