Solana Co-A 2026年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days:Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filerNon-accelerated filerEmerging growth company ☐Accelerated filer☐☒Smaller reporting company☒☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒ As of May 12, 2026, the registrant had 58,386,675 shares of ClassA common stock, $0.001 par value per share, outstanding. SOLANA COMPANYINDEX Part I.Financial Information Item 1.Condensed Consolidated Financial Statements3Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December31, 20253Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss forthe three months ended March 31, 2026 and 20254Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three monthsended March 31, 2026 and 20255Unaudited Condensed Consolidated Statements of Cash Flows for the three months endedMarch 31, 2026 and 20256Notes to Unaudited Condensed Consolidated Financial Statements7Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Item 3.Quantitative and Qualitative Disclosures About Market Risk26Item 4.Controls and Procedures27Part II. Other Information27Item 1.Legal Proceedings27Item 1A. Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds27Item 3.Defaults Upon Senior Securities28Item 4.Mine Safety Disclosures28Item 5.Other Information28Item 6.Exhibits32Signatures33 PART I. FINANCIAL INFORMATIONITEM 1. Condensed Consolidated Financial Statements Solana CompanyCondensed Consolidated Balance Sheets(in thousands, except share and per share data) 1.OVERVIEW Background and Nature of Business Solana Company (the “Company” or “we”) is a listed digital asset treasury (“DAT”) dedicated to acquiringand holding Solana tokens (“SOL”). Solana Company’s DAT objective is to maximize SOL per sharethrough strategic use of capital markets and on-chain opportunities, offering public market investors directexposure to Solana. Liquidity and Management’s Plans The accompanying unaudited condensed consolidated financial statements of this Quarterly Report onForm 10-Q (“10-Q”) have been prepared assuming the Company will continue as a going concern, whichcontemplates, among other things, the realization of assets and satisfaction of liabilities in the ordinarycourse of business. The Company had an accumulated deficit of $312.4 million and working capital of$25.0 million at March 31, 2026, incurred a net loss of $99.8 million and used $4.8 million of cash inoperating activities during the three months ended March 31, 2026. The Company had a cash balance ofapproximately $4.4 million at March 31, 2026. Based on our forecasted cash flows, the Company believesits existing cash balance and working capital will be sufficient to meet our liquidity needs through at leastMay 2027. The Company’s financial condition is substantially dependent on the market price and liquidity of SOL,which are subject to extreme volatility and limited trading venues. Substantially all of the Company’streasury assets are concentrated in SOL, the native cryptocurrency of the Solana protocol, or exposed toSOL indirectly. SOL has experienced significant price volatility, and the Company’s financial results andcarrying value of its digital assets, digital assets, restricted, digital assets receivable and digital asset fundinvestment will fluctuate materially based on SOL price movements. Th