Revenue for the quarter ended September 30, 2025 rose to $697,000, a 1365% year‑over‑year increase from $51,000 in Q3 2024 and a $584,800 beat over the consensus estimate of $112,200. The jump is largely driven by staking rewards from the company’s $350.2 million fair‑value holding of Solana (SOL) tokens, which generated $488,000 of revenue, and by transaction fees and other income that together added $209,000.
The company reported a net loss of $352.8 million, or $32.89 per share, which still beat the analyst expectation of a $51.51‑per‑share loss. The loss is dominated by $200 million of non‑cash derivative liability amortization, $50 million of financing costs related to the $508 million PIPE transaction, and a $100 million unrealized loss on SOL holdings as the token’s price fell 37% after September 30. These items offset the strong revenue growth and explain why profitability remains negative.
Management maintained its guidance for Q4 2025, projecting revenue of $700,000 to $750,000 and reaffirming that earnings per share will likely stay negative due to ongoing financing costs. Full‑year guidance was left unchanged, indicating confidence that the digital‑asset treasury strategy will continue to generate revenue, but acknowledging that the company’s profitability will remain constrained in the near term.
The company’s operations are now focused entirely on its digital‑asset treasury. Staking rewards account for 70% of revenue, transaction fees 20%, and other income 10%. No traditional product lines remain, underscoring the strategic pivot from its former neuro‑technology focus to a pure treasury model.
Executive Chairman Joseph Chi said the company is building “the Berkshire Hathaway of the Solana ecosystem,” emphasizing the scaling of SOL holdings and the pursuit of DeFi yields. He noted that the PIPE funding has improved liquidity and alleviated prior going‑concern doubts, positioning the company for long‑term growth in the Solana ecosystem.
After the announcement, analysts highlighted the strong revenue beat but expressed concern over the large net loss and the volatility of SOL holdings. The company’s stock fell 6.87% in after‑market trading, reflecting investor wariness about the new strategy’s profitability and the risks associated with its digital‑asset treasury model.
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