The balance sheet remains volatile with $127.6 million in goodwill representing the majority of the $200.7 million in total assets, indicating significant reliance on non-tangible valuations.
| Total Current Assets | 27.84M | 31.16M | 3.42M | 7.3M | 16.7M | 12.59M | 4.68M | 7.24M | 26.96M | 6.62M | 4.04M | 1.22M | 315.97K |
| Cash & Short-Term Investments | 4.39M | 7.28M | 1.09M | 5.18M | 14.55M | 11.01M | 3.33M | 5.46M | 25.58M | 5.56M | 2.64M | 796.89K | 15.97K |
| Cash Only | 4.39M | 7.28M | 1.09M | 5.18M | 14.55M | 11.01M | 3.33M | 5.46M | 25.58M | 5.56M | 2.64M | 418.89K | 15.97K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 378K | 0 |
| Accounts Receivable | 0 | 0 | 635K | 637K | 343K | 251K | 230K | 574K | 275K | 704K | 399.11K | 8.83K | 0 |
| Days Sales Outstanding | 0.89 | - | 445.72 | 361.03 | 159.08 | 175.51 | 127 | 140.05 | 209.99 | - | - | - | - |
| Inventory | 0 | 1.12M | 1.09M | 457K | 589K | 476K | 389K | 598K | 392K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 372.2 | 818.33 | 684.22 | 286.11 | 464.33 | 583.02 | 189.06 | 239.86 | 2.43K | - | - | - | - |
| Other Current Assets | 23.44M | 22.75M | 7K | 333K | 399K | 0 | 0 | 0 | 264K | 352K | 495.41K | 0 | 0 |
| Total Non-Current Assets | 172.87M | 272.77M | 118K | 394K | 590K | 1.51M | 1.86M | 3.11M | 866K | 191K | 0 | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 118K | 230K | 450K | 412K | 576K | 1.26M | 554K | 173K | 0 | 0 | 0 |
| Fixed Asset Turnover | 426.18x | - | 4.41x | 2.80x | 1.75x | 1.27x | 1.15x | 1.18x | 0.86x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 763K | 759K | 1.24M | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 127.59M | 0 | 0 | 24K | 140K | 333K | 527K | 582K | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 50.83M | 5.62M | 0 | 0 | 0 | 0 | 0 | 0 | 294K | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 68K | 267.16M | 0 | 140K | 0 | 0 | 0 | 18K | 18K | 18K | 0 | 0 | 0 |
| Total Assets | 200.71M | 303.93M | 3.54M | 7.69M | 17.29M | 14.1M | 6.55M | 10.35M | 27.83M | 6.81M | 4.04M | 1.22M | 315.97K |
| Asset Turnover | 0.04x | 0.02x | 0.15x | 0.08x | 0.05x | 0.04x | 0.10x | 0.14x | 0.02x | - | - | - | - |
| Asset Growth % | 22552.19% | 8480.72% | -53.95% | -55.5% | 22.59% | 115.4% | -36.73% | -62.82% | 308.68% | 68.51% | 232.2% | 284.96% | - |
| Total Current Liabilities | 2.81M | 3.02M | 2.16M | 1.88M | 1.99M | 2.65M | 2.42M | 3.8M | 17.97M | 14.3M | 2.33M | 1.2M | 583.95K |
| Accounts Payable | 2M | 1.89M | 873K | 531K | 627K | 1.07M | 747K | 1.68M | 2.39M | 3.48M | 0 | 0 | 215.92K |
| Days Payables Outstanding | 1.25K | 1.38K | 547.5 | 332.44 | 494.29 | 1.31K | 363.06 | 672.24 | 14.8K | 74.7K | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 45K | 54K | 3K | 59K | 172K | 0 | 0 | 0 | 0 | 368.02K |
| Deferred Revenue (Current) | 41K | 0 | 39K | 43K | 27K | 148K | 281K | 430K | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 808K | 1.13M | 859K | 751K | 771K | 721K | 841K | 802K | 14.71M | 10.38M | 2.33M | 1.2M | 0 |
| Current Ratio | 9.90x | 10.33x | 1.58x | 3.88x | 8.40x | 4.75x | 1.93x | 1.90x | 1.50x | 0.46x | 1.73x | 1.02x | 0.54x |
| Quick Ratio | 9.90x | 9.96x | 1.08x | 3.64x | 8.10x | 4.57x | 1.77x | 1.75x | 1.48x | 0.46x | 1.73x | 1.02x | 0.54x |
| Cash Conversion Cycle | -878.94 | - | 582.44 | 314.7 | 129.12 | -550.82 | -46.99 | -292.34 | -12.16K | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 320K | 3.46M | 7.15M | 193K | 252K | 710K | 0 | 0 | 1.73M | 1.58M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 12K | 56K | 0 | 32K | 465K | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 241K | 3.32M | 6.92M | 0 | 0 | 0 | 0 | 0 | 1.73M | 1.58M | 0 |
| Total Liabilities | 2.81M | 3.02M | 2.48M | 5.34M | 9.14M | 2.85M | 2.68M | 4.51M | 17.97M | 14.3M | 4.06M | 2.78M | 583.95K |
| Total Debt | 0 | 0 | 12K | 57K | 110K | 3K | 91K | 637K | 0 | 0 | 0 | 0 | 368.02K |
| Net Debt | -4.39M | -7.28M | -1.08M | -5.13M | -14.44M | -11M | -3.24M | -4.82M | -25.58M | -5.56M | -2.64M | -418.89K | 352.06K |
| Debt / Equity | 0.00x | - | 0.01x | 0.02x | 0.01x | 0.00x | 0.02x | 0.11x | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.14x | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -60.68x | -63.39x | -815.47x | - | -17.70x | - | - | - | - | - | -145.67x | -54.74x | -793.11x |
| Total Equity | 197.9M | 300.91M | 1.06M | 2.35M | 8.15M | 11.26M | 3.87M | 5.83M | 9.85M | -7.49M | -16.19K | -1.56M | -267.98K |
| Equity Growth % | 39559.22% | 28314.83% | -54.94% | -71.17% | -27.59% | 190.78% | -33.66% | -40.79% | 231.56% | -46157.41% | 98.96% | -483.22% | - |
| Book Value per Share | 2.58 | 13.65 | 0.39 | 1.93 | 15.10 | 114.54 | 80.80 | 193.75 | 378.42 | -351.74 | -1.06 | -119.86 | -586.20 |
| Total Shareholders' Equity | 197.9M | 300.91M | 1.06M | 2.35M | 8.15M | 11.26M | 3.87M | 5.83M | 9.85M | -7.49M | -16.19K | -1.56M | -267.98K |
| Common Stock | 57K | 44K | 4K | 1K | 28K | 4K | 1K | 31K | 26K | 52.23M | 24.35M | 16.36M | 200 |
| Retained Earnings | -312.39M | -212.59M | -171.7M | -159.96M | -151.11M | -137.03M | -118.9M | -104.77M | -94.99M | -66.37M | -26.31M | -19.42M | -9.59M |
| Treasury Stock | -3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -44K | -261K | 333K | -673K | -388K | -1.13M | -1.1M | -902K | -591K | 47K | -999.4K | -932.09K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in recent financial filings, Solana Company's equity base has experienced extreme fluctuations, shifting from a negative position in 2025Q3 to $197.9 million in 2026Q1, a trend that reflects significant capital market activity rather than organic accumulation of retained earnings or operational success.
The dramatic swing in equity suggests that the company is heavily reliant on external financing to maintain its operations. Investors should monitor whether this capital is being deployed effectively to reach a self-sustaining scale or if it is merely serving to offset persistent operating losses.
Based on the 2026Q1 balance sheet, goodwill accounts for $127.6 million of the $200.7 million in total assets, indicating that a substantial portion of the company's reported value is tied to intangible valuations rather than tangible medical device manufacturing infrastructure or liquid assets.
This heavy reliance on goodwill warrants further investigation into the underlying assumptions of past acquisitions or accounting revaluations. The lack of significant net PPE suggests an asset-light model that may be vulnerable to impairment if the PoNS device fails to achieve broader market adoption.
According to the most recent quarterly data, Solana Company holds $4.4 million in cash, which represents a decline from the $7.3 million reported in 2025Q4, signaling a tightening liquidity buffer that may necessitate further dilutive capital raises to support ongoing commercialization and research efforts.
While the current ratio of 9.90 appears superficially strong, it is heavily influenced by the composition of current assets and does not account for the high cash burn rate. The company's ability to maintain operations without further equity dilution appears increasingly constrained by its current cash position.
As indicated by the dramatic shift in total assets from $475.9 million in 2025Q3 to $200.7 million in 2026Q1, the balance sheet appears subject to significant non-operational adjustments that may obscure the true underlying financial health and stability of the company's core business model.
These large swings suggest that headline balance sheet figures may be misleading for investors attempting to gauge long-term solvency. The volatility in reported equity and asset values implies that the company's financial position is highly sensitive to accounting treatments rather than consistent operational performance.
Quick answers to the most common questions about buying HSDT stock.
As of 2025, Solana Company (HSDT) had total assets of $303.9M including $31.2M in current assets.
Solana Company (HSDT) carries total debt of $0.0M, offset by $7.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Solana Company (HSDT) has total shareholders' equity (book value) of $300.9M ($13.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Solana Company (HSDT) reported a current ratio of 10.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.