Solana (HSDT)
Market Price (12/21/2025): $2.99 | Market Cap: $32.1 MilSector: Financials | Industry: Asset Management & Custody Banks
Solana (HSDT)
Market Price (12/21/2025): $2.99Market Cap: $32.1 MilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -388% | Weak multi-year price returns2Y Excs Rtn is -145%, 3Y Excs Rtn is -171% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1631% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% | Expensive valuation multiplesP/SPrice/Sales ratio is 34x | |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, Show more. | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 205% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1351%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1351% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 121428% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1163% | ||
| High stock price volatilityVol 12M is 4631% | ||
| Key risksHSDT key risks include [1] severe financial distress, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -388% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 87% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, Fintech & Digital Payments, and Digital & Alternative Assets. Themes include Blockchain Enterprise Solutions, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -145%, 3Y Excs Rtn is -171% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1631% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 34x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 205% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1351%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1351% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 121428% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -1163% |
| High stock price volatilityVol 12M is 4631% |
| Key risksHSDT key risks include [1] severe financial distress, Show more. |
Valuation, Metrics & Events
HSDT Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
For the public company Solana (symbol: HSDT), the significant stock movement of -51.3% during the approximate time period from August 31, 2025, to December 21, 2025, can be attributed to several key factors. The stock experienced a substantial decline, with its 52-week high being $1,200.00 and recently reaching an all-time low of $2.83 on November 20, 2025. The company's stock also showed a -99.19% decrease over the last year.
1. Major Business Model Transformation: Solana Company (HSDT) underwent a profound strategic pivot, transforming from its previous identity as Helius Medical Technologies, a medical device company, into a "digital asset treasury dedicated to acquiring Solana (SOL)." This fundamental shift in its core business model likely led to significant investor uncertainty, re-evaluation of its long-term prospects, and a substantial repricing of the stock.
2. Significant Quarterly Net Losses: The company reported considerable financial underperformance, with a net loss of $352.8 million, or $32.89 per share, for the third quarter of 2025. Although the company reportedly beat analyst estimates, the sheer magnitude of the loss for a company with a market capitalization around $120-$124 million suggests significant operational challenges and likely contributed to investor apprehension.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HSDT Return | -99% | -61% | -94% | -48% | -92% | -99% | -100% |
| Peers Return | � | � | -75% | 312% | 38% | -3% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| HSDT Win Rate | 33% | 33% | 25% | 42% | 25% | 33% | |
| Peers Win Rate | � | 51% | 32% | 68% | 52% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| HSDT Max Drawdown | -99% | -61% | -96% | -62% | -95% | -100% | |
| Peers Max Drawdown | � | � | -78% | -8% | -29% | -36% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: COIN, RIOT, MARA, PYPL, NVDA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | HSDT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -99.4% | -25.4% |
| % Gain to Breakeven | 15723.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -99.3% | -33.9% |
| % Gain to Breakeven | 13468.8% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -97.2% | -19.8% |
| % Gain to Breakeven | 3418.9% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to VRTS, SLRC, DHIL, GEG, FGNX
In The Past
Solana's stock fell -99.4% during the 2022 Inflation Shock from a high on 4/8/2021. A -99.4% loss requires a 15723.3% gain to breakeven.
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to HSDT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Solana
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.16 |
| Mkt Cap | 30.9 |
| Rev LTM | 3,964 |
| Op Inc LTM | 937 |
| FCF LTM | 897 |
| FCF 3Y Avg | 393 |
| CFO LTM | 897 |
| CFO 3Y Avg | 408 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 59.4% |
| Rev Chg 3Y Avg | 30.6% |
| Rev Chg Q | 77.1% |
| QoQ Delta Rev Chg LTM | 14.2% |
| Op Mgn LTM | -15.8% |
| Op Mgn 3Y Avg | -27.5% |
| QoQ Delta Op Mgn LTM | 4.1% |
| CFO/Rev LTM | -34.6% |
| CFO/Rev 3Y Avg | -16.1% |
| FCF/Rev LTM | -63.5% |
| FCF/Rev 3Y Avg | -57.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.9 |
| P/S | 8.4 |
| P/EBIT | 13.2 |
| P/E | 16.7 |
| P/CFO | 3.2 |
| Total Yield | 3.9% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -8.8% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 1.6% |
| 3M Rtn | -22.7% |
| 6M Rtn | -17.5% |
| 12M Rtn | -21.6% |
| 3Y Rtn | 228.7% |
| 1M Excs Rtn | -6.7% |
| 3M Excs Rtn | -23.8% |
| 6M Excs Rtn | -32.0% |
| 12M Excs Rtn | -40.6% |
| 3Y Excs Rtn | 111.5% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/18/2025 | -6.0% | -10.3% | |
| 8/12/2024 | -4.5% | -9.7% | 1.7% |
| 3/28/2024 | -3.6% | 5.1% | -29.8% |
| 11/2/2023 | 2.2% | -13.5% | -14.2% |
| 8/10/2023 | -0.6% | -17.2% | -4.7% |
| 5/11/2023 | -12.3% | -6.5% | -0.1% |
| 1/23/2023 | 0.8% | 8.6% | -21.3% |
| 11/14/2022 | 11.5% | 26.2% | 3.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 5 | 3 |
| # Negative | 13 | 12 | 14 |
| Median Positive | 6.8% | 8.6% | 3.1% |
| Median Negative | -5.5% | -12.5% | -6.2% |
| Max Positive | 11.5% | 26.2% | 40.5% |
| Max Negative | -23.7% | -28.1% | -62.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11182025 | 10-Q 9/30/2025 |
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 3252025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8122024 | 10-Q 6/30/2024 |
| 3312024 | 5132024 | 10-Q 3/31/2024 |
| 12312023 | 3282024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8102023 | 10-Q 6/30/2023 |
| 3312023 | 5112023 | 10-Q 3/31/2023 |
| 12312022 | 3092023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 8152022 | 10-Q 6/30/2022 |
| 3312022 | 5122022 | 10-Q 3/31/2022 |
| 12312021 | 3142022 | 10-K 12/31/2021 |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |