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Q2 2026 Earnings Results August 14, 2026
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Copyright © 2026 by Solana Company (HSDT). All rights reserved. 2 SOL heldLiquid, staked and receivablesNet staking yield46 bps above network averagemNAV at quarter-endUp from 0.73x in Q1 2026 31.2kSOL earned from staking in Q2 85.4MIn-the-money diluted shares0.5MSOL third-party stake secured$171MSOL fair value, June 30 $2.3MQ2 buybacks, 1.3M shares The flywheelThree reinforcing engines; every turn is designed to add SOL per share. 01Treasury2.3M SOL staked, compounding at 6.14% APY 02ValidatorsTokyo cluster live; ~500k SOL client stake 03Advisory15 institutional sessions; first mandate pending Where HSDT stands after Q2 2026
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Copyright © 2026 by Solana Company (HSDT). All rights reserved. 3 Q2 2026Q2 20256M 20266M 2025Total revenue$2.5$0.04$6.1$0.09Staking revenue$2.5—$5.9—Gross profit$2.4($0.1)$5.9($0.1)G&A expenses($11.1)($3.3)($16.3)($7.2)Non-cash digital asset losses, net($23.3)—($121.2)—Loss from operations($32.7)($3.3)($132.3)($7.3)Net loss($30.3)($9.8)($130.1)($13.7)Net loss per share, basic and diluted($0.38)($79.73)($1.66)($201.55) Reading the numbers•Q2 revenue was almost entirely staking rewards — 31.2 thousand SOL earned without deploying capital, at a 97% gross margin.•G&A of $11.1M includes $6.8M of non-recurring severance tied to the PoNS divestiture and is expected to normalize toward Q1 levels.•The net loss is driven by non-cash digital asset fair-value movements, which do not affect cash or the quantity of SOL held. Q2 2026 financial summaryIncome statement$ in millions
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Copyright © 2026 by Solana Company (HSDT). All rights reserved. 4 July 2026First validator cluster live in TokyoThree machines in Tokyo form one Pacific Backbone cluster, providing redundancy and an independent test environment. Additional APAC validators are planned through the year, building on the May Jito Foundation partnership.Institutional-grade Solana infrastructure, operated in region. July 20260.5M SOL of client stake securedOur first institutional client stake, committed to infrastructure operated by a named, listed counterparty. Validator revenue is expected to be recognized in the third quarter of 2026. The proof point that matters most. Q2 2026Advisory pipeline is converting15 institutional education sessions and advisory workshops delivered with banks, asset managers and exchanges across Asia-Pacific. A first engagement is in negotiation, with terms expected to be finalized in due course. Revenue over time — and the demand engine for validators. Apr–Jul 2026Legacy out, HK trust company inThe PoNS medical device divestiture was finalized April 8, removing a cash-consuming, non-core operation. The acquisition of a Hong Kong regulated trust company closed July 15 for $2 million, split evenly between cash and stock.A licensed, in-region counterparty for institutional clients. Execution: Four proof points delivered this quarter
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Copyright © 2026 by Solana Company (HSDT). All rights reserved. 5 of all onchain tokenized equities spot volume to date has settled on SolanaInstitutional demand for tokenized assets is accelerating in parallel with our build-out. $3.62BOnchain RWA on SolanaNew all-time high at June 30 $4.8BTokenized equities, Q2Up from $1.1B in Q1 2026 Outlook: Institutional demand is arriving on Solana Source: Q2 2026 prepared remarks; onchain data as of late July 2026
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Copyright © 2026 by Solana Company (HSDT). All rights reserved. 6 This presentation has been prepared by Solana Company (the “Company”) solely for information purposes. The information containedin this presentation has been prepared solely to assist interested parties in making their own evaluation with respect to theproposed transaction involving the Company and for no other purpose. Each reader and each prospective investor is strongly encouraged to conduct their own independent investigation and verification of the information, opinions, and financial projectionscontained herein. This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of the Company in any jurisdiction or an inducement to enter into investment activity, nor may it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Specifically, this presentation does not constitute a “prospectus” within the meaning of the U.S. Securities Act of 1933, as amended (the “Securities Act”). This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. No securities of the Company may be offered or sold in the United States without registration with the United States Securities and Exchange Commission (the “SEC”) or an exemption from such registration pursuant to the Securities Act and the rules and regulations thereunder.The information in this presentation is strictly confidential. The recipient of this presentation shall keep this presentation and its contents confidential, shall not use this presentation and its contents for any purpose other than as expressly authorized by the Company and shall be required to return or destroy all copies of this presentation or portions thereof in its possession promptly following request for the return or destruction of such copies. By accepting delivery of this presentation, the recipient is deemedtoagree to the foregoing confidentiality requirements.Certain information contained in this presentation was obtained from various sources, including third parties, and has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance shouldbeplaced on, the fairness, accuracy, completeness, correctness or reasonableness of the information or the sources presented or containedherein. By receiving this presentation, you acknowledge and agree that none of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection withthe presentation.This presentation speaks as of the date hereof. The information presented or contained in this presentation is subject to changewithout notice. Neither the delivery of this presentation nor any further discussions of the Company or any of its affiliates, shareholders, controlling persons, directors, officers, employees, agents, advisors or representatives with any of the recipients shall, underany circumstances, create any implication that there has been no change in the affairs of the Company since that date.This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable securities laws. All statements other than statements of historical fact areforward-looking statements, including, but not limited to, statements regarding the Company's future financial position, business strategy, budgets, projected costs, and plans and objectives of management for future operations. These statements refer to many things, including and not limited to, the participation of certain individuals, the future value of any digital asset and/or another cryptocurrency, the amount of the private placement, the ability to secure capital to execute the transaction, the managing of a sophisticated cryptocurrency treasury strategy, and all other statements that are not historical facts, or that are intended to be forward looking statements, should be read as forward looking statements. There are risks associated with the contemplated transactions,including regulatory and legal uncertainty, risks of loss associated with the industry, line of business, trade, customers, and vendorsofthe Company, and other risks. Historical facts are presented without intent to persuade. 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Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that any party of the applicable rights owner will not assert, to the fullest extent under applicable law, their rights or the right of the applicable owner or licensor to these trademarks, service marks and trade names.The Recipient acknowledges that it is (a) aware that the United States securities laws prohibit any person who has material, non-public information concerning a company from purchasing or selling securities of such company or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchaseor sell such securities, and (b) familiar with the Exchange Act and the rules and regulations promulgated thereunder and thatthe Recipient will neither use, nor cause any third party to use, this presentation or any information contained within in contravention of the Exchange Act, including, without limitation, Rule 10b-5 thereunder. The securities that are to be issued by the Company have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. No securities commission or securities regulatory authority in the United States or any other jurisdiction has in any way passed on the merits of the proposed offering of securities or the adequacy or accuracy of this presentation.Actual results may vary greatly from any assumptions or models built in reliance on this document. Results may vary due to market conditions, unforeseen circumstances, competition, a reduction in the demand for such a private placement, an unforeseen change in how regulators in the USA categorize SOL. The transaction contemplated herein is subject to a multitude of risks, uncertainties, and changes. Those include but are not limited to, market conditions, the regulatory landscape defining the particular digital asset, the value of SOL, the ongoing security of the Solana ecosystem, technical and custodial risks, our ability to execute on any of the contemplated transactions subject to SEC compliance and Nasdaq related rules, and other risks of loss.Recipients of this presentation must not construe anything contained herein as constituting financial, investment, legal, taxorother advice of any kind. Recipients should seek advice from their own advisors as to these matters.For a description of the risks relating to an investment in the Company in connection with the offering, we refer you to “Risk Factors” in the Appendix to this presentation and risk factors discussed in documents that the Company has filed, or will file, with the SEC. 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