Solana (HSDT) Gross Margin (2019 - 2026)
Solana's Gross Margin was 96.95% in Q2 2026, up 220.21 percentage points from -123.26% a year earlier and up 1.92 percentage points from the prior quarter.
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Analysis
Solana (HSDT) Gross Margin (2019 - 2026) Analysis & Trends
On a trailing twelve-month basis, Solana's Gross Margin was 95.53% through Jun 30, 2026, up 184.68 percentage points year-over-year; for FY2025, it came in at 91.69%, up 103.61 percentage points from FY2024.
- Gross Margin shows a five-year change of +50.39 percentage points (FY2020 to FY2025).
- In earlier years, Gross Margin was -11.92% in FY2024 (-21.40 pp), 9.47% in FY2023 (-31.70 pp), 41.17% in FY2022 (-1.74 pp) and 42.91% in FY2021 (+1.61 pp).
- The Q2 2026 figure marks the highest quarterly Gross Margin in data going back to Q1 2019.
- Compared with a year earlier, Gross Margin has increased for four straight quarters, with an average year-over-year change of +40.95 percentage points over the last eight quarters.
- The best year-over-year quarter for Gross Margin over five years was Q3 2025 (a gain of 351.89 percentage points); the worst was Q3 2024 (a drop of 235.90 percentage points).
- Per Business Quant data, HSDT's Gross Margin in the three quarters before Q2 2026 was 95.03% (Q1 2026), 96.56% (Q4 2025) and 85.22% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 106.56 Bn | 94.66 Bn | - | - |
| 2 | Intercontinental Exchange | 89.45 Bn | 83.19 Bn | - | - |
| 3 | Robinhood Markets | 88.18 Bn | 69.22 Bn | - | - |
| 4 | Nasdaq | 53.47 Bn | 50.90 Bn | 1.50 Bn | 59.24% |
| 5 | Interactive Brokers | 37.14 Bn | 14.26 Bn | - | - |
| 6 | Cboe Global Markets | 33.00 Bn | 24.66 Bn | 731.60 Mn | 50.71% |
| 7 | LPL Financial Holdings | 25.71 Bn | 21.03 Bn | - | - |
| 8 | Tradeweb Markets | 25.33 Bn | 17.34 Bn | - | - |
| 9 | Circle Internet | 21.30 Bn | 15.18 Bn | 288.85 Mn | 41.19% |
| 10 | Solana | 185.83 Mn | 46.40 Mn | 2.45 Mn | 96.95% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 96.95% |
| Mar 31, 2026 | 95.03% |
| Dec 31, 2025 | 96.56% |
| Sep 30, 2025 | 85.22% |
| Jun 30, 2025 | -123.26% |
| Mar 31, 2025 | -146.94% |
| Dec 31, 2024 | -1.32% |
| Sep 30, 2024 | -266.67% |
| Jun 30, 2024 | 35.16% |
| Mar 31, 2024 | 8.89% |
| Dec 31, 2023 | 32.84% |
| Sep 30, 2023 | -30.77% |
| Jun 30, 2023 | 28.13% |
| Mar 31, 2023 | -9.91% |
| Dec 31, 2022 | 46.81% |
| Sep 30, 2022 | 48.47% |
| Jun 30, 2022 | 26.05% |
| Mar 31, 2022 | 34.74% |
| Dec 31, 2021 | 50.00% |
| Sep 30, 2021 | 21.10% |
API Access
Solana Gross Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=gross-margin&ticker=HSDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "gross-margin", "ticker": "HSDT", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=gross-margin&ticker=HSDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();