Solana (HSDT) Operating Expenses (2016 - 2026)
Solana (HSDT) posted Operating Expenses of $35.12 million for Q2 2026, up 974.4% from $3.27 million a year earlier but down 65.9% from the prior quarter.
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Analysis
Solana (HSDT) Operating Expenses (2016 - 2026) Analysis & Trends
For the trailing twelve months through Jun 30, 2026, Operating Expenses at Solana was $380.33 million; for FY2025, it was $249.36 million.
- Annual Operating Expenses shows a five-year compound annual growth rate of 76.3% (FY2020 to FY2025).
- In prior years, Solana's Operating Expenses was $13.84 million in FY2024 (+10.8%), $12.49 million in FY2023 (-21.2%), $15.84 million in FY2022 (-13.8%) and $18.37 million in FY2021 (+25.3%).
- Quarterly Operating Expenses has run from a low of $2.29 million in Q4 2023 to a high of $206.1 million in Q4 2025 over five years.
- On a year-over-year basis, Operating Expenses increased in five of the last six quarters, with growth averaging 311.2%.
- The strongest year-over-year quarter for Operating Expenses in the past five years was Q2 2026, with growth of 974.4%; the weakest was Q2 2022, with a decline of 43.9%.
- According to Business Quant data, Operating Expenses for the three prior quarters was $103.06 million (Q1 2026), $206.1 million (Q4 2025) and $36.04 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Cme | 107.24 Bn | 95.34 Bn | - | 599.10 Mn |
| 2 | Intercontinental Exchange | 89.11 Bn | 82.85 Bn | - | 1.28 Bn |
| 3 | Robinhood Markets | 88.82 Bn | 69.85 Bn | - | 734.00 Mn |
| 4 | Nasdaq | 53.35 Bn | 50.77 Bn | 1.50 Bn | 788.00 Mn |
| 5 | Interactive Brokers | 37.00 Bn | 14.11 Bn | - | 440.00 Mn |
| 6 | Cboe Global Markets | 32.85 Bn | 24.51 Bn | 731.60 Mn | 255.60 Mn |
| 7 | LPL Financial Holdings | 25.71 Bn | 21.03 Bn | - | 4.67 Bn |
| 8 | Tradeweb Markets | 25.06 Bn | 17.08 Bn | - | 313.68 Mn |
| 9 | Circle Internet | 20.98 Bn | 14.86 Bn | 288.85 Mn | 254.49 Mn |
| 10 | Solana | 186.63 Mn | 47.20 Mn | 2.45 Mn | 35.12 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 35.12 Mn |
| Mar 31, 2026 | 103.06 Mn |
| Dec 31, 2025 | 206.10 Mn |
| Sep 30, 2025 | 36.04 Mn |
| Jun 30, 2025 | 3.27 Mn |
| Mar 31, 2025 | 3.94 Mn |
| Dec 31, 2024 | 3.15 Mn |
| Sep 30, 2024 | 3.93 Mn |
| Jun 30, 2024 | 3.33 Mn |
| Mar 31, 2024 | 3.43 Mn |
| Dec 31, 2023 | 2.29 Mn |
| Sep 30, 2023 | 3.11 Mn |
| Jun 30, 2023 | 3.29 Mn |
| Mar 31, 2023 | 3.80 Mn |
| Dec 31, 2022 | 2.80 Mn |
| Sep 30, 2022 | 4.95 Mn |
| Jun 30, 2022 | 3.46 Mn |
| Mar 31, 2022 | 4.63 Mn |
| Dec 31, 2021 | 4.23 Mn |
| Sep 30, 2021 | 4.40 Mn |
API Access
Solana Operating Expenses 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=operating-expenses&ticker=HSDT&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=HSDT&period=max&api_key=YOUR_API_KEY");
const data = await res.json();