Solana Company, a Nasdaq‑listed firm with ticker HSDT, reported $2.512 million of staking revenue in the second quarter, but used an estimated $11.892 million of cash for operations, indicating that staking did not fund the cash needed. The filing showed a $25.389 million unrealized loss on digital assets and a net loss of $30.256 million. Staking revenue was automatically restaked, and the cash‑flow statement treats the revenue as a non‑cash reconciling item. To cover operating costs, the company sold SOL and raised equity, generating $7.853 million in asset sales and $11.892 million in cash outflows for the quarter. Additional cash sources included $4.242 million from the PoNS sale and $7.9 million from a registered direct offering, while $2.331 million was spent on share repurchases. Working capital stood at $26.587 million, including $21 million of liquid digital assets, though liquidity remains tied to SOL price and market depth. General and administrative expenses included $1.4 million in severance and $5.4 million in executive separation costs, leaving a non‑adjusted G&A of $4.316 million, still above staking revenue. The $25.389 million accounting loss was not a cash outflow; the report adds it back when reconciling net loss to operating cash flow, limiting visibility into its composition. These results show the treasury depends on asset sales and equity financing rather than staking revenue to meet operating cash needs, and future funding pressure will depend on cost structure and the frequency of treasury monetization.