Aug 14, 2026 earnings call — Tokyo validator cluster and institutional stake secured
Launched first institutional validator cluster in Tokyo and secured around 0.5 million SOL third-party stake, expecting validator revenue in the third quarter of 2026.
Revenue $0.0B (est $0.0B) · EPS $-0.38 (est $-0.02)
Key quotes
"We secured our first third-party stake commitment of around 0.5 million SOL in July and expect to report the results in the third quarter of 2026."
"Over the second quarter of 2026, our average net staking yield was 6.14% APY."
"Our team delivered 15 institutional education sessions and advisory workshops with banks, asset managers and exchanges across Asia Pacific."
Analyst Q&A 3
Pacific Backbone revenue timing and capital use
Q (Fedor Shabalin · B. Riley): They asked how Pacific Backbone (with Jito) will make money—fee share or MEV—and when it will move from a cost center to a revenue source. They also asked expected third-quarter revenue impact and near-term capital allocation plans (buybacks vs other uses).
A: Management said they are optimizing validator performance with Jito and already secured third-party SOL, so they do not view the project as a cost center and expect it to be profitable this year. They said they do not have Q3 revenue numbers now and will not give a forecast at this time. On capital allocation they will keep executing the plan to maximize Solana per share, using buybacks when the shares trade at a discount and engaging strategic investors when that creates value.
"I would think that this is actually going to be profitable for this year." — Choon Wee Chee (CEO·CHAIR)
Use of operating cash and M&A of DATs
Q (Matthew Galinko · Maxim Group): He asked whether cash flow from operating businesses would be used for buybacks or reinvested into the business. He also asked if the company would act as a consolidator of other Solana DATs to create Solana per share.
A: Management said they view all sources of revenue together and will allocate capital to pay necessary expenses first, then to the highest and best use—buybacks if shares trade at a discount, or buying SOL if trading at a premium. They said the market for Solana DATs is small, opportunities for accretion exist, and they are willing to pursue deals that maximize shareholder value.
"The end goal is always maximizing SOL per share, regardless of where the revenue comes from." — Cosmo Jiang
Confirmation that question was answered
Q (Matthew Galinko · Maxim Group): The operator asked if the prior answers resolved the analyst's questions. The analyst was confirming whether he was satisfied.
A: There was no new management commentary in this exchange. The analyst replied that his questions were answered and thanked the team.