$HSDT

HELIUS MEDICAL TECHNOLOGIES, INC.

CIK:0001610853|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Staking revenue	$ 2,512	$ 0	$ 5,929	$ 0
Other revenue	14	43	218	92
Total revenue	2,526	43	6,147	92
Cost of revenue
Cost of revenue	77	96	257	217
Gross profit (loss)	2,449	(53)	5,890	(125)
Operating (income) expenses
General and administrative expenses	11,116	3,269	16,305	7,208
Unrealized (gain) loss on digital assets and digital assets receivable	(2,363)	0	86,835	0
Realized loss on digital assets	25,389	0	32,376	0
Unrealized loss on digital assets fund investment	298	0	1,983	0
Loss on digital asset derivatives	682	0	682	0
Net operating expenses	35,122	3,269	138,181	7,208
Loss from operations	(32,673)	(3,322)	(132,291)	(7,333)
Nonoperating income (expense)
Unrealized gain (loss) on derivatives	(322)	(6,028)	(322)	(5,919)
Gain on sale of business	3,065	0	3,065	0
Other (expense) income	(259)	(43)	(440)	21
Financing costs	(67)	(440)	(67)	(440)
Nonoperating income (expense), net	2,417	(6,511)	2,236	(6,338)
Loss before provision for income taxes	(30,256)	(9,833)	(130,055)	(13,671)
Provision for income taxes	0	0	0	0
Net loss	(30,256)	(9,833)	(130,055)	(13,671)
Other comprehensive loss
Foreign currency translation adjustments	271	(577)	488	(628)
Comprehensive loss	$ (29,985)	$ (10,410)	$ (129,567)	$ (14,299)
Loss per share
Basic (in dollars per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)
Diluted (in dollars per share)	$ (0.38)	$ (79.73)	$ (1.66)	$ (201.55)
Weighted average number of common shares outstanding
Basic (in shares)	79,756,908	123,335	78,254,877	67,828
Diluted (in shares)	79,756,908	123,335	78,254,877	67,828

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (130,055)	$ (13,671)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount and imputed interest expense	0	680
Financing costs	67	448
Staking revenue	(5,929)	0
Gain on sale of business	(3,065)	0
Change in fair value of derivative liability	322	5,919
Unrealized (gain) loss on digital assets and digital assets receivable	86,819	0
Net change in fair value of digital assets fund investment	2,012	0
Realized loss on sale of digital assets	32,376	0
Loss on digital asset derivatives	682	0
Stock-based compensation expense	153	1,031
Other	472	(590)
Changes in operating assets and liabilities:
Prepaid expense and other current assets	715	601
Accounts payable	(737)	91
Accrued and other current liabilities	(555)	(782)
Other liabilities	0	(20)
Net cash used in operating activities	(16,723)	(6,293)
Cash flows from investing activities:
Digital assets purchased	(5,495)	0
Digital assets sold	13,321	0
Cash posted as derivative margin collateral	(2,904)	0
Cash returned from derivative margin collateral	2,661	0
Proceeds from digital asset derivative contracts	1,140	0
Payments for digital asset derivative contracts and settlements	(1,523)	0
Net proceeds from sale of business	4,242	0
Deposit on acquisition of business	(500)	0
Net cash provided by investing activities	10,942	0
Cash flows from financing activities:
Proceeds from issuance of common stock in registered direct offering	8,000	0
Proceeds from issuances of common stock in ATM	0	77
Proceeds from issuances of common stock and common stock warrants in private placement	0	9,364
Proceeds from exercise of warrants	1	3,734
Repurchase of common stock	(5,855)	0
Share issuance costs	0	(1,212)
Proceeds from issuance of notes payable	0	880
Repayment of notes payable	0	(1,560)
Net cash provided by financing activities	2,146	11,283
Net (decrease) increase in cash and cash equivalents	(3,635)	4,990
Cash and cash equivalents at beginning of period	7,282	1,088
Cash and cash equivalents at end of period	3,647	6,078
Non-cash investing and financing transactions:
SOL transferred from digital assets receivable to digital assets upon restricted SOL unlock	6,166	0
SOL distributed from digital asset fund investment to digital assets upon restricted SOL unlock	1,113	0
SOL transferred from digital assets to digital asset receivable as margin collateral	10,994	0
SOL transferred from digital assets receivable to digital assets upon return of margin collateral	8,824	0
Derivative warrant liability reclassified to equity on exercise of warrants	0	9,527
Deferred offering costs reclassified to equity upon public offering	0	8
Share issuance costs included in accounts payable	$ 138	$ 330

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 3,647	$ 7,282
Digital assets	21,000	21,000
Digital assets collateral receivable	2,312	0
Prepaid expenses and other current assets	1,787	2,873
Total current assets	28,746	31,155
Digital assets	112,329	196,724
Digital assets, restricted	18,474	39,219
Digital assets receivable	13,991	31,139
Digital assets fund investment	2,513	5,617
Other long-term assets	1	75
Total assets	176,054	303,929
Current liabilities
Accounts payable	1,291	1,890
Accrued and other current liabilities	868	1,126
Total current liabilities	2,159	3,016
Derivative liability	4,207	0
Total liabilities	6,366	3,016
Mezzanine equity
Class A ordinary common stock subject to possible redemption, $0.001 par value; 3,076,922 and 0 shares at $1.31 and $0.00 per share as of June 30, 2026 and December 31, 2025, respectively	4,043	0
Stockholders' equity
Class A ordinary common stock, $0.001 par value; 800,000,000 shares authorized; 60,354,067 shares issued and 57,416,984 outstanding and 43,744,207 shares issued and outstanding as of June 30, 2026 and December 31, 2025 (excluding 3,076,922 and zero ordinary shares subject to possible redemption as of June 30, 2026 and December 31, 2025), respectively	60	44
Additional paid-in capital	513,857	513,719
Treasury stock, at cost	(5,855)	0
Accumulated deficit	(342,644)	(212,589)
Accumulated other comprehensive loss	227	(261)
Total stockholders' equity	165,645	300,913
Total liabilities, mezzanine and stockholders' equity	$ 176,054	$ 303,929