SkyAI, Inc.

What they do

The company was historically a medical device sales and distribution enterprise marketing syringe products and related drug-delivery systems, and it still sells remaining syringe inventory to hospitals, clinics, healthcare providers and medical supply organizations. In October 2025 it discontinued R&D and syringe manufacturing, so any future inventory is sourced from third-party manufacturers. On August 23, 2025 it adopted a digital asset treasury strategy focused on accumulating Solana (SOL), and it now holds over 2.0 million SOL, USDC and USDT, with the vast majority in SOL.

Revenue drivers

• Digital Assets staking revenue — Staking revenue, net was $5,457,656 for the six months ended June 30, 2026, versus no such revenue in the prior-year period; this is now the larger revenue line.
• Medical Device segment — Net revenue was $192,780 for the six months ended June 30, 2026 (all in Q1, with zero in Q2 2026) versus $136,080 in the prior-year period; gross margin was negative $294,026 due to inventory reserves.
• Digital asset holdings (fair value) — Digital commodities at fair value were $144,282,193 at June 30, 2026, down from $250,111,125 at December 31, 2025, reflecting unrealized losses rather than customer revenue.

Recent performance

For the six months ended June 30, 2026, net revenue was $192,780 and staking revenue was $5,457,656, while total operating expenses reached $114,818,695, driven by $84,336,553 of unrealized losses and $14,716,799 of realized losses on digital commodities. The company reported a loss from operations of $109,655,065 for the six-month period, versus $2,787,996 a year earlier. Annual 2025 results included a net loss of $282.5M and operating cash use of $11.0M. Cash and equivalents stood at $12,071,008 at June 30, 2026, with total assets of $160,350,575 and stockholder equity of $157,280,135 against total liabilities of $3,070,440.

Strategy

Management has adopted a Treasury Policy allocating the principal treasury reserve to digital assets, starting with Solana, and bought over 2,000,000 SOL with the approximately $400 million PIPE that closed August 28, 2025. A Treasury Oversight Committee composed of the Executive Chairman, Chief Investment Officer and Principal Financial Officer oversees the policy, and the company stakes its treasury assets with SOL validator providers. It also exited syringe R&D and manufacturing following an October 6, 2025 settlement agreement and a spinoff of its Hungarian subsidiary, repositioning as a distributor. Related-party consulting and strategic advisory agreements with entities controlled by the brother of the Chief Investment Officer cover digital asset treasury services, including an upfront $10 million annual fee and future monthly fees.

Risks

• Digital asset price exposure — The treasury is concentrated in SOL, and the company recorded $84,336,553 of unrealized and $14,716,799 of realized losses on digital commodities in the first half of 2026.
• Small or absent product revenue — Medical device net revenue was $192,780 in the first half of 2026 with zero revenue in Q2 2026 and a negative gross margin after a $284,228 inventory reserve.
• Recent strategy change and limited operating history — The company adopted its Solana treasury strategy on August 23, 2025 and entered the digital asset business recently, with the risk factor noting it may be unable to successfully implement the new strategy.
• Related-party conflicts — The consultant and strategic advisor are wholly owned and controlled by James Zhang, brother of Chief Investment Officer Alice Zhang, and the risk factors expressly cite potential conflicts of interest.

Outlook

Management says the company will no longer engage in research and development and intends to expand its distribution platform by representing third-party manufacturers of complementary medical products. The 2025 annual report notes continued discussions with healthcare companies and distributors for sales of existing syringe inventory, while the principal treasury reserve remains allocated to SOL. No specific revenue, earnings or SOL accumulation guidance is provided in the excerpts.