SkyAI Inc. Liquidates $12.5M in SOL at 54% Loss Amid Cash Crunch

Woofun AI reports that SkyAI Inc. (SKYA), a Solana treasury company, disclosed in an SEC filing that it liquidated 135,399 SOL for $12.47 million during the first half of 2026 to cover operational deficits. The strategic asset disposal by the firm, which operates the Sologard product line, highlights a broader liquidity strain as management seeks to bridge the gap between cash burn and revenue generation.

The financial impact of these transactions was severe, with the average sale price of $92.09 falling sharply below the average cost basis of $200.79. This discrepancy resulted in a $14.72 million realized loss for the period.

Structurally, the company's digital-commodity holdings were carried at $144.28 million on June 30, a significant contraction from the $250.11 million recorded at the end of 2025. Per Woofun AI, the balance sheet also reflected an $84.34 million unrealized digital-commodity loss for the six months ended June 30, driven by fair value adjustments rather than cash outflows.

Operational cash flow remained negative, with net cash used in continuing operations totaling $5.67 million for the half, while the second-quarter portion of the unrealized loss stood at $13.49 million. Revenue streams proved insufficient to offset costs; first-half net revenue from the Sologard product line was merely $192,780, and net staking revenue reached $5.46 million. These inflows were dwarfed by $10.22 million in selling, general and administrative expenses, alongside $5 million in related-party consulting fees.

To address future working-capital needs, management indicated reliance on equity issuance, traditional financing, or additional SOL sales until operations become self-sustaining. As of June, the company held $12.07 million in cash and described itself as debt-free after repaying a margin loan, though $3.07 million in liabilities remained. The treasury currently consists of 1,494,026 liquid SOL and 509,650 locked SOL, with the latter scheduled to release through the end of 2028.