SkyAI Posts $84.9M Q3 Profit on SOL Markup, Then Dumps Treasury for $215M
SKYA has more than doubled off its 52-week low of $0.91 on light trading volume (0.3× avg).
Summary
SkyAI's Q3 profit came entirely from marking up its Solana treasury, which it then sold in October for about $215M at a ~$163M realized loss — cash that funds its $3.00 self-tender for up to 95% of shares and warrants.
Key Events · Earnings and Guidance · SKYA
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Q3 Profit Is a Solana Markup
Net income of $84.9M for the three months ended September 30, 2026 was driven by a $90.5M unrealized gain on digital commodities; the nine-month period was a $24.6M net loss.
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Entire SOL Treasury Sold in October
SkyAI sold approximately 2.0 million Solana tokens for about $215M in net proceeds, realizing a ~$163M loss of which $147M had already been recorded as unrealized, with ~$16M more expected in Q4.
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Cash Funds $3.00 Self-Tender
Post-sale cash is roughly $224M against a tender offer of up to $214.3M for up to 95% of common shares and 100% of pre-funded and stapled warrants, expiring November 12, 2026.
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Thin Standalone Balance Sheet
Cash was $7.5M at September 30, 2026 versus $10.4M at year-end 2025, with SOL carried at $231.4M fair value against a $378.2M cost basis and total liabilities of just $2.8M.
Analysis · SKYA · Crypto Assets
The quarter's headline profit is an accounting artifact: a $90.5M unrealized gain on Solana holdings swung Q3 to $84.9M of net income, while the nine-month picture is still a $24.6M loss. What actually changed the company is the October liquidation of the entire SOL treasury for roughly $215M, which crystallized a ~$163M realized loss and left about $224M of cash against a $214.3M self-tender offer for up to 95% of the stock and warrants at $3.00. That leaves SkyAI a debt-free shell with a small medical distribution business and an unproven agentic-AI finance plan, and the tender is the mechanism returning most of the cash to holders. The related-party consulting arrangement with Sol Edge — $7.1M of fees in nine months under a 20-year contract with full-term liquidated damages on termination — is a governance item worth flagging alongside the settlement with Bastion.
How filings like this one have moved
In the 30 days to Nov 9, 2026, 47.1% of the 1533 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.29%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SKYA was trading at $2.95 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $150M. The 52-week trading range was $0.91 to $4.17. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.