SkyAI Inc. Sells $12.5M in SOL, Faces Significant Losses Amid Cash Flow Challenges

SkyAI Inc. (SKYA), a treasury company focused on Solana, disclosed in a recent SEC filing that it sold 135,399 SOL for approximately $12.47 million during the first half of 2026. This sale resulted in a staggering 54% loss, as the average selling price of $92.09 was significantly lower than its average cost basis of $200.79.

Despite the proceeds from this sale, SkyAI's balance sheet continued to shrink. The company reported an unrealized digital-commodity loss of $84.34 million for the six months ending June 30, reflecting changes in fair value rather than cash outflows. The cash flow situation remains precarious, with net cash used in continuing operations amounting to about $5.67 million.

SkyAI's digital-commodity holdings were valued at $144.28 million on June 30, down from $250.11 million at the end of 2025. The company’s working capital decreased to $12.63 million from $14.19 million, despite the SOL proceeds. Management indicated that future working-capital needs may require additional token sales, equity issuance, or traditional financing until operations can sustain themselves.

As of June 30, SkyAI reported $12.07 million in cash and a debt-free status, although liabilities totaling $3.07 million remained on the balance sheet. The company also held 1,494,026 liquid SOL and 509,650 locked SOL, with the latter set to release gradually until the end of 2028.

The backdrop for SkyAI's treasury remains challenging, with SOL trading at $77.06 on August 9, reflecting a 21.28% decline over the past 90 days and nearly 49% over the past year. The company’s recent actions suggest a potential for further SOL sales as it navigates its financial landscape.