SLNH

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Soluna Holdings, Inc.

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Key Metrics

Previous Close: $1.20
52-Week Range: $0.42 – $5.14
Market Cap: $291.06M
P/E (TTM): —
EPS (TTM): -0.69
Dividend Yield: —

Advanced Metrics

Price/Book: 1.71
PEG Ratio: —
Return on Equity: -68.36%
Return on Assets: -17.31%
Gross Margin: 58.53%
Operating Margin: -112.04%
Profit Margin: -182.16%
Current Ratio: 2.06
Debt/Equity: 0.19
Total Debt: $39.30M
Free Cash Flow: $-40.09M
Revenue Growth: 144.60%
Earnings Growth: —
Enterprise Value: $273.90M

SLNH Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$28.55M	$21.07M	$38.02M	$29.72M
Cost of Revenue	$36.51M	$15.83M	$28.63M	$23.26M
Gross Profit	-$7.96M	$5.24M	$9.39M	$6.46M
Selling, General & Admin	$19.20M	$15.39M	$18.58M	$30.52M
Operating Expenses	$28.71M	$24.90M	$28.19M	$40.13M
Operating Income	-$36.67M	-$19.67M	-$18.80M	-$33.67M
EBITDA	-$71.57M	-$12.41M	-$42.49M	-$37.94M
Pretax Income	-$108.36M	-$28.77M	-$60.79M	-$59.31M
Income Tax	-$1.35M	-$1.07M	-$2.49M	-$2.32M
Net Income	-$98.72M	-$29.20M	-$63.33M	-$53.41M
Diluted EPS	-174.41	-27.79	-14.94	-2.38
Diluted Shares	599301	1.31M	5.11M	29.05M

SLNH Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$1.14M	$6.37M	$7.84M	$76.42M
Receivables	$539.00K	$3.39M	$2.69M	$8.54M
Current Assets	$3.76M	$14.28M	$13.49M	$92.13M
Total Assets	$84.96M	$91.28M	$88.04M	$187.94M
Current Liabilities	$29.52M	$28.18M	$47.87M	$49.19M
Long-Term Debt	—	—	$7.06M	$17.90M
Total Debt	$22.88M	$19.77M	$21.82M	$29.27M
Total Liabilities	$38.69M	$37.92M	$60.68M	$75.70M
Retained Earnings	-$221.77M	-$250.97M	-$314.30M	-$367.71M
Shareholders' Equity	$41.87M	$26.51M	-$12.48M	$54.86M
Working Capital	-$25.75M	-$13.89M	-$34.38M	$42.94M
Net Debt	$21.50M	$12.97M	$13.66M	—

SLNH Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$5.75M	-$2.99M	-$5.07M	-$9.15M
Capital Expenditure	-$63.76M	-$12.76M	-$13.38M	-$31.85M
Free Cash Flow	-$69.51M	-$15.75M	-$18.45M	-$41.00M
Depreciation & Amortisation	$28.42M	$13.62M	$15.77M	$16.53M
Stock-Based Compensation	$3.67M	$4.31M	$5.31M	$10.57M
Investing Cash Flow	-$45.63M	-$10.33M	-$13.16M	-$31.85M
Financing Cash Flow	$42.94M	$21.86M	$18.32M	$119.39M
Dividends Paid	-$3.85M	$0.00	—	—
Net Change in Cash	-$8.44M	$8.55M	$86.00K	$78.39M

SLNH Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$5.94M	$6.16M	$8.41M	$9.21M	$9.39M
Cost of Revenue	$4.76M	$4.97M	$6.09M	$7.44M	$7.48M
Gross Profit	$1.17M	$1.19M	$2.33M	$1.77M	$1.92M
Selling, General & Admin	$5.95M	$5.40M	$7.71M	$11.47M	$16.14M
Operating Expenses	$8.35M	$7.80M	$10.11M	$13.87M	$18.54M
Operating Income	-$7.18M	-$6.61M	-$7.78M	-$12.10M	-$16.63M
EBITDA	-$3.05M	-$3.19M	-$21.07M	-$10.63M	-$12.39M
Pretax Income	-$7.78M	-$8.39M	-$26.45M	-$16.69M	-$18.53M
Income Tax	-$425.00K	-$608.00K	-$666.00K	-$619.00K	-$624.00K
Net Income	-$7.56M	-$7.38M	-$23.96M	-$14.52M	-$17.47M
Diluted EPS	-1.21	-0.69	-1.14	—	-0.24
Diluted Shares	8.72M	14.99M	26.98M	—	84.10M

SLNH Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$9.16M	$9.88M	$51.37M	$76.42M	$68.57M
Receivables	$2.36M	$2.65M	$7.88M	$8.54M	$8.47M
Current Assets	$15.76M	$16.98M	$66.41M	$92.13M	$90.72M
Total Assets	$90.05M	$91.95M	$152.03M	$187.94M	$190.42M
Current Liabilities	$47.56M	$47.85M	$56.19M	$49.19M	$51.91M
Long-Term Debt	$10.19M	$10.02M	$13.25M	$17.90M	$15.91M
Total Debt	$24.34M	$23.56M	$26.93M	$29.27M	$27.99M
Total Liabilities	$63.06M	$62.63M	$78.57M	$75.70M	$76.06M
Retained Earnings	-$321.86M	-$329.24M	-$353.20M	-$367.71M	-$385.18M
Shareholders' Equity	-$16.07M	-$19.46M	$14.47M	$54.86M	$48.56M
Working Capital	-$31.80M	-$30.87M	$10.21M	$42.94M	$38.81M
Net Debt	$14.88M	$13.40M	—	—	—

SLNH Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$177.00K	-$1.10M	-$2.21M	-$5.67M	-$6.37M
Capital Expenditure	-$3.64M	-$8.81M	-$5.68M	-$13.72M	-$6.26M
Free Cash Flow	-$3.82M	-$9.90M	-$7.89M	-$19.39M	-$12.63M
Depreciation & Amortisation	$3.89M	$4.00M	$4.17M	$4.47M	$4.66M
Stock-Based Compensation	$1.85M	$1.94M	$1.88M	$4.89M	$10.22M
Investing Cash Flow	-$3.64M	-$4.71M	-$9.78M	-$13.72M	-$6.22M
Financing Cash Flow	$7.81M	$6.51M	$57.29M	$47.78M	$9.74M
Net Change in Cash	$4.00M	$705.00K	$45.31M	$28.38M	-$2.86M

Market Snapshot

About

Soluna Holdings, Inc. develops data centers powered by renewable energy sources for cryptocurrency mining and high-performance computing applications. The company partners with renewable energy projects to utilize curtailed or off-grid power generation, converting excess energy into computational work. Soluna focuses on creating sustainable computing infrastructure that supports grid stability and renewable energy economics.