Logo

SLNH

Soluna Holdings, Inc.

SLNH

Soluna Holdings, Inc. • NASDAQ
$1.71 ▲ 11.04% (+0.17)
Market Cap $51.50 M
52w High $5.14
52w Low $0.36
Dividend Yield 0%
P/E -0.21
Volume 8.07M
Outstanding Shares 30.12M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.415M ▲ $7.708M ▼ $-23.956M ▼ -284.682% ▼ $-1.14 ▼ $-21.074M ▼
Q2-2025 $6.158M ▲ $7.812M ▼ $-7.382M ▲ -119.877% ▲ $-0.69 ▲ $-3.189M ▼
Q1-2025 $5.936M ▼ $8.35M ▼ $-7.556M ▲ -127.291% ▲ $-0.88 ▲ $-3.047M ▲
Q4-2024 $8.272M ▲ $34.953M ▲ $-40.017M ▼ -483.765% ▼ $-4.28 ▼ $-34.545M ▼
Q3-2024 $7.525M $5.248M $-7.19M -95.548% $-1.29 $-3.886M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $55.001M ▲ $152.035M ▲ $78.57M ▲ $14.472M ▲
Q2-2025 $9.878M ▲ $91.952M ▲ $62.633M ▼ $-19.459M ▼
Q1-2025 $9.161M ▲ $90.049M ▲ $63.056M ▲ $-16.065M ▼
Q4-2024 $7.843M ▼ $88.04M ▼ $60.678M ▲ $-12.479M ▼
Q3-2024 $8.766M $97.349M $45.754M $20.875M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-23.956M ▼ $-2.206M ▼ $447K ▲ $47.067M ▲ $42.908M ▲ $-11.976M ▼
Q2-2025 $-7.78M ▼ $-1.096M ▼ $-4.709M ▼ $6.51M ▼ $705K ▼ $-9.691M ▼
Q1-2025 $-7.556M ▲ $-177K ▲ $-3.64M ▼ $7.812M ▲ $3.995M ▲ $-3.985M ▲
Q4-2024 $-40.017M ▼ $-1.657M ▼ $4.165M ▲ $-4.262M ▼ $-1.754M ▼ $-7.123M ▼
Q3-2024 $-8.093M $61K $-5.468M $5.105M $-302K $-5.407M

Revenue by Products

Product Q3-2024Q4-2024Q2-2025Q3-2025
Cryptocurrency Mining
Cryptocurrency Mining
 $0 ▲$0 ▲$0 ▲$0 ▲
Data Center Hosting
Data Center Hosting
 $0 ▲$0 ▲$0 ▲$10.00M ▲
Cryptocurrency Mining Revenue
Cryptocurrency Mining Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲
Data Hosting Revenue
Data Hosting Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Soluna is still a very small, early-stage revenue story with a history of losses. Sales have inched up but remain modest, and while gross profitability has improved from negative to slightly positive, it is not yet strong enough to cover operating expenses. Operating results and earnings per share have been volatile, reflecting shifting strategy, restructuring, and capital changes such as reverse splits. Overall, the income statement shows a company in build‑out mode that has not yet reached consistent, self-sustaining profitability.

Balance Sheet

Balance Sheet The balance sheet is thin, with a relatively small asset base and only a modest cash cushion. Debt is meaningful compared with the size of the business, and shareholder equity has recently slipped into negative territory, which signals accumulated losses and a limited financial buffer. This structure suggests the company is financially fragile and likely dependent on ongoing access to outside capital to support its growth plans and navigate setbacks.

Cash Flow

Cash Flow Cash flow from day‑to‑day operations has hovered around breakeven to modestly negative, which means the business is not yet generating strong internal cash. At the same time, the company has been spending heavily on capital projects, leading to consistently negative free cash flow. This pattern is typical of an infrastructure build‑out but also indicates ongoing cash burn and a reliance on financing, rather than internal cash generation, to fund expansion.

Competitive Edge

Competitive Edge Soluna is positioned in a niche at the crossroads of renewable energy, high-performance computing, and blockchain infrastructure. Its main edge comes from colocating modular data centers at renewable power sites and using software to tap surplus energy that might otherwise go to waste. Early relationships with wind and solar operators, a growing project pipeline, and partnerships with firms like Hewlett Packard Enterprise and an infrastructure lender strengthen its position. However, it competes against much larger data center, cloud, and crypto-mining players, and its small size, balance sheet constraints, and dependence on project execution leave its competitive standing promising but still unproven at scale.

Innovation and R&D

Innovation and R&D Innovation is at the core of Soluna’s story. The MaestroOS platform that dynamically manages computing loads against variable renewable power, plus modular, behind‑the‑meter data centers, are key technical differentiators. The company has also pivoted from mostly bitcoin-related computing into AI cloud services, using high-end GPUs and designing new “Helix” data centers tailored for AI workloads. The roadmap—spanning projects like Dorothy, Kati, Grace, and Rosa—shows strong R&D and product ambition, but much of this value depends on successfully delivering complex projects on time, securing customers, and keeping up with rapid advances in AI and data center technology.

Summary

Overall, Soluna looks like a high-risk, high-upside infrastructure and technology developer rather than a mature, cash-generating business. Financials reflect an early-stage company: small revenues, persistent losses, negative free cash flow, and a balance sheet with limited cushion. On the other hand, the strategic narrative—turning wasted renewable energy into low-cost power for bitcoin and AI computing, backed by proprietary software and notable partnerships—is distinctive and timely. The future trajectory will hinge on execution: completing large projects, scaling AI cloud services, managing capital needs, and proving that the model can generate durable profits without overextending the company’s financial resources.

NEWS

November 17, 2025 · 7:30 AM UTC

Soluna Reports Q3'25 Results

Read more

November 13, 2025 · 7:30 AM UTC

Soluna Completes Project Dorothy 2, Increasing Operational Capacity by 64% to 123 MW

Read more

November 6, 2025 · 7:30 AM UTC

Soluna Announces Monthly Business Update

Read more

October 21, 2025 · 7:42 AM UTC

Soluna Appoints Agnes Budzyn to Board of Directors

Read more

October 10, 2025 · 9:05 AM UTC

Canaan Inc. Provides September 2025 Bitcoin Production and Mining Operation Updates

Read more