Soluna Holdings, Inc.
SLNH
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Fundamentals
| Market cap | $232.21M | Enterprise value | $212.60M | Trailing P/E | — | Forward P/E | -4.13 |
| PEG | — | Price / book | 1.36 | Beta | 5.11 | Dividend yield | 0.00% |
| Revenue growth | 144.6% | Earnings growth | — | Gross margin | 58.5% | Operating margin | -112.0% |
| Profit margin | -1.8% | ROE | -68.4% | ROA | -17.3% | Debt / equity | 0.19 |
| Current ratio | 2.06 | Free cash flow | -$40.09M | Analyst recommendation | none | Mean target | $4.00 |
| 52w high | $5.14 | 52w low | $0.59 |
Quarterly
| 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | |
|---|---|---|---|---|---|---|
| Revenue | $15.1M | $9.4M | $9.2M | $8.4M | $6.2M | — |
| Op margin | -112.0% | -177.0% | -131.4% | -92.5% | -107.4% | — |
| Net income | -$20.7M | -$17.5M | -$14.5M | -$24.0M | -$7.4M | — |
| Gross margin | 5.1% | 20.4% | 19.2% | 27.7% | 19.3% | — |
| Gross profit | $0.8M | $1.9M | $1.8M | $2.3M | $1.2M | — |
| Operating income | -$16.9M | -$16.6M | -$12.1M | -$7.8M | -$6.6M | — |
- Revenue +60% vs prior quarter ($15M vs $9.4M).
- Gross margin 5.1% (was 20.4% prior quarter).
- Operating margin expanded to -112%.
Yearly (6y)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $29.7M | $38.0M | $21.1M | $28.5M | — |
| Op margin | -113.3% | -49.4% | -93.4% | -128.4% | — |
| Net income | -$53.4M | -$63.3M | -$29.2M | -$98.7M | — |
| Gross margin | 21.7% | 24.7% | 24.9% | -27.9% | — |
| Gross profit | $6.5M | $9.4M | $5.2M | -$8.0M | — |
| Operating income | -$33.7M | -$18.8M | -$19.7M | -$36.7M | — |
No flags
• No distress or material-risk keywords in recent headlines (keyword scan only — not a guarantee).
News
2026-09-22 · Soluna to Present at the Water Tower Research Insights Conference on September 23, 2026
2026-09-17 · Rosenblatt starts Soluna at Buy, sees 118 MW HPC buildout topping $200 million in annual revenue
2026-09-14 · Soluna secures conditional ERCOT Base Load status for 100 MW Dorothy campus
2026-09-08 · Soluna completes 83 MW Kati 1 as ERCOT preserves position for full 166 MW campus
2026-09-03 · Soluna’s Revenue Rose 73% Excluding an Accounting Change. Can Its AI Pipeline Deliver?
2026-08-25 · Bitdeer Adds 28 MW at Soluna’s Wind-Powered Texas Mining Site
2026-08-25 · Soluna and Bitdeer Agree 28 MW Bitcoin Co-Mining Deployment in Texas
2026-08-17 · Soluna Holdings Inc (SLNH) (Q2 2026) Earnings Call Highlights: Revenue Surges 145% as AI ...
2026-08-14 · Hedge fund Alpine Fox trims Cipher and adds Soluna as IREN holding stays flat
2026-08-14 · Soluna Q2 revenue rises 145% as development pipeline reaches 6.3 GW: Earnings
2026-08-14 · Soluna Q2 Earnings Call Highlights
2026-07-29 · Soluna raises CEO John Belizaire’s salary to $600,000, sets 100% bonus target
Price (daily)
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