Soluna Holdings Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red here does not stand for a bad price but for documented substance findings. The fiscal 2025 audit report lists going concern as a critical audit matter: recurring operating losses, negative operating cash flow, significant debt and capital expenditure commitments. Operating cash burn accelerated from $9.1 million for the whole of 2025 to $6.4 million in the first quarter of 2026 alone, while general and administrative expenses rose 171 percent. A $19.3 million liability from a terminated contract sits unpaid on the balance sheet, the operating business does not carry itself, and the company writes that without fresh capital it would have to delay or scale down development work or even cease operations. The site concept, the wind farm it now owns and the growing hosting business are real assets — they do not change this assessment as long as the substance question is open.
What the thesis turns on
Assessment: Opportunities & Risks
Soluna Holdings is a lesson in the label trap: a company that describes honestly what it is building gets traded for what the sign says. The sign says AI — the books say $28 thousand of AI revenue for 2025 and zero for the first quarter of 2026, alongside $29.7 million of bitcoin revenue and a $57.0 million net loss. The site concept is real, hosting is growing, the wind farm has been bought. But the auditor made going concern a critical audit matter, a $19.3 million invoice from the collapsed AI contract still sits on the balance sheet, and the share count has grown almost fifteenfold in 17 months. Anyone investing here is financing a construction plan — and paying for the build time in shares. Not investment advice.
Site concept and growth
The core idea works: data centers behind the meter of a wind farm skip years of grid interconnection queues and buy power that would otherwise be curtailed. Hosting grew 178 percent to $6.7 million in the first quarter of 2026, total revenue 58 percent to $9.4 million. With the Briscoe wind farm (149.85 megawatts, bought on 04/01/2026 for roughly $53.0 million) Soluna now owns the power source itself.
AI business
Story and bookkeeping are far apart: the high-performance computing segment booked exactly $28 thousand of revenue in 2025 ($16 thousand in 2024) and zero in the first quarter of 2026. The only real AI contract — $34.0 million with Hewlett Packard Enterprise for capacity on NVIDIA H100 GPUs — collapsed in March 2025 and cost $28.6 million. For Project Kati 2 the monthly update of July 14, 2026 does report a signed letter of intent with an unnamed prospect — until then the AI business exists as a construction plan, not as revenue.
Balance sheet and going concern
Auditor UHY LLP made going concern a critical audit matter in the fiscal 2025 audit report: recurring losses, negative operating cash flow, significant debt and capital expenditure commitments. In 2025, $9.1 million flowed out of operations; in the first quarter of 2026 alone, $6.4 million. On top of that the HPE liability of $19.3 million still sits on the balance sheet, and the accumulated deficit has reached $385.2 million.
Dilution
The share count rose from 10,607,020 (12/31/2024) to 157,747,354 (05/12/2026) — almost fifteenfold in 17 months. Between April 1 and May 15, 2026 alone, 36,820,572 shares were added for $52.2 million of net proceeds, plus 6,510,416 shares in 2026 from the full conversion of the Series B preferred stock. Behind that stand another 26,968,251 unvested restricted shares, 22,309,840 warrants and a still untouched equity purchase agreement of $250.0 million.
Cost discipline and pay
General and administrative expenses rose 64 percent in 2025 to $30.5 million while revenue fell 22 percent to $29.7 million. In the first quarter of 2026 they came to $16.1 million — including $10.2 million of stock-based compensation, that is more than the entire quarterly revenue of $9.4 million. On July 9, 2026 the compensation committee raised the chief executive's base salary retroactively to January 1, 2026 to $600,000 and set a target bonus of 100 percent.
Listing and capital structure
Since April 10, 2026 a Nasdaq compliance period has been running to October 7, 2026 because the closing bid price was below $1.00 for 30 consecutive business days. Of the $113.0 million of equity as of March 31, 2026, only $47.2 million belongs to shareholders and $65.8 million to the non-controlling interests in the projects — and ahead of the common stock stand another 4,920,045 preferred shares with a $25.00 liquidation preference.
Worth Noting
Soluna landed on the research list via the Reddit hype scanner. The cross-check against our own database on July 26, 2026 found that SLNH appears in none of our scanner lists — no momentum, quality or valuation filter surfaced the stock. Those lists are recalculated daily, so the finding holds for the day named.
Data basis and currency: we evaluated the annual report (10-K) for 2025 filed March 30, 2026, the quarterly report (10-Q) as of March 31, 2026 filed May 15, 2026, and every filing made afterwards through July 24, 2026 — including the monthly update of July 14, 2026 and the beneficial ownership report of May 26, 2026. The share count comes from the cover page of the quarterly report (as of May 12, 2026); Soluna published no newer official interim figure through July 24, 2026. Added after that date was the full conversion of the Series B preferred stock into 6,510,416 common shares, most of which falls after March 31, 2026.
On valuation: a market capitalization taken from market data is deliberately not used as a metric here, because the last price documented in a filing ($0.77 on March 6, 2026) and the average proceeds of the company's own share issuance in April and May 2026 (roughly $1.42) are far apart. Only the order of magnitude is given. Not to be confused: SLNH is the common stock, SLNHP the preferred stock of the same company.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at SLNH since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 0.61 $ to 4.40 $ · Last price: 1.20 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Capital Markets
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Soluna Holdings Inc SLNH | 0.2 | – | -0.6 | 58.5 | -177.0 | -21.8 | 20.2 |
| Morgan Stanley MS | 321.0 | 17.6 | 0.0 | 87.6 | 40.6 | 11.5 | 32.2 |
| Goldman Sachs Group Inc GS | 280.7 | 17.4 | 0.0 | 82.1 | 38.6 | -1.4 | 22.2 |
| Charles Schwab Corp SCHW | 179.7 | 21.3 | 0.0 | 97.5 | 49.4 | 6.5 | 15.1 |
| Interactive Brokers Group Inc IBKR | 149.9 | 38.1 | 3.4 | 93.0 | 76.8 | 9.8 | 39.4 |
| Robinhood Markets Inc HOOD | 100.1 | 53.2 | 45.6 | 91.9 | 38.5 | 51.6 | -7.4 |
| Nomura Holdings Inc NMR | 29.8 | 12.1 | 0.0 | 78.0 | 30.8 | 5.6 | 43.7 |
| LPL Financial Holdings Inc LPLA | 26.6 | 28.7 | 13.5 | 29.9 | 11.1 | 37.2 | -1.5 |
| Circle Internet Group, Inc. CRCL | 23.1 | – | 45.7 | 22.0 | 6.5 | 63.9 | -35.1 |
| Median of companies shown | 100.1 | 21.3 | 0.0 | 82.1 | 38.5 | 9.8 | 20.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 7 | 0 | 0 | -0.13 | 1 | 4 | 5 |
| 2017 | 7 | 1 | 1 | 1.50 | 0 | 5 | 6 |
| 2018 | 8 | 2 | 2 | 5.12 | 2 | 7 | 8 |
| 2019 | 7 | 0 | 0 | 0.84 | 0 | 4 | 6 |
| 2020 | 1 | -2 | 2 | 5.08 | 2 | 6 | 9 |
| 2021 | 14 | -4 | -5 | -11.11 | 6 | 91 | 118 |
| 2022 | 29 | -85 | -99 | -164.72 | -6 | 42 | 85 |
| 2023 | 21 | -20 | -29 | -22.23 | -3 | 27 | 91 |
| 2024 | 38 | -48 | -63 | -1.01 | -5 | -12 | 88 |
| 2025 | 30 | -34 | -53 | -1.84 | -9 | 55 | 188 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q1 | -2.67 | -60.60 | 13 | 307.20 | -41.90 | 4 | 3 |
| 2024: Q2 | -3.62 | 62.10 | 10 | 367.80 | -112.40 | -7 | -9 |
| 2024: Q3 | -1.56 | 73.80 | 8 | 29.80 | -95.50 | 0 | -5 |
| 2025: Q1 | -1.21 | 54.80 | 6 | -52.70 | -127.30 | 0 | -4 |
| 2025: Q2 | -0.49 | 86.50 | 6 | -36.40 | -119.90 | -1 | -10 |
| 2025: Q3 | -1.14 | 26.90 | 8 | 11.80 | -284.70 | -2 | -12 |
| 2025: Q4 | -0.17 | 96.20 | 9 | 11.30 | -157.70 | -6 | -19 |
| 2026: Q1 | -0.24 | 79.90 | 9 | 58.30 | -185.90 | -6 | -9 |
| 2026: Q2 | -0.18 | 63.30 | 15 | 143.50 | -137.10 | -5 | -12 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.41 | -0.41 – -0.41 | 62 | 59.6% | 1 |
| 12/31/2027 | -0.23 | -0.23 – -0.23 | 80 | 43.9% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Soluna führt im Geschäftsbericht (10-K) für 2025 ein eigenes Berichtssegment „Hochleistungsrechnen“ für KI-Rechenzentren und weist dafür Umsatz aus — allerdings nur 28 Tausend US-Dollar im Jahr 2025 (2024: 16 Tausend) und null im ersten Quartal 2026; das KI-Geschäft ist damit belegt, aber wirtschaftlich noch nicht relevant.
View the full file — quotes, sources, reviewed filings
„HPC Business – Through Soluna HPC, Inc., we are developing AI-ready data center leasing and hosting capabilities for AI and HPC workloads, beginning with Project Kati 2, which is being engineered for more than 300 MW of capacity in partnership with Metrobloks, LLC („Metrobloks“)."
HPC-Geschäft – Über die Soluna HPC, Inc. entwickeln wir Vermietungs- und Hosting-Kapazitäten in KI-tauglichen Rechenzentren für KI- und Hochleistungsrechen-Anwendungen, beginnend mit Project Kati 2, das gemeinsam mit der Metrobloks, LLC („Metrobloks“) für mehr als 300 Megawatt Kapazität ausgelegt wird.
10-K · 2026-03-30 · View SEC filing
„The High-Performance Computing Services segment may generate revenue from either the sale or lease of HPC assets (such as Project Ada which leased GPUs), or from HPC/AI data centers to be leased to third-party HPC/AI customers. This segment began generating revenue in December 2024, as Project Ada worked to build its customer base."
Das Segment Hochleistungsrechen-Dienste kann Umsatz entweder aus dem Verkauf oder der Vermietung von HPC-Anlagen erzielen (etwa aus Project Ada, das Grafikprozessoren vermietete) oder aus HPC-/KI-Rechenzentren, die an dritte HPC-/KI-Kunden vermietet werden sollen. Dieses Segment begann im Dezember 2024 Umsatz zu erzielen, als Project Ada seinen Kundenstamm aufbaute.
10-K · 2026-03-30 · View SEC filing
„In the third quarter of 2024, the Company initiated Soluna Cloud Services, a new business line to provide high performance computing services to support generative AI workstreams, but decided to exit active provision of these services during the first quarter of 2025 and will focus in the future on provision of colocation services at our datacenters to host customers in the AI generative space."
Im dritten Quartal 2024 startete die Gesellschaft Soluna Cloud Services, ein neues Geschäftsfeld zur Erbringung von Hochleistungsrechen-Diensten für generative KI-Anwendungen, entschied sich jedoch im ersten Quartal 2025, die aktive Erbringung dieser Dienste zu beenden, und wird sich künftig auf Kolokationsdienste in unseren Rechenzentren konzentrieren, um Kunden aus dem Bereich der generativen KI zu beherbergen.
10-K · 2026-03-30 · View SEC filing
Filings Reviewed: 10-Q 2026-05-15 · 10-Q 2025-11-14 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 10-K 2026-03-30 · 10-K 2025-03-31
Rated on July 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.4%
- More than 10% revenue growth is expected for the coming year -42.8%
- Share count grows by less than 3% a year 264.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -147.1%
- Gross margin at 40% or higher and without meaningful erosion 21.7%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 47 m net cash
- Operating cash flow covers the profits of the last three years 129 m
- Return on capital at 15% or higher, or up versus two years ago -24.3%
- Insiders hold at least 10% or are net buyers 34.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 17.3%
- Exp. sales growth 3Y > 5% 63.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 63.9%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 3
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -114.6%
- ROCE > 15% -24.3%
- Expected return > 10% 33.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Phelan William P | Director | Sell | 12,037 | 1.12 | 13,481 |
| Sep 1, 2026 | Belizaire John | Chief Executive Officer | Sell | 1,000 | 11.91 | 11,910 |
| Aug 31, 2026 | Phelan William P | Director | Sell | 3,188 | 12.08 | 38,511 |
| Aug 28, 2026 | Phelan William P | Director | Sell | 5,039 | 12.25 | 61,728 |
| Aug 28, 2026 | Picchi Michael | Chief Financial Officer | Buy | 20,000 | 1.13 | 22,600 |
| Aug 27, 2026 | Phelan William P | Director | Sell | 8,099 | 12.08 | 97,836 |
| Aug 26, 2026 | Belizaire John | Chief Executive Officer | Buy | 50,000 | 1.20 | 60,000 |
| Aug 26, 2026 | Phelan William P | Director | Sell | 1,862 | 12.09 | 22,512 |
| Aug 25, 2026 | Phelan William P | Director | Sell | 5,000 | 12.00 | 60,000 |
| Aug 24, 2026 | Phelan William P | Director | Sell | 5,000 | 11.66 | 58,300 |
The company
About the Company
Soluna Holdings, Inc., together with its subsidiaries, engages in the mining of cryptocurrency through data centres. It operates through three segments, Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services. The company also operates in the blockchain business, as well as provides colocation and hosting services to large-scale bitcoin mining operators. In addition, the company develops and builds modular data centrers that use for cryptocurrency mining. Further, it provides data center hosting services, including electrical power and network connectivity to cryptocurrency mining customers. Soluna Holdings, Inc. was formerly known as Mechanical Technology Inc and as changed to Soluna Holdings, Inc. in November 2021. The company was founded in 1961 and is headquartered in Albany, New York.
- Employees
- 51
- Headquarters
- Albany, NY
- Address
- 325 Washington Avenue Extension, 12205 Albany, United States
- Phone
- 516 216 9257
- Website
- solunacomputing.com
- IPO Date
- 04/28/2009
- ISIN
- US5835433013
- Stock Split
- 1:25 on 10/16/2023
- Stock Split
- 1:8 on 05/16/2008
- Stock Split
- 959692:319897 on 04/13/2000
Management
| Name | Title | Birth Year |
|---|---|---|
| Michael M. Toporek III | Executive Chairman | 1966 |
| John Belizaire | CEO & Director | 1972 |
| Michael D. Picchi | CFO, Director & Treasurer | 1967 |
| Jim Reynolds | Vice President of Operations | – |
| Jessica L. Thomas | Chief Accounting Officer & Corporate Secretary | 1974 |
| Mary Jennifer O'Reilly | Chief People Officer | 1977 |
| Ryan Carver | Chief Development Officer | – |
| Mohamed Larbi Loudiyi | Senior Vice President of Power & Grid Integration | – |
| Lisa Brennan | Corporate Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/14/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/09/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/08/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/25/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/24/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/13/2026 Soluna Holdings, Inc (SLNH): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/05/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure SEC ↗
- 07/30/2026 Soluna Holdings, Inc (SLNH): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.