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SLNH logoSoluna Holdings, Inc.(SLNH)Earnings, Financials & Key Ratios

SLNH•NASDAQ
$1.52
$97M mkt cap·Price updated May 7, 2026
SectorTechnologyIndustryTech Hardware & EquipmentSub-IndustryPower Conversion and Protection Electronics
AboutSoluna Holdings, Inc. builds and develops modular data centers for cryptocurrency mining. It also operates in the blockchain business. The company is headquartered in Albany, New York.Show more
  • Revenue$38M+80.5%
  • EBITDA-$32M-364.5%
  • Net Income-$63M-116.9%
  • EPS (Diluted)-0.80+97.1%
  • Gross Margin60.28%-17.9%
  • EBITDA Margin-83.86%-157.4%
  • Operating Margin-124.99%-30.1%
  • Net Margin-166.58%-20.2%
  • ROE-156.92%-167.7%
  • ROIC-65.94%-192.7%
  • Debt/Equity0.80+115.2%
  • Interest Coverage-18.81-155.3%
Technical→

SLNH Key Insights

Soluna Holdings, Inc. (SLNH) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 93 (top 7%)
  • ✓Strong 5Y sales CAGR of 42.1%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

SLNH Price & Volume

Soluna Holdings, Inc. (SLNH) stock price & volume — 10-year historical chart

Loading chart...

SLNH Growth Metrics

Soluna Holdings, Inc. (SLNH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years15.78%
5 Years42.06%
3 Years38.39%
TTM-27.81%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-162.87%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM14.86%

Return on Capital

10 Years-29.13%
5 Years-54.07%
3 Years-77.96%
Last Year-92.04%

SLNH Recent Earnings

Soluna Holdings, Inc. (SLNH) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 1/12 qtrs (33%)●Beat Revenue 0/12 qtrs (0%)
Q2 2026Latest
Mar 30, 2026
EPS
$0.20
Est $0.20
+0.0%
Revenue
$9M
Est $11M
-13.2%
Q4 2025
Nov 14, 2025
EPS
$0.70
Est $0.61
-14.8%
Revenue
$8M
Est $9M
-6.5%
Q3 2025
Aug 14, 2025
EPS
$0.69
Est $0.76
+9.2%
Revenue
$6M
Est $9M
-31.6%
Q2 2025
May 16, 2025
EPS
$0.88
Revenue
$6M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMar 30, 2026
$0.20vs $0.20+0.0%
$9Mvs $11M-13.2%
Q4 2025Nov 14, 2025
$0.70vs $0.61-14.8%
$8Mvs $9M-6.5%
Q3 2025Aug 14, 2025
$0.69vs $0.76+9.2%
$6Mvs $9M-31.6%
Q2 2025May 16, 2025
$0.88
$6M
Based on last 12 quarters of dataView full earnings history →

SLNH Peer Comparison

Soluna Holdings, Inc. (SLNH) competitors in Power Conversion and Protection Electronics — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MARA logoMARAMarathon Digital Holdings, Inc.Direct Competitor4.83B12.70-3.4438.2%-30.54%1.05
RIOT logoRIOTRiot Platforms, Inc.Direct Competitor9.14B24.11-12.3671.89%-28.78%0.10
CLSK logoCLSKCleanSpark, Inc.Direct Competitor3.58B13.9812.48102.21%-33.25%-13.75%0.38
IREN logoIRENIREN LimitedDirect Competitor18.86B56.85145.77167.65%18.65%0.53
HUT logoHUTHut 8 Corp.Direct Competitor11.22B101.18-47.28-90.71%-17.66%0.25
BTBT logoBTBTBit Digital, Inc.Product Competitor589.49M1.839.15264.59%21.41%0.03
CIFR logoCIFRCipher Mining Inc.Product Competitor8.4B20.69-9.6248.04%-115.53%3.31
BITF logoBITFBitfarms Ltd.Product Competitor1.29B2.16-16.6231.78%-21.32%0.04

Compare SLNH vs Peers

Soluna Holdings, Inc. (SLNH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MARA

Most directly comparable listed peer for SLNH.

Scale Benchmark

vs NEE

Larger-name benchmark to compare SLNH against a more recognizable public peer.

Peer Set

Compare Top 5

vs MARA, RIOT, CLSK, IREN

SLNH Income Statement

Soluna Holdings, Inc. (SLNH) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Sales/Revenue7.06M7.06M8.06M6.57M595K14.35M28.55M21.07M38.02M28.78M
Revenue Growth %11.47%0.07%14.18%-18.49%-90.95%2310.92%99%-26.21%80.49%-27.81%
Cost of Goods Sold2.72M2.23M2.33M2.21M405K8.07M3.57M5.6M15.1M20M
COGS % of Revenue38.58%31.64%28.86%33.56%68.07%56.26%12.51%26.59%39.72%-
Gross Profit
4.33M▲ 0%
4.83M▲ 11.4%
5.74M▲ 18.8%
4.37M▼ 23.9%
190K▼ 95.6%
6.28M▲ 3202.6%
24.98M▲ 298.0%
15.46M▼ 38.1%
22.92M▲ 48.2%
8.78M▲ 0%
Gross Margin %61.42%68.36%71.14%66.44%31.93%43.74%87.49%73.41%60.28%30.51%
Gross Profit Growth %12.43%11.38%18.81%-23.87%-95.65%3202.63%298.01%-38.08%48.21%-
Operating Expenses4.7M4.24M4.21M4.11M1.83M10.75M109.77M35.71M70.44M58.82M
OpEx % of Revenue66.54%60.03%52.25%62.5%307.9%74.95%384.51%169.5%185.27%-
Selling, General & Admin3.45M3.09M2.98M2.73M1.83M9.17M19.27M15.69M47.22M23.01M
SG&A % of Revenue48.92%43.76%36.91%41.49%307.9%63.92%67.5%74.48%124.2%-
Research & Development1.24M1.15M1.24M1.38M1.49M00000
R&D % of Revenue17.62%16.27%15.33%21.02%250.59%-----
Other Operating Expenses0000-1.49M1.58M90.5M20.02M23.22M3M
Operating Income
-361K▲ 0%
588K▲ 262.9%
1.52M▲ 159.0%
259K▼ 83.0%
-1.64M▼ 734.0%
-4.48M▼ 172.6%
-84.79M▼ 1794.3%
-20.24M▲ 76.1%
-47.52M▼ 134.8%
-50.04M▲ 0%
Operating Margin %-5.12%8.33%18.89%3.94%-275.97%-31.2%-297.02%-96.08%-124.99%-173.87%
Operating Income Growth %75.44%262.88%159.01%-82.99%-733.98%-172.59%-1794.33%76.13%-134.79%-
EBITDA-276K669K1.62M346K-1.48M-604K-56.58M-6.86M-31.88M-34.09M
EBITDA Margin %-3.91%9.47%20.08%5.27%-247.9%-4.21%-198.19%-32.58%-83.86%-118.46%
EBITDA Growth %80.14%342.39%142%-78.63%-526.3%59.05%-9266.89%87.87%-364.5%-3310.36%
D&A (Non-Cash Add-back)85K81K96K87K167K3.87M28.21M13.38M15.64M15.95M
EBIT-368K588K1.52M295K-1.54M-4.46M-36.67M-19.67M-47.39M-77.8M
Net Interest Income00000-1.88M-8.38M-2.75M-2.53M-4.08M
Interest Income0000000000
Interest Expense14K00001.88M8.38M2.75M2.53M4.08M
Other Income/Expense-7K021K36K100K-1.87M-23.57M-8.53M-13.26M-31.84M
Pretax Income
-368K▲ 0%
588K▲ 259.8%
1.54M▲ 162.6%
295K▼ 80.9%
-1.54M▼ 622.7%
-6.34M▼ 311.4%
-108.36M▼ 1608.1%
-28.77M▲ 73.5%
-60.79M▼ 111.3%
-81.88M▲ 0%
Pretax Margin %-5.22%8.33%19.15%4.49%-259.16%-44.22%-379.59%-136.57%-159.88%-284.5%
Income Tax-9K6K-392K-28K-332K44K-1.35M-1.07M-2.49M-4.27M
Effective Tax Rate %2.45%1.02%-25.39%-9.49%21.53%-0.69%1.24%3.71%4.09%5.22%
Net Income
-359K▲ 0%
582K▲ 262.1%
1.94M▲ 232.6%
323K▼ 83.3%
1.95M▲ 502.5%
-5.26M▼ 370.3%
-98.72M▼ 1776.4%
-29.2M▲ 70.4%
-63.33M▼ 116.9%
-78.91M▲ 0%
Net Margin %-5.09%8.24%24.01%4.92%327.06%-36.67%-345.8%-138.62%-166.58%-274.18%
Net Income Growth %87.32%262.12%232.65%-83.32%502.48%-370.35%-1776.35%70.42%-116.89%-162.87%
Net Income (Continuing)-359K582K1.94M323K-1.21M-6.39M-107.02M-27.7M-58.3M-77.61M
Discontinued Operations00003.16M1.13M7.92M000
Minority Interest0000004.41M26.84M39.84M58.99M
EPS (Diluted)
-0.13▲ 0%
1.56▲ 1300.0%
5.12▲ 228.2%
0.84▼ 83.6%
5.08▲ 504.8%
-13.49▼ 365.6%
-178.57▼ 1223.7%
-27.79▲ 84.4%
-0.80▲ 97.1%
-2.92▲ 0%
EPS Growth %87.13%1300%228.21%-83.59%504.76%-365.55%-1223.72%84.44%97.12%14.86%
EPS (Basic)-0.131.505.160.855.08-13.49-178.57-27.79-0.80-
Diluted Shares Outstanding2.81M388K377.99K384.1K383.27K473.61K599.3K1.31M62.81M26.98M
Basic Shares Outstanding2.79M373.31K375.28K381.94K383.27K473.61K599.3K1.31M62.81M26.98M
Dividend Payout Ratio---1096.28%------

SLNH Balance Sheet

Soluna Holdings, Inc. (SLNH) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Current Assets5.02M6.02M7.56M4.24M4.78M24.98M3.76M14.28M13.49M66.41M
Cash & Short-Term Investments3.38M3.83M5.77M2.51M2.63M10.26M1.14M6.37M7.84M55M
Cash Only3.38M3.83M5.77M2.51M2.63M10.26M1.14M6.37M7.84M55M
Short-Term Investments0000000000
Accounts Receivable881K1.41M871K745K59K531K539K3.39M2.71M4.41M
Days Sales Outstanding45.5772.6839.4341.3836.1913.516.8958.8125.9838.45
Inventory676K694K863K924K000000
Days Inventory Outstanding90.65113.39135.37152.95------
Other Current Assets82K90K002.09M4M912K4.52M2.95M7M
Total Non-Current Assets160K184K576K1.52M3.87M92.71M81.2M76.99M74.55M85.63M
Property, Plant & Equipment160K184K181K1.12M1.15M45M42.44M45M47.6M67.67M
Fixed Asset Turnover44.10x38.38x44.54x5.86x0.52x0.32x0.67x0.47x0.80x0.51x
Goodwill0000000000
Intangible Assets0000045.84M36.43M27.01M17.62M10.59M
Long-Term Investments0000750K750K001.46M13.04M
Other Non-Current Assets00001.27M1.12M2.33M4.98M7.87M13.05M
Total Assets
5.18M▲ 0%
6.2M▲ 19.7%
8.14M▲ 31.2%
5.75M▼ 29.3%
8.65M▲ 50.4%
117.69M▲ 1261.1%
84.96M▼ 27.8%
91.28M▲ 7.4%
88.04M▼ 3.5%
152.03M▲ 0%
Asset Turnover1.36x1.14x0.99x1.14x0.07x0.12x0.34x0.23x0.43x0.27x
Asset Growth %100.31%19.73%31.22%-29.33%50.36%1261.1%-27.81%7.43%-3.55%45.17%
Total Current Liabilities1.03M1.24M1.19M1.14M1.64M15.68M29.52M28.18M47.87M56.19M
Accounts Payable124K325K201K210K192K2.96M3.55M2.1M2.84M4.86M
Days Payables Outstanding16.6353.131.5334.76173.04133.79362.55136.7968.6468.27
Short-Term Debt0000134K8.12M22.63M19.34M14.51M10.1M
Deferred Revenue (Current)00000316K453K1.59M21.43M83.21M
Other Current Liabilities656K581K617K520K961K1.24M001.1M20.16M
Current Ratio4.87x4.86x6.34x3.71x2.92x1.59x0.13x0.51x0.28x0.28x
Quick Ratio4.22x4.30x5.62x2.90x2.92x1.59x0.13x0.51x0.28x0.28x
Cash Conversion Cycle119.59132.97143.27159.57------29.82
Total Non-Current Liabilities124K325K0776K1.09M11.02M9.17M9.74M12.8M22.38M
Long-Term Debt000000007.06M13.25M
Capital Lease Obligations000776K297K237K84K216K252K4.29M
Deferred Tax Liabilities0000010.28M8.89M7.78M5.26M17.83M
Other Non-Current Liabilities0000797K509K203K499K235K2.82M
Total Liabilities1.03M1.24M1.19M1.92M2.73M26.71M38.69M37.92M60.68M78.57M
Total Debt000947K431K8.54M22.88M19.77M21.82M26.93M
Net Debt-3.38M-3.83M-5.77M-1.56M-2.2M-1.72M21.74M13.41M13.97M-28.07M
Debt / Equity---0.25x0.07x0.09x0.49x0.37x0.80x0.80x
Debt / EBITDA---2.74x------0.79x
Net Debt / EBITDA--5.72x-3.56x-4.52x-----0.82x
Interest Coverage-25.79x-----2.38x-10.12x-7.37x-18.81x-19.07x
Total Equity
4.15M▲ 0%
4.96M▲ 19.6%
6.95M▲ 39.9%
3.83M▼ 44.8%
5.92M▲ 54.3%
90.99M▲ 1438.0%
46.27M▼ 49.1%
53.36M▲ 15.3%
27.36M▼ 48.7%
73.47M▲ 0%
Equity Growth %171.77%19.61%39.93%-44.82%54.34%1438%-49.14%15.32%-48.72%-92.36%
Book Value per Share1.4812.7918.389.9815.44192.1277.2140.620.442.72
Total Shareholders' Equity4.15M4.96M6.95M3.83M5.92M90.99M41.87M26.51M-12.48M14.47M
Common Stock100K104K105K106K11K15K1K3K5K64K
Retained Earnings-120.98M-120.4M-118.46M-119.74M-117.79M-123.05M-221.77M-250.97M-314.3M-353.2M
Treasury Stock-13.76M-13.76M-13.76M-13.76M-13.76M-13.76M-13.8M-13.8M-13.8M-13.8M
Accumulated OCI0000000000
Minority Interest0000004.41M26.84M39.84M58.99M

SLNH Cash Flow Statement

Soluna Holdings, Inc. (SLNH) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations522K363K2M289K1.9M5.55M-5.75M-2.99M-5.07M-5.07M
Operating CF Margin %7.4%5.14%24.76%4.4%319.5%38.7%-20.14%-14.18%-13.33%-
Operating CF Growth %136.61%-30.46%449.86%-85.52%557.79%192.06%-203.55%48.04%-69.7%-3952.89%
Net Income-359K582K1.94M323K-1.21M-6.39M-99.09M-27.7M-58.3M-78.91M
Depreciation & Amortization85K81K96K87K81K3.87M28.42M13.62M15.77M15.95M
Stock-Based Compensation449K41K6K001.94M3.67M4.31M5.31M3.79M
Deferred Taxes-99K0-395K0-336K41K-1.39M-1.11M-2.52M-2.43M
Other Non-Cash Items449K-27K-208K68K3.24M2.9M62.51M5.63M39.61M47.98M
Working Capital Changes-3K-314K435K-189K125K3.19M139K2.27M-4.94M8.89M
Change in Receivables71K-527K535K125K-26K-471K211K-2.62M-505K-2.76M
Change in Inventory-35K13K-87K-94K99K00000
Change in Payables-28K201K-124K9K163K2.77M553K-862K741K1.6M
Cash from Investing-136K-107K-93K-83K-1.86M-57.3M-45.63M-10.33M-13.16M-3.74M
Capital Expenditures-136K-107K-93K-83K-1.08M-55.7M-63.68M-12.71M-13.38M-27.62M
CapEx % of Revenue1.93%1.52%1.15%1.26%182.18%388.3%223.08%60.31%35.19%-
Acquisitions00000000019.86M
Investments----------
Other Investing-136K-107K00-30K-1.6M18.05M2.38M215K4.02M
Cash from Financing2.53M191K40K-3.47M83K59.38M42.94M21.86M18.32M57.13M
Debt Issued (Net)0000016M26.05M2.75M9.52M29.56M
Equity Issued (Net)1000K-25K074K83K1000K1000K817K1000K3M
Dividends Paid000-3.54M0-630K-3.85M000
Share Repurchases-10K-25K00000000
Other Financing-194K216K40K00-1.2M1.23M18.3M6.46M5.39M
Net Change in Cash
2.92M▲ 0%
447K▼ 84.7%
1.94M▲ 334.7%
-3.26M▼ 267.8%
120K▲ 103.7%
7.63M▲ 6256.7%
-8.44M▼ 210.6%
8.55M▲ 201.3%
86K▼ 99.0%
45.85M▲ 0%
Free Cash Flow
386K▲ 0%
256K▼ 33.7%
1.9M▲ 643.4%
206K▼ 89.2%
817K▲ 296.6%
-51.72M▼ 6430.0%
-69.51M▼ 34.4%
-15.75M▲ 77.3%
-18.45M▼ 17.1%
-32.77M▲ 0%
FCF Margin %5.47%3.63%23.6%3.14%137.31%-360.52%-243.49%-74.77%-48.52%-113.88%
FCF Growth %126.06%-33.68%643.36%-89.18%296.6%-6429.99%-34.41%77.34%-17.12%-225.41%
FCF per Share0.140.665.030.542.13-109.20-115.98-11.99-0.29-0.29
FCF Conversion (FCF/Net Income)-1.45x0.62x1.03x0.89x0.98x-1.06x0.06x0.10x0.08x0.42x
Interest Paid000006K1.31M827K0400K
Taxes Paid0000000000

SLNH Key Ratios

Soluna Holdings, Inc. (SLNH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)-12.65%12.77%32.51%5.99%39.92%-10.86%-143.84%-58.62%-156.92%-107.41%
Return on Invested Capital (ROIC)-29.53%46.3%98.85%11.28%-41.14%-7.22%-80.86%-22.53%-65.94%-65.94%
Gross Margin61.42%68.36%71.14%66.44%31.93%43.74%87.49%73.41%60.28%30.51%
Net Margin-5.09%8.24%24.01%4.92%327.06%-36.67%-345.8%-138.62%-166.58%-274.18%
Debt / Equity---0.25x0.07x0.09x0.49x0.37x0.80x0.80x
Interest Coverage-25.79x-----2.38x-10.12x-7.37x-18.81x-19.07x
FCF Conversion-1.45x0.62x1.03x0.89x0.98x-1.06x0.06x0.10x0.08x0.42x
Revenue Growth11.47%0.07%14.18%-18.49%-90.95%2310.92%99%-26.21%80.49%-27.81%

SLNH Frequently Asked Questions

Soluna Holdings, Inc. (SLNH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Soluna Holdings, Inc. (SLNH) reported $28.8M in revenue for fiscal year 2024. This represents a 3% decrease from $29.7M in 1995.

Soluna Holdings, Inc. (SLNH) grew revenue by 80.5% over the past year. This is strong growth.

Soluna Holdings, Inc. (SLNH) reported a net loss of $78.9M for fiscal year 2024.

Dividend & Returns

Soluna Holdings, Inc. (SLNH) has a return on equity (ROE) of -156.9%. Negative ROE indicates the company is unprofitable.

Soluna Holdings, Inc. (SLNH) had negative free cash flow of $32.8M in fiscal year 2024, likely due to heavy capital investments.

Explore More SLNH

Soluna Holdings, Inc. (SLNH) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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