Revenue remains erratic with a 2026Q1 operating margin of -177.0%, reflecting a failure to translate top-line growth into sustainable profitability.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 33.17M | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M | 595K | 6.57M | 8.06M | 7.06M | 7.06M | 6.33M | 8.78M | 8.35M | 5.9M | 10.29M | 8.41M | 8.31M | 7.38M | 10.58M | 8.16M | 7.84M | 8.57M | 7.86M | 6.93M | 7.3M | 5.55M | 12.9M | 21M | 31.98M | 31.9M |
| Revenue Growth % | 5.62% | -21.84% | 80.49% | -26.21% | 99% | 2310.92% | -90.95% | -18.49% | 14.18% | 0.07% | 11.47% | -27.91% | 5.14% | 41.56% | -42.68% | 22.35% | 1.29% | 12.58% | -30.29% | 29.77% | 4.02% | -8.51% | 9.06% | 13.31% | -4.97% | 31.57% | -57% | -38.57% | -34.33% | 0.25% | 7.24% |
| Cost of Goods Sold | 28.38M | 23.26M | 15.1M | 5.6M | 3.57M | 8.07M | 405K | 2.21M | 2.33M | 2.23M | 2.72M | 2.48M | 3.28M | 3.25M | 2.97M | 3.78M | 2.93M | 2.67M | 3.18M | 3.43M | 2.9M | 2.38M | 2.88M | 2.38M | 2.43M | 3.15M | 2.31M | 7.7M | 12.1M | 20.3M | 19.9M |
| COGS % of Revenue | - | 78.27% | 39.72% | 26.59% | 12.51% | 56.26% | 68.07% | 33.56% | 28.86% | 31.64% | 38.58% | 39.1% | 37.4% | 38.96% | 50.29% | 36.73% | 34.83% | 32.09% | 43.11% | 32.41% | 35.56% | 30.37% | 33.57% | 30.31% | 35.01% | 43.16% | 41.68% | 59.69% | 57.62% | 63.48% | 62.38% |
| Gross Profit | 4.8M | 6.46M | 22.92M | 15.46M | 24.98M | 6.28M | 190K | 4.37M | 5.74M | 4.83M | 4.33M | 3.85M | 5.5M | 5.1M | 2.93M | 6.51M | 5.48M | 5.64M | 4.2M | 7.15M | 5.26M | 5.46M | 5.69M | 5.48M | 4.51M | 4.15M | 3.23M | 5.2M | 8.9M | 11.68M | 12M |
| Gross Margin % | 14.46% | 21.73% | 60.28% | 73.41% | 87.49% | 43.74% | 31.93% | 66.44% | 71.14% | 68.36% | 61.42% | 60.9% | 62.6% | 61.04% | 49.71% | 63.27% | 65.17% | 67.91% | 56.89% | 67.59% | 64.44% | 69.63% | 66.43% | 69.69% | 64.99% | 56.84% | 58.32% | 40.31% | 42.38% | 36.52% | 37.62% |
| Gross Profit Growth % | - | -71.82% | 48.21% | -38.08% | 298.01% | 3202.63% | -95.65% | -23.87% | 18.81% | 11.38% | 12.43% | -29.87% | 7.83% | 73.82% | -54.96% | 18.77% | -2.8% | 34.41% | -41.33% | 36.11% | -3.74% | -4.09% | 3.96% | 21.5% | 8.65% | 28.22% | -37.79% | -41.57% | -23.8% | -2.67% | 38.89% |
| Operating Expenses | 47.93M | 40.13M | 70.44M | 35.71M | 109.77M | 10.75M | 1.83M | 4.11M | 4.21M | 4.24M | 4.7M | 5.33M | 4.93M | 4.74M | 5.18M | 6.46M | 8.88M | 8.73M | 16.63M | 20.5M | 22.99M | 20.56M | 19.29M | 14.19M | 11.56M | 9.84M | 7.16M | 6.6M | 6.9M | 11.1M | 11.04M |
| OpEx % of Revenue | - | 135.03% | 185.27% | 169.5% | 384.51% | 74.95% | 307.9% | 62.5% | 52.25% | 60.03% | 66.54% | 84.12% | 56.17% | 56.72% | 87.75% | 62.76% | 105.49% | 105.08% | 225.44% | 193.72% | 281.92% | 262.19% | 225.03% | 180.52% | 166.63% | 134.87% | 129.11% | 51.16% | 32.86% | 34.71% | 34.62% |
| Selling, General & Admin | 40.71M | 30.52M | 47.22M | 15.69M | 19.27M | 9.17M | 1.83M | 2.73M | 2.98M | 3.09M | 3.45M | 3.78M | 3.59M | 3.42M | 3.81M | 4.99M | 5.02M | 3.28M | 8.37M | 8.74M | 10.07M | 10.89M | 6.33M | 5.84M | 4.94M | 6.16M | 4.86M | 4.9M | 5.8M | 9.37M | 9.78M |
| SG&A % of Revenue | - | 102.7% | 124.2% | 74.48% | 67.5% | 63.92% | 307.9% | 41.49% | 36.91% | 43.76% | 48.92% | 59.7% | 40.84% | 40.91% | 64.63% | 48.52% | 59.67% | 39.54% | 113.43% | 82.56% | 123.49% | 138.85% | 73.8% | 74.28% | 71.25% | 84.39% | 87.69% | 37.98% | 27.62% | 29.29% | 30.66% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 1.49M | 1.38M | 1.24M | 1.15M | 1.24M | 1.55M | 1.35M | 1.32M | 1.36M | 1.47M | 3.85M | 5.44M | 8.26M | 11.77M | 12.92M | 9.67M | 12.96M | 8.35M | 6.62M | 3.68M | 2.03M | 1.1M | 800K | 1.73M | 1.26M |
| R&D % of Revenue | - | - | - | - | - | - | 250.59% | 21.02% | 15.33% | 16.27% | 17.62% | 24.42% | 15.33% | 15.8% | 23.12% | 14.24% | 45.82% | 65.54% | 112.01% | 111.16% | 158.42% | 123.34% | 151.23% | 106.24% | 95.39% | 50.48% | 36.67% | 8.53% | 3.81% | 5.42% | 3.96% |
| Other Operating Expenses | 3M | 9.61M | 23.22M | 20.02M | 90.5M | 1.58M | -1.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 264K | 600K | 300K | 0 | 0 |
| Operating Income | -43.13M | -33.67M | -47.52M | -20.24M | -84.79M | -4.48M | -1.64M | 259K | 1.52M | 588K | -361K | -1.47M | 565K | 361K | -2.24M | 52K | -3.39M | -3.09M | -12.44M | -13.35M | -17.74M | -15.1M | -13.59M | -8.71M | -7.05M | -5.7M | -3.93M | -1.4M | 2M | 580K | 956K |
| Operating Margin % | -130.01% | -113.3% | -124.99% | -96.08% | -297.02% | -31.2% | -275.97% | 3.94% | 18.89% | 8.33% | -5.12% | -23.22% | 6.43% | 4.32% | -38.03% | 0.51% | -40.32% | -37.17% | -168.56% | -126.12% | -217.47% | -192.55% | -158.6% | -110.83% | -101.64% | -78.04% | -70.8% | -10.85% | 9.52% | 1.81% | 3% |
| Operating Income Growth % | - | 29.15% | -134.79% | 76.13% | -1794.33% | -172.59% | -733.98% | -82.99% | 159.01% | 262.88% | 75.44% | -360.18% | 56.51% | 116.09% | -4415.38% | 101.53% | -9.88% | 75.18% | 6.84% | 24.74% | -17.48% | -11.08% | -56.07% | -23.55% | -23.78% | -45.02% | -180.5% | -170% | 244.83% | -39.33% | 140.65% |
| EBITDA | -25.83M | -17.14M | -31.88M | -6.86M | -56.58M | -604K | -1.48M | 346K | 1.62M | 669K | -276K | -1.39M | 648K | 452K | -2.12M | 359K | -2.91M | -2.43M | -11.62M | -12.22M | -16.64M | -13.85M | -12.68M | -8.11M | -6.46M | -3.93M | -3.66M | -800K | 2.3M | 1.17M | 1.64M |
| EBITDA Margin % | -77.87% | -57.66% | -83.86% | -32.58% | -198.19% | -4.21% | -247.9% | 5.27% | 20.08% | 9.47% | -3.91% | -21.96% | 7.38% | 5.41% | -35.85% | 3.49% | -34.6% | -29.22% | -157.45% | -115.46% | -203.97% | -176.57% | -147.97% | -103.21% | -93.11% | -53.91% | -66.04% | -6.2% | 10.95% | 3.65% | 5.15% |
| EBITDA Growth % | 34.48% | 46.26% | -364.5% | 87.87% | -9266.89% | 59.05% | -526.3% | -78.63% | 142% | 342.39% | 80.14% | -314.51% | 43.36% | 121.37% | -689.14% | 112.33% | -19.94% | 79.11% | 4.93% | 26.54% | -20.16% | -9.18% | -56.36% | -25.6% | -64.13% | -7.4% | -357.88% | -134.78% | 97.09% | -28.93% | 208.38% |
| D&A (Non-Cash Add-back) | 17.3M | 16.53M | 15.64M | 13.38M | 28.21M | 3.87M | 167K | 87K | 96K | 81K | 85K | 80K | 83K | 91K | 129K | 307K | 481K | 660K | 819K | 1.13M | 1.1M | 1.25M | 911K | 599K | 592K | 1.76M | 264K | 600K | 300K | 587K | 686K |
| EBIT | -64.16M | -54.47M | -47.39M | -19.67M | -36.67M | -4.46M | -1.54M | 295K | 1.52M | 588K | -368K | -1.47M | 565K | 361K | -2.08M | 100K | -3.39M | -3.35M | -10.72M | -13.35M | -17.74M | -15.1M | -13.59M | -8.71M | -7.05M | -5.7M | -3.93M | -1.4M | 2M | 580K | 956K |
| Net Interest Income | -6.04M | -4.83M | -2.53M | -2.75M | -8.38M | -1.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | -222K | -44K | 0 | 0 | 0 | 0 | -7K | -46K | -1.97M | -1.94M | -100K | -100K | 0 | -790K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 6.04M | 4.83M | 2.53M | 2.75M | 8.38M | 1.88M | 0 | 0 | 0 | 0 | 14K | 4K | 0 | 0 | 1K | 0 | 0 | 222K | 44K | 0 | 0 | 0 | 0 | 7K | 46K | 1.97M | 1.94M | 100K | 100K | 0 | 790K |
| Other Income/Expense | -26.93M | -25.64M | -13.26M | -8.53M | -23.57M | -1.87M | 100K | 36K | 21K | 0 | -7K | -2K | 135K | 3.25M | 161K | 48K | 0 | -485K | 1.68M | 5.74M | 4.76M | 149K | 4.47M | 6.98M | 724K | 26.43M | -16.84M | 0 | 0 | 1.55M | -383K |
| Pretax Income | -70.06M | -59.31M | -60.79M | -28.77M | -108.36M | -6.34M | -1.54M | 295K | 1.54M | 588K | -368K | -1.47M | 700K | 3.61M | -2.08M | 100K | -3.39M | -3.57M | -10.76M | -7.61M | -12.98M | -14.95M | -9.12M | -1.73M | -1.57M | 20.74M | -20.77M | -1.4M | 2M | 2.13M | 573K |
| Pretax Margin % | -211.18% | -199.57% | -159.88% | -136.57% | -379.59% | -44.22% | -259.16% | 4.49% | 19.15% | 8.33% | -5.22% | -23.25% | 7.97% | 43.27% | -35.31% | 0.97% | -40.32% | -43.01% | -145.84% | -71.89% | -159.15% | -190.65% | -106.43% | -22.03% | -22.62% | 284.13% | -374.36% | -10.85% | 9.52% | 6.65% | 1.8% |
| Income Tax | -2.52M | -2.32M | -2.49M | -1.07M | -1.35M | 44K | -332K | -28K | -392K | 6K | -9K | 1.36M | -40K | 35K | 6K | -1.55M | 4K | -208K | 2M | 2.55M | 1.9M | 1.59M | -3.56M | -669K | -636K | 7.52M | -1.93M | 18.4M | 10.1M | 114K | 64K |
| Effective Tax Rate % | 3.59% | 3.91% | 4.09% | 3.71% | 1.24% | -0.69% | 21.53% | -9.49% | -25.39% | 1.02% | 2.45% | -92.39% | -5.71% | 0.97% | -0.29% | -1548% | -0.12% | 5.82% | -18.62% | -33.49% | -14.6% | -10.62% | 39.07% | 38.65% | 40.54% | 36.28% | 9.28% | -1314.29% | 505% | 5.36% | 11.17% |
| Net Income | -63.32M | -53.41M | -63.33M | -29.2M | -98.72M | -5.26M | 1.95M | 323K | 1.94M | 582K | -359K | -2.83M | 740K | 3.65M | -2.09M | 2.39M | -1.76M | -3.1M | -12.5M | -9.57M | -13.67M | -15.09M | -4.19M | -559K | -6.96M | 3.84M | -18.6M | -10.7M | -4.3M | 4.52M | 3.75M |
| Net Margin % | -190.88% | -179.73% | -166.58% | -138.62% | -345.8% | -36.67% | 327.06% | 4.92% | 24.01% | 8.24% | -5.09% | -44.74% | 8.43% | 43.75% | -35.36% | 23.18% | -20.9% | -37.31% | -169.48% | -90.47% | -167.57% | -192.5% | -48.9% | -7.11% | -100.37% | 52.63% | -335.24% | -82.95% | -20.48% | 14.13% | 11.75% |
| Net Income Growth % | 3.53% | 15.67% | -116.89% | 70.42% | -1776.35% | -370.35% | 502.48% | -83.32% | 232.65% | 262.12% | 87.32% | -482.7% | -79.75% | 275.17% | -187.43% | 235.72% | 43.27% | 75.22% | -30.59% | 29.94% | 9.45% | -260.15% | -649.73% | 91.97% | -281.23% | 120.66% | -73.79% | -148.84% | -195.13% | 20.6% | 28.27% |
| Net Income (Continuing) | -67.54M | -56.99M | -58.3M | -27.7M | -107.02M | -6.39M | -1.21M | 323K | 1.94M | 582K | -359K | -2.83M | 740K | 3.58M | -2.09M | 1.65M | -3.4M | -3.36M | -12.76M | -9.57M | -13.67M | -15.09M | -4.19M | -572K | -7.19M | -3.74M | -18.84M | -10.7M | -2M | 2.01M | 509K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 7.92M | 1.13M | 3.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 65.8M | 57.38M | 39.84M | 26.84M | 4.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.31M | 3.31M | 3.4M | 3.16M | 11K | 143K | 205K | 129K | 1.27M | 787K | 150K | 331K | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.75 | -2.38 | -0.80 | -27.79 | -178.57 | -13.49 | 5.08 | 0.84 | 5.12 | 1.56 | -0.13 | -1.01 | 0.26 | 1.30 | -0.74 | 0.48 | -0.37 | -0.65 | -2.62 | -1.98 | -3.44 | -3.92 | -1.12 | -0.16 | -1.60 | 0.88 | -4.24 | -2.48 | -1.20 | 1.36 | 1.36 |
| EPS Growth % | 74.63% | -197.5% | 97.12% | 84.44% | -1223.72% | -365.55% | 504.76% | -83.59% | 228.21% | 1300% | 87.13% | -488.46% | -80% | 275.68% | -254.17% | 229.73% | 43.08% | 75.19% | -32.32% | 42.44% | 12.24% | -250% | -600% | 90% | -281.82% | 120.75% | -70.97% | -106.67% | -188.24% | 0% | -6.85% |
| EPS (Basic) | - | -2.38 | -0.80 | -27.79 | -178.57 | -13.49 | 5.08 | 0.85 | 5.16 | 1.50 | -0.13 | -1.01 | 0.26 | 1.31 | -0.75 | 0.48 | -0.37 | -0.65 | -2.62 | -2.00 | -3.44 | -3.92 | -1.12 | -0.16 | -1.60 | 0.88 | -4.24 | -2.48 | -1.20 | 1.36 | 1.36 |
| Diluted Shares Outstanding | 84.1M | 29.05M | 62.81M | 1.31M | 599.3K | 473.61K | 383.27K | 384.1K | 377.99K | 388K | 2.81M | 2.81M | 2.81M | 2.81M | 2.81M | 5M | 4.77M | 4.77M | 4.77M | 4.84M | 3.97M | 3.85M | 3.74M | 3.49M | 4.35M | 4.36M | 4.39M | 4.31M | 3.58M | 3.32M | 2.76M |
| Basic Shares Outstanding | 84.1M | 29.05M | 62.81M | 1.31M | 599.3K | 473.61K | 383.27K | 381.94K | 375.28K | 373.31K | 2.79M | 2.79M | 2.79M | 2.79M | 2.79M | 5M | 4.77M | 4.77M | 4.77M | 4.79M | 3.97M | 3.85M | 3.74M | 3.49M | 4.35M | 4.36M | 4.39M | 4.31M | 3.58M | 3.32M | 2.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | 1096.28% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating losses
As reported in recent financial statements, Soluna's revenue trajectory remains highly erratic, fluctuating between $5.9M and $12.5M over the last ten quarters, reflecting the inherent instability of a business model currently transitioning from legacy cryptocurrency mining toward more speculative high-performance computing and AI hosting services.
The inconsistency in top-line performance suggests that the company has yet to establish a reliable recurring revenue base. Investors should monitor whether the pivot to AI services can decouple the firm's growth from the cyclicality of Bitcoin rewards, as current figures indicate a struggle to maintain consistent scale.
Based on the provided income statement data, Soluna's gross margins have experienced extreme volatility, swinging from a peak of 76.1% in 2023Q4 to a negative 5.2% in 2026Q1, highlighting the company's inability to consistently manage power costs and hardware depreciation against fluctuating digital asset prices.
The inability to maintain positive gross margins suggests that the 'behind-the-meter' cost advantage is not yet sufficient to offset the high fixed costs of ASIC hardware. This margin instability implies that the company remains highly vulnerable to external energy price shocks and the inherent volatility of the hashprice.
According to historical income statements, Soluna's operating leverage is severely constrained, as SG&A expenses have ballooned to $16.1M in 2026Q1, far outpacing the company's ability to generate gross profit, which resulted in a deeply negative operating margin of -177.0% for the most recent quarter.
The widening gap between revenue and operating expenses suggests that the corporate infrastructure is currently oversized relative to the firm's operational output. This indicates that management's efforts to scale the business have not yet achieved the necessary efficiency to reach an inflection point toward profitability.
Based on reported figures, the quality of earnings is significantly impaired by substantial stock-based compensation, which reached $10.2M in 2026Q1, effectively acting as a recurring non-cash expense that exacerbates the net loss and signals potential ongoing dilution for existing shareholders in the near term.
The reliance on equity-based incentives during periods of negative net income warrants further investigation into the company's long-term capital allocation strategy. Investors should be wary that these non-cash charges may be masking the true economic cost of retaining talent while the core business model remains fundamentally unprofitable.
As indicated by the persistent net losses and the -113.30% operating margin, the most significant risk to the investment thesis is the potential for continued liquidity depletion, as the company's current operational structure appears unable to generate sufficient cash flow to sustain its capital-intensive infrastructure requirements.
Short-sellers would likely focus on the disconnect between the company's ambitious pivot to AI and the reality of its deteriorating core mining margins. The lack of a clear path to GAAP profitability suggests that the firm may remain dependent on external financing, which could lead to further shareholder value erosion.
Quick answers to the most common questions about buying SLNH stock.
For fiscal year 2025, Soluna Holdings, Inc. (SLNH) reported total revenue of $29.7M. This represents a 6.8% decline compared to $31.9M in 1996.
Soluna Holdings, Inc. (SLNH) reported a net loss of $53.4M for the fiscal year ending 2025.
Soluna Holdings, Inc. (SLNH) reported an operating income of $-33.7M, resulting in an operating profit margin of -113.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Soluna Holdings, Inc. (SLNH) generated $6.5M in gross profit for the year, representing a gross profit margin of 21.7%. This demonstrates the company's core pricing power and production efficiency.