Skip to content
ESPT
MARKETS / NASDAQ / Financials / Credit / SLNH
NASDAQ · FINANCE SERVICES · SMALL CAP

Soluna Holdings, Inc. SLNH

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$29.7M
▼ 21.8% YoY
$-53.4M
$-37.2M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

We develop, own, and operate digital infrastructure for energy-intensive computing applications by colocating data centers with renewable energy power plants. Bitcoin Mining Business – We mine Bitcoin through proprietary operations and joint ventures at our data centers. Bitcoin Hosting Business – We provide hosting and colocation services to third-party Bitcoin mining customers at our modular data centers. 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"). Demand Response Business – We leverage our data center infrastructure to provide demand response services to grid operators and utilities. As of December 31, 2025, we had fifty-five (55) employees, including fifty-one (51) full-time employees, one (1) part-time employee, and three (3) full-time consultants.

Written from the business description in Soluna Holdings, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 30 March 2026. Every sentence was checked against that document before publication.

Growth

USD 29.7M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 29.7 · Net income -53.4
15M30M-40M-80M
200920122015201920222025
Compound annual growth
+1.3%
+118.6%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +118.6% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−192 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -113.3% · Net -191.8%
200%400%-100%-200%-300%
200920162025
ROE
FY2023 · ROE -85.4%
50%100%-50%-100%
200920162025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Gross margin6.1%
Operating margin-113.3%
Net margin-191.8%
EBITDAUSD -26.8M

Return on equity has no reading this year — return on capital employed, just below, still does: -38%.

Cash & shareholders

USD 75,000.00
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -37.2
-25.0M-50.0M
200920162025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 0.1
2M3M-1M-2M
20152016201720192020202120242025
Dividends paid·
Net buybacksUSD 75,000.00
Share of profit-0.1%
Consecutive raises·

USD 75,000.00 in buybacks went back to shareholders in a year without profit.

Total assetsUSD 187.9M
EquityUSD 53.5M
Gross debtUSD 26.8M
Current ratio1.87×

Equity funds 28% of total assets.

The 16-year record

16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SLNH, 16-year financial record
Metric 2025202420232022202120202019201720162015201420132012201120102009
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B−0.0−0.0−0.0−0.1−0.0−0.00.00.0−0.0−0.00.00.0−0.00.0−0.00.0
EBITDA $B−0.0−0.0−0.0−0.1−0.0−0.00.00.0−0.0−0.00.00.0−0.00.0−0.00.0
Income tax $B−0.0−0.0−0.0−0.00.0−0.0−0.00.0−0.00.0−0.00.0−0.0−0.00.0−0.0
Net income $B−0.1−0.1−0.0−0.1−0.00.00.00.0−0.0−0.00.00.0−0.00.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.1−0.0−0.00.00.00.0−0.00.00.0−0.0−0.0−0.0−0.0
EPS, diluted $−2.38−14.94−27.79−174.41−0.500.200.030.06−0.06−0.540.140.69−0.400.48−0.37−0.65
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %————−1201096—————————
ROE %——−85.4−148.6−10.939.98.412.8−12.6−98.619.4112.0−0.1——◌
Shares out B0.100.010.000.020.010.010.010.010.010.010.010.010.010.00◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

Other companies filing in the same sector

UNH · BRK-A · BRK-B · CI · ELV · CNC
Provenance

Company facts, as filed

How we verify · 0 failures · 4 divergences in 63 reconciliationsAUDITED

Reconciled in 12 of the 16 fiscal years we could check. 4 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Six checks were skipped: the balance sheet is not tagged before 2010. Four checks were skipped: the share count is not tagged before 2011. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures4 divergent
ActivityFinance Services
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

Share this section

Download image