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Nasdaq · Financials

Soluna Holdings, Inc (SLNH)

As-reported financials and SEC filings for Soluna Holdings, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Soluna Holdings, Inc

Soluna Holdings, Inc develops, owns, and operates data centers colocated with renewable energy power plants to support energy-intensive computing applications. Its main services include Bitcoin mining and hosting, high-performance computing (HPC) leasing and hosting for AI workloads, and demand response services to grid operators. The company serves Bitcoin miners, AI and HPC customers, utilities, and grid operators by providing digital infrastructure powered primarily by renewable energy sources.

Snapshot

Revenue
$29.7M
Revenue growth (YoY)
-21.8%
Net income
$-53.4M
Diluted EPS
$-2.38
Gross margin
Operating margin
Net margin
FCF margin
ROE
-48.1%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$271.5M
Long-term debt / equity
0.16×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Soluna Holdings

  • Revenue fell 21.8% to $30M in FY2025, slower than the 80.5% the year before.
  • Operating margin is -113.3% in FY2025, -82.1 pp against -31.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $15M, up 144.6% from Q2 FY2025.
  • Free cash flow was negative $37M in FY2025.
  • Net loss narrowed to $53M in FY2025, from $63M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Soluna Holdings’s fundamentals sit among the 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Revenue growth (YoY)-21.8%
6th percentile of 420
ROE-48.1%
8th percentile of 375
Long-term debt / equity0.16×
29th percentile of 194
Short interest3.18d
36th percentile of 420

Soluna Holdings’s revenue growth of -21.8% ranks in the 6th percentile of the 420 Financials companies reporting it. Soluna Holdings’s return on equity of -48.1% ranks in the 8th percentile of the 375 Financials companies reporting it.

4 reported insider purchases (code P) totaling $117,000 in the last 90 days, against 1 sale totaling $8,225. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+2 quant / multi-strat
Initiated / added
1
1 new, 0 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$908,950
reported long value
InvestorAs ofPosition valueSharesChange
Renaissance TechnologiesquantQ2 2026$611,010452.6KReduced
Millennium ManagementquantQ2 2026$297,940220.7KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4. Multiple insiders have bought recently (a cluster buy).

Buys (90d)
4
2 insiders
Bought (90d)
$117K
code P value
Sells (90d)
1
$8K
Reported activity
Cluster buy
≥2 insiders buying
Trade dateInsiderTypeSharesPriceValue
2026-08-28
filed 2026-08-31
PICCHI MICHAELChief Financial OfficerBuy20.0K$1.13$23K
2026-08-26
filed 2026-08-27
Belizaire JohnChief Executive OfficerBuy50.0K$1.20$60K
2026-08-24
PICCHI MICHAELChief Financial OfficerBuy10.0K$1.14$11K
2026-08-20
filed 2026-08-24
PICCHI MICHAELChief Financial OfficerBuy20.0K$1.15$23K
2026-06-15
filed 2026-06-17
Thomas Jessica L.Chief Accounting OfficerSell4.8K$1.70$8K
2026-06-01
filed 2026-06-03
Bottomley JohnDirectorSell1.0K$10.00$10K
2026-05-21
filed 2026-05-22
PICCHI MICHAELChief Financial OfficerBuy100.0K$1.63$163K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
29.3M
settled 2026-08-14
Change vs prior
+14.3%
vs previous settlement
Days to cover
3.18
at avg daily volume
Avg daily volume
9.2M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-1429.3M+14.3%3.18
2026-07-3125.7M-25.4%2.04
2026-07-1534.4M+7.0%2.21
2026-06-3032.2M+17.1%1.54
2026-06-1527.5M+15.2%1.52
2026-05-2923.8M-2.1%1.00
2026-05-1524.4M+13.4%1.00
2026-04-3021.5M+18.3%1.00

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$29.7M$38.0M$21.1M$28.5M$14.3M
Gross profit$6.5M$9.4M$5.2M$-8.0M
Operating income$-33.7M$-47.5M$-20.2M$-84.8M$-4.5M
Net income$-53.4M$-63.3M$-29.2M$-98.7M$-5.3M
Diluted EPS$-2.38$-14.94$-6.95$-43.60$-2.50

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents
Current assets$92.1M$13.5M$14.3M$3.8M$25.0M
Total assets$187.9M$88.0M$91.3M$85.0M$117.7M
Current liabilities$49.2M$47.9M$28.2M$29.5M$15.7M
Long-term debt$17.9M$7.1M$13.0M
Total liabilities$75.7M$60.7M$37.9M$38.7M$26.7M
Total equity$110.9M$27.4M$53.4M$46.3M$91.0M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-9.1M$-5.1M$-3.0M$-6.1M$4.6M
Capital expenditure$28.1M$8.9M$12.7M$63.7M$45.8M
Free cash flow$-37.2M$-13.9M$-15.7M$-69.8M$-41.2M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$15.1M144.6%$-20.7M$-0.18
Q1 FY2026$9.4M58.3%$-17.5M$-0.24
Q4 FY2025$-16.1M
Q3 FY2025$8.4M11.8%$-24.0M
Q2 FY2025$6.2M-36.4%$-7.4M
Q1 FY2025$5.9M-52.7%$-7.6M
Q4 FY2024$-38.5M
Q3 FY2024$7.5M29.8%$-7.2M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorFinancials
SIC industryFinance Services
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2007
SEC CIK64463

Selected SEC filings

10-Q2026-08-13
View on EDGAR →
10-Q2026-05-15
View on EDGAR →
8-K2026-08-25
View on EDGAR →
8-K2026-08-24
View on EDGAR →
8-K2026-08-13
View on EDGAR →
8-K2026-08-05
View on EDGAR →

Largest Financials peers

All Financials companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.