Soluna Holdings, Inc.
- Open
- 1.10
- Day high
- 1.11
- Day low
- 1.06
- Prev close
- 1.11
- Volume
- 7.1M
- Mkt cap
- $266M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.7
- P/S
- 6.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$818K over the last 3 months (3 open-market buys, 16 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Soluna Holdings, Inc. (SLNH) is a Technology company listed on NASDAQ. The stock is up 119% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 16 sales (SEC Form 4).
Soluna Holdings, Inc. (SLNH) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SLNH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.11 | $-0.18 | -63.6% | $15M | -1.2% |
| May 15, 2026 | — | $-0.24 | — | $9M | — |
| Nov 14, 2025 | $-0.61 | $-0.70 | -14.8% | $8M | -4.6% |
| Aug 14, 2025 | $-0.76 | $-0.69 | +9.2% | $6M | -31.9% |
| May 16, 2025 | — | $-0.88 | — | $6M | — |
| Nov 14, 2024 | — | $-1.29 | — | $8M | — |
| Aug 14, 2024 | — | $-1.74 | — | $10M | — |
| May 15, 2024 | — | $-2.62 | — | $13M | — |
| Nov 14, 2023 | — | $-4.40 | — | $6M | — |
| Aug 14, 2023 | — | $-6.75 | — | $2M | — |
| May 16, 2023 | — | $-8.75 | — | $3M | — |
| Nov 15, 2022 | — | $-28.50 | — | $6M | — |
SLNH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | Phelan William Pdirector | Sell | 5,000 | $12.00 |
| Aug 27, 2026 | Phelan William Pdirector | Sell | 1,862 | $12.09 |
| Aug 27, 2026 | Phelan William Pdirector | Sell | 8,099 | $12.08 |
| Aug 27, 2026 | Belizaire Johndirector, officer: Chief Executive Officer | Buy | 50,000 | $1.20 |
| Aug 25, 2026 | Phelan William Pdirector | Sell | 5,000 | $11.66 |
| Aug 25, 2026 | Phelan William Pdirector | Sell | 8,843 | $12.29 |
| Aug 24, 2026 | PICCHI MICHAELofficer: Chief Financial Officer | Buy | 10,000 | $1.14 |
| Aug 24, 2026 | PICCHI MICHAELofficer: Chief Financial Officer | Buy | 20,000 | $1.15 |
| Aug 21, 2026 | Phelan William Pdirector | Sell | 5,000 | $12.61 |
| Aug 21, 2026 | Phelan William Pdirector | Sell | 1,157 | $12.45 |
| Aug 18, 2026 | Hirshfield Edward Rdirector | Sell | 9,007 | $12.34 |
| Aug 4, 2026 | Carver Ryanofficer: Chief Development Officer | Grant | 3,200,000 | — |
| Jun 22, 2026 | Phelan William Pdirector | Sell | 10,113 | $10.75 |
| Jun 22, 2026 | Phelan William Pdirector | Sell | 3,074 | $11.00 |
| Jun 22, 2026 | Phelan William Pdirector | Sell | 4,813 | $11.00 |
Source: SLNH SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full SLNH insider & 13F page →Soluna Holdings, Inc. company profile
Overview
Soluna Holdings, Inc. (NASDAQ:SLNH) is a technology company founded in 1999 and headquartered in Albany, New York, that specializes in building and operating modular data centers primarily for cryptocurrency mining operations. Originally established as a different entity, the company has evolved into a focused blockchain infrastructure provider, developing purpose-built facilities that house high-performance computing equipment for digital asset mining. The company went public in 1999 and has since transformed its business model to capitalize on the growing demand for cryptocurrency mining infrastructure and blockchain-related services.
Business
Soluna Holdings operates in the cryptocurrency mining infrastructure sector, which sits at the intersection of data center operations and blockchain technology. The company's core business revolves around designing, building, and operating specialized modular data centers that house cryptocurrency mining equipment. These facilities are engineered specifically for the intensive computational requirements of cryptocurrency mining, which involves using powerful computer processors to solve complex mathematical problems that validate transactions on blockchain networks like Bitcoin. The company's primary offering consists of modular data center solutions that can be rapidly deployed and scaled according to client needs. These data centers are equipped with the necessary power infrastructure, cooling systems, and security measures required for large-scale cryptocurrency mining operations. Unlike traditional data centers that might host various types of computing equipment, Soluna's facilities are purpose-built for the unique demands of cryptocurrency mining, including high power consumption, heat generation, and the need for 24/7 operations. Soluna also engages in direct cryptocurrency mining operations, using its own facilities to mine digital assets. This dual approach allows the company to both serve external clients who need mining infrastructure and to generate revenue through its own mining activities. The company's business model represents a pick-and-shovel approach to the cryptocurrency industry, providing the essential infrastructure that enables cryptocurrency mining rather than just speculating on digital asset prices.
Revenue model
Soluna generates revenue through multiple streams within the cryptocurrency mining ecosystem. The primary revenue model involves hosting services, where the company provides data center space, power, and maintenance services to cryptocurrency mining clients who bring their own mining equipment. Clients pay monthly hosting fees based on power consumption and space utilization, creating a relatively stable recurring revenue stream that is less volatile than cryptocurrency prices themselves. The company also generates revenue through its own cryptocurrency mining operations, where it deploys mining equipment in its facilities and earns digital assets like Bitcoin. This revenue stream is directly tied to cryptocurrency prices and mining difficulty, making it more volatile but potentially more lucrative during favorable market conditions. Additionally, Soluna may earn revenue from selling mined cryptocurrencies or holding them as digital assets. Several factors significantly impact the company's profitability margins. Energy costs represent the largest operational expense, as cryptocurrency mining is extremely power-intensive. Access to low-cost electricity is crucial for maintaining competitive margins. Cryptocurrency market volatility directly affects mining profitability, as higher digital asset prices improve margins while market downturns can quickly erode profitability. Mining difficulty adjustments, which occur automatically on blockchain networks, can reduce the amount of cryptocurrency earned for the same computational effort. Competition from other mining operations and hosting providers puts pressure on pricing, while regulatory changes in cryptocurrency mining can create operational challenges and compliance costs. The company's ability to maintain high facility utilization rates and efficiently manage power consumption directly impacts its operational leverage and profitability.
Competitive moat
Soluna's competitive moat is relatively narrow and faces significant challenges in the highly competitive cryptocurrency mining infrastructure space. The company's primary competitive advantage lies in its specialized expertise in designing and operating purpose-built mining facilities, along with its established relationships with mining equipment manufacturers and cryptocurrency mining clients. The modular approach to data center construction may provide some operational flexibility and faster deployment times compared to traditional data center builds. However, the company's moat is not particularly strong due to several factors. The cryptocurrency mining infrastructure business has relatively low barriers to entry, as the core technology and operational knowledge are widely available. Large technology companies, traditional data center operators, and well-capitalized mining companies can easily enter this space with superior resources. The company faces intense competition from established data center operators who can leverage economies of scale, better access to capital, and more favorable power purchase agreements. The business is also highly dependent on cryptocurrency market conditions and regulatory environments, which are beyond the company's control. Unlike software companies with network effects or manufacturers with proprietary technology, Soluna's services are largely commoditized. The company's small scale compared to major competitors limits its ability to negotiate favorable power rates or achieve significant operational efficiencies. Additionally, the rapid evolution of mining hardware and the potential for technological disruption in cryptocurrency consensus mechanisms pose ongoing threats to the business model's sustainability.
Risks & safety
Soluna Holdings presents significant financial risks with a very narrow margin of safety. The company is in a precarious financial position with substantial solvency concerns. • **Cash Position**: As of Q1 2025, the company holds $9.2 million in cash against $47.6 million in current liabilities, creating a severe liquidity mismatch • **Debt and Working Capital**: Current ratio of 0.33 indicates the company cannot meet short-term obligations with current assets; total liabilities of $63.1 million exceed current assets significantly • **Cash Burn**: Free cash flow of -$4.0 million in Q1 2025 and -$18.4 million for full year 2024 indicates rapid cash consumption • **Profitability**: Consistent negative EBITDA of -$7.2 million in Q1 2025 and -$42.5 million for 2024, showing operational losses • **Valuation Metrics**: Negative earnings make traditional valuation metrics unreliable; enterprise value to EBITDA of -0.79x reflects distressed valuation • **Equity Position**: Negative book value and debt-to-equity ratio of -1.51 indicates the company is technically insolvent • **Revenue Decline**: Revenue decreased from $38.0 million in 2024 to $5.9 million in Q1 2025 (annualized), suggesting operational challenges The company faces immediate liquidity concerns and potential bankruptcy risk without additional financing or dramatic operational improvements.
Recent development
Based on the available financial data, Soluna Holdings appears to be undergoing significant operational challenges rather than strategic expansion. The company's revenue has shown volatility, declining from $38.0 million in 2024 to a quarterly run rate that suggests continued pressure on the business. The substantial increase in net losses, from -$29.2 million in 2023 to -$58.3 million in 2024, indicates either major operational difficulties or significant one-time charges. The company's asset base has remained relatively stable around $88-98 million over the past two years, suggesting limited capital expansion or new facility development. However, the deteriorating working capital position and increasing current liabilities indicate potential difficulties in managing supplier relationships and operational expenses. The negative free cash flow of -$18.4 million in 2024 suggests the company is struggling to generate cash from its core operations while continuing to invest in maintaining its facilities. Without access to detailed earnings call transcripts, the specific strategic initiatives and management commentary on operational pivots are not available. However, the financial metrics suggest the company may be focusing on survival and liquidity management rather than growth initiatives. The cryptocurrency mining industry's volatility and the company's financial constraints likely limit its ability to pursue major strategic developments or facility expansions.
SLNH company profile · for informational purposes only — not investment advice.
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