A Business at a Glance
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Soluna Holdings, Inc
SLNH
$129M
Mkt Cap
$1.26
-4.55%
Soluna Holdings, Inc (SLNH) has a 5-year average return on invested capital (ROIC) of -40.3%. This is below average and may indicate limited pricing power.
Soluna Holdings, Inc (SLNH) has a market capitalization of $129M. It is classified as a small-cap stock.
Soluna Holdings, Inc (SLNH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.06%.
Soluna Holdings, Inc (SLNH) operates in the Finance Services industry, within the Financials sector.
Soluna Holdings, Inc (SLNH) generated $-37 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Soluna Holdings, Inc (SLNH) has a debt-to-equity ratio of 2.37. This indicates higher leverage, which may increase financial risk.
Soluna Holdings, Inc (SLNH) reported earnings per share (EPS) of $-0.67 in its most recent fiscal year.
Unless the context requires otherwise in this Annual Report, the terms “SHI,” “Soluna,” the “Company,” “we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, “SDI” refers to Soluna Digital, Inc. “SCI” refers to Soluna Computing, Inc., formerly known as EcoChain, Inc., “Soluna Cloud” or “Cloud” refer to Soluna Cloud, Inc., and “SEI” refers to Soluna Energy, Inc. Other trademarks, trade names, and service marks used in this Annual Report are the property of their respective owners. Our mission is to make renewable energy a global superpower using computing as a catalyst. We develop and operate digital infrastructure that taps into a growing global opportunity: the convergence of renewable energy and High-Performance Computing (HPC). We call this model Renewable Computing™. Across the world, vast amounts of clean energy go to waste due to curtailment.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | - | - | 21M | 29M | 14M |
| Net Income | -69M | -69M | -76M | -37M | - | -5.3M |
| EPS | $-0.67 | $-0.67 | $-1.80 | $-3.47 | $-479.63 | $-1.38 |
| Free Cash Flow | -37M | -37M | -14M | -16M | -70M | -41M |
| ROIC | -29.1% | -29.1% | -42.6% | -79.2% | - | -10.1% |
| Gross Margin | - | - | - | 13.1% | -27.9% | - |
| Debt/Equity | 2.37 | 2.37 | -1.72 | 0.82 | 0.61 | 0.17 |
| Dividends/Share | $0.00 | - | - | - | $14.16 | $0.16 |
| Operating Income | -34M | -34M | -48M | -20M | -85M | -4.5M |
| Operating Margin | 0.0% | - | - | -96.1% | -297.0% | -31.2% |
| ROE | -129.0% | -336.3% | - | -106.8% | - | -10.9% |
| Shares Outstanding | 103M | 103M | 42M | 11M | 0M | 4M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 8.3M | 8.4M | 10M | 5.9M | 6.6M | N/A | 14M | 29M | 21M | N/A | N/A | 0 |
| Gross Margin | 67.9% | 65.2% | 63.3% | 23.1% | 66.4% | N/A | N/A | -27.9% | 13.1% | N/A | N/A | N/A |
| R&D | 5.4M | 3.9M | 1.5M | 1.4M | 1.4M | 1.5M | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.3M | 5.0M | 5.0M | 4K | 2.7M | 1.8M | 11M | 29M | 25M | 28M | 40M | 40M |
| EBIT | 45M | -3.4M | 100K | -2K | 259K | -1.6M | -4.5M | -85M | -20M | -48M | -34M | -34M |
| Op. Margin | N/A | -40.3% | 1.0% | -0.0% | 3.9% | N/A | -31.2% | -297.0% | -96.1% | N/A | N/A | 0.0% |
| Net Income | -3.1M | -1.8M | 2.4M | N/A | 323K | 1.9M | -5.3M | N/A | -37M | -76M | -69M | -69M |
| Net Margin | -37.3% | -20.9% | 23.2% | N/A | 4.9% | N/A | -36.7% | N/A | -173.3% | N/A | N/A | 0.0% |
| Non-Recurring | 108K | 0 | -23K | 0 | -3K | -3K | 0 | 55M | 177K | 99K | -359K | -359K |
| Returns on Capital | ||||||||||||
| ROIC | N/M | -74.4% | 17.8% | N/A | 7.4% | -33.5% | -10.1% | N/A | -79.2% | -42.6% | -29.1% | -29.1% |
| ROE | -174.7% | N/A | 149.0% | N/A | 6.0% | 39.9% | -10.9% | N/A | -106.8% | N/A | -336.3% | -129.0% |
| ROA | N/A | -48.8% | 47.7% | N/A | 4.0% | 27.0% | -8.3% | N/A | -41.4% | -85.1% | -50.0% | -36.7% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | -2.2M | -1.5M | 67K | -2K | 289K | 1.2M | 4.6M | -6.1M | -3.0M | -5.1M | -9.1M | -9.1M |
| Free Cash Flow | -2.2M | -1.6M | -108K | -2K | 206K | 409K | -41M | -70M | -16M | -14M | -37M | -37M |
| Owner Earnings | -3.3M | -3.4M | -901K | -2K | 171K | 1.1M | -71K | -19M | -12M | -20M | -35M | -35M |
| CapEx | 7K | 47K | 175K | 0 | 83K | 805K | 46M | 64M | 13M | 8.9M | 28M | 28M |
| Maint. CapEx | 660K | 481K | 307K | 0 | 87K | 81K | 2.8M | 9.5M | 4.3M | 9.9M | 16M | 16M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 724K | 43M | 54M | 8.4M | 0 | 13M | 13M |
| D&A | 660K | 481K | 307K | 0 | 87K | 81K | 2.8M | 9.5M | 4.3M | 9.9M | 16M | 16M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 28.7% | 51.5% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 3.5M | 0 | 630K | 3.9M | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | 3.9% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75K | 75K |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | N/A | N/A | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Stock-Based Comp | 505K | 1.4M | 661K | 0 | 31K | 40K | 1.9M | 3.7M | 4.3M | 5.3M | 11M | 11M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 77K | 0 | 899K | 2.8M | 2.8M |
| Balance Sheet | ||||||||||||
| Net Debt | 515K | -1.1M | -2K | N/A | N/A | N/A | 5.3M | 16M | 11M | 11M | 38M | 38M |
| Cash & Equiv. | 785K | 1.1M | 2K | 289K | -3.3M | -3.0M | 10M | 9.5M | 10M | 10M | 89M | 89M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 7.1M | 13M | 11M | 7.1M | 18M | 18M |
| Debt/Equity | 0.64 | 0.00 | 0.00 | N/A | 0.50 | 0.46 | 0.17 | 0.61 | 0.82 | -1.72 | 2.37 | 2.37 |
| Interest Coverage | 203.6 | N/A | N/A | -2244.0 | N/A | N/A | -2.4 | -10.1 | -7.4 | -18.8 | -7.0 | -7.0 |
| Equity | 2.0M | -1.4M | 1.6M | N/A | 3.8M | 5.9M | 91M | 42M | 27M | -12M | 54M | 54M |
| Total Assets | N/A | 3.6M | 6.4M | N/A | 5.8M | 8.6M | 118M | 85M | 91M | 88M | 188M | 188M |
| Total Liabilities | -263K | 1.6M | 1.5M | N/A | 1.9M | 2.7M | 27M | 39M | 38M | 61M | 76M | 76M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | 46M | 36M | 27M | 18M | 8.3M | 8.3M |
| Retained Earnings | N/A | -122M | -120M | -122K | -120M | -118M | -123M | -222M | -251M | -314M | -368M | -368M |
| Working Capital | 0 | 0 | 0 | 0 | 3.1M | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Assets | 0 | 0 | 0 | 0 | 4.2M | 4.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Liabilities | 0 | 0 | 0 | 0 | 1.1M | 1.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Per Share Data | ||||||||||||
| EPS | -0.89 | -0.51 | 0.66 | -0.55 | 0.08 | 0.55 | -1.38 | -479.63 | -3.47 | -1.80 | -0.67 | -0.67 |
| Owner EPS | -0.96 | -0.99 | -0.25 | -0.00 | 0.04 | 0.31 | -0.02 | -70.96 | -1.10 | -0.48 | -0.34 | -0.34 |
| Book Value | 0.58 | -0.42 | 0.44 | N/A | 0.98 | 1.67 | 23.78 | 153.95 | 2.52 | -0.29 | 0.52 | 0.52 |
| Cash Flow/Share | -0.63 | -0.44 | 0.02 | -0.00 | 0.07 | 0.34 | 1.21 | -22.50 | -0.28 | -0.12 | -0.09 | -0.52 |
| Dividends/Share | N/A | N/A | N/A | N/A | 0.90 | 0.00 | 0.16 | 14.16 | N/A | N/A | N/A | 0.00 |
| Shares Out. | 3.5M | 3.5M | 3.6M | 3.8M | 3.9M | 3.5M | 3.8M | 0.3M | 10.5M | 42.4M | 102.5M | 102.5M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 22.7 | 21.1 | N/A | N/A | N/A | N/A | N/A | -1.9 |
| P/FCF | N/A | N/A | N/A | N/A | 323.1 | 912.7 | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | 1.9 | 6.9 | N/A | N/A | N/A | N/A | N/A | 2.4 |
| Price/Sales | N/A | N/A | N/A | N/A | 1.5 | 1.2 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Yield | N/A | N/A | N/A | N/A | 2.8% | 1.0% | N/A | N/A | N/A | N/A | N/A | -28.8% |
| Market Cap | 0 | 0 | 0 | 0 | 7.3M | 41M | 0 | 0 | 0 | 0 | 0 | 129M |
| Avg. Price | 0.00 | 0.00 | 0.00 | 0.00 | 22.90 | 28.43 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.26 |
| Year-End Price | 0.00 | 0.00 | 0.00 | 0.00 | 17.00 | 105.50 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1.26 |
Soluna Holdings, Inc passes 1 of 9 quality checks, indicating weak fundamentals.
At current prices, the estimated annualized return to fair value is -4.7%.
Soluna Holdings, Inc (SLNH) has a return on equity (ROE) of -336.3%. A negative ROE may indicate losses or negative equity.
Soluna Holdings, Inc (SLNH) has a 5-year average gross margin of -7.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 11 years of financial data for Soluna Holdings, Inc (SLNH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Soluna Holdings, Inc (SLNH) has a book value per share of $0.52, based on its most recent annual SEC filing.