SLNH

MKT CAP:$36M

Soluna Holdings, Inc.

Market Cap

$36M

Technology·Hardware, Equipment & Parts·🇺🇸 United States·NASDAQ

Technology·Hardware,·🇺🇸·NASDAQ

Stock Price

$1.46+$0.05 (+3.49%)

Apr 21, 2026

Company Details

Soluna Holdings, Inc. builds and develops modular data centers for cryptocurrency mining. It also operates in the blockchain business. The company is headquartered in Albany, New York.

CEO

John Belizaire

IPO Date

Jun 14, 1999

Website

www.solunacomputing.com

Key Metrics TTM

Revenue

$33M

+38.9% YoY

Net Income

-$78M

EPS (Diluted)

-$8.97

Free Cash Flow

-$22M

Revenue / Share

$1.21

Gross Margin

26.0%

Operating Margin

-160.7%

Net Margin

-238.9%

FCF Margin

-66.7%

P/S

1.1x

P/E

—

Earnings Reports

Q4 2025

May 15, 2026

PENDING

FY 2025

Mar 27, 2026

$30MEPS -$2.38

Q3 2025

Nov 14, 2025

$8MEPS -$1.14

Q1 2025

May 15, 2025

$6MEPS -$0.88

Q4 2024

Mar 31, 2025

$8M-18.2%EPS -$4.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$2M	$1M	$362.0K
Q4 18	$3M	$2M	$778.0K
Q1 19	$2M	$1M	$81.0K
Q2 19	$2M	$1M	$291.0K
Q3 19	$2M	$1M	$2.0K
Q4 19	$1M	$959.0K	-$114.0K
Q1 20	$2M	$1M	-$142.0K
Q2 20	$2M	$2M	$600.0K
Q3 20	$4M	$3M	$1M
Q4 20	$2M	$853.0K	-$463.0K
Q1 22	$9M	$8M	-$7M
Q2 22	$9M	-$1M	-$9M
Q4 23	$10M	$8M	-$2M
Q4 24	$8M	-$287.0K	-$35M
Q1 25	$6M	$1M	-$7M
Q3 25	$8M	-$71.0K	-$8M

Valuation

Quarter	P/S	P/E
Q3 18	1.2x	8.5x
Q4 18	1.0x	4.2x
Q1 19	1.3x	5.1x
Q2 19	1.3x	5.1x
Q3 19	1.1x	5.0x
Q4 19	0.6x	11.7x
Q1 20	0.9x	60.9x
Q2 20	0.9x	16.6x
Q3 20	1.6x	8.0x
Q4 20	4.2x	20.9x
Q1 22	9.1x	—
Q2 22	3.0x	—
Q4 23	0.4x	—
Q4 24	0.5x	—
Q1 25	1.2x	—
Q3 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$148.0K	$137.0K
Q4 18	$1M	$1M
Q1 19	-$260.0K	-$278.0K
Q2 19	$474.0K	$469.0K
Q3 19	$185.0K	$160.0K
Q4 19	-$110.0K	-$145.0K
Q1 20	-$333.0K	-$342.0K
Q2 20	$272.0K	-$67.0K
Q3 20	$2M	$2M
Q4 20	$106.0K	-$347.0K
Q1 22	$1M	-$27M
Q2 22	$780.0K	-$24M
Q4 23	$1M	$1M
Q4 24	-$2M	-$7M
Q1 25	-$177.0K	-$4M
Q3 25	-$2M	-$12M

Capital Expenditures

Quarter	CapEx
Q3 18	$11.0K
Q4 18	$16.0K
Q1 19	$18.0K
Q2 19	$5.0K
Q3 19	$25.0K
Q4 19	$35.0K
Q1 20	$9.0K
Q2 20	$339.0K
Q3 20	$34.0K
Q4 20	$453.0K
Q1 22	$28M
Q2 22	$25M
Q4 23	$171.0K
Q4 24	$5M
Q1 25	$4M
Q3 25	$10M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+0.2%	-1.0%
Q4 18	+28.6%	+8.4%
Q1 19	+3.6%	-1.5%
Q2 19	-10.4%	-7.3%
Q3 19	-11.9%	+9.3%
Q4 19	-43.1%	-12.4%
Q1 20	-3.8%	+10.2%
Q2 20	+34.8%	+21.1%
Q3 20	+124.8%	+36.3%
Q4 20	+28.1%	+48.0%
Q1 22	+488.5%	+834.1%
Q2 22	+255.6%	+884.1%
Q4 23	+174.4%	+461.8%
Q4 24	+337.9%	+1750.0%
Q1 25	-36.3%	-18.6%
Q3 25	-3.0%	-10.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$0	0.0%
Q4 18	$2.0K	0.1%
Q1 19	$6.0K	0.4%
Q2 19	$6.0K	0.3%
Q3 19	$6.0K	0.4%
Q4 19	$13.0K	0.9%
Q1 20	$12.0K	0.8%
Q2 20	$12.0K	0.5%
Q3 20	$11.0K	0.3%
Q4 20	$0	0.0%
Q1 22	$927.0K	10.0%
Q2 22	$1M	11.8%
Q4 23	$603.0K	6.0%
Q4 24	$0	0.0%
Q1 25	$2M	31.1%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 18	$304.0K	—	—	$625.0K
Q4 18	$380.0K	—	—	$702.0K
Q1 19	$305.0K	—	—	$676.0K
Q2 19	$354.0K	—	—	$635.0K
Q3 19	$374.0K	—	—	$689.0K
Q4 19	$347.0K	—	—	$726.0K
Q1 20	$403.0K	—	—	$795.0K
Q2 20	$362.0K	—	—	$847.0K
Q3 20	$363.0K	—	—	$990.0K
Q4 20	$364.0K	—	—	$952.0K
Q1 22	—	$5M	—	—
Q2 22	—	$5M	—	—
Q4 23	—	$4M	$300.0K	—
Q4 24	—	$4M	—	—
Q1 25	—	$6M	—	—
Q3 25	—	$8M	—	—

Revenue Segments

Quarter	Cryptocurrency Mining	Data Center Hosting
Q3 25	$3M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$0	$3M
Q2 22	$5M	$0	$5M
Q3 22	$1M	$0	$1M
Q4 22	$1M	$0	$1M
Q1 23	$5M	$0	$5M
Q2 23	$7M	$0	$7M
Q3 23	$6M	$0	$6M
Q4 23	$9M	$0	$9M
Q1 24	$8M	$0	$8M
Q2 24	$10M	$0	$10M
Q3 24	$9M	$0	$9M
Q4 24	$8M	$0	$8M
Q1 25	$9M	$0	$9M
Q2 25	$10M	$0	$10M
Q3 25	$55M	$0	$55M
Q4 25	$76M	$0	$76M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	379K	+0.3%	+0.4%
Q4 18	378K	-0.2%	+2.7%
Q1 19	382K	+1.1%	+0.9%
Q2 19	386K	+1.1%	+2.3%
Q3 19	384K	-0.5%	+1.5%
Q4 19	383K	-0.4%	+1.3%
Q1 20	383K	-0.0%	+0.2%
Q2 20	401K	+4.8%	+3.9%
Q3 20	387K	-3.5%	+0.8%
Q4 20	386K	-0.4%	+0.7%
Q1 22	555K	+43.9%	+44.9%
Q2 22	562K	+1.3%	+40.0%
Q4 23	3M	+345.9%	+546.8%
Q4 24	11M	+323.3%	+2650.1%
Q1 25	12M	+12.6%	+2052.0%
Q3 25	27M	+126.0%	+4701.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$68.9K	27
Q4 18	$96.0K	27
Q1 19	$61.0K	27
Q2 19	$67.0K	27
Q3 19	$60.7K	27
Q4 19	$54.6K	27
Q1 20	$58.6K	27
Q2 20	$90.4K	27
Q3 20	$136.6K	27
Q4 20	$57.2K	33
Q1 22	$150.3K	62
Q2 22	$139.9K	62
Q4 23	$252.9K	40
Q4 24	$172.3K	48
Q1 25	$123.7K	48
Q3 25	$175.3K	48

Revenue / Employee