NASDAQ : SLNH
Soluna Holdings, Inc. — Financial statements
Financials · Capital Markets · United States
Last price 0.6989 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 170.94M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Soluna Holdings, Inc. (SLNH) reported revenue of 42.08M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 30.80M | 17.03M | 18.85M | 10.20M | 4.14M | 3.41M |
| Other Revenue | 11.28M | 12.69M | 19.17M | 10.87M | 24.41M | 10.93M |
| Revenue | 42.08M | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M |
| Cost of Revenue | 17.45M | 9.11M | 15.10M | 5.60M | 3.57M | 2.44M |
| Gross Profit | 24.63M | 20.61M | 22.92M | 15.46M | 24.98M | 11.90M |
| Selling, General & Admin | 50.55M | 30.52M | 18.58M | 15.39M | 19.20M | 9.17M |
| Other Operating Expenses | 13.74M | 11.67M | 11.74M | 6.07M | 14.16M | 3.50M |
| Operating Expenses | 78.00M | 54.27M | 41.72M | 35.13M | 61.64M | 16.38M |
| Operating Income | -53.38M | -33.67M | -18.80M | -19.67M | -36.67M | -4.48M |
| Interest Expense | -7.45M | -4.83M | -2.53M | -2.75M | -8.38M | -1.88M |
| Other Non Operating Income (Expenses) | -28.17M | -30.30M | -9.32M | -1.48M | 22.00K | 11.00K |
| EBT Excluding Unusual Items | -89.00M | -68.80M | -30.64M | -23.89M | -45.02M | -6.34M |
| Gain (Loss) on Sale of Investments | -750.00K | |||||
| Gain (Loss) on Sale of Assets | -1.68M | -1.15M | -31.00K | -398.00K | -4.09M | |
| Asset Writedown | -70.00K | -12.00K | -130.00K | -575.00K | -47.37M | |
| Legal Settlements | 254.00K | |||||
| Other Unusual Items | 5.91M | 10.66M | -30.24M | -3.90M | -11.13M | |
| Pretax Income | -84.84M | -59.31M | -60.79M | -28.77M | -108.36M | -6.34M |
| Income Tax Expense | -2.45M | -2.32M | -2.49M | -1.07M | -1.35M | 44.00K |
| Earnings From Continuing Operations | -82.38M | -56.99M | -58.30M | -27.70M | -107.02M | -6.39M |
| Earnings From Discontinued Operations | 7.92M | 1.13M | ||||
| Net Income to Company | -82.38M | -56.99M | -58.30M | -27.70M | -99.09M | -5.26M |
| Minority Interest in Earnings | 5.74M | 3.58M | -5.03M | -1.50M | 380.00K | |
| Net Income | -76.65M | -53.41M | -63.33M | -29.20M | -98.72M | -5.26M |
| Preferred Dividends & Other Adjustments | 15.71M | 15.65M | 13.00M | 6.89M | 5.81M | 630.00K |
| Net Income to Common | -92.36M | -69.06M | -76.33M | -36.09M | -104.53M | -5.89M |
| Shares Outstanding (Basic) | 77.91M | 29.05M | 5.11M | 1.31M | 599.30K | 473.61K |
| Shares Outstanding (Diluted) | 77.91M | 29.05M | 5.11M | 1.31M | 599.30K | 473.61K |
| EPS (Basic) | -1.19 | -2.38 | -14.94 | -27.47 | -174.41 | -12.44 |
| EPS (Diluted) | -1.19 | -2.38 | -14.94 | -27.47 | -174.41 | -12.44 |
| Free Cash Flow | -56.50M | -40.87M | -18.35M | -15.69M | -69.43M | -40.24M |
| Free Cash Flow Per Share | -0.72 | -1.41 | -3.59 | -11.95 | -115.86 | -84.96 |
| Gross Margin | 58.53% | 69.34% | 60.28% | 73.41% | 87.49% | 82.96% |
| Operating Margin | -126.86% | -113.30% | -49.45% | -93.35% | -128.45% | -31.20% |
| Profit Margin | -219.49% | -232.39% | -200.76% | -171.31% | -366.15% | -41.07% |
| Free Cash Flow Margin | -134.27% | -137.52% | -48.25% | -74.49% | -243.22% | -280.52% |
| EBITDA | -34.44M | -17.32M | -3.16M | -6.29M | -8.45M | -773.00K |
| EBITDA Margin | -81.85% | -58.30% | -8.31% | -29.85% | -29.61% | -5.39% |
| D&A For EBITDA | 18.94M | 16.34M | 15.64M | 13.38M | 28.21M | 3.70M |
| EBIT | -53.38M | -33.67M | -18.80M | -19.67M | -36.67M | -4.48M |
| EBIT Margin | -126.86% | -113.30% | -49.45% | -93.35% | -128.45% | -31.20% |
| Revenue as Reported | 42.08M | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 113.36M | 76.42M | 7.84M | 6.37M | 1.14M | 10.26M |
| Cash & Short-Term Investments | 113.36M | 76.42M | 7.84M | 6.37M | 1.14M | 10.26M |
| Accounts Receivable | 5.42M | 4.53M | 1.18M | 2.67M | 73.00K | 450.00K |
| Other Receivables | 1.31M | 1.00M | 1.60M | 276.00K | 247.00K | 81.00K |
| Receivables | 6.74M | 8.55M | 2.77M | 3.39M | 539.00K | 531.00K |
| Prepaid Expenses | 4.46M | 2.58M | 1.65M | 1.42M | 1.11M | 977.00K |
| Restricted Cash | 10.01M | 4.50M | 1.15M | 3.00M | 685.00K | |
| Other Current Assets | 58.00K | 64.00K | 81.00K | 107.00K | 295.00K | 13.22M |
| Total Current Assets | 134.62M | 92.13M | 13.49M | 14.28M | 3.76M | 24.98M |
| Property, Plant & Equipment | 143.73M | 77.28M | 47.60M | 45.00M | 42.44M | 45.00M |
| Long-Term Investments | 750.00K | |||||
| Other Intangible Assets | 6.07M | 8.26M | 17.62M | 27.01M | 36.43M | 45.84M |
| Long-Term Deferred Charges | 25.00K | 75.00K | ||||
| Other Long-Term Assets | 9.10M | 10.25M | 9.25M | 4.98M | 2.33M | 1.12M |
| Total Assets | 293.51M | 187.94M | 88.04M | 91.28M | 84.96M | 117.69M |
| Accounts Payable | 3.79M | 4.86M | 2.84M | 2.10M | 3.55M | 2.96M |
| Accrued Expenses | 7.25M | 13.12M | 8.70M | 4.54M | 2.12M | 2.50M |
| Short-Term Debt | 8.47M | 12.09M | 8.12M | |||
| Current Portion of Long-Term Debt | 30.10M | 8.86M | 14.44M | 10.86M | 10.55M | |
| Current Portion of Leases | 131.00K | 85.00K | 61.00K | 220.00K | 161.00K | 184.00K |
| Current Income Taxes Payable | 147.00K | 123.00K | 37.00K | 24.00K | 2.00K | |
| Current Unearned Revenue | 19.91M | 19.87M | 20.02M | 453.00K | 316.00K | |
| Other Current Liabilities | 4.12M | 2.28M | 1.78M | 1.96M | 606.00K | 1.61M |
| Total Current Liabilities | 65.44M | 49.19M | 47.87M | 28.18M | 29.52M | 15.68M |
| Long-Term Debt | 3.02M | 17.90M | 7.06M | |||
| Long-Term Leases | 6.04M | 2.42M | 252.00K | 216.00K | 84.00K | 237.00K |
| Long-Term Deferred Tax Liabilities | 1.73M | 2.91M | 5.26M | 7.78M | 8.89M | 10.28M |
| Other Long-Term Liabilities | 5.58M | 3.28M | 235.00K | 1.75M | 203.00K | 509.00K |
| Total Liabilities | 81.82M | 75.70M | 60.68M | 37.92M | 38.69M | 26.71M |
| Common Stock | 226.00K | 103.00K | 11.00K | 3.00K | 1.00K | 15.00K |
| Additional Paid-In Capital | 575.59M | 435.03M | 315.61M | 291.28M | 277.43M | 227.79M |
| Retained Earnings | -405.89M | -367.71M | -314.30M | -250.97M | -221.77M | -123.05M |
| Treasury Stock | -14.00M | -13.87M | -13.80M | -13.80M | -13.80M | -13.76M |
| Comprehensive Income & Other | 1.31M | 1.31M | ||||
| Total Common Equity | 157.24M | 54.86M | -12.48M | 26.51M | 41.86M | 90.99M |
| Minority Interest | 54.45M | 57.38M | 39.84M | 26.84M | 4.41M | |
| Shareholders' Equity | 211.70M | 112.25M | 27.36M | 53.36M | 46.27M | 90.99M |
| Total Liabilities & Equity | 293.51M | 187.94M | 88.04M | 91.28M | 84.96M | 117.69M |
| Total Debt | 39.30M | 29.27M | 21.82M | 19.77M | 22.88M | 8.54M |
| Net Cash (Debt) | 74.07M | 47.16M | -13.97M | -13.41M | -21.74M | 1.72M |
| Net Cash Per Share | 0.95 | 1.62 | -2.74 | -10.20 | -36.28 | 3.62 |
| Filing Date Shares Outstanding | 244.59M | 111.38M | 12.49M | 2.84M | 987.07K | 557.99K |
| Total Common Shares Outstanding | 225.82M | 102.53M | 10.61M | 2.51M | 747.77K | 550.17K |
| Working Capital | 69.18M | 42.94M | -34.38M | -13.89M | -25.75M | 9.30M |
| Book Value Per Share | 0.70 | 0.54 | -1.18 | 10.58 | 55.98 | 165.38 |
| Tangible Book Value | 151.17M | 46.60M | -30.10M | -496.00K | 5.43M | 45.15M |
| Tangible Book Value Per Share | 0.67 | 0.45 | -2.84 | -0.20 | 7.26 | 82.06 |
| Land | 7.32M | 4.47M | 1.55M | 1.54M | 540.00K | 52.00K |
| Buildings | 49.92M | 36.46M | 25.45M | 25.37M | 6.41M | 5.65M |
| Machinery | 41.78M | 33.14M | 20.89M | 20.85M | 10.58M | 33.52M |
| Construction In Progress | 8.12M | 16.21M | 9.25M | 1.11M | 26.18M | 7.59M |
| Leasehold Improvements | 317.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -76.65M | -53.41M | -63.33M | -29.20M | -98.72M | -5.26M |
| Depreciation & Amortization | 19.13M | 16.53M | 15.77M | 13.62M | 28.42M | 3.87M |
| Other Amortization | 2.98M | 1.11M | 2.36M | 753.00K | 6.54M | 1.88M |
| Loss (Gain) From Sale of Assets | 1.68M | 1.15M | 31.00K | 398.00K | 4.09M | |
| Asset Writedown & Restructuring Costs | 70.00K | 12.00K | 130.00K | 575.00K | 47.37M | |
| Loss (Gain) From Sale of Investments | 750.00K | |||||
| Stock-Based Compensation | 26.48M | 10.57M | 5.31M | 4.31M | 3.85M | 2.04M |
| Provision & Write-off of Bad Debts | 760.00K | |||||
| Other Operating Activities | 9.54M | 7.25M | 38.84M | 4.29M | 1.44M | -1.09M |
| Change in Accounts Receivable | -2.60M | -2.83M | -505.00K | -2.62M | 211.00K | -471.00K |
| Change in Accounts Payable | -1.62M | 2.01M | 741.00K | -862.00K | 553.00K | 2.77M |
| Change in Unearned Revenue | 763.00K | 345.00K | -453.00K | 137.00K | 316.00K | |
| Change in Other Net Operating Assets | 781.00K | 8.11M | -5.18M | 6.20M | -762.00K | 579.00K |
| Operating Cash Flow | -19.43M | -9.15M | -5.07M | -2.99M | -5.75M | 5.55M |
| Capital Expenditures | -37.07M | -31.72M | -13.28M | -12.71M | -63.68M | -45.79M |
| Sale of Property, Plant & Equipment | 32.00K | 215.00K | 2.29M | 2.60M | ||
| Sale (Purchase) of Intangibles | -119.00K | -134.00K | -101.00K | -58.00K | -76.00K | -1.57M |
| Other Investing Activities | 147.00K | 15.53M | -9.95M | |||
| Investing Cash Flow | -88.57M | -31.85M | -13.16M | -10.33M | -45.63M | -57.30M |
| Short-Term Debt Issued | 23.89M | 14.47M | 3.10M | 30.54M | 16.00M | |
| Total Debt Issued | 43.12M | 23.89M | 14.47M | 3.10M | 30.54M | 16.00M |
| Short-Term Debt Repaid | -350.00K | -4.49M | ||||
| Long-Term Debt Repaid | -6.79M | -2.67M | -1.06M | |||
| Total Debt Repaid | -21.66M | -6.79M | -2.67M | -1.41M | -4.49M | |
| Net Debt Issued (Repaid) | 21.46M | 17.09M | 11.79M | 1.69M | 26.05M | 16.00M |
| Issuance of Common Stock | 46.94M | 44.38M | 2.33M | 817.00K | 3.79M | 21.94M |
| Repurchase of Common Stock | -206.00K | -75.00K | ||||
| Preferred Dividends Paid | -3.85M | -630.00K | ||||
| Dividends Paid | -2.06M | -3.85M | -630.00K | |||
| Other Financing Activities | 158.00M | 57.99M | 4.19M | 19.35M | 294.00K | -5.89M |
| Financing Cash Flow | 224.13M | 119.39M | 18.32M | 21.86M | 42.94M | 59.38M |
| Net Cash Flow | 116.14M | 78.39M | 86.00K | 8.55M | -8.44M | 7.63M |
| Free Cash Flow | -56.50M | -40.87M | -18.35M | -15.69M | -69.43M | -40.24M |
| Free Cash Flow Margin | -134.27% | -137.52% | -48.25% | -74.49% | -243.22% | -280.52% |
| Free Cash Flow Per Share | -0.72 | -1.41 | -3.59 | -11.95 | -115.86 | -84.96 |
| Levered Free Cash Flow | -40.09M | -30.88M | 23.75M | -11.49M | -41.66M | -50.34M |
| Unlevered Free Cash Flow | -38.42M | -28.97M | 22.97M | -10.52M | -42.97M | -51.04M |
| Cash Interest Paid | 3.54M | 1.98M | 527.00K | 827.00K | ||
| Change in Working Capital | -2.67M | 7.64M | -4.94M | 2.27M | 139.00K | 3.19M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 151.65M | 115.33M | 17.58M | 6.44M | 4.87M | 141.31M |
| Enterprise Value | 77.58M | 149.89M | 65.72M | 48.86M | 32.34M | 126.63M |
| Last Close Price | 0.67 | 1.17 | 2.10 | 4.00 | 6.52 | 269.00 |
| PS Ratio | 3.90 | 3.88 | 0.46 | 0.31 | 0.17 | 9.85 |
| PB Ratio | 0.96 | 1.03 | 0.64 | 0.12 | 0.10 | 1.55 |
| P/TBV Ratio | 1.09 | 2.48 | 0.90 | 3.13 | ||
| P/OCF Ratio | 25.45 | |||||
| EV/Sales Ratio | 2.14 | 5.04 | 1.73 | 2.32 | 1.13 | 8.83 |
| Debt / Equity Ratio | 0.19 | 0.26 | 0.80 | 0.37 | 0.49 | 0.09 |
| Net Debt / Equity Ratio | -0.35 | -0.42 | 0.51 | 0.25 | 0.47 | -0.02 |
| Net Debt / EBITDA Ratio | 2.15 | 2.72 | -4.42 | -2.13 | -2.57 | 2.22 |
| Net Debt / FCF Ratio | 1.31 | 1.15 | -0.76 | -0.85 | -0.31 | 0.04 |
| Asset Turnover | 0.22 | 0.21 | 0.42 | 0.24 | 0.28 | 0.23 |
| Quick Ratio | 1.83 | 1.67 | 0.22 | 0.33 | 0.05 | 0.69 |
| Current Ratio | 2.06 | 1.87 | 0.28 | 0.51 | 0.13 | 1.59 |
| Return on Equity (ROE) | -68.36% | -81.64% | -144.45% | -55.61% | -155.93% | -13.18% |
| Return on Assets (ROA) | -17.31% | -15.25% | -13.11% | -13.95% | -22.62% | -4.43% |
| Return on Invested Capital (ROIC) | -50.50% | -63.27% | -34.78% | -29.18% | -46.63% | -9.63% |
| Return on Capital Employed (ROCE) | -23.40% | -24.30% | -46.80% | -31.20% | -66.10% | -4.40% |
| Earnings Yield | -191.19% | -46.31% | -360.20% | -453.49% | -2,027.25% | -3.72% |
| FCF Yield | -34.41% | -35.44% | -104.34% | -243.70% | -1,425.90% | -28.48% |
| Buyback Yield / Dilution | -845.86% | -468.54% | -288.92% | -119.21% | -26.54% | -23.57% |