This page shows SOLUNA HOLDINGS INC (SLNH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
SOLUNA HOLDINGS INC has an operating margin of -295.3%, meaning the company retains $-295 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -125.0% the prior year.
SOLUNA HOLDINGS INC's revenue declined 70% year-over-year, from $38.0M to $11.4M. This contraction results in a growth score of 0/100.
SOLUNA HOLDINGS INC carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
SOLUNA HOLDINGS INC's current ratio of 1.87 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
While SOLUNA HOLDINGS INC generated -$9.1M in operating cash flow, capex of $28.1M consumed most of it, leaving -$37.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
SOLUNA HOLDINGS INC generates a -99.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
SOLUNA HOLDINGS INC passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, SOLUNA HOLDINGS INC generates $0.17 in operating cash flow (-$9.1M OCF vs -$53.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SOLUNA HOLDINGS INC earns $-1020.6 in operating income for every $1 of interest expense (-$33.7M vs $33K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SOLUNA HOLDINGS INC generated $11.4M in revenue in fiscal year 2025. This represents a decrease of 70.0% from the prior year.
SOLUNA HOLDINGS INC's EBITDA was -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.5% from the prior year.
SOLUNA HOLDINGS INC reported -$53.4M in net income in fiscal year 2025. This represents an increase of 15.7% from the prior year.
SOLUNA HOLDINGS INC earned $-2.38 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15873.2% from the prior year.
Cash & Balance Sheet
SOLUNA HOLDINGS INC generated -$37.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 161.5% from the prior year.
SOLUNA HOLDINGS INC held $3.3M in cash against $10.2M in long-term debt as of fiscal year 2025.
SOLUNA HOLDINGS INC paid $0.99 per share in dividends in fiscal year 2025.
SOLUNA HOLDINGS INC had 111M shares outstanding in fiscal year 2025. This represents an increase of 950.1% from the prior year.
Margins & Returns
SOLUNA HOLDINGS INC's gross margin was -5.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 30.2 percentage points from the prior year.
SOLUNA HOLDINGS INC's operating margin was -295.3% in fiscal year 2025, reflecting core business profitability. This is down 170.3 percentage points from the prior year.
SOLUNA HOLDINGS INC's net profit margin was -468.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 301.7 percentage points from the prior year.
SOLUNA HOLDINGS INC's ROE was -99.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
SOLUNA HOLDINGS INC spent $75K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
SOLUNA HOLDINGS INC invested $28.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 206.4% from the prior year.
SLNH Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.4M+36.7% | $6.2M+3.7% | $5.9M-28.2% | $8.3M+9.9% | $7.5M-22.2% | $9.7M-22.9% | $12.5M+24.0% | $10.1M |
| Cost of Revenue | $6.1M+22.5% | $5.0M+4.3% | $4.8M-44.3% | $8.6M-3.7% | $8.9M+59.7% | $5.6M-0.9% | $5.6M-3.7% | $5.8M |
| Gross Profit | $802K+106.2% | $389K+15.1% | $338K+101.1% | -$29.8M-915.1% | -$2.9M-187.9% | $3.3M-41.3% | $5.7M+213.5% | $1.8M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $10.1M+29.6% | $7.8M-6.6% | $8.3M+31.3% | $6.4M-16.9% | $7.7M-1.7% | $7.8M+21.7% | $6.4M-2.3% | $6.5M |
| Operating Income | -$7.8M-17.5% | -$6.6M+7.7% | -$7.2M+79.6% | -$35.2M-290.8% | -$9.0M-145.3% | -$3.7M-1002.9% | $407K+116.8% | -$2.4M |
| Interest Expense | $1.2M+1.3% | $1.2M+42.7% | $838K+0.6% | $833K+1.5% | $821K+82.9% | $449K+5.9% | $424K+7.9% | $393K |
| Income Tax | -$666K-9.5% | -$608K-43.1% | -$425K+42.8% | -$743K-35.8% | -$547K+15.7% | -$649K-18.4% | -$548K-1.1% | -$542K |
| Net Income | -$24.0M-224.5% | -$7.4M+2.3% | -$7.6M+80.4% | -$38.5M-435.7% | -$7.2M+33.9% | -$10.9M-106.9% | -$5.3M-5.1% | -$5.0M |
| EPS (Diluted) | $-1.14-22.6% | $-0.93+23.1% | $-1.21 | N/A | $-1.56+56.9% | $-3.62-38.2% | $-2.62 | N/A |
SLNH Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $152.0M+65.3% | $92.0M+2.1% | $90.0M+2.3% | $88.0M-9.6% | $97.3M-1.3% | $98.7M+8.9% | $90.6M-0.7% | $91.3M |
| Current Assets | $66.4M+291.1% | $17.0M+7.7% | $15.8M+16.8% | $13.5M-27.1% | $18.5M-32.6% | $27.5M+61.7% | $17.0M+19.0% | $14.3M |
| Cash & Equivalents | $51.4M+420.1% | $9.9M+7.8% | $9.2M+16.8% | $7.8M-10.5% | $8.8M-8.3% | $9.6M+13.3% | $8.4M+32.5% | $6.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $4.4M+66.4% | $2.6M+12.1% | $2.4M-12.2% | $2.7M+31.7% | $2.0M-40.4% | $3.4M-22.4% | $4.4M+50.2% | $2.9M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $137.6M+23.5% | $111.4M+5.0% | $106.1M+5.6% | $100.5M+31.4% | $76.5M+2.9% | $74.3M+7.5% | $69.1M+6.7% | $64.8M |
| Current Liabilities | $56.2M+17.4% | $47.9M+0.6% | $47.6M-0.7% | $47.9M+52.8% | $31.3M-3.7% | $32.5M+0.1% | $32.5M+15.3% | $28.2M |
| Long-Term Debt | $13.3M+32.3% | $10.0M-1.7% | $10.2M+44.3% | $7.1M-12.8% | $8.1M-10.3% | $9.0M | N/A | N/A |
| Total Equity | $14.5M+174.4% | -$19.5M-21.1% | -$16.1M-28.7% | -$12.5M-159.8% | $20.9M-14.3% | $24.4M+13.2% | $21.5M-18.8% | $26.5M |
| Retained Earnings | -$353.2M-7.3% | -$329.2M-2.3% | -$321.9M-2.4% | -$314.3M-14.6% | -$274.3M-2.7% | -$267.1M-4.2% | -$256.2M-2.1% | -$251.0M |
SLNH Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M-101.3% | -$1.1M-519.2% | -$177K+89.3% | -$1.7M-2816.4% | $61K+100.8% | -$7.3M-290.2% | $3.9M+171.7% | $1.4M |
| Capital Expenditures | $4.6M-45.7% | $8.6M+124.7% | $3.8M-30.1% | $5.4M+58.6% | $3.4M+1495.9% | -$246K-146.9% | $524K+206.4% | $171K |
| Free Cash Flow | -$6.8M+29.0% | -$9.7M-142.2% | -$4.0M+43.9% | -$7.1M-110.6% | -$3.4M+55.4% | -$7.6M-327.6% | $3.3M+166.9% | $1.2M |
| Investing Cash Flow | -$9.8M-107.7% | -$4.7M-29.4% | -$3.6M+33.5% | -$5.5M-0.1% | -$5.5M-291.7% | -$1.4M-68.8% | -$827K-288.3% | -$213K |
| Financing Cash Flow | $57.3M+780.1% | $6.5M-16.7% | $7.8M+45.3% | $5.4M+5.3% | $5.1M-48.1% | $9.8M+592.7% | -$2.0M-124.3% | -$890K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SLNH Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 9.5%+3.2pp | 6.3%+0.6pp | 5.7%+366.5pp | -360.8%-321.7pp | -39.1%-73.6pp | 34.6%-10.9pp | 45.5%+27.5pp | 18.0% |
| Operating Margin | -92.5%+15.1pp | -107.6%+13.3pp | -120.9%+305.1pp | -426.0%-306.2pp | -119.8%-81.8pp | -38.0%-41.2pp | 3.2%+27.2pp | -23.9% |
| Net Margin | -284.7%-164.8pp | -119.9%+7.4pp | -127.3%+338.3pp | -465.6%-370.1pp | -95.5%+16.8pp | -112.4%-70.5pp | -41.9%+7.5pp | -49.4% |
| Return on Equity | -165.5% | N/A | N/A | N/A | -34.4%+10.2pp | -44.6%-20.2pp | -24.4%-5.5pp | -18.9% |
| Return on Assets | -15.8%-7.7pp | -8.0%+0.4pp | -8.4%+35.4pp | -43.8%-36.4pp | -7.4%+3.6pp | -11.0%-5.2pp | -5.8%-0.3pp | -5.5% |
| Current Ratio | 1.18+0.8 | 0.35+0.0 | 0.33+0.0 | 0.28-0.3 | 0.59-0.3 | 0.84+0.3 | 0.52+0.0 | 0.51 |
| Debt-to-Equity | 0.92+1.4 | -0.52+0.1 | -0.63-0.1 | -0.57-1.0 | 0.39+0.0 | 0.37-2.8 | 3.21+0.8 | 2.44 |
| FCF Margin | -81.4%+75.4pp | -156.8%-89.6pp | -67.1%+18.8pp | -85.9%-41.1pp | -44.8%+33.4pp | -78.2%-104.7pp | 26.5%+14.2pp | 12.3% |
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Frequently Asked Questions
What is SOLUNA HOLDINGS INC's annual revenue?
SOLUNA HOLDINGS INC (SLNH) reported $11.4M in total revenue for fiscal year 2025. This represents a -70.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SOLUNA HOLDINGS INC's revenue growing?
SOLUNA HOLDINGS INC (SLNH) revenue declined by 70% year-over-year, from $38.0M to $11.4M in fiscal year 2025.
Is SOLUNA HOLDINGS INC profitable?
No, SOLUNA HOLDINGS INC (SLNH) reported a net income of -$53.4M in fiscal year 2025, with a net profit margin of -468.3%.
What is SOLUNA HOLDINGS INC's EBITDA?
SOLUNA HOLDINGS INC (SLNH) had EBITDA of -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does SOLUNA HOLDINGS INC have?
As of fiscal year 2025, SOLUNA HOLDINGS INC (SLNH) had $3.3M in cash and equivalents against $10.2M in long-term debt.
What is SOLUNA HOLDINGS INC's gross margin?
SOLUNA HOLDINGS INC (SLNH) had a gross margin of -5.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SOLUNA HOLDINGS INC's operating margin?
SOLUNA HOLDINGS INC (SLNH) had an operating margin of -295.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is SOLUNA HOLDINGS INC's net profit margin?
SOLUNA HOLDINGS INC (SLNH) had a net profit margin of -468.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does SOLUNA HOLDINGS INC pay dividends?
Yes, SOLUNA HOLDINGS INC (SLNH) paid $0.99 per share in dividends during fiscal year 2025.
What is SOLUNA HOLDINGS INC's return on equity (ROE)?
SOLUNA HOLDINGS INC (SLNH) has a return on equity of -99.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SOLUNA HOLDINGS INC's free cash flow?
SOLUNA HOLDINGS INC (SLNH) generated -$37.2M in free cash flow during fiscal year 2025. This represents a -161.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is SOLUNA HOLDINGS INC's operating cash flow?
SOLUNA HOLDINGS INC (SLNH) generated -$9.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SOLUNA HOLDINGS INC's total assets?
SOLUNA HOLDINGS INC (SLNH) had $187.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are SOLUNA HOLDINGS INC's capital expenditures?
SOLUNA HOLDINGS INC (SLNH) invested $28.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is SOLUNA HOLDINGS INC's current ratio?
SOLUNA HOLDINGS INC (SLNH) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.
What is SOLUNA HOLDINGS INC's debt-to-equity ratio?
SOLUNA HOLDINGS INC (SLNH) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SOLUNA HOLDINGS INC's return on assets (ROA)?
SOLUNA HOLDINGS INC (SLNH) had a return on assets of -28.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SOLUNA HOLDINGS INC's cash runway?
Based on fiscal year 2025 data, SOLUNA HOLDINGS INC (SLNH) had $3.3M in cash against an annual operating cash burn of $9.1M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is SOLUNA HOLDINGS INC's Piotroski F-Score?
SOLUNA HOLDINGS INC (SLNH) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SOLUNA HOLDINGS INC's earnings high quality?
SOLUNA HOLDINGS INC (SLNH) has an earnings quality ratio of 0.17x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SOLUNA HOLDINGS INC cover its interest payments?
SOLUNA HOLDINGS INC (SLNH) has an interest coverage ratio of -1020.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SOLUNA HOLDINGS INC?
SOLUNA HOLDINGS INC (SLNH) scores 22 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.