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SOLUNA HOLDINGS INC Financials

SLNH
Source SEC Filings (10-K/10-Q) Updated Mar 27, 2026 Currency USD FYE March

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

Profitability Growth Leverage Liquidity Cash Flow Returns 22 / 100
Financial Profile 22/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
0

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.

Growth
0

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.

Leverage
98

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.

Liquidity
33

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.

Cash Flow
0

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.

Returns
0

SOLUNA HOLDINGS INC generates a -99.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral
4/9

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.

Earnings Quality Low Quality
0.17x

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.

Interest Coverage At Risk
-1020.6x

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

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Earnings & Revenue

Revenue
$11.4M
YoY-70.0%
5Y CAGR+80.5%
10Y CAGR+2.6%

SOLUNA HOLDINGS INC generated $11.4M in revenue in fiscal year 2025. This represents a decrease of 70.0% from the prior year.

EBITDA
-$24.1M
YoY+36.5%

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.

Net Income
-$53.4M
YoY+15.7%

SOLUNA HOLDINGS INC reported -$53.4M in net income in fiscal year 2025. This represents an increase of 15.7% from the prior year.

EPS (Diluted)
$-2.38
YoY-15873.2%

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

Free Cash Flow
-$37.2M
YoY-161.5%

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.

Cash & Debt
$3.3M
YoY-57.9%
5Y CAGR+4.7%
10Y CAGR+5.6%

SOLUNA HOLDINGS INC held $3.3M in cash against $10.2M in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.99

SOLUNA HOLDINGS INC paid $0.99 per share in dividends in fiscal year 2025.

Shares Outstanding
111M
YoY+950.1%

SOLUNA HOLDINGS INC had 111M shares outstanding in fiscal year 2025. This represents an increase of 950.1% from the prior year.

Margins & Returns

Gross Margin
-5.5%
YoY-30.2pp
5Y CAGR+343.1pp
10Y CAGR-68.1pp

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.

Operating Margin
-295.3%
YoY-170.3pp
5Y CAGR-19.3pp
10Y CAGR-301.7pp

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.

Net Margin
-468.3%
YoY-301.7pp
5Y CAGR-795.3pp
10Y CAGR-476.7pp

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.

Return on Equity
-99.7%
5Y CAGR-132.6pp
10Y CAGR-117.3pp

SOLUNA HOLDINGS INC's ROE was -99.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$75K

SOLUNA HOLDINGS INC spent $75K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$28.1M
YoY+206.4%
5Y CAGR+103.5%
10Y CAGR+80.4%

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

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.

SOLUNA HOLDINGS INC (SLNH) revenue declined by 70% year-over-year, from $38.0M to $11.4M in fiscal year 2025.

No, SOLUNA HOLDINGS INC (SLNH) reported a net income of -$53.4M in fiscal year 2025, with a net profit margin of -468.3%.

SOLUNA HOLDINGS INC (SLNH) reported diluted earnings per share of $-2.38 for fiscal year 2025. This represents a -15873.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

SOLUNA HOLDINGS INC (SLNH) had EBITDA of -$24.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, SOLUNA HOLDINGS INC (SLNH) had $3.3M in cash and equivalents against $10.2M in long-term debt.

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.

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.

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.

Yes, SOLUNA HOLDINGS INC (SLNH) paid $0.99 per share in dividends during fiscal year 2025.

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.

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.

SOLUNA HOLDINGS INC (SLNH) generated -$9.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

SOLUNA HOLDINGS INC (SLNH) had $187.9M in total assets as of fiscal year 2025, including both current and long-term assets.

SOLUNA HOLDINGS INC (SLNH) invested $28.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, SOLUNA HOLDINGS INC (SLNH) spent $75K on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

SOLUNA HOLDINGS INC (SLNH) had 111M shares outstanding as of fiscal year 2025.

SOLUNA HOLDINGS INC (SLNH) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.

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.

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.

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.

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.

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.

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.

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.

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