What is SOLUNA HOLDINGS INC's earnings per share (EPS)?

SOLUNA HOLDINGS INC (SLNHP) reported diluted earnings per share of -$2.38 for fiscal year 2025. 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 (SLNHP) Financials

SLNHP

Trailing 12 months to June 30, 2026

Revenue $42.1M +50.9% YoY

Net Income -$78.2M -28.9% YoY

EPS (Diluted) -$2.38 FY2025 annual

Free Cash Flow -$49.2M -155.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 13, 2026 Currency USD FYE December

Newest figures come from the 10-K for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SLNHP SEC filings page.

SOLUNA HOLDINGS INC (SLNHP) reported $42.1M in revenue over the twelve months to Jun 30, 2026, up 50.9% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI SLNHP FY2025 2026-08-29

The business remains dependent on external financing because recurring operating losses and capital spending outpace internally generated cash.

In FY2025, financing provided $119M while operating cash flow was -$9.1M, so the balance-sheet improvement came from funding activity rather than operations. The current ratio recovered from 0.3x in FY2024 to 1.9x in FY2025, while equity also turned positive—a balance-sheet reset that did not resolve cash generation.

Gross margin swung from -62.4% in FY2024 to 6.1% in FY2025, indicating unstable cost economics rather than a steady scale effect. FY2025 SG&A reached $40.1M while gross profit was only $1.8M, leaving operating costs structurally ahead of the gross profit pool.

Capital spending of $28.1M helped drive free cash flow to -$37.2M in FY2025, showing that reinvestment consumes materially more cash than day-to-day operations alone. This makes reported earnings a poor standalone gauge of funding needs because the company must finance both operating deficits and asset investment.

Financial Health Signals

Financial Health Score 32/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of SOLUNA HOLDINGS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

SOLUNA HOLDINGS INC earned a return on assets of -28.4% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from -71.9% the prior year. Earnings ranks banks on that return over three years, and SOLUNA HOLDINGS INC scores 2/100 among other banks.

Growth

SOLUNA HOLDINGS INC reported revenue of $29.7M in fiscal year 2025, against $38.0M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and SOLUNA HOLDINGS INC scores 76/100 among other banks.

Capital

SOLUNA HOLDINGS INC funded 28.5% of its assets with shareholders' equity at the end of fiscal year 2025, holding $53.5M of equity against $187.9M of assets. Capital ranks banks on that cushion, and SOLUNA HOLDINGS INC scores 87/100 among other banks.

Efficiency

Not available for SOLUNA HOLDINGS INC, and counted as zero in the overall score.

Credit Quality

Not available for SOLUNA HOLDINGS INC, and counted as zero in the overall score.

Stability

SOLUNA HOLDINGS INC reported a net loss of $53.4M in fiscal year 2025, against a loss of $63.3M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and SOLUNA HOLDINGS INC scores 27/100 among other banks.

Piotroski F-Score Weak

3/9

SOLUNA HOLDINGS INC passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

SOLUNA HOLDINGS INC reported a net loss of $53.4M while operations used $9.1M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

SOLUNA HOLDINGS INC reported an operating loss of $33.7M against $4.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$15.1M

YoY+144.6%

QoQ+60.3%

5Y CAGR+55.5%

SOLUNA HOLDINGS INC generated $15.1M in revenue in Q2 2026. This represents an increase of 144.6% from the same quarter a year earlier. Against the prior quarter it is up 60.3%.

EBITDA

-$14.5M

YoY-244.5%

QoQ-2.2%

SOLUNA HOLDINGS INC's EBITDA was -$14.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 244.5% from the same quarter a year earlier. Against the prior quarter it is down 2.2%.

Net Income

-$20.7M

YoY-180.5%

QoQ-18.6%

SOLUNA HOLDINGS INC reported -$20.7M in net income in Q2 2026. This represents a decrease of 180.5% from the same quarter a year earlier. Against the prior quarter it is down 18.6%.

EPS (Diluted)

-$0.18

SOLUNA HOLDINGS INC earned -$0.18 per diluted share (EPS) in Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$12.1M

YoY-126.1%

QoQ-35.4%

SOLUNA HOLDINGS INC recorded an outflow of $12.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 126.1% from the same quarter a year earlier. Against the prior quarter it is down 35.4%.

Cash & Debt

$113.4M

YoY+1047.6%

QoQ+65.3%

5Y CAGR+56.4%

10Y CAGR+62.0%

SOLUNA HOLDINGS INC held $113.4M in cash against $3.0M in long-term debt as of Q2 2026.

Shares Outstanding

245M

5Y CAGR+80.7%

SOLUNA HOLDINGS INC had 245M shares outstanding in Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

5.1%

YoY-1.2pp

QoQ-0.1pp

SOLUNA HOLDINGS INC's gross margin was 5.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Return on Equity

-13.3%

QoQ+23.7pp

SOLUNA HOLDINGS INC's ROE was -13.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. Against the prior quarter it is up 23.7 percentage points.

Operating Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Capital Allocation

Share Buybacks

$75K

QoQ+33.9%

SOLUNA HOLDINGS INC spent $75K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is up 33.9%.

Capital Expenditures

$6.9M

YoY+62.5%

QoQ+169.7%

5Y CAGR+46.6%

SOLUNA HOLDINGS INC invested $6.9M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 62.5% from the same quarter a year earlier. Against the prior quarter it is up 169.7%.

R&D Spending

Not reported for Q2 2026.

SLNHP Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SLNHP quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
Revenue	$42.1M	$29.7M-21.8%	$38.0M+80.5%	$21.1M-26.2%	$28.5M+99.0%	$14.3M+2310.9%	$595K-90.9%	$6.6M	$7.1M+0.1%	$7.1M+11.5%	$6.3M-27.9%	$8.8M+5.1%	$8.4M	N/A	$10.3M+22.3%	$8.4M
Cost of Revenue	$35.3M	$23.3M-18.8%	$28.6M+80.9%	$15.8M-56.6%	$36.5M	N/A	$2.7M+21.0%	$2.2M	$2.2M-17.9%	$2.7M+10.0%	$2.5M-24.6%	$3.3M+0.9%	$3.3M+109573.1%	$3K-99.9%	$3.8M+29.0%	$2.9M
Gross Profit	$2.3M	$1.8M-80.9%	$9.4M+239.1%	$2.8M+134.8%	-$8.0M	N/A	-$2.1M-147.5%	$4.4M	$4.8M+11.4%	$4.3M+12.4%	$3.9M-29.9%	$5.5M+7.8%	$5.1M	N/A	$6.5M+18.8%	$5.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	$1.5M+8.0%	$1.4M	$1.1M-7.6%	$1.2M-19.6%	$1.5M+14.9%	$1.3M+2.0%	$1.3M	N/A	$1.5M-62.0%	$3.9M
SG&A Expenses	$60.2M	$40.1M+42.3%	$28.2M+13.2%	$24.9M-13.3%	$28.7M+167.0%	$10.8M+486.8%	$1.8M-32.8%	$2.7M	$3.1M-10.5%	$3.5M-8.7%	$3.8M+5.4%	$3.6M+4.9%	$3.4M+89514.5%	$4K-99.9%	$5.0M-0.5%	$5.0M
Operating Income	-$53.4M	-$33.7M+29.1%	-$47.5M-134.8%	-$20.2M+76.1%	-$84.8M-1794.3%	-$4.5M-172.6%	-$1.6M-734.0%	$259K	$588K+262.9%	-$361K+75.4%	-$1.5M-360.2%	$565K+56.5%	$361K+16187.3%	-$2K-104.3%	$52K+101.5%	-$3.4M
EBITDA	N/A	-$24.1M+36.5%	-$37.9M-253.4%	-$10.7M+85.7%	-$75.3M-2500.5%	-$2.9M-85.5%	-$1.6M-551.2%	$346K	$669K+342.4%	-$276K+80.1%	-$1.4M-314.5%	$648K+79.5%	$361K+16172.8%	-$2K-100.6%	$359K+112.3%	-$2.9M
Interest Expense	$7.4M	$4.8M+91.3%	$2.5M-8.0%	$2.7M-67.2%	$8.4M+345.7%	$1.9M	N/A	N/A	N/A	N/A	N/A	N/A	$0+100.0%	-$1	$0	$0
Income Tax	-$2.5M	-$2.3M+6.9%	-$2.5M-133.1%	-$1.1M+20.7%	-$1.3M-3159.1%	$44K+113.3%	-$332K-1085.7%	-$28K	$6K+166.7%	-$9K-100.7%	$1.4M+3500.0%	-$40K-214.3%	$35K+583433.3%	-$6+100.0%	-$1.5M-38800.0%	$4K
Net Income	-$78.2M	-$53.4M+15.7%	-$63.3M-116.9%	-$29.2M+70.4%	-$98.7M-1776.4%	-$5.3M-370.3%	$1.9M+502.5%	$323K	$582K+262.1%	-$359K+87.3%	-$2.8M-482.7%	$740K-79.3%	$3.6M+171672.4%	-$2K-100.1%	$2.4M+235.7%	-$1.8M
EPS (Basic)	N/A	-$2.38+84.1%	-$14.94+46.2%	-$27.79+84.1%	-$174.41-34782.0%	-$0.50-350.0%	$0.20+566.7%	$0.03	$0.06+200.0%	-$0.06+88.9%	-$0.54-485.7%	$0.14-80.0%	$0.70+275.0%	-$0.40	N/A	N/A
EPS (Diluted)	—	-$2.38	-$14.94	-$27.79	-$174.41	-$0.50-350.0%	$0.20+566.7%	$0.03	$0.06	-$0.06+88.9%	-$0.54-485.7%	$0.14-79.7%	$0.69	-$0.40	N/A	N/A
Diluted Shares (Avg)	N/A	29M	5M	1M	599,301	12M+23.6%	10M-0.2%	10M	9M	6M+13.9%	5M-3.8%	5M+2.9%	5M	5M+5.1%	5M	N/A

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q
Revenue	$15.1M+144.6%	$9.4M+58.3%	$9.2M+11.3%	$8.4M+11.8%	$6.2M-36.4%	$5.9M-52.7%	$8.3M-18.3%	$7.5M+29.8%
Cost of Revenue	$14.3M+187.6%	$7.5M+57.0%	$7.4M-13.1%	$6.1M-31.5%	$5.0M-10.7%	$4.8M-15.2%	$8.6M+46.7%	$8.9M+102.5%
Gross Profit	$766K+96.9%	$491K+45.3%	$269K+100.9%	$802K+127.3%	$389K-88.4%	$338K-94.1%	-$29.8M-1740.7%	-$2.9M-309.0%
SG&A Expenses	$17.6M+126.1%	$18.5M+122.0%	$13.9M+118.1%	$10.1M+32.1%	$7.8M+0.2%	$8.3M+30.5%	$6.4M-2.9%	$7.7M+50.0%
Operating Income	-$16.9M-155.8%	-$16.6M-131.7%	-$12.1M+65.7%	-$7.8M+13.7%	-$6.6M-80.2%	-$7.2M-1863.4%	-$35.2M-1356.8%	-$9.0M-141.3%
EBITDA	-$14.5M-244.5%	-$14.2M-198.0%	-$9.7M+70.5%	-$5.4M+18.6%	-$4.2M-231.8%	-$4.8M-269.9%	-$32.8M-79987.8%	-$6.6M-387.3%
Interest Expense	$3.2M+164.8%	$1.5M+76.7%	$1.6M+90.8%	$1.2M+47.6%	$1.2M+166.4%	$838K+97.6%	$833K+112.0%	$821K+65.9%
Income Tax	-$547K+10.0%	-$624K-46.8%	-$617K+17.0%	-$666K-21.8%	-$608K+6.3%	-$425K+22.4%	-$743K-37.1%	-$547K-196.1%
Net Income	-$20.7M-180.5%	-$17.5M-131.2%	-$16.1M+58.3%	-$24.0M-233.2%	-$7.4M+32.1%	-$7.6M-43.8%	-$38.5M-670.8%	-$7.2M-7.9%
EPS (Basic)	-$0.18+80.6%	-$0.24+80.2%	$0.91+111.7%	-$1.14+26.9%	-$0.93+74.3%	-$1.21+53.8%	-$7.79-114.6%	-$1.56+73.8%
EPS (Diluted)	-$0.18	-$0.24	$0.91	-$1.14	-$0.93	-$1.21	-$7.79	-$1.56
Diluted Shares (Avg)	131M	84M	N/A	27M	11M	9M	N/A	6M

Not reported in any period shown, so not listed: R&D Expenses.

SLNHP Balance Sheet

SLNHP quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
Total Assets	$187.9M+113.5%	$88.0M-3.5%	$91.3M+7.4%	$85.0M-27.8%	$117.7M+1261.1%	$8.6M+50.4%	$5.8M	$6.2M+19.7%	$5.2M+100.3%	$2.6M-52.8%	$5.5M+20.8%	$4.5M+93481.0%	$5K-99.9%	$6.4M+77.8%	$3.6M
Current Assets	$92.1M+582.7%	$13.5M-5.5%	$14.3M+279.7%	$3.8M-84.9%	$25.0M+422.7%	$4.8M+12.8%	$4.2M	$6.0M+19.9%	$5.0M+103.2%	$2.5M-38.6%	$4.0M+38.1%	$2.9M+91016.7%	$3K-99.9%	$4.6M+45.7%	$3.2M
Cash & Equivalents	$76.4M+874.4%	$7.8M+23.2%	$6.4M+460.6%	$1.1M-88.9%	$10.3M+290.0%	$2.6M+4.8%	$2.5M	$3.8M+13.2%	$3.4M+631.8%	$462K-76.0%	$1.9M+58.8%	$1.2M	N/A	$2K-99.9%	$1.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	$828K-10.4%	$924K	$694K+2.7%	$676K-32.8%	$1.0M+30.1%	$773K+4.2%	$742K+66268.5%	$1K-99.9%	$957K+13.4%	$844K
Accounts Receivable	$5.5M+105.1%	$2.7M-8.6%	$2.9M+821.3%	$320K-39.7%	$531K+800.0%	$59K-92.1%	$745K	$1.4M+59.6%	$881K-5.4%	$931K-22.2%	$1.2M+45.1%	$824K+49123.4%	$2K-99.9%	$1.9M+73.2%	$1.1M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	$0	$0
Total Liabilities	$134.4M+33.7%	$100.5M+55.2%	$64.8M+67.4%	$38.7M+44.9%	$26.7M+877.9%	$2.7M+42.4%	$1.9M	$1.2M+20.2%	$1.0M-2.7%	$1.1M-16.0%	$1.3M+10.4%	$1.1M+138.2%	-$3.0M-162.3%	$4.8M-4.9%	$5.0M
Current Liabilities	$49.2M+2.7%	$47.9M+69.9%	$28.2M-4.5%	$29.5M+88.2%	$15.7M+858.0%	$1.6M+43.3%	$1.1M	$1.2M+20.2%	$1.0M-2.7%	$1.1M-16.0%	$1.3M+10.4%	$1.1M+61730.0%	$2K-99.9%	$1.5M-9.4%	$1.6M
Non-Current Liabilities	$85.2M+61.8%	$52.6M+43.9%	$36.6M+298.9%	$9.2M-16.8%	$11.0M+907.6%	$1.1M+41.0%	$776K	$0	$0	$0	$0	$0+100.0%	-$3.0M-190.4%	$3.3M-2.7%	$3.4M
Long-Term Debt	$17.9M+153.5%	$7.1M	N/A	$13.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$53.5M+529.1%	-$12.5M-147.1%	$26.5M-36.7%	$41.9M-54.0%	$91.0M+1438.0%	$5.9M+54.3%	$3.8M	$5.0M+19.6%	$4.2M+171.8%	$1.5M-63.8%	$4.2M+24.4%	$3.4M+13.1%	$3.0M+87.3%	$1.6M+210.7%	-$1.4M
Retained Earnings	-$367.7M-17.0%	-$314.3M-25.2%	-$251.0M-13.2%	-$221.8M-80.2%	-$123.1M-4.5%	-$117.8M+1.6%	-$119.7M	-$120.4M+0.5%	-$121.0M-0.3%	-$120.6M-2.4%	-$117.8M+0.6%	-$118.5M-96909.4%	-$122K+99.9%	-$120.1M+1.9%	-$122.5M

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q
Total Assets	$293.5M+219.2%	$190.4M+111.5%	$187.9M+113.5%	$152.0M+56.2%	$92.0M-6.8%	$90.0M-0.6%	$88.0M-3.5%	$97.3M+3.5%
Current Assets	$134.6M+692.9%	$90.7M+475.7%	$92.1M+582.7%	$66.4M+258.7%	$17.0M-38.2%	$15.8M-7.3%	$13.5M-5.5%	$18.5M+29.1%
Cash & Equivalents	$113.4M+1047.6%	$68.6M+648.5%	$76.4M+874.4%	$51.4M+486.0%	$9.9M+3.3%	$9.2M+8.6%	$7.8M+23.2%	$8.8M+55.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$6.7M+154.3%	$5.5M+130.8%	$5.5M+105.1%	$4.4M+115.6%	$2.6M-22.9%	$2.4M-46.6%	$2.7M-8.6%	$2.0M+1.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$81.8M-26.6%	$143.2M+34.9%	$134.4M+33.7%	$137.6M+79.9%	$111.4M+49.9%	$106.1M+53.5%	$100.5M+55.2%	$76.5M+17.0%
Current Liabilities	$65.4M+36.8%	$51.9M+9.1%	$49.2M+2.7%	$56.2M+79.3%	$47.9M+47.1%	$47.6M+46.3%	$47.9M+69.9%	$31.3M+13.9%
Non-Current Liabilities	$16.4M-74.2%	$91.3M+55.9%	$85.2M+61.8%	$81.4M+80.3%	$63.6M+52.1%	$58.6M+59.9%	$52.6M+43.9%	$45.1M+19.3%
Long-Term Debt	$3.0M-69.9%	$15.9M+56.1%	$17.9M+153.5%	$13.3M+63.6%	$10.0M+11.0%	$10.2M	$7.1M	$8.1M+671.4%
Total Equity	$155.9M+901.3%	$47.2M+394.1%	$53.5M+529.1%	$14.5M-30.7%	-$19.5M-179.9%	-$16.1M-174.6%	-$12.5M-147.1%	$20.9M-27.4%
Retained Earnings	-$405.9M-23.3%	-$385.2M-19.7%	-$367.7M-17.0%	-$353.2M-28.8%	-$329.2M-23.3%	-$321.9M-25.6%	-$314.3M-25.2%	-$274.3M-12.3%

Not reported in any period shown, so not listed: Inventory, Goodwill.

SLNHP Cash Flow Statement

SLNHP quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
Operating Cash Flow	-$19.4M	-$9.1M-80.5%	-$5.1M-69.7%	-$3.0M+51.2%	-$6.1M-232.0%	$4.6M+481.8%	-$1.2M-520.1%	$289K	$363K-30.5%	$522K+136.6%	-$1.4M-307.9%	$686K+67353.3%	$1K+167.5%	-$2K-102.2%	$67K+104.4%	-$1.5M
Depreciation & Amortization	N/A	$9.6M-0.1%	$9.6M+1.1%	$9.5M+0.1%	$9.5M+501.3%	$1.6M+1851.9%	$81K-6.9%	$87K	$81K-4.7%	$85K+6.3%	$80K-3.6%	$83K+1660100.0%	-$5-150.0%	-$2-100.0%	$307K-36.2%	$481K
Stock-Based Compensation	N/A	$10.6M+98.9%	$5.3M+23.2%	$4.3M+17.4%	$3.7M+89.2%	$1.9M+4752.5%	$40K+29.0%	$31K	$41K-90.9%	$449K+218.4%	$141K+65.9%	$85K+66.7%	$51K+29551.2%	$172-100.0%	$661K-54.3%	$1.4M
Capital Expenditures	$29.8M	$28.1M+217.0%	$8.9M-30.3%	$12.7M-80.0%	$63.7M+39.1%	$45.8M+5588.4%	$805K+869.9%	$83K	$107K-21.3%	$136K+147.3%	$55K-28.6%	$77K-28.7%	$108K+635194.1%	-$17-100.0%	$175K+272.3%	$47K
Free Cash Flow	-$49.2M	-$37.2M-167.3%	-$13.9M+11.3%	-$15.7M+77.5%	-$69.8M-69.6%	-$41.2M-1938.5%	-$2.0M-1080.1%	$206K	$256K-33.7%	$386K+126.1%	-$1.5M-343.2%	$609K+669.2%	-$107K-6924.5%	-$2K+98.6%	-$108K+93.0%	-$1.6M
Investing Cash Flow	-$88.6M	-$31.9M-142.0%	-$13.2M-27.4%	-$10.3M+81.1%	-$54.7M+4.5%	-$57.3M-3022.6%	-$1.8M-2109.6%	-$83K	-$107K+21.3%	-$136K	N/A	N/A	-$120-195.2%	$126+100.1%	-$163K-246.8%	-$47K
Financing Cash Flow	$224.1M	$119.4M+551.8%	$18.3M-16.2%	$21.9M-49.1%	$42.9M-27.7%	$59.4M+71443.4%	$83K+102.4%	-$3.5M	$191K-92.5%	$2.5M	N/A	N/A	$25	$0-100.0%	$647K-65.7%	$1.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$630K	$0-100.0%	$3.5M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$206K	$75K	$0	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$10K	$0	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q
Operating Cash Flow	-$5.2M-372.9%	-$6.4M-3500.0%	-$5.7M-242.2%	-$2.2M-3716.4%	-$1.1M+85.0%	-$177K-104.6%	-$1.7M-216.9%	$61K+110.7%
Depreciation & Amortization	$2.4M-0.1%	$2.4M-0.1%	$2.4M-0.1%	$2.4M-0.1%	$2.4M0.0%	$2.4M0.0%	$2.4M+1.1%	$2.4M+1.1%
Stock-Based Compensation	$9.5M+388.2%	$10.2M+453.4%	N/A	N/A	$1.9M	$1.8M+179.4%	N/A	N/A
Capital Expenditures	$6.9M+62.5%	$2.6M-27.4%	$11.1M+115.1%	$9.2M+168.4%	$4.3M+1630.1%	$3.5M+574.4%	$5.1M+2906.4%	$3.4M-64.4%
Free Cash Flow	-$12.1M-126.1%	-$8.9M-140.8%	-$16.7M-146.1%	-$11.4M-238.7%	-$5.4M+29.3%	-$3.7M-211.6%	-$6.8M-645.6%	-$3.4M+67.0%
Investing Cash Flow	-$58.8M-1149.5%	-$6.2M-71.0%	-$13.7M-150.8%	-$9.8M-78.8%	-$4.7M-237.3%	-$3.6M-340.1%	-$5.5M-2469.0%	-$5.5M-897.8%
Financing Cash Flow	$109.3M+1579.4%	$9.7M+24.7%	$47.8M+788.9%	$57.3M+1022.3%	$6.5M-33.8%	$7.8M+491.4%	$5.4M+703.9%	$5.1M+451.9%
Share Buybacks	$75K	$56K	-$87K	$162K	$0	$0	N/A	N/A

Not reported in any period shown, so not listed: Dividends Paid.

SLNHP Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SLNHP quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K	FY1010-K
Gross Margin	6.0%-18.7pp	24.7%+11.6pp	13.2%+41.0pp	-27.9%	N/A	-348.6%	66.4%	68.4%+6.9pp	61.4%+0.5pp	60.9%-1.7pp	62.6%+1.6pp	61.0%	N/A	63.3%-1.9pp	65.2%
Operating Margin	-113.3%	-125.0%	-96.1%	-297.0%	-31.2%	-276.0%	3.9%	8.3%+13.5pp	-5.1%+18.1pp	-23.2%-29.6pp	6.4%+2.1pp	4.3%	N/A	0.5%+40.8pp	-40.3%
Net Margin	-179.7%	-166.6%	-138.6%	-345.8%	-36.7%	327.1%	4.9%	8.2%+13.3pp	-5.1%+39.6pp	-44.7%-53.2pp	8.4%-34.4pp	42.9%	N/A	23.2%+44.1pp	-20.9%
Return on Equity	-99.7%	N/A	-110.1%+125.7pp	-235.8%-230.0pp	-5.8%-38.7pp	32.9%+24.5pp	8.4%	11.7%+20.4pp	-8.6%+176.8pp	-185.5%-203.0pp	17.5%-88.0pp	105.5%+105.6pp	-0.1%-149.1pp	149.0%	N/A
Return on Assets	-28.4%+43.5pp	-71.9%-40.0pp	-32.0%+84.2pp	-116.2%-111.7pp	-4.5%-27.0pp	22.5%+16.9pp	5.6%	9.4%+16.3pp	-6.9%+102.6pp	-109.5%-123.0pp	13.5%-65.4pp	78.9%+122.0pp	-43.0%-80.3pp	37.3%+86.1pp	-48.8%
Current Ratio	1.87+1.6x	0.28-0.2x	0.51+0.4x	0.13-1.5x	1.59-1.3x	2.92-0.8x	3.71	4.860.0x	4.87+2.5x	2.33-0.9x	3.19+0.6x	2.55+0.8x	1.73-1.4x	3.11+1.2x	1.93
Debt-to-Equity	0.33	N/A	2.44+2.1x	0.310.0x	0.29-0.2x	0.460.0x	0.50	0.250.0x	0.25-0.4x	0.69+0.4x	0.300.0x	0.34	N/A	3.00	N/A
Asset Turnover	0.16-0.3x	0.43+0.2x	0.23-0.1x	0.34+0.2x	0.12+0.1x	0.07-1.1x	1.14	1.14-0.2x	1.36-1.1x	2.45+0.8x	1.60-0.2x	1.84	N/A	1.61-0.7x	2.34
FCF Margin	-125.2%	-36.6%+37.9pp	-74.5%	-244.5%	-286.9%	-339.3%	3.1%	3.6%-1.8pp	5.5%+28.9pp	-23.4%-30.3pp	6.9%+8.2pp	-1.3%	N/A	-1.1%+17.4pp	-18.5%

Metric	Q2'2610-K	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-Q	Q3'2410-Q
Gross Margin	5.1%-1.2pp	5.2%-0.5pp	2.9%	9.5%+48.6pp	6.3%-28.2pp	5.7%-39.8pp	-360.8%	-39.1%-63.3pp
Operating Margin	-112.5%	-177.0%	-131.4%	-92.5%	-107.6%	-120.9%	-426.0%	-119.8%
Net Margin	-137.5%	-185.9%	-174.5%	-284.7%	-119.9%	-127.3%	-465.6%	-95.5%
Return on Equity	-13.3%	-37.0%	-30.0%	-165.5%-131.1pp	N/A	N/A	N/A	-34.4%-11.3pp
Return on Assets	-7.1%+1.0pp	-9.2%-0.8pp	-8.6%+35.2pp	-15.8%-8.4pp	-8.0%+3.0pp	-8.4%-2.6pp	-43.8%-38.3pp	-7.4%-0.3pp
Current Ratio	2.06+1.7x	1.75+1.4x	1.87+1.6x	1.18+0.6x	0.35-0.5x	0.33-0.2x	0.28-0.2x	0.59+0.1x
Debt-to-Equity	0.02	0.34	0.33	0.92+0.5x	N/A	N/A	N/A	0.39+0.4x
Asset Turnover	0.050.0x	0.050.0x	0.050.0x	0.060.0x	0.070.0x	0.07-0.1x	0.090.0x	0.080.0x
FCF Margin	-80.3%+6.6pp	-95.1%-32.6pp	-181.7%	-135.8%	-86.9%-8.7pp	-62.5%-89.0pp	-82.2%-94.5pp	-44.8%

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
SOLUNA HOLDINGS INC SLNHP	FY2025	$29.7M	-$53.4M	N/A	N/A	32/100
CleanSpark CLSKW	FY2026	N/A	N/A	N/A	N/A	—
Fold Holdings, Inc FLDDW	FY2025	$31.8M	-$69.6M	N/A	N/A	33/100
Netcapital Inc NCPLW	FY2025	$869K	-$28.3M	N/A	N/A	—
Plutus Financial Group PLUT	FY2025	$1.3M	-$5.1M	N/A	$39.1M	28/100

Where SOLUNA HOLDINGS INC Ranks

Frequently Asked Questions

What is SOLUNA HOLDINGS INC's annual revenue?

SOLUNA HOLDINGS INC (SLNHP) reported $29.7M in total revenue for fiscal year 2025. This represents a -21.8% 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 (SLNHP) revenue declined by 21.8% year-over-year, from $38.0M to $29.7M in fiscal year 2025.

Is SOLUNA HOLDINGS INC profitable?

No, SOLUNA HOLDINGS INC (SLNHP) reported a net income of -$53.4M in fiscal year 2025.

What is SOLUNA HOLDINGS INC's EBITDA?

SOLUNA HOLDINGS INC (SLNHP) 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 (SLNHP) had $76.4M in cash and equivalents against $17.9M in long-term debt.

What is SOLUNA HOLDINGS INC's gross margin?

SOLUNA HOLDINGS INC (SLNHP) had a gross margin of 6.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is SOLUNA HOLDINGS INC's return on equity (ROE)?

SOLUNA HOLDINGS INC (SLNHP) 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 (SLNHP) recorded an outflow of $37.2M in free cash flow during fiscal year 2025. This represents a -167.3% 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 (SLNHP) recorded an outflow of $9.1M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are SOLUNA HOLDINGS INC's total assets?

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

Does SOLUNA HOLDINGS INC buy back shares?

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

How many shares does SOLUNA HOLDINGS INC have outstanding?

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

What is SOLUNA HOLDINGS INC's current ratio?

SOLUNA HOLDINGS INC (SLNHP) 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 (SLNHP) had a debt-to-equity ratio of 0.33 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 (SLNHP) 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 Piotroski F-Score?

SOLUNA HOLDINGS INC (SLNHP) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 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 (SLNHP) reported a net loss of $53.4M while operations used $9.1M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 (SLNHP) reported an operating loss of $33.7M against $4.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 (SLNHP) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.