Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock (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 2026-10-03

Soluna’s latest improvement came from financing and cost recovery, while operations still consume cash and remain deeply unprofitable.

Despite lower revenue, gross margin recovered from -62.4% in FY2024 to 6.1% in FY2025, indicating a changed cost or revenue mix rather than volume-led improvement. Yet gross profit of $1.8M was overwhelmed by $40.1M of SG&A, so the margin recovery has not translated into operating profitability.

FY2025’s net loss of $53.4M contrasted with operating cash flow of -$9.1M, indicating accounting losses included substantial noncash charges. That gap did not eliminate investment needs: free cash flow was -$37.2M, showing that capital spending still absorbed cash.

Equity moved from negative in FY2024 to $53.6M positive in FY2025 alongside $119.4M of financing inflow, making external capital—not operations—the visible source of balance-sheet repair. Shares outstanding rose from 12.5M to 111.4M, so the stronger capital base also came with a much larger ownership base.

Financial Health Signals

Financial Health Score 33/100

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 9.0% Series A Cumulative Perpetual Preferred Stock'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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock scores 2/100 among other banks.

Growth

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock scores 77/100 among other banks.

Capital

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock scores 88/100 among other banks.

Efficiency

Not available for Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock, and counted as zero in the overall score.

Credit Quality

Not available for Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock, and counted as zero in the overall score.

Stability

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock scores 28/100 among other banks.

Piotroski F-Score Weak

3/9

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock'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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock'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 9.0% Series A Cumulative Perpetual Preferred Stock'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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock 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 9.0% Series A Cumulative Perpetual Preferred Stock SLNHP	FY2025	$29.7M	-$53.4M	N/A	N/A	33/100
CleanSpark, Inc. Warrant CLSKW	FY2026	N/A	N/A	N/A	N/A	—
Fold Holdings, Inc. Warrant FLDDW	FY2025	$31.8M	-$69.6M	N/A	N/A	33/100
Netcapital Inc. Warrants NCPLW	FY2025	$869K	-$28.3M	N/A	N/A	—
Plutus Financial Group Limited PLUT	FY2025	$1.3M	-$5.1M	N/A	$30.7M	29/100

Where Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock Ranks

Frequently Asked Questions

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's annual revenue?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's revenue growing?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) revenue declined by 21.8% year-over-year, from $38.0M to $29.7M in fiscal year 2025.

Is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock profitable?

No, Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) reported a net income of -$53.4M in fiscal year 2025.

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's earnings per share (EPS)?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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.

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's EBITDA?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock have?

As of fiscal year 2025, Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) had $76.4M in cash and equivalents against $17.9M in long-term debt.

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's gross margin?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's return on equity (ROE)?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's free cash flow?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's operating cash flow?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's total assets?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) had $187.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's capital expenditures?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) invested $28.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock buy back shares?

Yes, Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock have outstanding?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) had 111M shares outstanding as of fiscal year 2025.

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's current ratio?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) had a current ratio of 1.87 as of fiscal year 2025, which is generally considered healthy.

What is Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock's debt-to-equity ratio?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's return on assets (ROA)?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's Piotroski F-Score?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock's earnings high quality?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock cover its interest payments?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (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 9.0% Series A Cumulative Perpetual Preferred Stock?

Soluna Holdings, Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP) scores 33 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.