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Soluna Holdings
(NASDAQ:SLNH)
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Soluna Holdings Business Overview & Revenue Model
Soluna Holdings Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.78M | 38.02M | 21.07M | 28.55M | 14.35M | 595.00K |
| Gross Profit | 8.78M | 22.92M | 15.46M | 24.98M | 6.28M | 190.00K |
| EBITDA | -61.85M | -31.75M | -6.29M | -8.45M | -593.00K | -1.38M |
| Net Income | -78.91M | -63.33M | -29.20M | -98.72M | -5.26M | 1.95M |
Balance Sheet | ||||||
| Total Assets | 152.03M | 88.04M | 91.28M | 84.96M | 117.69M | 8.65M |
| Cash, Cash Equivalents and Short-Term Investments | 55.00M | 7.84M | 6.37M | 1.14M | 10.26M | 2.63M |
| Total Debt | 26.93M | 21.82M | 19.77M | 22.88M | 8.54M | 431.00K |
| Total Liabilities | 78.57M | 60.68M | 37.92M | 38.69M | 26.71M | 2.73M |
| Stockholders Equity | 14.47M | -12.48M | 26.51M | 41.87M | 90.99M | 5.92M |
Cash Flow | ||||||
| Free Cash Flow | -32.77M | -18.45M | -15.75M | -69.51M | -51.72M | 817.00K |
| Operating Cash Flow | -5.14M | -5.07M | -2.99M | -5.75M | 5.55M | 1.90M |
| Investing Cash Flow | -3.74M | -13.16M | -10.33M | -45.63M | -57.30M | -1.86M |
| Financing Cash Flow | 57.13M | 18.32M | 21.86M | 42.94M | 59.38M | 83.00K |
Soluna Holdings Technical Analysis
Soluna Holdings Risk Analysis
Soluna Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
54 Neutral | $162.60M | ― | -29.07% | ― | 71.92% | 31.84% | |
53 Neutral | $464.07M | -22.69 | -37.93% | ― | 36.85% | -77.93% | |
46 Neutral | $273.64M | -1.58 | ― | ― | ― | ― | |
44 Neutral | $284.48M | -2.53 | -112.89% | ― | -67.66% | 13.39% | |
38 Underperform | $151.80M | -0.22 | -446.49% | ― | -27.81% | 26.81% | |
28 Underperform | $275.08M | -0.20 | -46.59% | ― | ― | 55.04% |
Soluna Holdings Corporate Events
On December 9, 2025, Soluna Holdings announced its November 2025 business updates, highlighting a 37% revenue growth in Q3 2025 and the completion of its 48 MW expansion at the West Texas campus, increasing operational capacity by 64%. The company also detailed progress on several projects, including the completion of Project Dorothy 2 and ongoing developments at Project Kati, which is set to enhance its industry positioning in renewable energy-powered data centers.
On December 8, 2025, Soluna Holdings announced the closing of a $32 million registered direct offering under Nasdaq rules, involving the sale of over 18 million shares of common stock and accompanying Series C warrants. The proceeds are intended for working capital, project-level equity, and general corporate purposes, potentially enhancing Soluna’s operational capacity and market positioning in the green data center industry.
On December 4, 2025, Soluna Holdings entered into a securities purchase agreement for a registered direct offering, involving the sale of common stock and warrants to raise approximately $32 million. The offering, priced at-the-market under Nasdaq rules, is expected to close on December 5, 2025, with proceeds intended for working capital and general corporate purposes. The company has agreed to certain restrictions on issuing and selling shares post-offering and has appointed H.C. Wainwright & Co. as the exclusive placement agent.
Soluna Holdings reported a significant financial performance for the third quarter of 2025, with a 37% increase in revenue and a gross profit rise to 28%. The company strengthened its capital structure with a $100 million credit facility from Generate Capital and secured $20 million for Project Kati 1, a wind-powered data center in Texas. Soluna also regained Nasdaq compliance and surpassed 4 EH/s of hash rate under management. The company raised over $64 million in capital, bolstering its cash reserves to a record $60 million, despite a net loss increase due to warrant adjustments and other financing expenses.
On November 13, 2025, Soluna Holdings announced the completion and full energization of Project Dorothy 2, a 48 MW phase of their flagship Project Dorothy in West Texas. This development increases Soluna’s total data center capacity to 123 MW, marking a 73.3% increase since April 2025. Project Dorothy 2, built behind a 150 MW wind farm, converts curtailed renewable energy into computing power for Bitcoin mining and AI, showcasing Soluna’s commitment to sustainable and efficient computing. The project has created 18 full-time jobs and supports additional roles in maintenance and logistics, further solidifying Soluna’s position in the renewable computing industry.
On November 7, 2025, Soluna Holdings held a Special Meeting where stockholders approved two key proposals. The first proposal involved increasing the number of authorized shares of common stock from 75 million to 375 million, which was passed with significant support. The second proposal, allowing for the adjournment of the meeting to solicit additional proxies if needed, was also approved. These decisions could potentially impact the company’s ability to raise capital and expand its operations.
On November 6, 2025, Soluna Holdings announced significant updates in their operations, including the completion of Phase 3 of Project Dorothy 2 and the initiation of AI development at Project Kati-2. The company also expanded its board and highlighted partnerships and media features that enhance its renewable computing initiatives. These developments are expected to strengthen Soluna’s position in the green data center industry, with implications for stakeholders in terms of increased operational capacity and strategic growth.
On October 15, 2025, Soluna Holdings appointed Agnes Budzyn to its Board of Directors. Budzyn, with extensive experience in finance, digital assets, and technology, is expected to enhance Soluna’s governance and contribute to its growth in renewable computing. Her previous roles at BlackRock and ConsenSys, along with her leadership at Bluedge Ventures, position her as a valuable asset to Soluna’s mission of advancing sustainable computing.
On October 9, 2025, Soluna Holdings announced a new hosting partnership with KULR Technology Group for 3.3 MW of Bitcoin mining capacity at its Project Sophie facility in Kentucky. This partnership, Soluna’s first with a Bitcoin treasury-focused company, marks a strategic expansion of its customer base beyond traditional Bitcoin miners. The agreement aligns with Soluna’s strategy to adapt its renewable-powered hosting model to meet the evolving demands of Bitcoin mining and related industries, while supporting KULR’s commitment to strategic innovation in digital asset management. The deployment is expected to begin operations in Q4 2025, further enhancing Soluna’s leadership in sustainable computing infrastructure.
On October 7, 2025, Soluna Holdings announced a series of significant corporate and project updates for September 2025. The company settled outstanding matters with NYDIG, regained Nasdaq compliance, and secured a $100 million credit facility from Generate Capital. Additionally, Soluna surpassed 4 EH/s of hash rate under management and broke ground on Project Kati, a 166 MW wind-powered data center in Texas. These developments are poised to enhance Soluna’s market position and operational capabilities, benefiting shareholders and partners.
On October 3, 2025, Soluna Holdings announced it had regained compliance with Nasdaq’s $1.00 minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market. The company achieved this compliance by maintaining the required bid price for at least 10 consecutive business days, closing the matter with Nasdaq. This milestone allows Soluna to focus on its strategy of leveraging computing to advance renewable energy, as stated by CEO John Belizaire.
On September 29, 2025, Soluna Holdings and NYDIG reached a settlement agreement to resolve a legal dispute over loans, with Soluna agreeing to make settlement payments to NYDIG. This settlement releases Soluna from all related claims, provided they adhere to the payment terms. Additionally, on September 30, 2025, Soluna announced a strategic agreement with Canaan Inc. to deploy 20 MW of Bitcoin miners at their Texas facility, enhancing Soluna’s renewable energy infrastructure and expanding Canaan’s North American mining operations.
On September 23, 2025, Soluna Holdings, Inc. filed a prospectus supplement with the SEC for the sale of shares worth up to $87,650,000 under an At the Market Offering Agreement. Previously, the company sold over 13 million shares for approximately $12.3 million, indicating ongoing efforts to raise capital.