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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% | |
59 Neutral | $184.98M | -6.15 | -29.07% | ― | 71.92% | 31.84% | |
55 Neutral | $704.90M | -34.31 | -37.93% | ― | 36.85% | -77.93% | |
48 Neutral | $495.81M | -2.74 | ― | ― | ― | ― | |
46 Neutral | $167.58M | -0.23 | -446.49% | ― | -27.81% | 26.81% | |
44 Neutral | $288.60M | -2.48 | -112.89% | ― | -67.66% | 13.39% | |
41 Neutral | $230.98M | -0.17 | -46.59% | ― | ― | 55.04% |
Soluna Holdings Corporate Events
On January 15, 2026, Soluna Holdings announced it had signed a Memorandum of Understanding with Metrobloks to co-develop Project Kati 2, a 100+ MW AI and high-performance computing data center at Soluna’s wind-powered Project Kati campus in Willacy County, Texas, with a roadmap to expand the site to more than 300 MW of critical IT capacity. Under the planned structure, Metrobloks will lead design, development, leasing and operations while Soluna provides site control, power entitlements and development expertise, creating a renewable-powered, dual-purpose campus for digital assets and AI/HPC customers that addresses industry bottlenecks around power availability, interconnection and rapid deployment, and potentially strengthens Soluna’s positioning as a key provider of sustainable GPU-ready capacity in the increasingly power-constrained AI infrastructure market.
The most recent analyst rating on (SLNH) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
On January 13, 2026, Soluna Holdings issued a monthly business update detailing December 2025 operations and development across its portfolio of renewable-powered computing projects. The company reported closing a $32 million registered direct offering to bolster its balance sheet, highlighted media attention around its wind-powered Bitcoin mining partnership with Canaan, and noted ongoing thought leadership on AI infrastructure by its CTO. Operationally, its Dorothy 2 and Sophie Bitcoin hosting sites ran at full capacity in December following recent buildouts, while Dorothy 1A advanced a 20 MW fleet upgrade and Dorothy 1B experienced some curtailment due to winter demand response programs. Construction of the 83 MW Kati 1 hosting facility progressed toward substantial completion of its 48 MW K1A phase by the end of January, with civil work advancing on the 35 MW K1B phase, and development of Kati 2 and Grace focused on AI/HPC hosting and microgrid integration moved forward with additional power sourcing and engineering work. Soluna also advanced its project pipeline by finalizing or working toward power purchase and retail electric provider agreements, securing land for several new sites, and preparing new and existing customer deployments, underscoring its strategy to scale renewable-powered data center capacity for both Bitcoin and AI customers.
The most recent analyst rating on (SLNH) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
On January 8, 2026, Soluna Holdings signed a Memorandum of Understanding with Siemens to launch a 2 MW pilot project at Soluna’s Project Grace site in Texas, aimed at deploying and validating a behind-the-meter power-and-controls system to manage rapid, GPU-driven swings in power demand from AI and high-performance computing workloads running directly on renewable energy. The pilot will use Siemens’ electrical and mechanical equipment, including transformers, switchgear, power converters, and the SICAM SCADA platform, to test performance under fast load changes, document operational behavior, and establish metrics for scalability, grid stability, and energy efficiency, positioning both companies to create a repeatable blueprint for future behind-the-meter AI deployments at renewable generation sites and potentially strengthening Soluna’s role at the intersection of renewable power and AI infrastructure.
The most recent analyst rating on (SLNH) stock is a Sell with a $1.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Sell with a $1.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.
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.
The most recent analyst rating on (SLNH) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.