Soluna Holdings (SLNH) AI Stock Analysis

• Market Cap: $21.07M
• Dividend Yield: N/A
• Average Volume (3M): 2.57M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.73
• Revenue Growth: -26.87%
• EPS Growth: 45.53%
• Country: US
• Employees: 47
• Sector: Financial
• Sector Strength: 70
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -0.69
• Shares Outstanding: 30,145,958
• 10 Day Avg. Volume: 5,303,535
• 30 Day Avg. Volume: 2,572,339
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 3.27
• Enterprise Value/Revenue: 2.47
• Enterprise Value/Gross Profit: -16.81
• Enterprise Value/Ebitda: -1.41
• 1Y Price Target: $0.50
• Price Target Upside: -28.57% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 44 Neutral
• Price Target: $0.50 ▼(-28.57% Downside)

Soluna Holdings faces significant financial challenges, with declining revenues, persistent losses, and a weak balance sheet. Technical analysis shows mixed signals, with potential overbought conditions. The valuation is unattractive due to a negative P/E ratio and no dividend yield. These factors contribute to a low overall stock score.

Positive Factors

Strategic Partnerships

The expansion with Galaxy Digital highlights Soluna's ability to form strategic alliances, enhancing its capacity and market reach in renewable-powered infrastructure.

Renewable Energy Milestone

Achieving 1 GW in renewable projects positions Soluna as a leader in sustainable computing, supporting long-term growth and environmental goals.

Project Expansion

Completion of Project Dorothy 2 enhances Soluna's operational capacity and market positioning, supporting its growth in the green data center industry.

Negative Factors

Financial Instability

Negative equity and high leverage indicate financial instability, posing risks to Soluna's long-term sustainability and operational flexibility.

Declining Revenue

Declining revenue suggests challenges in maintaining market share and profitability, potentially impacting Soluna's growth prospects.

Negative Cash Flow

Negative operating cash flow indicates Soluna is not generating sufficient cash from operations, which could hinder its ability to finance growth and operations.

Soluna Holdings Business Overview & Revenue Model

Company Description

Soluna Holdings, Inc. builds and develops modular data centers for cryptocurrency mining. It also operates in the blockchain business. The company is headquartered in Albany, New York.

How the Company Makes Money

Soluna Holdings generates revenue primarily through the operation of its data centers that leverage renewable energy sources to minimize operational costs and maximize efficiency. Key revenue streams include income from cryptocurrency mining, where the company capitalizes on low-cost energy to mine digital currencies, and partnerships with blockchain companies seeking efficient and sustainable computing resources. Additionally, Soluna may benefit from long-term contracts with energy producers, allowing it to secure favorable pricing and reliability in its energy supply, which enhances profitability.

Soluna Holdings Financial Statement Overview

Summary

Soluna Holdings is facing significant financial challenges. The income statement shows declining revenues and persistent losses, with negative gross and net profit margins. The balance sheet reveals negative stockholders' equity and a high debt-to-equity ratio, indicating financial instability. Cash flow analysis shows negative operating cash flow, despite some improvement in free cash flow growth.

Income Statement

Soluna Holdings has faced significant challenges in its income statement. The TTM data shows negative gross profit and net profit margins, indicating the company is struggling to cover its costs and generate profit. Revenue has also declined by 11.2% compared to the previous period, highlighting a concerning trend in revenue growth. The EBIT and EBITDA margins are negative, suggesting operational inefficiencies and potential issues in managing expenses.

Balance Sheet

The balance sheet reveals a negative stockholders' equity, which is a significant red flag. The debt-to-equity ratio is negative, indicating that the company has more debt than equity, which increases financial risk. Although the return on equity appears positive, it is due to negative equity, which distorts the metric. The equity ratio is also negative, further emphasizing the company's financial instability.

Cash Flow

Cash flow analysis shows some improvement in free cash flow growth, but the overall cash flow situation remains weak. The operating cash flow is negative, and the operating cash flow to net income ratio is also negative, indicating that the company is not generating sufficient cash from its operations. The free cash flow to net income ratio is high, but this is due to negative net income, which skews the interpretation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	27.89M	38.02M	21.07M	28.55M	14.35M	9.60M
Gross Profit	-4.10M	30.52M	14.70M	-7.96M	6.28M	6.53M
EBITDA	-48.80M	-42.49M	-12.41M	-71.77M	-762.00K	-1.46M
Net Income	-62.15M	-63.33M	-29.20M	-107.02M	-6.39M	1.95M
Balance Sheet
Total Assets	91.95M	88.04M	91.28M	84.96M	117.69M	8.65M
Cash, Cash Equivalents and Short-Term Investments	9.88M	7.84M	6.37M	1.14M	10.26M	2.63M
Total Debt	23.56M	21.82M	19.77M	22.88M	8.54M	1.21M
Total Liabilities	62.63M	60.68M	37.92M	38.69M	26.71M	2.73M
Stockholders Equity	-19.46M	-12.48M	26.51M	41.87M	90.99M	5.92M
Cash Flow
Free Cash Flow	-26.21M	-18.45M	-15.69M	-69.51M	-51.72M	787.00K
Operating Cash Flow	-2.87M	-5.07M	-2.99M	-5.75M	5.55M	1.62M
Investing Cash Flow	-19.29M	-13.16M	-10.33M	-45.63M	-57.30M	-1.58M
Financing Cash Flow	24.80M	18.32M	21.86M	38.16M	59.38M	83.00K

Soluna Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.70
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLNH, the sentiment is Positive. The current price of 0.7 is above the 20-day moving average (MA) of 0.50, above the 50-day MA of 0.59, and below the 200-day MA of 1.21, indicating a neutral trend. The MACD of 0.01 indicates Negative momentum. The RSI at 68.11 is Neutral, neither overbought nor oversold. The STOCH value of 77.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SLNH.

Soluna Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68 Neutral	$18.10B	11.52	9.93%	3.73%	9.70%	1.14%
SLNH	44 Neutral	$21.07M	―	-2533.43%	―	-26.87%	45.53%
WATT	41 Neutral	$11.15M	―	-232.47%	―	433.51%	71.19%
IMTE	―	$3.67M	―	-85.42%	―	―	―
SOBR	―	$5.19M	―	-133.49%	―	―	―
OST	―	$10.32M	―	-163.86%	―	―	―
SVRE	41 Neutral	$13.56M	―	-252.16%	―	16.11%	83.66%

Soluna Holdings Corporate Events

Soluna Holdings Breaks Ground on Project Kati

On September 11, 2025, Soluna Holdings announced the groundbreaking of Project Kati, its largest facility to date, in Willacy County, Texas. This project, built in partnership with EDF Renewables, Masdar, and Spring Lane Capital, will deliver 166 MW of clean computing capacity in two phases, supporting Bitcoin hosting and AI infrastructure. The project is expected to bring economic benefits to the local community and strengthen Soluna’s position in the renewable energy and computing industries.

The most recent analyst rating on (SLNH) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.

Soluna Holdings Surpasses 1-Gigawatt Milestone in Projects

On September 9, 2025, Soluna Holdings announced surpassing the 1-gigawatt milestone in renewable-powered computing projects, marking a significant step toward its 2.8 GW roadmap. The company also reported developments in its projects, including the start of construction on Project Kati 1 and the expansion of its partnership with Galaxy Digital, which is expected to enhance its industry positioning and operational capacity.

The most recent analyst rating on (SLNH) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.

Soluna Holdings Achieves One Gigawatt Milestone

On August 26, 2025, Soluna Holdings announced it has reached a significant milestone of one gigawatt of clean computing projects, positioning itself as a leader in sustainable data center development in the U.S. This achievement was marked by the launch of two new sites in Texas: Project Fei, a solar-powered facility, and Project Gladys, a wind-powered facility. These projects are advancing through land acquisition and power contract negotiations, with the potential to significantly reduce CO₂ emissions. Soluna’s long-term power pipeline now totals 2.8 GW, furthering its mission to make clean computing the default infrastructure for AI and Bitcoin.

The most recent analyst rating on (SLNH) stock is a Sell with a $0.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.

Soluna Holdings Approves Key Proposals at Annual Meeting

On August 18, 2025, Soluna Holdings, Inc. held its Annual Meeting of Stockholders where several key proposals were approved. These included the election of David C. Michaels and Matthew Lipman as Class II Directors for a three-year term, a Reverse Stock Split Proposal allowing for a stock split ratio between one-for-five and one-for-fifty, an Adjournment Proposal, and the ratification of UHY LLP as the independent auditor for 2025.

The most recent analyst rating on (SLNH) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.

Soluna Holdings Reports Q2 2025 Financial Results

On August 15, 2025, Soluna Holdings announced its financial results for the second quarter ended June 30, 2025, highlighting a steady gross margin and continued improvement in Adjusted EBITDA. The company reported a 25.5% growth in Adjusted EBITDA over the previous quarter, despite market challenges such as a decline in Hashprice. Soluna also secured $20 million in funding for Project Kati, a wind-powered data center, and expanded its hosting deployments with key customers. The company launched 295 MW of new projects, including its first solar-powered data center, and increased its power pipeline to 2.8 GW, positioning itself to meet the growing demand for sustainable computing infrastructure.