Soluna Holdings, Inc. (SLNH)
NASDAQ:SLNH
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Soluna Holdings
(NASDAQ:SLNH)
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Rating:45Neutral
Price Target:
$1.00
â–²(6.38% Upside)
Action:ReiteratedDate:02/03/26
The score is held down mainly by weak financial quality (profitability and negative operating cash flow) and bearish technicals with the stock trading well below key moving averages. Positive strategic and financing-related corporate developments provide some offset, but valuation support is limited given negative earnings and no dividend.
Positive Factors
Strategic AI/HPC partnership
Partnering with Metrobloks to develop a 100+ MW AI/HPC campus creates a durable addressable market beyond Bitcoin mining. It leverages Soluna's site control and power entitlements while outsourcing design/operations, accelerating scale, revenue diversification, and positioning in power-constrained AI infrastructure markets.
Negative Factors
Negative operating cash flow
Persistent negative operating cash flow strains internal funding for project builds and operations, making the company dependent on external capital. Over months this raises execution risk, may force higher-cost financing or slower project cadence, and challenges sustainable free cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic AI/HPC partnership
Partnering with Metrobloks to develop a 100+ MW AI/HPC campus creates a durable addressable market beyond Bitcoin mining. It leverages Soluna's site control and power entitlements while outsourcing design/operations, accelerating scale, revenue diversification, and positioning in power-constrained AI infrastructure markets.
Read all positive factors
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$60.73M
Dividend YieldN/A
Average Volume (3M)10.19M
Price to Earnings (P/E)―
Beta (1Y)3.67
Revenue Growth-27.81%
EPS Growth26.81%
CountryUS
Employees47
SectorFinancial
Sector Strength70
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-1.14
Shares Outstanding98,574,470
10 Day Avg. Volume5,213,374
30 Day Avg. Volume10,189,084
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)-10.57
Price to Sales (P/S)3.47
P/FCF Ratio-7.15
Enterprise Value/Market Cap-0.16
Enterprise Value/Revenue-0.33
Enterprise Value/Gross Profit-4.75
Enterprise Value/Ebitda0.21
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.46
Revenue Forecast (FY)$45.80M
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 through multiple streams related to its cryptocurrency mining operations and energy management services. The primary revenue source comes from the mining of cryptocurrencies, where the company earns Bitcoin and ot...
Soluna Holdings Financial Statement Overview
Summary
Income Statement
35
Negative
Balance Sheet
40
Negative
Cash Flow
30
Negative
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.78M | 38.02M | 21.07M | 28.55M | 14.35M | 595.00K |
| Gross Profit | 2.00M | 22.92M | 15.46M | 24.98M | 6.28M | 190.00K |
| EBITDA | -44.39M | -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
Negative
0.94
Price Trends
0.97
Negative
1.40
Negative
1.35
Negative
Market Momentum
-0.08
Negative
35.14
Neutral
30.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLNH, the sentiment is Negative. The current price of 0.94 is above the 20-day moving average (MA) of 0.78, below the 50-day MA of 0.97, and below the 200-day MA of 1.35, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 35.14 is Neutral, neither overbought nor oversold. The STOCH value of 30.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SLNH.
Soluna Holdings Risk Analysis
Soluna Holdings disclosed 58 risk factors in its most recent earnings report. Soluna Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Soluna Holdings Peers Comparison
UnderperformOutperform
Sector (68)
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 | $102.31M | -6.13 | -20.63% | ― | 71.92% | 31.84% | |
53 Neutral | $547.65M | -13.49 | -70.17% | ― | 36.85% | -77.93% | |
52 Neutral | $848.34M | -42.67 | 12.97% | ― | ― | ― | |
45 Neutral | $60.73M | -0.66 | 941.35% | ― | -27.81% | 26.81% | |
45 Neutral | $177.82M | -1.68 | -137.37% | ― | -67.66% | 13.39% | |
44 Neutral | $131.93M | -2.24 | -46.59% | ― | ― | 55.04% |
* Financial Sector Average
SLNH
Soluna Holdings
0.62
-0.02
-3.75%
LPTH
Lightpath Technologies
9.49
7.48
372.14%
MVIS
Microvision
0.58
-0.66
-53.23%
USBC
USBC
0.34
-0.34
-50.15%
KULR
KULR Technology Group
2.24
-8.32
-78.79%
SATL
Satellogic
5.93
2.36
66.11%
Soluna Holdings Corporate Events
Business Operations and Strategy
Soluna Signs Equipment Agreement for Project Kati 1 Expansion
Positive
Feb 3, 2026
On February 3, 2026, Soluna Holdings announced it had signed an Equipment Supply Agreement with Texas-based Cormint Data Systems to support an initial 12 MW deployment at its wind-powered Project Kati 1 Bitcoin mining site in Willacy County, Texas...
Business Operations and StrategyExecutive/Board Changes
Soluna Holdings Appoints New Chief Financial Officer
Positive
Jan 20, 2026
On January 20, 2026, Soluna Holdings announced that it had appointed veteran finance executive Michael Picchi as Chief Financial Officer and Treasurer, effective April 1, 2026, with his employment beginning in March as Head of Finance. Interim CFO...
Business Operations and Strategy
Soluna Partners with Metrobloks on Wind-Powered AI Campus
Positive
Jan 15, 2026
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 ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Soluna Issues Monthly Update on Renewable Computing Expansion
Positive
Jan 13, 2026
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 off...
Business Operations and Strategy
Soluna signs Siemens MoU for AI-focused power pilot
Positive
Jan 8, 2026
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 m...
Business Operations and StrategyFinancial Disclosures
Soluna Holdings Reports November 2025 Business Updates
Positive
Dec 9, 2025
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...
Business Operations and StrategyPrivate Placements and Financing
Soluna Holdings Closes $32 Million Direct Offering
Positive
Dec 8, 2025
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 f...
Private Placements and Financing
Soluna Holdings Announces $32M Securities Purchase Agreement
Neutral
Dec 5, 2025
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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Soluna Holdings Secures $100M Credit Facility
Positive
Nov 17, 2025
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 Gene...
Business Operations and StrategyProduct-Related Announcements
Soluna Holdings Completes Project Dorothy 2 Energization
Positive
Nov 13, 2025
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 M...
Private Placements and FinancingShareholder Meetings
Soluna Holdings Approves Key Shareholder Proposals
Neutral
Nov 10, 2025
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...
Business Operations and StrategyExecutive/Board ChangesProduct-Related Announcements
Soluna Holdings Completes Phase 3 of Project Dorothy
Positive
Nov 6, 2025
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 highli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.