Soluna Holdings, Inc. (SLNH)
NASDAQ:SLNH
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Soluna Holdings
(NASDAQ:SLNH)
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Rating:44Neutral
Price Target:
$1.50
â–²(59.57% Upside)
Action:Reiterated
Date:06/09/26
The score is held down primarily by weak financial performance (large losses and cash burn) and only modest technical setup (below key short-term trend and subdued momentum). Positive corporate developments (asset consolidation, AI/HPC expansion, and Nasdaq compliance) provide some offset, but valuation support is limited due to ongoing losses and no dividend.
Positive Factors
Vertical integration - owned renewable power
Owning the Briscoe wind farm and full equity in the Dorothy campus secures long-term, behind-the-meter power supply and reduces exposure to third-party power cost inflation. This vertical integration improves margin predictability, enables priority allocation for AI/HPC conversion, and strengthens commercial control over timing and pricing for future customer contracts.
Negative Factors
Cash flow burn
Material negative operating and free cash flow indicate the business currently consumes capital to fund operations and growth. Ongoing cash burn forces reliance on external financing, which may dilute shareholders or increase leverage; it constrains the pace at which the company can self-fund AI/HPC builds and raises execution and funding risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration - owned renewable power
Owning the Briscoe wind farm and full equity in the Dorothy campus secures long-term, behind-the-meter power supply and reduces exposure to third-party power cost inflation. This vertical integration improves margin predictability, enables priority allocation for AI/HPC conversion, and strengthens commercial control over timing and pricing for future customer contracts.
Read all positive factors
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$271.33M
Dividend YieldN/A
Average Volume (3M)24.35M
Price to Earnings (P/E)―
Beta (1Y)4.15
Revenue Growth5.62%
EPS Growth76.20%
CountryUS
Employees47
SectorFinancial
Sector Strength70
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-2.24
Shares Outstanding157,747,360
10 Day Avg. Volume19,085,591
30 Day Avg. Volume24,347,406
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.62
Price to Sales (P/S)1.14
P/FCF Ratio-0.91
Enterprise Value/Market Cap0.88
Enterprise Value/Revenue7.19
Enterprise Value/Gross Profit49.75
Enterprise Value/Ebitda-5.11
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.46
Revenue Forecast (FY)$45.40M
Soluna Holdings Business Overview & Revenue Model
Company Description
Soluna Holdings, Inc. is an enterprise based in Albany, New York, that specializes in developing and constructing modular data centers specifically tailored for cryptocurrency mining. Additionally, the company maintains an active presence within t...
How the Company Makes Money
Soluna primarily makes money through (1) self-mining cryptocurrency: it operates its own mining hardware to generate digital assets (typically by contributing hashpower to a blockchain network and earning block rewards and transaction fees), and t...
Soluna Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.17M | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M |
| Gross Profit | 4.80M | 6.46M | 22.92M | 15.46M | 24.98M | 6.28M |
| EBITDA | -46.72M | -37.94M | -31.75M | -6.29M | -8.45M | -593.00K |
| Net Income | -63.32M | -53.41M | -63.33M | -29.20M | -98.72M | -5.26M |
Balance Sheet | ||||||
| Total Assets | 190.42M | 187.94M | 88.04M | 91.28M | 84.96M | 117.69M |
| Cash, Cash Equivalents and Short-Term Investments | 68.57M | 76.42M | 7.84M | 6.37M | 1.14M | 10.26M |
| Total Debt | 27.99M | 29.27M | 21.82M | 19.77M | 22.88M | 8.54M |
| Total Liabilities | 76.06M | 75.70M | 60.68M | 37.92M | 38.69M | 26.71M |
| Stockholders Equity | 47.25M | 54.86M | -12.48M | 26.51M | 41.87M | 90.99M |
Cash Flow | ||||||
| Free Cash Flow | -50.00M | -37.21M | -18.45M | -15.75M | -69.51M | -51.72M |
| Operating Cash Flow | -15.34M | -9.15M | -5.07M | -2.99M | -5.75M | 5.55M |
| Investing Cash Flow | -24.21M | -31.85M | -13.16M | -10.33M | -45.63M | -57.30M |
| Financing Cash Flow | 111.09M | 119.39M | 18.32M | 21.86M | 42.94M | 59.38M |
Soluna Holdings Technical Analysis
Positive
0.94
Price Trends
1.52
Positive
1.19
Positive
1.59
Positive
Market Momentum
0.02
Negative
55.70
Neutral
79.00
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 0.94 is below the 20-day moving average (MA) of 1.62, below the 50-day MA of 1.52, and below the 200-day MA of 1.59, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 55.70 is Neutral, neither overbought nor oversold. The STOCH value of 79.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SLNH.
Soluna Holdings Risk Analysis
Soluna Holdings disclosed 66 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% | |
64 Neutral | $951.26M | -37.86 | -41.18% | ― | 86.66% | -97.48% | |
52 Neutral | $183.17M | -2.57 | -56.90% | ― | 62.35% | -46.70% | |
49 Neutral | $893.91M | -9.39 | 402.23% | ― | ― | ― | |
44 Neutral | $271.33M | -2.28 | -260.79% | ― | 5.62% | 76.20% | |
44 Neutral | $125.52M | -1.23 | -139.20% | ― | -64.10% | 31.45% | |
44 Neutral | $162.44M | -2.43 | -114.46% | ― | ― | 88.87% |
* Financial Sector Average
SLNH
Soluna Holdings
1.72
1.18
218.52%
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Soluna Holdings Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Soluna Forms Joint Venture for Major Texas AI Campus
Positive
Jun 9, 2026
Soluna Holdings has formed a joint venture with Metrobloks to develop Project Kati 2, a multi-phase, 350 MW-plus AI and high-performance computing data center campus in Willacy County, Texas, with Soluna contributing land, purchase rights for a se...
Business Operations and StrategyM&A Transactions
Soluna Gains Full Control of Project Dorothy Campus
Positive
May 20, 2026
On May 19, 2026, Soluna Digital, a subsidiary of Soluna Holdings, acquired the remaining 49% membership interest in the proprietary bitcoin mining-focused Dorothy 1B Project Company from Navitas for approximately $8.8 million, bringing its ownersh...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Soluna Reports Strong Q1 Growth Amid Wider Net Loss
Positive
May 18, 2026
On May 18, 2026, Soluna reported first-quarter 2026 results showing revenue of $9.4 million, up 58% year over year and marking a fourth straight quarter of sequential growth, driven by contributions from the Dorothy 2 and Kati 1 sites and a full-c...
Business Operations and StrategyDelistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
Soluna Highlights Briscoe Wind Farm Acquisition, Nasdaq Compliance
Positive
May 7, 2026
On May 7, 2026, Soluna reported April 2026 operational updates highlighting the $53 million acquisition of the Briscoe Wind Farm and full ownership of Project Dorothy 1A, marking its first direct ownership of a renewable generation asset and deepe...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Soluna Holdings Regains Nasdaq Compliance, Stabilizing Market Listing
Positive
May 1, 2026
On April 30, 2026, Soluna Holdings, Inc. regained compliance with Nasdaq’s $1.00 minimum bid price requirement after its shares maintained a closing bid of at least $1.00 from April 14 to April 29, 2026. Nasdaq confirmed the issue was closed...
Business Operations and StrategyM&A Transactions
Soluna partners with Sazmining on Project Dorothy Bitcoin expansion
Positive
Apr 28, 2026
On April 28, 2026, Soluna Holdings announced a partnership with Sazmining to launch a 3 MW Bitcoin mining operation at Soluna’s Project Dorothy 1B in West Texas, marking Sazmining’s second U.S. deployment. The collaboration can scale w...
Business Operations and Strategy
Soluna Expands Blockware Partnership at New Wind-Powered Site
Positive
Apr 21, 2026
On April 21, 2026, Soluna Holdings announced a fourth expansion of its partnership with blockchain infrastructure firm Blockware, adding 3.3 MW of capacity at the Project Dorothy 1B data center in West Texas. This new deployment, Blockware’s...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Soluna Holdings Secures Financing for Data Center Expansion
Positive
Apr 17, 2026
On April 15, 2026, Soluna Digital Inc. acquired the remaining membership interests in the Dorothy 1A Project Company from Soluna SLC Fund I Projects Holdco LLC, paying $6 million at closing and agreeing to a further $10.5 million by July 1, 2026. ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Soluna Acquires Full Control of Project Dorothy 1A
Positive
Apr 16, 2026
On April 16, 2026, Soluna Holdings announced the $16.5 million acquisition of Spring Lane Capital’s remaining 85.4% equity stake in Project Dorothy 1A in Silverton, Texas, giving Soluna full ownership of the asset after previously holding al...
Delistings and Listing ChangesRegulatory Filings and Compliance
Soluna Holdings Faces Nasdaq Noncompliance, Delisting Risk Looms
Negative
Apr 15, 2026
On April 10, 2026, Soluna Holdings, Inc. disclosed that it had received a notice from Nasdaq stating its common stock had closed below $1.00 for 30 consecutive business days, putting the company out of compliance with the exchange’s minimum ...
Business Operations and StrategyFinancial Disclosures
Soluna Highlights Strong March Operations and AI Expansion
Positive
Apr 9, 2026
Soluna Holdings, Inc., a Nasdaq-listed developer of green data centers, designs, builds, and operates digital infrastructure that turns surplus renewable energy into computing resources for Bitcoin mining, AI, and other intensive workloads. Its da...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Soluna Expands Portfolio with Briscoe Wind Farm Acquisition
Positive
Apr 3, 2026
On April 1, 2026, an indirect Soluna Holdings subsidiary acquired 100% of Briscoe Wind Farm, LLC, owner of a roughly 149.85 MW wind project in Briscoe and Floyd counties, Texas, for about $53 million, simultaneously retiring the project’s pr...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Soluna Completes Briscoe Wind Farm Acquisition, Expands AI Capacity
Positive
Apr 2, 2026
On April 2, 2026, Soluna Holdings closed the $53 million acquisition of the 150 MW Briscoe Wind Farm in West Texas, financed with a mix of debt and cash, and projected to generate first-year adjusted EBITDA of $6 million to $11 million on annualiz...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Soluna Highlights Transformational 2025, Positions for 2026 Growth
Positive
Mar 30, 2026
On March 30, 2026, Soluna reported that 2025 was a transformational year in which it doubled operating capacity, surpassed 1 gigawatt of renewable-powered computing across operating and development projects, and expanded its long-term power pipeli...
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.