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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 | 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
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% | |
55 Neutral | $328.33M | -22.29 | -37.15% | ― | 17.26% | -70.07% | |
52 Neutral | $223.08M | ― | -2533.43% | ― | -26.87% | 45.53% | |
50 Neutral | $172.47M | ― | -24.65% | ― | 35.81% | 55.13% | |
46 Neutral | $355.14M | -2.95 | -115.11% | ― | -71.30% | 17.62% | |
39 Underperform | $289.89M | ― | ― | ― | ― | ― | |
28 Underperform | $320.57M | -0.17 | ― | ― | ― | 42.75% |
Soluna Holdings Corporate Events
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
On September 12, 2025, Soluna Holdings entered into a Credit and Guaranty Agreement with Generate Lending, securing a $35.5 million senior secured term loan for its data center projects, with an option to request additional financing up to $64.5 million. This agreement, announced on September 16, 2025, is part of a broader $100 million facility from Generate Capital, aimed at expanding Soluna’s green data centers and supporting its growth in renewable-powered computing infrastructure.
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.
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.
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.
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.
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.
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.
Soluna Holdings, Inc. is a digital infrastructure company specializing in converting surplus renewable energy into computing resources, primarily focusing on Bitcoin mining and high-performance computing. In its latest earnings report, Soluna Holdings highlighted a net loss of $15.1 million for the first half of 2025, with total revenue reaching $12.1 million, a decrease from the previous year. Key financial metrics revealed a decline in cryptocurrency mining revenue and data hosting revenue compared to the same period in 2024. The company also reported significant operating expenses and interest expenses, contributing to the overall net loss. Looking forward, Soluna Holdings is exploring various financing strategies to support its operations and address its liquidity challenges, including stock issuances and partnerships. The management remains focused on achieving sustainable growth through strategic investments in data center projects.
On August 12, 2025, Soluna Holdings announced an expanded partnership with Galaxy Digital to deploy 48 MW at Project Kati 1 in Texas, marking their largest deployment with a single partner to date. This expansion, expected to be operational by Q1 2026, will bring Soluna’s total operating capacity to 206 MW and underscores the company’s ability to scale its renewable-powered infrastructure to meet growing demand from hyperscaler miners.
On August 5, 2025, Soluna Holdings announced the resignation of its CFO and Treasurer, John Tunison, effective August 21, 2025. Tunison, who played a significant role in overseeing financing rounds and driving revenue growth, is leaving to join a privately held company. David C. Michaels, a long-time board member with extensive financial leadership experience, has been appointed as interim CFO and Treasurer. This transition is not due to any disagreements with the company, and Soluna has initiated a search for a permanent replacement.
On August 7, 2025, Soluna Holdings announced the completion of Phase 2 construction for Project Dorothy 2, marking a significant milestone as it reaches full hosting capacity with a top-tier Bitcoin miner. Additionally, Soluna secured $20 million from Spring Lane Capital to launch Project Kati 1, a wind-powered data center in Texas, with construction expected to begin in Q3 2025. These developments underscore Soluna’s commitment to expanding its renewable computing platform and enhancing its market positioning in the green data center industry.
On August 6, 2025, Soluna Holdings conducted an ‘Ask Me Anything’ session where management addressed investor questions about the company’s financial strategies and future plans. Key topics included debt repayment strategies, margin protection amidst Bitcoin price fluctuations, and plans to achieve profitability by owning a significant portion of their projects. The company also discussed its strategy to regain Nasdaq compliance and the potential impact of legislative changes on their operations.