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Soluna Holdings
(NASDAQ:SLNH)
Soluna Holdings (SLNH) vs. S&P 500 (SPY)
Soluna Holdings Business Overview & Revenue Model
Soluna Holdings Financial Statement Overview
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 38.02M | 21.07M | 28.55M | 14.35M | 9.60M | Gross Profit |
| 30.52M | 14.70M | -7.96M | 6.28M | 6.53M | EBIT |
| 11.94M | -20.24M | -84.79M | -4.48M | 1.45M | EBITDA |
| -42.49M | -12.41M | -71.77M | -762.00K | -1.46M | Net Income Common Stockholders |
| -63.33M | -29.20M | -107.02M | -6.39M | 1.95M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 7.84M | 6.37M | 1.14M | 10.26M | 2.63M | Total Assets |
| 88.04M | 91.28M | 84.96M | 117.69M | 8.65M | Total Debt |
| 21.82M | 19.77M | 22.88M | 8.54M | 1.21M | Net Debt |
| 13.97M | 13.41M | 21.74M | -1.72M | -1.42M | Total Liabilities |
| 60.68M | 37.92M | 38.69M | 26.71M | 2.73M | Stockholders Equity |
| -12.48M | 26.51M | 41.87M | 90.99M | 5.92M |
| Cash Flow | Free Cash Flow | |||
| -18.45M | -15.69M | -69.51M | -51.72M | 787.00K | Operating Cash Flow |
| -5.07M | -2.99M | -5.75M | 5.55M | 1.62M | Investing Cash Flow |
| -13.16M | -10.33M | -45.63M | -57.30M | -1.58M | Financing Cash Flow |
| 18.32M | 21.86M | 38.16M | 59.38M | 83.00K |
Soluna Holdings Technical Analysis
Soluna Holdings Risk Analysis
Soluna Holdings Peers Comparison
Soluna Holdings Corporate Events
On May 8, 2025, Soluna Holdings, Inc. received a notice from Nasdaq indicating that the company’s common stock had been trading below $1.00 per share for 30 consecutive business days, thus failing to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The notice does not immediately affect the stock’s listing or trading, and Soluna has until November 4, 2025, to regain compliance by ensuring the stock price meets or exceeds $1.00 per share for at least ten consecutive business days. If compliance is not achieved by then, the company may qualify for an additional 180-day period to meet the requirement or face potential delisting, with an option to appeal the decision.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings receives a low overall score due to significant financial instability, negative profitability, and unattractive valuation metrics. While there are potential upsides from corporate initiatives in renewable infrastructure, these are overshadowed by the company’s high leverage and negative equity. Technical indicators provide limited hope for recovery, but the overall risks are pronounced.
To see Spark’s full report on SLNH stock, click here.
On May 8, 2025, Soluna Holdings announced updates on its April 2025 operations, highlighting significant developments in its renewable-powered data centers. The company signed term sheets for new wind-powered projects in Texas, secured land for a major renewable computing site, and expanded its Bitcoin hosting capacity through a new agreement. Key projects like Project Dorothy and Project Sophie saw progress, with construction and customer deployments advancing. These developments are expected to strengthen Soluna’s presence in sustainable computing and meet the rising demand for clean, high-performance infrastructure.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings receives a low overall score due to significant financial instability, negative profitability, and unattractive valuation metrics. While there are potential upsides from corporate initiatives in renewable infrastructure, these are overshadowed by the company’s high leverage and negative equity. Technical indicators provide limited hope for recovery, but the overall risks are pronounced.
To see Spark’s full report on SLNH stock, click here.
On April 22, 2025, Soluna Holdings, Inc. announced a two-year hosting agreement with Blockware, a leading crypto mining infrastructure provider in North America. This partnership involves deploying 1,500 S21+ mining units at Soluna’s Project Dorothy 2 data center in Texas, highlighting the growing demand for sustainable Bitcoin infrastructure. The deployment began on April 21, 2025, and is expected to fully ramp up by June 1, 2025. This collaboration underscores Soluna’s commitment to renewable-powered infrastructure and strengthens its customer pipeline, while Blockware aims to increase hashrate in the U.S. and deliver world-class hosting solutions.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings faces substantial financial instability, with negative equity and profitability issues being major concerns. Despite strategic expansions and partnerships in renewable energy, the weak technical indicators and poor valuation metrics contribute to a low overall score. The stock remains risky, with potential upsides from corporate initiatives tempered by current financial conditions.
To see Spark’s full report on SLNH stock, click here.
On April 17, 2025, Soluna Holdings, Inc. announced the signing of a term sheet for power for Project Ellen, a 100 MW data center co-located with a 145 MW wind farm in South Texas. This project, developed in two phases, aims to leverage wind energy for sustainable computing, reinforcing Soluna’s commitment to renewable energy adoption and addressing underutilized green power. With Project Ellen, Soluna’s data center capacity is expected to exceed 698 MW, marking a significant step in its mission to scale renewable-powered computing solutions.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings faces substantial financial challenges, with negative equity and profitability issues weighing heavily on its overall score. Although positive corporate events suggest potential growth, the absence of a sustainable financial base and unattractive valuation metrics remain major concerns. Technical analysis suggests the possibility of recovery, but the lack of supportive indicators tempers enthusiasm.
To see Spark’s full report on SLNH stock, click here.
On April 15, 2025, Soluna Holdings, Inc. announced the signing of definitive agreements to secure two parcels of land in Texas for the development of Project Kati, a 166 MW data center site. This project, in collaboration with EDF Renewables and Masdar, aims to power advanced computing applications, including Bitcoin mining and AI. The project will be executed in two phases, with the first phase of 83 MW expected to enhance Soluna’s capacity to over 206 MW. This milestone is significant for Soluna as it sets the stage for construction and investment, positioning the company to scale its sustainable Bitcoin and AI infrastructure.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings faces substantial financial challenges, with negative equity and profitability issues weighing heavily on its overall score. Although positive corporate events suggest potential growth, the absence of a sustainable financial base and unattractive valuation metrics remain major concerns. Technical analysis suggests the possibility of recovery, but the lack of supportive indicators tempers enthusiasm.
To see Spark’s full report on SLNH stock, click here.
On April 10, 2025, Soluna Holdings, Inc. announced several key updates, including an 80.5% revenue growth to $38 million for 2024 and the successful powering up of Project Dorothy 2, which increased their Bitcoin hosting capacity by 60%. The company also secured $5 million in non-dilutive debt financing and received a second patent broadening their modular data center technology. Additionally, Soluna strategically terminated its agreement with Hewlett Packard Enterprise and provided updates on various projects, highlighting significant progress in their operations and partnerships.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Underperform.
Soluna Holdings faces significant financial challenges with negative profitability and high leverage, weighing heavily on its score. While technical analysis hints at potential recovery due to oversold conditions, the unattractive valuation metrics and financial instability are major concerns. Positive corporate events offer some optimism about future growth, but overall risks remain pronounced.
To see Spark’s full report on SLNH stock, click here.
On April 8, 2025, Soluna Holdings, Inc. announced the signing of a term sheet for Project Hedy, a 120 MW data center co-located with a 200 MW wind farm in South Texas. This project, developed in two phases, aims to leverage excess wind energy for Bitcoin mining and AI workloads, enhancing grid stability in Texas. With this initiative, Soluna’s data center capacity is expected to exceed 598 MW, reinforcing its commitment to integrating computing with renewable energy and contributing to a low-carbon economy.
Spark’s Take on SLNH Stock
According to Spark, TipRanks’ AI Analyst, SLNH is a Neutral.
Soluna Holdings faces significant financial challenges, including negative profitability and cash flow issues, which weigh heavily on its overall score. Technical analysis suggests the stock is oversold, which could indicate potential for price recovery. However, its valuation remains unattractive due to the negative P/E ratio and lack of dividends. Positive corporate events, such as strategic partnerships and successful financing, provide some offsetting optimism about future growth prospects.
To see Spark’s full report on SLNH stock, click here.
Soluna Holdings, Inc.’s subsidiary, Soluna Cloud, entered into an agreement with Hewlett Packard Enterprise to provide data center and cloud services using NVIDIA H100 GPUs. However, due to market shifts and supply changes, Soluna Cloud’s business progressed slower than expected, leading to the termination of the agreement by both parties in March 2025. Soluna Cloud decided to refocus on its core strength in developing bitcoin and AI hosting facilities, which is anticipated to create more value for the company and its shareholders.
On March 27, 2025, Soluna Holdings, Inc. announced a successful strategic partnership with Luxor Technology Corporation and BitMine Immersion Technologies, highlighted in a new case study. The collaboration delivered a turnkey mining solution that enabled BitMine to scale its operations efficiently by integrating renewable power, infrastructure, and financial services, setting a new standard in the Bitcoin mining industry.
On March 20, 2025, Soluna Holdings, Inc. held an ‘Ask Me Anything’ session where management addressed questions about its operations and future plans. The company is actively pursuing funding opportunities and partnerships, including those related to AI data centers and Bitcoin hosting projects. Soluna’s Project Kati is set to be an 83 MW Bitcoin Hosting project, and the company is collaborating with Atlas Cloud on a DeepSeek R1 inferencing platform. Despite recent stock declines, Soluna is focused on growth and aims to provide more detailed revenue guidance in its upcoming shareholder communications.
On March 18, 2025, Soluna Holdings, Inc. announced the successful closure of a $5 million non-dilutive debt financing agreement with Galaxy Digital. This five-year loan facility, secured with limited recourse to the parent company, reflects investor confidence in Soluna’s business model and its ability to monetize energy through AI and Bitcoin mining. The financing will support Soluna’s ongoing project development and expansion efforts, marking a significant milestone in its mission to deliver sustainable computing solutions.
On March 11, 2025, Soluna Holdings, Inc. announced several updates regarding its February 2025 operations and developments. Key highlights include the successful exit of Project Kati from the ERCOT planning phase, securing up to 187 MW of sustainable energy for Project Rosa, and expanding a partnership with Bit Digital. Additionally, the company reported progress on multiple projects, including Project Dorothy and Project Ada, and highlighted customer success with new deployments.
On March 5, 2025, Soluna Holdings, Inc. announced that its subsidiary, Soluna Cloud, has partnered with Atlas Cloud to launch the DeepSeek R1 AI inferencing platform in North America. This initiative, which went live on February 28, 2025, aims to provide enterprises and developers with a faster, cost-effective AI solution, addressing data sovereignty and performance optimization concerns by offering an alternative to China-hosted AI models.
On February 25, 2025, Soluna Holdings, Inc. announced the acquisition of land for Project Rosa, a new data center aimed at expanding its capacity with up to 187 MW of renewable energy for AI and Bitcoin mining. This strategic development, co-located with a 240 MW wind farm in Texas, aligns with Soluna’s mission to create sustainable, scalable data centers and marks a significant step in its operational growth.
On February 18, 2025, Soluna Holdings, Inc. announced the successful exit of Project Kati from the ERCOT planning phase, paving the way for construction and expansion. Project Kati is expected to deliver 166 MW of renewable energy capacity, unlocking new hosting and AI joint venture opportunities, with construction anticipated to start in 2025. This development aligns with Soluna’s vision of expanding renewable computing infrastructure to meet the demands of high-performance applications, further solidifying its position in the industry.