Soluna Holdings, Inc. (SLNH)
NASDAQ:SLNH
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Soluna Holdings
(NASDAQ:SLNH)
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Rating:49Neutral
Price Target:
$1.00
â–²(6.38% Upside)
Action:ReiteratedDate:04/18/26
The score is held down primarily by weak financial performance—heavy losses and significant negative free cash flow—despite strong revenue growth and improved equity. Technicals are moderately positive near-term but stretched and still weak longer-term. Corporate events provide growth/financing momentum, partly offset by dilution and Nasdaq noncompliance risk, while valuation support is limited due to losses and no dividend.
Positive Factors
Vertical integration of renewable power
Owning generation tightens Soluna’s control over a key input: low‑cost renewable power. This reduces reliance on third‑party PPAs, lowers merchant exposure, and improves the predictability of operating costs for high‑density compute sites, supporting multi-year project economics and AI/HPC pivot plans.
Negative Factors
Persistent negative free cash flow
Sustained cash burn forces reliance on external financing to fund development and operations. That constrains strategic flexibility, raises funding risk if markets tighten, and increases the probability of dilution or higher cost capital when scaling large AI and compute projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration of renewable power
Owning generation tightens Soluna’s control over a key input: low‑cost renewable power. This reduces reliance on third‑party PPAs, lowers merchant exposure, and improves the predictability of operating costs for high‑density compute sites, supporting multi-year project economics and AI/HPC pivot plans.
Read all positive factors
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$116.95M
Dividend YieldN/A
Average Volume (3M)10.19M
Price to Earnings (P/E)―
Beta (1Y)3.44
Revenue Growth-27.81%
EPS Growth26.81%
CountryUS
Employees47
SectorFinancial
Sector Strength70
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-0.20
Shares Outstanding111,381,065
10 Day Avg. Volume5,213,374
30 Day Avg. Volume10,189,084
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 Cap-0.12
Enterprise Value/Revenue-0.48
Enterprise Value/Gross Profit-0.64
Enterprise Value/Ebitda0.70
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. 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 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
34
Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M |
| Gross Profit | -3.15M | 22.92M | 15.46M | 24.98M | 6.28M |
| EBITDA | -37.94M | -31.75M | -6.29M | -8.45M | -593.00K |
| Net Income | -53.41M | -63.33M | -29.20M | -98.72M | -5.26M |
Balance Sheet | |||||
| Total Assets | 187.94M | 88.04M | 91.28M | 84.96M | 117.69M |
| Cash, Cash Equivalents and Short-Term Investments | 76.42M | 7.84M | 6.37M | 1.14M | 10.26M |
| Total Debt | 29.27M | 21.82M | 19.77M | 22.88M | 8.54M |
| Total Liabilities | 75.70M | 60.68M | 37.92M | 38.69M | 26.71M |
| Stockholders Equity | 54.86M | -12.48M | 26.51M | 41.87M | 90.99M |
Cash Flow | |||||
| Free Cash Flow | -37.21M | -18.45M | -15.75M | -69.51M | -51.72M |
| Operating Cash Flow | -9.15M | -5.07M | -2.99M | -5.75M | 5.55M |
| Investing Cash Flow | -31.85M | -13.16M | -10.33M | -45.63M | -57.30M |
| Financing Cash Flow | 119.39M | 18.32M | 21.86M | 42.94M | 59.38M |
Soluna Holdings Technical Analysis
Positive
0.94
Price Trends
0.84
Positive
1.18
Negative
1.37
Negative
Market Momentum
0.06
Negative
70.67
Negative
76.98
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 above the 20-day moving average (MA) of 0.79, above the 50-day MA of 0.84, and below the 200-day MA of 1.37, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 70.67 is Negative, neither overbought nor oversold. The STOCH value of 76.98 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 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% | |
53 Neutral | $809.07M | -13.49 | -70.17% | ― | 36.85% | -77.93% | |
52 Neutral | $989.97M | 1.67 | 12.97% | ― | ― | ― | |
49 Neutral | $116.95M | -0.59 | -631.88% | ― | -27.81% | 26.81% | |
46 Neutral | $122.07M | -0.66 | -49.95% | ― | 71.92% | 31.84% | |
45 Neutral | $207.22M | -1.68 | -137.37% | ― | -67.66% | 13.39% | |
44 Neutral | $135.07M | -2.24 | -46.59% | ― | ― | 55.04% |
* Financial Sector Average
SLNH
Soluna Holdings
1.13
0.46
68.66%
LPTH
Lightpath Technologies
14.16
12.20
622.45%
MVIS
Microvision
0.66
-0.47
-41.77%
USBC
USBC
0.33
-0.07
-17.96%
KULR
KULR Technology Group
2.56
-6.48
-71.68%
SATL
Satellogic
6.93
3.57
106.25%
Soluna Holdings Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Soluna Reports February Operations, Advances Green Data Centers
Positive
Mar 10, 2026
On March 10, 2026, Soluna issued a monthly update detailing February 2026 operating results and development progress across its portfolio of green data center projects. Hosted hashrate averaged 3,883 PH/s and self‑mining 760 PH/s, with 9.5 B...
Business Operations and Strategy
Soluna Expands Blockware Partnership at Texas Renewable Data Center
Positive
Feb 17, 2026
On February 17, 2026, Soluna Holdings announced it is expanding its partnership with Blockware by adding six megawatts of capacity at its Dorothy 1 renewable-powered data center in west Texas, with deployment that began in January and is slated to...
Business Operations and StrategyExecutive/Board Changes
Soluna Advances AI Campus Plans and Leadership Transition
Positive
Feb 12, 2026
On February 12, 2026, Soluna reported its January 2026 operational update, highlighting collaborations with Siemens to manage GPU power volatility in behind-the-meter AI setups and with Metrobloks to unlock more than 100 MW of AI and HPC capacity ...
Business Operations and StrategyFinancial Disclosures
Soluna Begins Energization of Kati 1 Wind-Powered Campus
Positive
Feb 10, 2026
On February 10, 2026, Soluna announced that it received ERCOT approval and began the initial energization and phased commissioning of Project Kati 1, its 83 MW wind-powered data center campus in Willacy County, South Texas, dedicated to Bitcoin mi...
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...
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.