Soluna Holdings Inc (SLNH)
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Soluna builds data centers next to wind farms and tells the story of the AI age. Its filings with the U.S. Securities and Exchange Commission tell a different one: the AI and high-performance computing line booked exactly $28,000 of revenue in 2025 and nothing at all in the first quarter of 2026. The money comes from bitcoin mining and from hosting other miners — $29.7 million of revenue in 2025 against a $57.0 million net loss. The auditor made the going-concern question a critical audit matter, Nasdaq has been chasing the minimum bid price since April 10, 2026, and the share count went from 10.6 million (December 31, 2024) to 157.7 million (May 12, 2026). Not investment advice — just the question of what the AI story actually weighs in the books.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Sells AISoluna führt im Geschäftsbericht (10-K) für 2025 ein eigenes Berichtssegment „Hochleistungsrechnen“ für KI-Rechenzentren und weist dafür Umsatz aus — allerdings nur 28 Tausend US-Dollar im Jahr 2025 (2024: 16 Tausend) und null im ersten Quartal 2026; das KI-Geschäft ist damit belegt, aber wirtschaftlich noch nicht relevant.
View the full file — quotes, sources, reviewed filings
„HPC Business – Through Soluna HPC, Inc., we are developing AI-ready data center leasing and hosting capabilities for AI and HPC workloads, beginning with Project Kati 2, which is being engineered for more than 300 MW of capacity in partnership with Metrobloks, LLC („Metrobloks“)."
HPC-Geschäft – Über die Soluna HPC, Inc. entwickeln wir Vermietungs- und Hosting-Kapazitäten in KI-tauglichen Rechenzentren für KI- und Hochleistungsrechen-Anwendungen, beginnend mit Project Kati 2, das gemeinsam mit der Metrobloks, LLC („Metrobloks“) für mehr als 300 Megawatt Kapazität ausgelegt wird.
„The High-Performance Computing Services segment may generate revenue from either the sale or lease of HPC assets (such as Project Ada which leased GPUs), or from HPC/AI data centers to be leased to third-party HPC/AI customers. This segment began generating revenue in December 2024, as Project Ada worked to build its customer base."
Das Segment Hochleistungsrechen-Dienste kann Umsatz entweder aus dem Verkauf oder der Vermietung von HPC-Anlagen erzielen (etwa aus Project Ada, das Grafikprozessoren vermietete) oder aus HPC-/KI-Rechenzentren, die an dritte HPC-/KI-Kunden vermietet werden sollen. Dieses Segment begann im Dezember 2024 Umsatz zu erzielen, als Project Ada seinen Kundenstamm aufbaute.
„In the third quarter of 2024, the Company initiated Soluna Cloud Services, a new business line to provide high performance computing services to support generative AI workstreams, but decided to exit active provision of these services during the first quarter of 2025 and will focus in the future on provision of colocation services at our datacenters to host customers in the AI generative space."
Im dritten Quartal 2024 startete die Gesellschaft Soluna Cloud Services, ein neues Geschäftsfeld zur Erbringung von Hochleistungsrechen-Diensten für generative KI-Anwendungen, entschied sich jedoch im ersten Quartal 2025, die aktive Erbringung dieser Dienste zu beenden, und wird sich künftig auf Kolokationsdienste in unseren Rechenzentren konzentrieren, um Kunden aus dem Bereich der generativen KI zu beherbergen.
Filings Reviewed: 10-Q 2026-05-15 · 10-Q 2025-11-14 · 10-Q 2025-08-14 · 10-Q 2025-05-15 · 10-K 2026-03-30 · 10-K 2025-03-31
Rated on July 27, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q1 | -2.67 | -60.60 | 13 | 307.20 | -41.90 | 4 | 3 |
| 2024: Q2 | -2.97 | -852.40 | 10 | 367.80 | -112.40 | -7 | -9 |
| 2024: Q3 | -1.29 | 73.40 | 8 | 29.80 | -95.50 | 0 | -5 |
| 2025: Q1 | -0.88 | 67.10 | 6 | -52.70 | -127.30 | 0 | -4 |
| 2025: Q2 | -0.49 | 83.50 | 6 | -36.40 | -119.90 | -1 | -10 |
| 2025: Q3 | -1.14 | 11.60 | 8 | 11.80 | -284.70 | -2 | -12 |
| 2025: Q4 | -0.17 | 96.20 | 9 | 11.30 | -157.70 | -6 | -19 |
| 2026: Q1 | -0.24 | 72.40 | 9 | 58.30 | -185.90 | -6 | -9 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The core idea works: data centers behind the meter of a wind farm skip years of grid interconnection queues and buy power that would otherwise be curtailed. Hosting grew 178 percent to $6.7 million in the first quarter of 2026, total revenue 58 percent to $9.4 million. With the Briscoe wind farm (149.85 megawatts, bought on 04/01/2026 for roughly $53.0 million) Soluna now owns the power source itself.
Story and bookkeeping are far apart: the high-performance computing segment booked exactly $28 thousand of revenue in 2025 ($16 thousand in 2024) and zero in the first quarter of 2026. The only real AI contract — $34.0 million with Hewlett Packard Enterprise for capacity on NVIDIA H100 GPUs — collapsed in March 2025 and cost $28.6 million. For Project Kati 2 the monthly update of July 14, 2026 does report a signed letter of intent with an unnamed prospect — until then the AI business exists as a construction plan, not as revenue.
Auditor UHY LLP made going concern a critical audit matter in the fiscal 2025 audit report: recurring losses, negative operating cash flow, significant debt and capital expenditure commitments. In 2025, $9.1 million flowed out of operations; in the first quarter of 2026 alone, $6.4 million. On top of that the HPE liability of $19.3 million still sits on the balance sheet, and the accumulated deficit has reached $385.2 million.
The share count rose from 10,607,020 (12/31/2024) to 157,747,354 (05/12/2026) — almost fifteenfold in 17 months. Between April 1 and May 15, 2026 alone, 36,820,572 shares were added for $52.2 million of net proceeds, plus 6,510,416 shares in 2026 from the full conversion of the Series B preferred stock. Behind that stand another 26,968,251 unvested restricted shares, 22,309,840 warrants and a still untouched equity purchase agreement of $250.0 million.
General and administrative expenses rose 64 percent in 2025 to $30.5 million while revenue fell 22 percent to $29.7 million. In the first quarter of 2026 they came to $16.1 million — including $10.2 million of stock-based compensation, that is more than the entire quarterly revenue of $9.4 million. On July 9, 2026 the compensation committee raised the chief executive's base salary retroactively to January 1, 2026 to $600,000 and set a target bonus of 100 percent.
Since April 10, 2026 a Nasdaq compliance period has been running to October 7, 2026 because the closing bid price was below $1.00 for 30 consecutive business days. Of the $113.0 million of equity as of March 31, 2026, only $47.2 million belongs to shareholders and $65.8 million to the non-controlling interests in the projects — and ahead of the common stock stand another 4,920,045 preferred shares with a $25.00 liquidation preference.
Soluna Holdings is a lesson in the label trap: a company that describes honestly what it is building gets traded for what the sign says. The sign says AI — the books say $28 thousand of AI revenue for 2025 and zero for the first quarter of 2026, alongside $29.7 million of bitcoin revenue and a $57.0 million net loss. The site concept is real, hosting is growing, the wind farm has been bought. But the auditor made going concern a critical audit matter, a $19.3 million invoice from the collapsed AI contract still sits on the balance sheet, and the share count has grown almost fifteenfold in 17 months. Anyone investing here is financing a construction plan — and paying for the build time in shares. Not investment advice.
- Soluna landed on the research list via the Reddit hype scanner. The cross-check against our own database on July 26, 2026 found that SLNH appears in none of our scanner lists — no momentum, quality or valuation filter surfaced the stock. Those lists are recalculated daily, so the finding holds for the day named.
- Data basis and currency: we evaluated the annual report (10-K) for 2025 filed March 30, 2026, the quarterly report (10-Q) as of March 31, 2026 filed May 15, 2026, and every filing made afterwards through July 24, 2026 — including the monthly update of July 14, 2026 and the beneficial ownership report of May 26, 2026. The share count comes from the cover page of the quarterly report (as of May 12, 2026); Soluna published no newer official interim figure through July 24, 2026. Added after that date was the full conversion of the Series B preferred stock into 6,510,416 common shares, most of which falls after March 31, 2026.
- On valuation: a market capitalization taken from market data is deliberately not used as a metric here, because the last price documented in a filing ($0.77 on March 6, 2026) and the average proceeds of the company's own share issuance in April and May 2026 (roughly $1.42) are far apart. Only the order of magnitude is given. Not to be confused: SLNH is the common stock, SLNHP the preferred stock of the same company.
About the Company
Soluna Holdings, Inc., together with its subsidiaries, engages in the mining of cryptocurrency through data centres. It operates through three segments, Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services. The company also operates in the blockchain business, as well as provides colocation and hosting services to large-scale bitcoin mining operators. In addition, the company develops and builds modular data centrers that use for cryptocurrency mining. Further, it provides data center hosting services, including electrical power and network connectivity to cryptocurrency mining customers. Soluna Holdings, Inc. was formerly known as Mechanical Technology Inc and as changed to Soluna Holdings, Inc. in November 2021. The company was founded in 1961 and is headquartered in Albany, New York.
| IPO Year | 2009 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 26, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.