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Soluna Holdings, Inc.

SLNH NASDAQ Categories PDF
Technology · Hardware, Equipment & Parts · United States · Updated May 11, 1:51pm
$1.87
Price
$54.2M
Market Cap
47
Employees
5.17
Beta
John Belizaire
CEO
Business 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.

Business History
Price Overview
Last updated: May 11, 2026 1:51pm (just now)
$1.87
+0.04 (+1.99%)
Day Range
$1.75 – $1.95
52-Week Range
$0.42 – $5.14
50-Day MA
$0.99
200-Day MA
$1.42
Volume
21,723,678.00
Analyst Price Targets
Low $5.00
Consensus $5.00
High $5.00
(1 analysts)
Share Structure
Outstanding 29,048,875.00
Float 22,218,142.00
Free Float 76.5%
Normal free float — 76.5% of shares trade freely, ~23.5% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-0.78
Stock Price: $1.87
EPS (Diluted): -2.38
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
0.62
Stock Price: $1.87
Total Equity: $54.86M
Shares: 29,048,848
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-0.34
Market Cap: $54.18M
Total Debt: $26.84M
Cash: $76.42M
EBITDA: -$37.94M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
-$13.2M
Market Cap: $54.18M
Total Debt: $26.84M
Cash: $76.42M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
-10.6%
Gross Profit: -$3.15M
Revenue: $29.72M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-113.3%
Operating Income: -$33.67M
Revenue: $29.72M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-179.7%
Net Income: -$53.41M
Revenue: $29.72M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-631.9%
Net Income: -$53.41M
Total Equity: $54.86M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-22.4%
Operating Income: -$33.67M
Tax Rate: 3.9%
Equity: $54.86M
Total Debt: $26.84M
Cash: $76.42M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.87
Current Assets: $92.13M
Current Liabilities: $49.19M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.49
Short-Term Debt: $8.94M
Long-Term Debt: $17.90M
Total Debt: $26.84M
Total Equity: $54.86M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$1.02
Revenue: $29.72M
Shares: 29,048,848
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$1.89
Total Equity: $54.86M
Shares: 29,048,848
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-1.28
Operating CF: -$9.15M
CapEx: -$28.07M
Shares: 29,048,848
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $1.87
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$53.41M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares SLNH against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $14.3M $28.5M $21.1M $38.0M $29.7M
Cost of Revenue $8.1M $3.6M $5.6M $15.1M $7.4M
Gross Profit $6.3M $25.0M $15.5M $22.9M -$3.2M
Operating Expenses $10.8M $109.8M $35.7M $70.4M $30.5M
Operating Income -$4.5M -$84.8M -$20.2M -$47.5M -$33.7M
Net Income -$5.3M -$98.7M -$29.2M -$63.3M -$53.4M
EBITDA $-593,000 -$8.5M -$6.3M -$31.8M -$37.9M
EPS $-13.49 $-178.57 $-27.79 $-0.80 $-2.38
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $10.3M $1.1M $6.4M $7.8M $76.4M
Total Current Assets $25.0M $3.8M $14.3M $13.5M $92.1M
Total Assets $117.7M $85.0M $91.3M $88.0M $187.9M
Current Liabilities $15.7M $29.5M $28.2M $47.9M $49.2M
Long-Term Debt $0 $0 $0 $7.1M $17.9M
Total Liabilities $26.7M $38.7M $37.9M $60.7M $75.7M
Total Equity $91.0M $41.9M $26.5M -$12.5M $54.9M
Retained Earnings -$123.1M -$221.8M -$251.0M -$314.3M -$367.7M
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $5.6M -$5.7M -$3.0M -$5.1M -$9.1M
Capital Expenditure -$57.3M -$63.8M -$12.8M -$13.4M -$28.1M
Free Cash Flow -$51.7M -$69.5M -$15.8M -$18.4M -$37.2M
Acquisitions (net) $0 $0 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash $7.6M -$8.4M $8.5M $86,000 $78.4M
Analyst Estimates (Annual)
Metric 2025 2026 2027
Revenue $31.1M
$31.1M – $31.1M
 $45.4M
$45.4M – $45.4M
 $45.4M
$45.4M – $45.4M
EBITDA -$15.4M
-$15.4M – -$15.4M
 -$22.4M
-$22.4M – -$22.4M
 -$22.4M
-$22.4M – -$22.4M
Net Income -$55.5M
-$55.5M – -$55.5M
 -$13.4M
-$13.4M – -$13.4M
 -$13.4M
-$13.4M – -$13.4M
EPS — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +99.0% -26.2% +80.5% -21.8%
Gross Profit Growth +298.0% -38.1% +48.2% -113.7%
Operating Income Growth -1,794.3% +76.1% -134.8% +29.2%
Net Income Growth -1,776.4% +70.4% -116.9% +15.7%
EBITDA Growth -1,325.6% +25.6% -404.9% -19.5%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-06 Belizaire John S-Sale 1,000.00 $7.25 $7,250
2026-04-01 PICCHI MICHAEL 0.00 $0.00 $0
2026-01-01 Thomas Jessica L. A-Award 460,000.00 $0.00 $0
2025-12-16 Phelan William P S-Sale 1,300.00 $1.41 $1,833
2025-12-12 MICHAELS DAVID C S-Sale 1,017.00 $2.19 $2,227
2025-12-12 MICHAELS DAVID C S-Sale 5,669.00 $9.26 $52,495
2025-12-10 Hirshfield Edward R S-Sale 2,000.00 $9.70 $19,400
2025-12-11 Hirshfield Edward R S-Sale 741.00 $9.90 $7,336
2025-12-12 Hirshfield Edward R S-Sale 2,000.00 $9.76 $19,520
2025-12-10 Phelan William P S-Sale 7,001.00 $9.58 $67,070
2025-12-11 Phelan William P S-Sale 3,737.00 $9.52 $35,576
2025-12-01 Belizaire John A-Award 2,861,788.00 $0.00 $0
2025-12-01 Belizaire John F-InKind 20,979.00 $1.63 $34,196
2025-12-01 Thomas Jessica L. A-Award 226,108.00 $0.00 $0
2025-12-01 Thomas Jessica L. F-InKind 3,412.00 $1.63 $5,562
2025-12-01 Hirshfield Edward R A-Award 685,074.00 $0.00 $0
2025-12-01 TOPOREK MICHAEL A-Award 6,894,614.00 $0.00 $0
2025-12-01 Hazelip William A-Award 685,074.00 $0.00 $0
2025-12-01 MICHAELS DAVID C A-Award 801,222.00 $0.00 $0
2025-12-01 Phelan William P A-Award 917,932.00 $0.00 $0
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2019-03-11 $0.37 2019-02-26 2019-03-12 2019-03-20
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27