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Soluna Holdings
(NASDAQ:SLNH)
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Rating:47Neutral
Price Target:
$1.00
▼(-18.70% Downside)
Action:Reiterated
Date:08/25/26
The score is held down primarily by very weak profitability and substantial cash burn, despite strong revenue growth and only moderate leverage. Technicals also remain bearish with the stock below major moving averages and negative MACD. Offsetting factors include a constructive earnings update and positive recent execution milestones (pipeline growth, capacity expansion plans, and project developments), but the investment case still depends on improved margins and a credible path to positive cash flow.
Positive Factors
Strong revenue growth and expanding renewable-powered computing pipeline
Repeated sequential revenue growth and a much larger renewable-power pipeline indicate increasing customer demand and development scale. If converted into operating capacity, these assets could support durable expansion across Bitcoin hosting, AI, and other high-performance computing workloads.
Negative Factors
Persistent unprofitability and weak margin structure
Strong top-line growth has not translated into sustainable earnings. Very low gross margins and deeply negative operating results leave limited room to absorb power, maintenance, construction, and corporate costs, making the long-term investment case dependent on substantial margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth and expanding renewable-powered computing pipeline
Repeated sequential revenue growth and a much larger renewable-power pipeline indicate increasing customer demand and development scale. If converted into operating capacity, these assets could support durable expansion across Bitcoin hosting, AI, and other high-performance computing workloads.
Read all positive factors
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$296.04M
Dividend Yield27.01%
Average Volume (3M)9.76M
Price to Earnings (P/E)―
Beta (1Y)4.06
Revenue Growth50.86%
EPS Growth75.73%
CountryUS
Employees52
SectorFinancial
Sector Strength70
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)-1.73
Shares Outstanding246,702,040
10 Day Avg. Volume8,966,610
30 Day Avg. Volume9,761,348
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<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$4.00Price Target Upside225.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.45
Revenue Forecast (FY)$60.30M
Soluna Holdings Business Overview & Revenue Model
Company Description
Soluna Holdings, Inc. is an enterprise based in Albany, New York, that specializes in developing and constructing modular data centers specifically tailored for cryptocurrency mining. Additionally, the company maintains an active presence within t...
How the Company Makes Money
Soluna primarily makes money by operating energy-optimized data center sites and monetizing the computing capacity deployed at those sites. Key revenue streams include: (1) Cryptocurrency mining (including Bitcoin mining): Soluna deploys and opera...
Soluna Holdings Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and strategic update: strong top-line growth, substantial pipeline expansion (6.3 GW), key vertical integration via the Briscoe acquisition, improved liquidity and balance sheet simplification, progress on two large AI campuses (Kati 2 and Dorothy 3) and early site-level profitability at Kati 1. The lowlights are meaningful — a materially larger GAAP net loss, gross profit compression, Briscoe repair costs, higher non-cash compensation and financing-related charges — but most of those are either one-time, transitional, non-cash, or tied to deliberate growth and integration activities. Given the balance of durable asset accumulation, financing progress, and project-level momentum against mostly explainable and manageable near-term losses and repair costs, the overall tone is constructive with clear execution milestones and a path to project-level financing and scaling.Positive Updates
Strong Revenue Growth
Reported revenue of $15.1 million in Q2 2026, up 145% year-over-year (or +73% YoY excluding presentation change) and marking the fifth consecutive quarter of sequential growth.
Negative Updates
Net Loss Increased Significantly
Net loss widened to $22.6 million in Q2 2026 versus $7.8 million in Q2 2025, driven largely by non-cash stock compensation, higher interest and one-time financing items.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Reported revenue of $15.1 million in Q2 2026, up 145% year-over-year (or +73% YoY excluding presentation change) and marking the fifth consecutive quarter of sequential growth.
Read all positive updates
Company Guidance
Management guided toward near‑term scaling and project‑level financing: operating capacity is expected to rise from 192 MW to ~206 MW by the end of the summer (14 MW under construction), supported by a 6.3 GW renewable pipeline (up from 4.3 GW YTD) made up of ~192 MW operating, 14 MW under construction, ~1.6 GW in planning/development and ~4.5 GW in assessment, and >650 MW across Kati 2 and Dorothy 3 in development (Kati 2 >350 MW target; Dorothy 3 300+ MW on 397 acres). Financials and capital plans: Q2 revenue was $15.1M (reported +145% YoY; excluding the $4.4M pass‑through presentation change, +73% YoY and +13% sequentially), gross profit $0.766M (down 35% YoY), net loss $22.6M, adjusted EBITDA loss $1.6M (improved 25% sequentially), cash $113M, current ratio 2.1x, working capital $69.2M, total assets $293.5M and total debt $33.1M; the company raised $159M in Q2 (including $113.5M ATM) plus $23.6M post‑quarter (≈18.8M shares), deployed $159M (e.g., $51.4M net to Briscoe, $25.3M buyouts) and closed the $53M acquisition of the 150 MW Briscoe wind farm. They reiterated funding plans for AI builds via project‑level debt (targeting ~70–80% loan‑to‑cost for a 100 MW, $1.2–$1.3B build) with ~20–30% equity, and a ~15‑month expected time‑to‑RFS after contract signing for Kati 2.Soluna Holdings Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
48
Neutral
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 42.08M | 29.72M | 38.02M | 21.07M | 28.55M | 14.35M |
| Gross Profit | 4.38M | 6.46M | 22.92M | 15.46M | 24.98M | 6.28M |
| EBITDA | -61.13M | -37.94M | -31.75M | -6.29M | -8.45M | -593.00K |
| Net Income | -76.65M | -53.41M | -63.33M | -29.20M | -98.72M | -5.26M |
Balance Sheet | ||||||
| Total Assets | 293.51M | 187.94M | 88.04M | 91.28M | 84.96M | 117.69M |
| Cash, Cash Equivalents and Short-Term Investments | 113.36M | 76.42M | 7.84M | 6.37M | 1.14M | 10.26M |
| Total Debt | 39.30M | 29.27M | 21.82M | 19.77M | 22.88M | 8.54M |
| Total Liabilities | 83.13M | 75.70M | 60.68M | 37.92M | 38.69M | 26.71M |
| Stockholders Equity | 155.93M | 54.86M | -12.48M | 26.51M | 41.87M | 90.99M |
Cash Flow | ||||||
| Free Cash Flow | -48.72M | -37.21M | -18.45M | -15.75M | -69.51M | -51.72M |
| Operating Cash Flow | -19.43M | -9.15M | -5.07M | -2.99M | -5.75M | 5.55M |
| Investing Cash Flow | -78.34M | -31.85M | -13.16M | -10.33M | -45.63M | -57.30M |
| Financing Cash Flow | 213.91M | 119.39M | 18.32M | 21.86M | 42.94M | 59.38M |
Soluna Holdings Technical Analysis
Neutral
1.23
Price Trends
1.22
Negative
1.40
Negative
1.30
Negative
Market Momentum
-0.03
Negative
50.45
Neutral
44.44
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLNH, the sentiment is Neutral. The current price of 1.23 is above the 20-day moving average (MA) of 1.20, above the 50-day MA of 1.22, and below the 200-day MA of 1.30, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 50.45 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SLNH.
Soluna Holdings Risk Analysis
Soluna Holdings disclosed 68 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% | |
54 Neutral | $641.71M | -19.46 | -41.18% | ― | 86.66% | -97.48% | |
52 Neutral | $713.35M | -7.57 | -3465.39% | ― | ― | ― | |
47 Neutral | $296.04M | -0.66 | -111.97% | 27.01% | 50.86% | 75.73% | |
46 Neutral | $190.19M | -2.02 | -120.93% | ― | ― | 89.14% | |
44 Neutral | $118.01M | -1.15 | -92.81% | ― | 28.49% | -296.38% | |
43 Neutral | $50.47M | -0.30 | -221.31% | ― | 11.15% | 7.27% |
* Financial Sector Average
SLNH
Soluna Holdings
1.20
0.68
130.77%
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Soluna Holdings Corporate Events
Business Operations and StrategyFinancial Disclosures
Soluna Holdings Expands Bitcoin Mining via Bitdeer Partnership
Positive
Aug 25, 2026
On August 25, 2026, Soluna Holdings announced that a subsidiary had entered into a co-mining agreement with Bitdeer’s Dory Creek unit to deploy about 28 MW of Bitcoin mining equipment at Project Kati 1 in South Texas. The deployment, startin...
Business Operations and StrategyM&A Transactions
Soluna Expands Texas Campus for Renewable-Powered AI Computing
Positive
Aug 24, 2026
On August 24, 2026, Soluna Holdings closed the purchase of 397 acres in Briscoe County, Texas, for its Project Dorothy 3 renewable-first AI computing campus with potential capacity of up to 300 MW. The acquisition expands the footprint beyond the ...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Soluna Posts Strong Q2 Growth Amid AI Pivot
Neutral
Aug 13, 2026
On August 13, 2026, Soluna reported second‑quarter 2026 results showing its fifth straight quarter of sequential revenue growth, with revenue up 145% year over year to $15.1 million, while gross profit fell to $0.8 million and net loss widen...
Business Operations and StrategyRegulatory Filings and Compliance
Soluna Holdings Hosts Investor AMA to Boost Engagement
Neutral
Aug 5, 2026
On August 5, 2026, Soluna Holdings published an online Ask Me Anything session on its website, in which company management responded to investor questions on topics relevant to the business. The session, hosted in the “For Investors” s...
Business Operations and StrategyFinancial Disclosures
Soluna Holdings Schedules Q2 2026 Earnings Conference Call
Neutral
Jul 30, 2026
On July 30, 2026, Soluna Holdings, Inc. announced plans to release its second quarter 2026 financial results on Thursday, August 13, 2026. The company will host a conference call and webcast at 5:00 PM ET that day, with a recorded replay available...
Executive/Board Changes
Soluna Holdings Boosts CEO Pay, Ties to Performance
Positive
Jul 24, 2026
On July 9, 2026, Soluna Holdings, Inc. adjusted the compensation package for Chief Executive Officer John Belizaire after a review by the Board’s Compensation Committee and its external compensation consultant. The Committee raised his annua...
Business Operations and StrategyExecutive/Board Changes
Soluna names new chief to drive AI growth
Positive
Jul 17, 2026
Soluna Holdings, Inc. is a Nasdaq-listed developer of green data centers that transform surplus renewable energy into high-performance computing capacity for applications such as Bitcoin mining and generative AI. The company co-locates its digital...
Business Operations and StrategyDelistings and Listing Changes
Soluna Highlights Growth, Index Inclusion in June Update
Positive
Jul 15, 2026
On July 14, 2026, Soluna issued a June business update highlighting stronger visibility after being added to the Russell 3000 and Russell 2000 Value indices. The company also secured media exposure with its Project Dorothy campus featured on the c...
Business Operations and StrategyRegulatory Filings and Compliance
Soluna Holdings Eliminates Series B Preferred, Simplifies Capital Structure
Positive
Jun 25, 2026
In 2026, Soluna Holdings, Inc. converted all 62,500 outstanding shares of its Series B Convertible Preferred Stock into 6,510,416 shares of common stock and paid $2.1 million in accrued dividends tied to that class. This transaction effectively mo...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Soluna Forms Joint Venture for Major Texas AI Campus
Positive
Jun 9, 2026
Soluna Holdings has formed a joint venture with Metrobloks to develop Project Kati 2, a multi-phase, 350 MW-plus AI and high-performance computing data center campus in Willacy County, Texas, with Soluna contributing land, purchase rights for a se...
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.