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Soluna Holdings (SLNH) AI Stock Analysis
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Soluna Holdings
(NASDAQ:SLNH)
The score is held down primarily by weak financial performance (large losses and significant negative free cash flow) and a bearish technical setup (below major moving averages with negative MACD). Offsetting factors include a constructive earnings update and positive corporate developments (capacity expansion, pipeline growth, debt reduction, and a data-center JV), but these are not yet reflected in sustainable profitability or cash generation.
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $105.90M
- Dividend Yield
- ―
- Average Volume (3M)
- 9.36M
- Price to Earnings (P/E)
- -0.4
- Beta (1Y)
- 4.29
- Revenue Growth
- 50.86%
- EPS Growth
- 75.73%
- Country
- US
- Employees
- 52
- Sector
- Financial
- Sector Strength
- 68
- Industry
- Hardware, Equipment & Parts
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 the...
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 operates...
Soluna Holdings Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Revenue growth is strong (+26.8% TTM), but fundamentals remain weak: very low gross margin (~10%), deeply negative profitability (net margin around -182%), and substantial cash burn with sharply negative free cash flow (~-$48.7M). Balance sheet leverage appears moderate (TTM D/E ~0.25), yet ongoing losses and historical equity volatility raise funding risk.
Income Statement
18Very NegativeBalance Sheet
48NeutralCash Flow
16Very 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 | -57.85M | -38.13M | -31.62M | -6.05M | -8.25M | -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
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLNH, the sentiment is Negative. The current price of 0.67 is below the 20-day moving average (MA) of 0.74, below the 50-day MA of 1.00, and below the 200-day MA of 1.17, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 38.53 is Neutral, neither overbought nor oversold. The STOCH value of 79.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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.
Latest Risks Added
2 New RisksSoluna Holdings Peers Comparison
Overall Rating
LPTH53Neutral- SLNH45Neutral
SATL44Neutral
USBC44Neutral
KULR42Neutral
MVIS42Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| Sector * | 68Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
| LPTH | 53Neutral | $567.72M | -20.21 | -22.17% | ― | 92.79% | -11.98% |
| SLNH | 45Neutral | $165.61M | -0.37 | -111.97% | ― | 50.86% | 75.73% |
| SATL | 44Neutral | $510.42M | -5.42 | -3465.39% | ― | ― | ― |
| USBC | 44Neutral | $158.95M | -1.69 | -120.93% | ― | ― | 89.14% |
| KULR | 42Neutral | $75.90M | -0.74 | -92.81% | ― | 28.49% | -296.38% |
| MVIS | 42Neutral | $41.29M | -0.26 | -324.21% | ― | 90.93% | 6.02% |
* Financial Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SLNH | Soluna Holdings, Inc. | 0.67 | -2.82 | -80.77% | |
| LPTH | Lightpath | 8.10 | -0.06 | -0.74% | |
| MVIS | Microvision | 1.35 | -15.90 | -92.17% | |
| USBC | Usbc, Inc. | 0.41 | -0.53 | -56.49% | |
| KULR | KULR Technology Group | 1.64 | -1.88 | -53.41% | |
| SATL | Satellogic Inc. | 3.32 | 1.44 | 76.60% |
Soluna Holdings Corporate Events
Soluna Holdings Eliminates Major Debt, Streamlines Capital Structure
PositiveOn October 26, 2026, Soluna Holdings Inc. announced it had fully repaid the $28.7 million principal outstanding under its credit facility with Generate Capital, originally entered in September 2025 to refinance and complete its Dorothy data center pr...
Soluna Holdings Forms Joint Venture for Texas Data Center
PositiveOn October 20, 2026, Soluna Holdings and affiliates of Applied Digital Corporation agreed to form a joint venture to develop a 50‑megawatt Critical I.T. data center, dubbed Dorothy 3A, at Soluna’s Project Dorothy 3 site adjacent to the Br...
Soluna announces joint AI data center venture in Texas
PositiveOn October 21, 2026, Soluna Holdings announced it had signed a definitive agreement with Applied Digital to create a jointly owned company to develop a 50 MW critical IT data center for AI and high-performance computing at its Project Dorothy 3 site...
Soluna Appoints Dan Golding to Board of Directors
PositiveAt its 2026 annual meeting of stockholders held on October 16, 2026, Soluna Holdings’ shareholders elected former Google executive Dan Golding to the company’s board of directors, following his service on Soluna’s advisory board sin...
Soluna Holdings Shareholders Approve Key Governance Measures
PositiveOn October 16, 2026, Soluna Holdings’ stockholders approved a slate of governance and financing-related measures at the company’s Annual Meeting, including the election of three Class III directors—independent director William Hazel...
Soluna, Bitdeer Expand Co-Mining at Wind-Powered Site
PositiveOn September 28, 2026, Soluna Holdings announced an amended agreement with Bitdeer’s subsidiary Dory Creek to expand their co-mining partnership at the wind-powered Project Kati 1 data center in South Texas. Bitdeer will add roughly 7 MW of Bit...
Soluna Gains ERCOT Base Load Status for Texas Campuses
PositiveOn September 14, 2026, Soluna announced that grid operator ERCOT has conditionally classified its 100 MW Project Dorothy campus in Texas as Base Load within Batch Zero, following a similar conditional Base Load position for the full 166 MW at Project...
Soluna CEO to Present at Global Investment Conference
PositiveOn September 9, 2026, Soluna Holdings announced that Chief Executive Officer John Belizaire will participate in the H.C. Wainwright 28th Annual Global Investment Conference in New York, scheduled for September 14-16, 2026. Belizaire is set to join a...
Soluna Completes Kati 1 Site, Expands Capacity
PositiveOn September 8, 2026, Soluna Holdings announced the completion of its 83 MW Kati 1 site in Willacy County, Texas, after energizing the final 14 MW, lifting the company’s total operating capacity to about 206 MW. The wind-powered Project Kati ca...
Soluna Holdings Expands Bitcoin Mining via Bitdeer Partnership
PositiveOn 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, starting i...
Soluna Expands Texas Campus for Renewable-Powered AI Computing
PositiveOn 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 ori...
Soluna Posts Strong Q2 Growth Amid AI Pivot
NeutralOn 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 widened...
Soluna Holdings Hosts Investor AMA to Boost Engagement
NeutralOn 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” sect...
Soluna Holdings Schedules Q2 2026 Earnings Conference Call
NeutralOn 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 to...
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.
Date of analysis: Oct 28, 2026