Soluna Holdings IncSoluna Holdings Inc
Soluna Holdings Inc

Soluna Holdings Inc

SLNH
Information Technology·IT Services

Soluna Holdings, Inc. develops and operates data centers that utilize renewable energy, including excess or curtailed power, to support energy-intensive computing applications. The company is involved in cryptocurrency mining and provides data center hosting services for third-party customers. It operates through the following segments: Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services. The Cryptocurrency Mining segment generates revenue from its mining activities. The Data Center Hosting segment operates a data center from the company's computing facility in Calvert City, Kentucky. The High-Performance Computing Services segment provides computing infrastructure and related services for data-intensive workloads. The company was founded in 1961 and is headquartered in Albany, NY.

New York; U.S.A
Market cap
No dataNo data
Revenue
$29.7M−21.8% YoY
Net income
$-53.4M+15.7% YoY
Free cash flow
$-37.2M−161.5% YoY

Market

Listed stock
SLNHPriceNasdaq
Loading…Loading…1Y

Financial performance

Revenue
$29.7M−21.8% YoY
Operating income
$-33.7M+29.1% YoY
Net income
$-53.4M+15.7% YoY
Free cash flow
$-37.2M−161.5% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $14.3M, 2022 $28.5M, 2023 $21.1M, 2024 $38M, 2025 $29.7M. Operating income: 2021 $-4.5M, 2022 $-84.8M, 2023 $-20.2M, 2024 $-47.5M, 2025 $-33.7M. Net income: 2021 $-5.3M, 2022 $-98.7M, 2023 $-29.2M, 2024 $-63.3M, 2025 $-53.4M. Free cash flow: 2021 $-41.2M, 2022 $-69.8M, 2023 $-15.7M, 2024 $-14.2M, 2025 $-37.2M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-21.8%−10233 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $-4.5M, 2022-12-31 $-84.8M, 2023-12-31 $-20.2M, 2024-12-31 $-47.5M, 2025-12-31 $-33.7M. Net income: 2021-12-31 $-5.3M, 2022-12-31 $-98.7M, 2023-12-31 $-29.2M, 2024-12-31 $-63.3M, 2025-12-31 $-53.4M. Free cash flow: 2021-12-31 $-41.2M, 2022-12-31 $-69.8M, 2023-12-31 $-15.7M, 2024-12-31 $-14.2M, 2025-12-31 $-37.2M

Growth heatmap

2022202320242025CAGR
Revenue
+99.0%
-26.2%
+80.5%
-21.8%
+20.0%
Gross profit
+63.6%
-63.3%
-553.2%
+107.6%
-32.6%
Operating income
-1794.3%
+76.1%
-134.8%
+29.1%
No data
Free cash flow
-69.6%
+77.5%
+9.3%
-161.5%
No data

Earnings quality

Operating cash flow
$-9.1M−80.5% YoY
Net income
$-53.4M+15.7% YoY
Free cash flow
$-37.2M−161.5% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 17%, 2024-12-31 8%, 2023-12-31 10%, 2022-12-31 6%, 2021-12-31 -88%. Free cash flow: 2025-12-31 70%, 2024-12-31 22%, 2023-12-31 54%, 2022-12-31 71%, 2021-12-31 782%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
No dataNo data
Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
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Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
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Free cash flow yield
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