SLNHNasdaqFinance ServicesFiscal year ends December 31Also trades as SLNHP
Soluna Holdings, Inc
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 13, 2026
$0.59−0.08 (-11.86%)
Close on Oct 19, 2026
- Market cap
- $77.38M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
6.1%+354.6 pts over 5 years
Operating margin
-113.3%+162.6 pts over 5 years
Net margin
-179.7%−506.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -21.8% | +1.3% | +118.6% | +16.7% | |
| Gross profit | – | – | – | -7.3% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -12.6% | 39.9% | -260.1% | |
| Return on assets | -9.2% | 27.0% | -38.7% | |
| Current ratio | 4.87 | 2.92 | 1.87 | |
| Debt to equity | – | – | 0.50 | |
| Net debt to EBITDA | – | – | 2.06× | |
| Interest coverage | – | – | -7.0× | |
| Inventory turnover | 3.2× | 3.0× | – | |
| Capex to revenue | 1.9% | 135.3% | 94.4% | |
| Diluted shares | 0M | 0M | 29M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Soluna generated $27.96M from operations and spent $159.80M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$27.96M
Used
$159.80M
Capital expenditure$159.10M100%Dividends$630.00K0%Share buybacks$75.00K0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-179.7%
×Asset turnover0.22×
×Equity multiplier6.72×
=Return on equity, FY2025-260.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -179.7% | 0.22× | 6.72× | -260.1% |
| FY2024 | -166.6% | 0.42× | 12.78× | -902.5% |
| FY2023 | -138.6% | 0.24× | 2.58× | -85.4% |
| FY2022 | -345.8% | 0.28× | 1.53× | -148.6% |
| FY2021 | -36.7% | 0.23× | 1.30× | -10.9% |
| FY2020 | 327.1% | 0.08× | 1.48× | 39.9% |
| FY2017 | 8.2% | 1.24× | 1.25× | 12.8% |
| FY2016 | -5.1% | 1.82× | 1.37× | -12.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$53.41M
- Cash generatingOperating cash flow above zero-$9.15M
- Return on assets improvedROA up on the prior year-69.4% → -60.7%
- Earnings backed by cashOperating cash flow above net income-$9.15M vs -$53.41M
- Less leverageLong-term debt to assets fell8.0% → 9.5%
- Better liquidityCurrent ratio rose0.28 → 1.87
- No dilutionShare count did not rise5M → 29M
- Gross margin improvedGross margin up on the prior year-62.43% → 6.05%
- More efficientAsset turnover rose0.42 → 0.34