Soluna Holdings, Inc is a US-listed company in the internet services & infrastructure industry. Its financial year ends in December.
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $42m, up 50.9% on a year earlier, faster than the 5.6% growth a quarter earlier. That growth ranks 4 of 27 among the internet services & infrastructure companies we cover.
Our model value for Soluna Holdings is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Soluna Holdings, Inc's trailing-twelve-month revenue grew 50.9% year on year, with a free-cash-flow margin of -117.2%. Where it stands out: change in growth rate of +45.2pp ranks 1 of 34 internet services & infrastructure companies we cover. Where it lags: stock pay as % of revenue of 62.9% ranks 30 of 32 internet services & infrastructure companies we cover.
Current signal Balance sheet growing far ahead of sales: Total assets grew 219% year over year while revenue grew 51% — the balance sheet is expanding 168 points faster than the business it supports.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No model value for Soluna Holdings, Inc at the moment. Current status: no valuation model gives a value we can rate yet. Available reported financials are shown below.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Soluna Holdings, Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.75 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$0.0 ~$0.1–$1.0 | Left out: out of range vs price (0.05x) |
| Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Soluna Holdings, Inc with Internet Services & Infrastructure in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Weak moat
How hard Soluna Holdings's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -19.7% of total assets over 10 years.
Operating margin has been a median -45.4%; its worst year was -526.2%.
Free cash flow was positive in 2 of 8 years, at a median -51.5% of revenue.
The diluted share count rose 155.2% over five years; stock-based pay has been a median 9.2% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (17 before it).
Next results: November 12, 2026, after the close. Analysts expect revenue of $18m and EPS of −$0.06 (range −$0.06 to −$0.06) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.41 | +60% | $61m | +107% |
| Next | −$0.23 | +44% | $65m | +6% |
The consensus EPS forecast for the current fiscal year is −10.9% on 90 days ago. In the last 30 days, 1 analyst raised Soluna Holdings, Inc's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year |
|---|---|
| 90 days ago | −$0.46 |
| 60 days ago | −$0.46 |
| 7 days ago | −$0.45 |
| Now | −$0.41 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.11 | −$0.13 | −14.8% |
| Sept 2025 | −$0.61 | −$0.42 | +30.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| SLNH | +129% | −98% | −39% | −48% | −44% | −50% |
| Industry peers (median) | +12% | −80% | +46% | −15% | −10% | −30% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| SLNH | 50% | 25% | 42% | 25% | 33% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| SLNH | −54% | −98% | −84% | −73% | −86% | −77% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 100% from November 15, 2021 to April 8, 2025. Getting back needed a 103713% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 13, 2026 | −3.0% | +0.5% | −11.9% | −14.8% |
| May 18, 2026 | −17.6% | −0.7% | −13.1% | −20.3% |
| March 30, 2026 | +14.5% | +2.6% | +14.5% | +106.5% |
| November 17, 2025 | +16.2% | −1.8% | 0.0% | −23.4% |
| August 15, 2025 | −8.8% | −0.3% | −15.8% | +71.9% |
| May 16, 2025 | +1.2% | +0.7% | −11.1% | −28.4% |
| April 1, 2025 | −12.5% | +0.9% | −37.5% | +31.2% |
| November 15, 2024 | −10.0% | −0.9% | −7.3% | −34.1% |
| August 16, 2024 | −4.1% | +1.2% | +8.0% | −32.4% |
| May 22, 2024 | −6.0% | −1.0% | −8.3% | +162.6% |
| April 4, 2024 | +0.7% | −0.2% | −18.1% | −7.4% |
| December 9, 2022 | −18.9% | +0.7% | −28.3% | −26.4% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $15.1M |
| FY23 Q4 | $21.1M |
| FY24 Q1 | $30.5M |
| FY24 Q2 | $38.1M |
| FY24 Q3 | $39.9M |
| FY24 Q4 | $38M |
| FY25 Q1 | $31.4M |
| FY25 Q2 | $27.9M |
| FY25 Q3 | $28.8M |
| FY25 Q4 | $29.7M |
| FY26 Q1 | $33.2M |
| FY26 Q2 | $42.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -54.1% |
| FY23 Q4 | -26.2% |
| FY24 Q1 | 36.8% |
| FY24 Q2 | 142.8% |
| FY24 Q3 | 163.5% |
| FY24 Q4 | 80.5% |
| FY25 Q1 | 2.9% |
| FY25 Q2 | -26.9% |
| FY25 Q3 | -27.8% |
| FY25 Q4 | -21.8% |
| FY26 Q1 | 5.6% |
| FY26 Q2 | 50.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -295.2% |
| FY23 Q4 | -96.1% |
| FY24 Q1 | -42.0% |
| FY24 Q2 | -24.7% |
| FY24 Q3 | -36.9% |
| FY24 Q4 | -125.0% |
| FY25 Q1 | -175.5% |
| FY25 Q2 | -208.2% |
| FY25 Q3 | -197.4% |
| FY25 Q4 | -113.3% |
| FY26 Q1 | -130.0% |
| FY26 Q2 | -127.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | -130.6% |
| FY23 Q4 | -74.8% |
| FY24 Q1 | -27.9% |
| FY24 Q2 | -33.5% |
| FY24 Q3 | -15.0% |
| FY24 Q4 | -36.9% |
| FY25 Q1 | -67.1% |
| FY25 Q2 | -69.4% |
| FY25 Q3 | -95.1% |
| FY25 Q4 | -125.7% |
| FY26 Q1 | -128.3% |
| FY26 Q2 | -117.2% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||
| Revenue | 8 | 8 | 10 | 6 | 7 | 1 | 14 | 29 | 21 | 38 | 30 | 42 |
| Gross profit | — | — | — | — | 4 | −2 | — | −8 | 3 | −24 | 2 | 1 |
| EBITDA | 46 | −3 | 0 | −0 | 0 | −2 | −3 | −75 | −11 | −38 | −24 | −44 |
| Operating income | 45 | −3 | 0 | −0 | 0 | −2 | −4 | −85 | −20 | −48 | −34 | −53 |
| Net income | −3 | −2 | 2 | −0 | 0 | 2 | −5 | −99 | −29 | −63 | −53 | −78 |
| Diluted EPS | −$0.16 | −$0.09 | $3.00 | −$0.10 | $0.19 | $0.05 | −$0.13 | −$43.60 | −$6.95 | −$14.94 | −$2.38 | — |
| Growth (year on year) | ||||||||||||
| Revenue | — | +1.3% | +22.3% | −42.7% | +11.4% | −90.9% | +>999% | +99.0% | −26.2% | +80.5% | −21.8% | +50.9% |
| EBITDA | — | −106.3% | — | −100.6% | — | −551.2% | — | — | — | — | — | — |
| Operating income | — | −107.5% | — | — | — | −734.0% | — | — | — | — | — | — |
| Net income | — | — | — | −100.1% | — | +502.5% | −370.3% | — | — | — | — | — |
| Diluted EPS | — | — | — | −103.3% | — | −73.3% | −350.0% | — | — | — | — | — |
| Margins | ||||||||||||
| Gross margin | — | — | — | — | 66.4% | −348.6% | — | −27.9% | 13.1% | −62.4% | 6.1% | 1.4% |
| EBITDA margin | 552.1% | −34.6% | 3.5% | −0.0% | 5.3% | −262.4% | −20.2% | −263.7% | −50.9% | −99.7% | −81.0% | −104.2% |
| Operating margin | 544.2% | −40.3% | 0.5% | −0.0% | 3.9% | −276.0% | −31.2% | −297.0% | −96.1% | −125.0% | −113.3% | −127.0% |
| Net margin | −37.3% | −20.9% | 23.2% | −0.0% | 4.9% | 327.1% | −36.7% | −345.8% | −138.6% | −166.6% | −179.7% | −185.9% |
| Free-cash-flow margin | −26.2% | −18.5% | −1.0% | −0.0% | 3.1% | −339.3% | −286.9% | −244.5% | −74.5% | −36.6% | −125.2% | −116.9% |
| Cash flow | ||||||||||||
| Cash from operations | −2 | −2 | 0 | −0 | 0 | −1 | 5 | −6 | −3 | −5 | −9 | −19 |
| Capital spending | 0 | 0 | 0 | −0 | 0 | 1 | 46 | 64 | 13 | 9 | 28 | 30 |
| Free cash flow | −2 | −2 | −0 | −0 | 0 | −2 | −41 | −70 | −16 | −14 | −37 | −49 |
| Stock-based pay | 1 | 1 | 1 | 0 | 0 | 0 | 2 | 4 | 4 | 5 | 11 | 26 |
| Free cash flow after stock pay | −3 | −3 | −1 | −0 | 0 | −2 | −43 | −73 | −20 | −19 | −48 | −76 |
| Balance sheet | ||||||||||||
| Cash | 1 | 1 | 0 | 0 | — | — | — | — | — | — | — | — |
| Total debt | 0 | 0 | 0 | 0 | 0 | 0 | 14 | 13 | 8 | 22 | 27 | 33 |
| Net debt (negative = net cash) | −1 | −1 | −0 | −0 | — | — | — | — | — | — | — | — |
| Diluted shares | — | — | — | — | 2m | 2m | 2m | 2m | 5m | 5m | 29m | — |
| Returned to shareholders | ||||||||||||
| Dividends | — | — | — | — | 4 | 0 | 1 | — | — | — | — | — |
| Buybacks | — | — | — | — | — | — | — | — | — | 0 | 0 | 0 |
| Total returned | — | — | — | — | 4 | 0 | 1 | — | — | 0 | 0 | 0 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 8 | 8 | 6 | 6 | 8 | 9 | 9 | 15 |
| Gross profit | −3 | −30 | 0 | 0 | 1 | 1 | 0 | −1 |
| EBITDA | −7 | −33 | −5 | −4 | −5 | −10 | −14 | −15 |
| Operating income | −9 | −35 | −7 | −7 | −8 | −12 | −17 | −17 |
| Net income | −7 | −39 | −8 | −7 | −24 | −16 | −17 | −21 |
| Diluted EPS | −$1.56 | −$7.79 | −$1.21 | −$0.93 | −$1.14 | $0.91 | −$0.24 | −$0.18 |
| Growth (year on year) | ||||||||
| Revenue | +29.8% | −18.2% | −52.7% | −36.4% | +11.8% | +11.3% | +58.3% | +144.6% |
| EBITDA | — | — | −269.9% | — | — | — | — | — |
| Operating income | — | — | <−999% | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | −39.1% | −360.7% | 5.7% | 6.3% | 9.5% | 6.0% | 5.2% | −8.4% |
| EBITDA margin | −87.9% | −397.0% | −80.4% | −68.5% | −63.9% | −105.4% | −151.4% | −96.6% |
| Operating margin | −119.8% | −426.0% | −120.9% | −107.6% | −92.5% | −131.4% | −177.0% | −112.5% |
| Net margin | −95.5% | −465.6% | −127.3% | −119.9% | −284.7% | −174.5% | −185.9% | −137.5% |
| Free-cash-flow margin | −44.8% | −82.2% | −62.5% | −86.9% | −135.8% | −181.7% | −95.1% | −80.4% |
| Cash flow | ||||||||
| Cash from operations | 0 | −2 | −0 | −1 | −2 | −6 | −6 | −5 |
| Capital spending | 3 | 5 | 4 | 4 | 9 | 11 | 3 | 7 |
| Free cash flow | −3 | −7 | −4 | −5 | −11 | −17 | −9 | −12 |
| Stock-based pay | 1 | 2 | 2 | 2 | 2 | 5 | 10 | 9 |
| Free cash flow after stock pay | −5 | −9 | −6 | −7 | −13 | −22 | −19 | −22 |
| Last 12 months unless stated | SLNH | MCHX | BGDE | BGIN | ORBS | TZOO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $42m | $44m | $27m | $67m | $25m | $92m | $242m |
| Revenue growth, last 12 months | 50.9% | −7.5% | −46.0% | −77.7% | −42.7% | 4.9% | 8.3% |
| Revenue growth, 3-year average | 38.9% | −4.3% | −24.4% | — | −24.0% | 6.1% | 7.6% |
| Revenue growth, latest quarter | 144.6% | −5.6% | −35.5% | — | −72.7% | −2.9% | 5.5% |
| Gross margin | 1.4% | 61.2% | 36.9% | −112.2% | −4.8% | 76.3% | 49.5% |
| Operating margin | −127.0% | −11.4% | −101.3% | −261.3% | −306.2% | 1.9% | −56.0% |
| Operating margin, 3-year average | −120.0% | −10.2% | −75.2% | — | −112.8% | 13.0% | −25.3% |
| Net margin | −185.9% | −12.4% | −80.7% | −262.6% | <−999% | 0.5% | −55.8% |
| Cash from operations / revenue | −46.2% | −1.7% | −90.5% | −247.6% | −83.6% | 3.5% | −10.4% |
| Free-cash-flow margin | −117.2% | −4.5% | −90.9% | −253.8% | −83.6% | 3.5% | −25.9% |
| Free-cash-flow margin, 3-year average | −73.4% | −4.2% | −30.5% | — | — | 12.9% | −17.4% |
| Stock pay / revenue | 62.9% | 5.4% | 25.6% | 0.8% | 62.7% | 1.6% | 11.9% |
| Change in share count | 27.8% | — | 0.0% | 1.2% | — | −10.8% | 5.2% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 50.9% | 10.1% | 4 of 34 |
| Change in growth rate Growth | +45.2pp | -0.6pp | 1 of 34 |
| Operating margin Profitability | -127.0% | -49.3% | 21 of 33 |
| Net margin Profitability | -185.9% | -47.1% | 22 of 34 |
| Stock pay as % of revenue Cash generation | 62.9% | 12.4% | 30 of 32 |
| Long-term debt as % of assets Balance sheet | 1.0% | 20.2% | 3 of 25 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| External Customers | $28.4M | 95.6% | ▼ 20.8% |
| Data Hosting Revenue (part of External Customers) | $17M | 59.8% | ▼ 9.8% |
| Cryptocurrency Mining Revenue (part of External Customers) | $11.4M | 40.1% | ▼ 33.0% |
| Dem and Response Services | $1.3M | 4.3% | ▼ 40.0% |
| High Performance Computing Service Revenue | $28,000 | 0.1% | ▲ 75.0% |
From Soluna Holdings, Inc's 10-K filed March 30, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Geode Capital Management, LLC | $14M | 3.9M | 20.4% | ▲ 44.8% |
| Blackrock, Inc. | $11.2M | 8.3M | 16.4% | ▲ 961.2% |
| Nuveen, LLC | $7.5M | 5.6M | 11.0% | New |
| Vident Advisory, LLC | $7.1M | 5.2M | 10.3% | ▲ 7771.9% |
| Vanguard Capital Management LLC | $6.3M | 4.7M | 9.2% | ▲ 643.6% |
| J. Goldman & Co LP | $3.2M | 2.4M | 4.7% | New |
| State Street Corp | $2.5M | 1.8M | 3.6% | ▲ 523.4% |
| Marshall Wace, LLP | $2.3M | 1.7M | 3.3% | ▲ 188.8% |
| Mirae Asset Global Etfs Holdings Ltd. | $1.4M | 1.0M | 2.0% | ▲ 29.3% |
| UBS Group AG | $1.3M | 999K | 2.0% | ▲ 12.3% |
| Alpine Fox Capital LLC | $1M | 751K | 1.5% | New |
| Northern Trust Corp | $996,173 | 738K | 1.5% | ▲ 617.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Soluna Holdings, Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Thomas Jessica L. Chief Accounting Officer | September 23, 2026 | Sell | 30,000 | $1.26 | $37,800 |
| Phelan William P Director | September 3, 2026 | Sell | 12,037 | $1.12 | $13,481 |
| Belizaire John Chief Executive Officer | September 1, 2026 | Sell pre-set plan | 1,000 | $11.91 | $11,910 |
| Phelan William P Director | August 31, 2026 | Sell | 3,188 | $12.08 | $38,511 |
| Picchi Michael Chief Financial Officer | August 28, 2026 | Buy | 20,000 | $1.13 | $22,600 |
| Phelan William P Director | August 28, 2026 | Sell | 5,039 | $12.25 | $61,728 |
| Phelan William P Director | August 27, 2026 | Sell | 8,099 | $12.08 | $97,836 |
| Phelan William P Director | August 26, 2026 | Sell | 1,862 | $12.09 | $22,512 |
| Belizaire John Chief Executive Officer | August 26, 2026 | Buy | 50,000 | $1.20 | $60,000 |
| Phelan William P Director | August 25, 2026 | Sell | 5,000 | $12.00 | $60,000 |
| Picchi Michael Chief Financial Officer | August 24, 2026 | Buy | 10,000 | $1.14 | $11,400 |
| Phelan William P Director | August 24, 2026 | Sell | 5,000 | $11.66 | $58,300 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 16, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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