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Soluna Holdings, Inc

SLNH Clue Score34
United States Fiscal year ends December CIK 0000064463
$0.90 -5.20% Close, 9 Oct 2026
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Price $0.90 −91.35% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Operating income−0.4Net income−0.4EPS, diluted−0.06Fiscal year 2017Operating income0.6Net income0.6EPS, diluted0.06Fiscal year 2019Revenue6.6Operating income0.3Net income0.3 −44.5%EPS, diluted0.03Fiscal year 2020Revenue0.6 −90.9%Operating income−1.6Net income1.9 +502.5%EPS, diluted0.20Fiscal year 2021Revenue14.3 +2,310.9%Operating income−4.5Net income−5.3 −370.3%EPS, diluted−0.50Fiscal year 2022Revenue28.5 +99.0%Operating income−84.8Net income−98.7EPS, diluted−174.41Fiscal year 2023Revenue21.1 −26.2%Operating income−20.2Net income−29.2EPS, diluted−27.79Fiscal year 2024Revenue38.0 +80.5%Operating income−47.5Net income−63.3EPS, diluted−14.94Fiscal year 2025Revenue29.7 −21.8%Operating income−33.7Net income−53.4EPS, diluted−2.38
FY2016FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a 6.6 0.6 14.3 28.5 21.1 38.0 29.7
Growth −90.9% +2,310.9% +99.0% −26.2% +80.5% −21.8%
Operating income −0.4 0.6 0.3 −1.6 −4.5 −84.8 −20.2 −47.5 −33.7
Net income −0.4 0.6 0.3 1.9 −5.3 −98.7 −29.2 −63.3 −53.4
Growth −44.5% +502.5% −370.3%
EPS, diluted −0.06 0.06 0.03 0.20 −0.50 −174.41 −27.79 −14.94 −2.38

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Fiscal year 2017Fiscal year 2019Operating margin3.9%Net margin4.9%Free cash flow margin3.1%Fiscal year 2020Operating margin−276.0%Net margin327.1%Free cash flow margin−339.3%Fiscal year 2021Operating margin−31.2%Net margin−36.7%Free cash flow margin−286.9%Fiscal year 2022Operating margin−297.0%Net margin−345.8%Free cash flow margin−244.5%Fiscal year 2023Gross margin13.1%Operating margin−96.1%Net margin−138.6%Free cash flow margin−74.5%Fiscal year 2024Gross margin−62.4%Operating margin−125.0%Net margin−166.6%Free cash flow margin−36.6%Fiscal year 2025Gross margin6.1%Operating margin−113.3%Net margin−179.7%Free cash flow margin−125.2%
FY2016FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a n/a 13.1% −62.4% 6.1%
Operating margin n/a n/a 3.9% −276.0% −31.2% −297.0% −96.1% −125.0% −113.3%
Net margin n/a n/a 4.9% 327.1% −36.7% −345.8% −138.6% −166.6% −179.7%
Free cash flow margin n/a n/a 3.1% −339.3% −286.9% −244.5% −74.5% −36.6% −125.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.5Capital expenditure−0.1Free cash flow0.4Buybacks−0.0Fiscal year 2017Operating cash flow0.4Capital expenditure−0.1Free cash flow0.3 −33.7%Buybacks0.0Fiscal year 2019Operating cash flow0.3Capital expenditure−0.1Free cash flow0.2 −19.5%Dividends paid−3.5Fiscal year 2020Operating cash flow−1.2Capital expenditure−0.8Free cash flow−2.0 −1,080.1%Dividends paid0.0Fiscal year 2021Operating cash flow4.6Capital expenditure−45.8Free cash flow−41.2Dividends paid−0.6Fiscal year 2022Operating cash flow−6.1Capital expenditure−63.7Free cash flow−69.8Fiscal year 2023Operating cash flow−3.0Capital expenditure−12.7Free cash flow−15.7Fiscal year 2024Operating cash flow−5.1Capital expenditure−8.9Free cash flow−13.9Buybacks0.0Fiscal year 2025Operating cash flow−9.1Capital expenditure−28.1Free cash flow−37.2Buybacks−0.1
FY2016FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.5 0.4 0.3 −1.2 4.6 −6.1 −3.0 −5.1 −9.1
Capital expenditure −0.1 −0.1 −0.1 −0.8 −45.8 −63.7 −12.7 −8.9 −28.1
Free cash flow 0.4 0.3 0.2 −2.0 −41.2 −69.8 −15.7 −13.9 −37.2
Growth −33.7% −19.5% −1,080.1%
Buybacks −0.0 0.0 n/a n/a n/a n/a n/a 0.0 −0.1
Dividends paid n/a n/a −3.5 0.0 −0.6 n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Total debt
Fiscal year 2016Shareholders’ equity4.2Fiscal year 2017Shareholders’ equity5.0Fiscal year 2019Shareholders’ equity3.8Fiscal year 2020Shareholders’ equity5.9Fiscal year 2021Shareholders’ equity91.0Fiscal year 2022Total debt13.0Shareholders’ equity41.9Debt to equity0.31Fiscal year 2023Shareholders’ equity26.5Fiscal year 2024Total debt21.5Shareholders’ equity−12.5Fiscal year 2025Total debt26.8Shareholders’ equity53.6Debt to equity0.50
FY2016FY2017FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Total debt n/a n/a n/a n/a n/a 13.0 n/a 21.5 26.8
Shareholders’ equity 4.2 5.0 3.8 5.9 91.0 41.9 26.5 −12.5 53.6
Debt to equity n/a n/a n/a n/a n/a 0.31 n/a n/a 0.50

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a n/a n/a n/a n/a n/a 13.1% −62.4% 6.1%
n/a n/a 3.9% −276.0% −31.2% −297.0% −96.1% −125.0% −113.3%
n/a n/a 4.5% −259.2% −44.2% −379.6% −136.6% −159.9% −199.6%
n/a n/a 4.9% 327.1% −36.7% −345.8% −138.6% −166.6% −179.7%
n/a n/a 3.1% −339.3% −286.9% −244.5% −74.5% −36.6% −125.2%
Spending
n/a n/a 21.0% 250.6% n/a n/a n/a n/a n/a
n/a n/a 41.5% 307.9% 74.9% 100.6% 118.2% 74.2% 135.0%
n/a n/a 1.3% 135.3% 319.2% 223.1% 60.3% 23.3% 94.4%
n/a 1.0% −9.5% n/a n/a n/a n/a n/a n/a
Returns
−8.7% 11.7% 8.4% 32.9% −5.8% −235.8% −110.1% n/a −99.7%
−6.9% 9.4% 5.6% 22.5% −4.5% −116.2% −32.0% −71.9% −28.4%
Balance and payout
n/a n/a n/a n/a n/a 0.31 n/a n/a 0.50
n/a n/a 33.4% 31.6% 22.7% 45.5% 41.5% 68.9% 40.3%
n/a n/a 1,096.3% 0.0% n/a n/a n/a n/a n/a
2.6% 0.0% 1,718.9% n/a n/a n/a n/a n/a n/a