Soluna Holdings, Inc (SLNH) Financial Statements
Industry: Finance Services
In fiscal 2025, Soluna reported revenue of $29.7M, down 21.8% from $38.0M the year before. Net income was -$53.4M (a -179.7% net margin), or -$2.38 per diluted share. Gross margin was 6.1% and operating margin was -113.3%. Operating activities generated -$9.1M of cash, leaving -$37.2M of free cash flow. At fiscal year end, Soluna held $187.9M in total assets against $75.7M in total liabilities.
Open the full interactive Soluna financials → Quarterly statements, key ratios, valuation history and price charts.
Soluna Key Stats
| Share Price | $0.79 |
|---|---|
| Market Cap | $103.5M |
| Revenue YoY Growth | -21.8% |
| 52-Week Range | $0.61 – $4.42 |
| Shares Outstanding | 131.0 million (basic, 2026 Q2) |
Soluna Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $9.6M | $14.3M | $28.5M | $21.1M | $38.0M | $29.7M |
| Cost of Goods Sold | $2.7M | — | — | $15.8M | — | — |
| Gross Profit | $6.9M | — | — | $5.2M | -$23.7M | $1.8M |
| Operating Income | $1.4M | -$4.5M | -$84.8M | -$20.2M | -$47.5M | -$33.7M |
| Pre-Tax Income | $1.6M | -$6.3M | -$108.4M | -$28.8M | -$60.8M | -$59.3M |
| Income Tax | -$392,000 | $44,000 | -$1.3M | -$1.1M | -$2.5M | -$2.3M |
| Net Income | $1.9M | -$5.3M | -$98.7M | -$29.2M | -$63.3M | -$53.4M |
| Diluted EPS | $5.00 | -$12.50 | -$164.72 | -$27.79 | -$12.15 | -$2.38 |
Soluna Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $8.4M | $9.2M | $9.4M | $15.1M |
| Net Income | -$24.0M | -$14.5M | -$17.5M | -$20.7M |
| Diluted EPS | -$1.14 | -$0.50 | -$0.24 | -$0.18 |
Soluna Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Current Assets | $4.8M | $25.0M | $4.6M | $14.3M | $13.5M | $92.1M |
| Total Assets | $8.6M | $117.7M | $85.0M | $91.3M | $88.0M | $187.9M |
| Current Liabilities | $1.6M | $15.7M | $29.5M | $28.2M | $47.9M | $49.2M |
| Total Long-Term Debt | — | $7.1M | $13.0M | $8.7M | $7.1M | $26.8M |
| Total Liabilities | $2.7M | $26.7M | $38.7M | $37.9M | $60.7M | $75.7M |
| Shareholders' Equity | $5.9M | $91.0M | $41.9M | $26.5M | -$12.5M | $53.5M |
Soluna Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $1.6M | $4.6M | -$6.1M | -$3.0M | -$5.1M | -$9.1M |
| Cash From Investing | -$1.6M | -$57.3M | -$54.7M | -$10.3M | -$13.2M | -$31.9M |
| Cash From Financing | $83,000 | $59.4M | $42.9M | $21.9M | $18.3M | $119.4M |
| Free Cash Flow | $787,000 | -$41.2M | -$69.8M | -$15.7M | -$14.2M | -$37.2M |
| Dividends Paid | — | $630,000 | — | — | — | — |
Figures from Soluna's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Soluna financials page for every line item.
Soluna Company Profile
| Ticker | SLNH |
|---|---|
| Exchange | Nasdaq |
| Industry | Finance Services |
| Headquarters | Albany, New York |
| Incorporated in | Nevada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000064463 |
Frequently Asked Questions
What was Soluna's revenue in fiscal 2025?
Soluna (SLNH) reported revenue of $29.7M for fiscal 2025.
What is Soluna's annual revenue history?
Soluna's annual revenue by fiscal year: 2020: $9.6M; 2021: $14.3M; 2022: $28.5M; 2023: $21.1M; 2024: $38.0M; 2025: $29.7M.
What was Soluna's net income in fiscal 2025?
Soluna reported net income of -$53.4M for fiscal 2025.
What was Soluna's earnings per share (EPS) in fiscal 2025?
Soluna's diluted EPS was -$2.38 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Soluna generate in fiscal 2025?
Soluna generated -$37.2M of free cash flow in fiscal 2025.
What was Soluna's revenue last quarter?
In its most recent reported quarter (2026 Q2), Soluna reported revenue of $15.1M.
How much debt does Soluna have?
Soluna reported $26.8M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Soluna are outstanding?
Soluna reported a weighted average of 131.0 million basic shares outstanding in 2026 Q2.
What is Soluna's market cap?
Based on its latest closing price, Soluna (SLNH) has a market capitalization of about $103.5M.
When does Soluna's fiscal year end?
Soluna's fiscal year end, as registered with the SEC, is December 31.
Where is Soluna headquartered?
Soluna lists its business address in Albany, New York in its SEC filings.