Soluna Holdings, Inc

Listed Company

SLNHCIK 0000064463NasdaqNon-AcceleratedSmaller ReportingFinance ServicesNevadaFY ends Dec 31

Period

FY 2025

Revenue

$29.72M

Net Income

$-53.41M

Total Assets

$187.94M

Equity

$53.55M

Shares Out

111.38M

Op. Cash Flow

$-9.10M

Business

Soluna Holdings, Inc develops and operates renewable energy-powered digital infrastructure that converts curtailed or underutilized wind, solar and hydroelectric generation into scalable computing capacity, a model it calls Renewable Computing™. It offers proprietary Bitcoin mining, third-party Bitcoin hosting and colocation, GPU-as-a-Service and other HPC/AI hosting, plus demand response services and its MaestroOS data center operating system. Its operations are organized into four primary lines: Bitcoin Mining, Bitcoin Hosting, High‑Performance Computing (HPC) and Demand Response. Soluna primarily deploys behind‑the‑meter, co‑located data centers in the United States—notably in Texas and Kentucky—partnering with renewable developers and serving hyperscale miners, enterprises and grid operators.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	30	38	—	—	—
Depreciation	7	6	4	19	—
Total cost of revenue	23	29	16	—	—
General and administrative expenses, exclusive of depreciation and amortization	31	19	15	19	9
Depreciation and amortization associated with general and administrative expenses	10	10	10	10	2
Total general and administrative expenses	40	28	25	29	11
Loss on contract	0	29	—	—	—
Impairment on fixed assets	12,000	130,000	575,000	47	—
Operating loss	−34	−48	−20	−85	−4
Interest expense	−5	−3	—	—	—
Gain (loss) on debt extinguishment and revaluation, net	11	−2	−4	−11	—
Fair value adjustment loss	−24	−6	—	—	—
Loss on sale of fixed assets and credit on equipment deposit	−1	−31,000	−398,000	−4	—
Other financing expense	−6	−4	—	—	—
Other (expense) income, net	−700,000	304,000	−1	22,000	11,000
Loss before income taxes	−59	−61	−29	−108	−6
Income tax benefit, net	2	2	1	1	−44,000
Net loss	−57	−58	−28	−99	−5
(Less) Net loss (income) attributable to non-controlling interest, net	4	−5	−1	−380,000	—
Net loss attributable to Soluna Holdings, Inc.	−53	−63	−29	−99	−5
Basic (in dollars per share)	−2.38	−14.94	−27.79	−174.41	−0.5
Diluted (in dollars per share)	−2.38	−14.94	−27.79	−174.41	−0.5
Weighted average number of shares outstanding, basic (in shares)	29	5	1	599,301	12
Weighted average number of shares outstanding, diluted (in shares)	29	5	1	599,301	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-07-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash	76	8	—	6	1
Restricted cash	5	1	—	3	685,000
Accounts receivable, net (allowance for expected credit losses $244 as of December 31, 2025 and December 31, 2024)	6	3	—	3	320,000
Loan commitment assets	3	0	—	—	—
Prepaid expenses and other current assets	3	2	—	1	1
Equipment held for sale	0	28,000	—	107,000	295,000
Total Current Assets	92	13	—	14	4
Restricted cash, noncurrent	8	2	—	1	—
Other assets	978,000	3	—	3	1
Deposits and credits on equipment	1	5	—	1	1
Property, plant and equipment, net	75	47	—	45	42
Intangible assets, net	8	18	—	27	36
Operating lease right-of-use assets	252,000	313,000	—	431,000	233,000
Financing lease right-of-use assets	2	0	—	—	—
Total Assets	188	88	—	91	85
Accounts payable	5	3	—	2	4
Accrued liabilities	13	7	—	5	3
Accrued interest	303,000	2	—	—	—
Contract liability	19	20	—	2	—
Current portion of debt	9	14	—	11	11
Income tax payable	123,000	37,000	—	24,000	—
Customer deposits-current	2	1	—	—	—
Deferred revenue	518,000	0	—	—	—
Operating lease liability	65,000	61,000	—	220,000	161,000
Financing lease liability	20,000	0	—	—	—
Total Current Liabilities	49	48	—	28	30
Other liabilities	743,000	235,000	—	499,000	203,000
Customer deposits- long-term	3	0	—	1	—
Long-term debt	18	7	2	—	—
Operating lease liability	187,000	252,000	—	216,000	84,000
Financing lease liability	2	0	—	—	—
Deferred tax liability, net	3	5	—	8	9
Total Liabilities	76	61	—	38	39
Commitments and Contingencies (Note 13)	—	—	—	—	—
Placement agent warrants	1	0	—	0	—
Common stock, par value $0.001 per share, authorized 375,000,000; 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024	103,000	11,000	—	3,000	1,000
Additional paid-in capital	435	316	—	291	277
Accumulated deficit	−368	−314	—	−251	−222
Common stock in treasury, at cost, 86,595 shares at December 31, 2025 and 40,741 shares at December 31, 2024	−14	−14	—	−14	−14
Total Soluna Holdings, Inc. Stockholders Equity (Deficit)	54	−12	—	27	42
Non-Controlling Interest	57	40	—	27	4
Total Stockholders Equity	111	27	—	53	46
Total Liabilities, Mezzanine Equity, and Stockholders Equity	188	88	—	91	85

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation expense	7	6	4	19	2
Amortization expense	9	9	9	9	2
Stock-based compensation	11	5	4	4	2
Deferred income taxes	−2	−3	−1	−1	—
Provision for credit losses	0	760,000	—	—	—
Amortization of operating lease asset and financing lease	189,000	133,000	—	—	—
Debt issuance costs	0	2	—	—	—
Amortization on deferred financing costs and discount on notes	1	351,000	753,000	7	2
Fair value adjustments, including SEPA	24	6	—	—	—
Fair value on placement agent warrant financing cost	146,000	0	—	—	—
Conversion inducement expense	0	388,000	—	—	—
Accounts receivable	−3	−505,000	−3	211,000	−471,000
Prepaid expenses and other current assets	−884,000	−3	−306,000	146,000	−956,000
Other long-term assets	2	−5	−304,000	−29,000	−812,000
Accounts payable	2	741,000	−862,000	553,000	3
Contract liability	−667,000	0	3	—	—
Deferred revenue	1	0	−453,000	137,000	316,000
Operating lease liabilities	−61,000	−138,000	−234,000	−197,000	−156,000
Other liabilities and customer deposits	3	−2	3	−308,000	306,000
Accrued liabilities and accrued interest payable	4	5	4	−374,000	2
Net cash used in operating activities	−9	−5	−3	−6	5
Purchases of property, plant, and equipment	−28	−9	−13	−64	−46
Purchases of intangible assets	−134,000	−101,000	−58,000	−76,000	−2
Proceeds from disposal on property, plant, and equipment	0	215,000	2	3	—
Deposits of equipment	−4	−4	147,000	6	—
Net cash used in investing activities	−32	−13	−10	−55	−57
Proceeds from common stock warrant exercises	10	2	—	779,000	5
Proceeds from notes and debt issuance	24	14	3	31	15
Payments on notes	−7	−3	—	—	—
Payments of Debt Issuance Costs	−3	−899,000	—	—	—
Payments on other financing costs	0	−1	−1	−2	—
Payments on warrant redemptions	−452,000	0	—	—	—
Payments on financing lease liabilities	−118,000	0	—	—	—
Costs on treasury stock	−75,000	0	—	—	—
Contributions from non-controlling interest	30	15	20	5	—
Distributions to non-controlling interest	−9	−8	−1	—	—
Net cash provided by financing activities	119	18	22	43	59
Increase in cash & restricted cash	78	86,000	9	−18	—
Interest paid on debt	2	527,000	6,000	1	—
Fair value consideration for Green Cloud issuance of shares	810,000	0	6	3	—
Noncash financing cost accrual	766,000	0	—	—	—
Noncash deferred financing cost accrual	828,000	0	—	—	—
Warrant consideration in relation to Generate Common Warrant	3	0	—	—	—
Warrant consideration in relation to convertible notes, Cloud notes, and revaluation of warrant liability	0	6	2	—	—
Notes converted to common stock	0	9	—	—	—
Noncash membership distribution accrual	4	1	517,000	—	—
SEPA commitment payment	0	275,000	—	—	—
Placement agent release payment	0	1	—	—	—
Fair value consideration on placement agent warrants	1	0	2	—	—
Noncash non-controlling interest contributions	3	2	—	—	—
Noncash activity right-of-use assets obtained in exchange for lease obligations	2	146,000	—	—	—

Filings

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