S
Soluna Holdings, Inc
Period
FY 2025
Revenue
$29.72M
Net Income
$-53.41M
Total Assets
$187.94M
Equity
$53.55M
Shares Out
157.75M
Op. Cash Flow
$-9.10M
Business
Soluna Holdings, Inc. develops, owns, and operates renewable energy-powered data centers for energy-intensive computing, colocating facilities directly with renewable generation assets through its proprietary Renewable Computing™ model. The company generates revenue from four primary lines: Bitcoin mining, Bitcoin hosting and colocation services to third-party miners, high-performance computing (HPC) and artificial intelligence (AI) infrastructure leasing, and demand response services to grid operators. Operations span two active sites in Kentucky and Texas with a development pipeline exceeding 4.3 gigawatts of capacity, managed by proprietary MaestroOS software that optimizes power consumption and facility performance.
Summary from 10-K filed 2026-03-30
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | 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 | Trend | 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 | Trend | 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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Frequently asked questions
What is Soluna Holdings, Inc's CIK number?
Soluna Holdings, Inc's SEC CIK number is 0000064463 (64463). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Soluna Holdings, Inc's SEC filings?
All of Soluna Holdings, Inc's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Soluna Holdings, Inc last report earnings?
Soluna Holdings, Inc (SLNH) most recently filed an earnings 8-K with the SEC on May 18, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001493152-26-024060). This is Soluna Holdings, Inc's most recent earnings filing of record — not a forecast of its next earnings date.
What is Soluna Holdings, Inc's most recent earnings 8-K?
Soluna Holdings, Inc's latest earnings 8-K (Item 2.02) was filed May 18, 2026 under accession 0001493152-26-024060. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Soluna Holdings, Inc's latest earnings 8-K →
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