Soluna Holdings, Inc. (SLNH) Stock

Soluna Holdings, Inc. (SLNH) is a Financials stock trading at $1.20 (as of 2026-08-20), with a market capitalization of $292.29M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

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Understand Soluna Holdings, Inc.: how it makes money

Soluna Holdings builds and develops modular data centers for cryptocurrency mining and also operates in the blockchain business, aiming to earn money by deploying and operating data center capacity for hosting and by running proprietary mining activities.

Profit is primarily driven by turning modular data center projects into operating capacity, where “Megawatts Under Management” and deployment progress translate into hosting hash rate and proprietary mining output, supported by project pipeline and renewable power assets.

Business quality (Weak): The company shows active deployment and development activity, but current profitability is very weak, with an operating margin of -177.0% (gross margin 5.2%) for the quarter ended 2026-03-31.

Bull case

  • Existing operating footprint and capacity: Megawatts Under Management are 147.0, and the company reports deployment activity such as blockware hosting capacity expansion at Project Dorothy 1A (6.0) and new deployment capacity at Project Dorothy 1B (3.3).
  • Ongoing project development and scale-up: The Development Pipeline is 4.3, with multiple projects in progress or under construction, including Kati 1B Cormint Container Installations In Progress (12.0) and Kati 1B remaining modular data center phases under construction (23.0).

Bear case

  • Profitability is currently highly negative: For the quarter ended 2026-03-31, the company reported an operating margin of -177.0%, despite a gross margin of 5.2%.
  • Execution timing risk from projects still in progress: Several projects are not yet complete, including work labeled as in progress and remaining phases under construction (for example, Kati 1B has both installations in progress and remaining phases under construction).
Valuation — source: SEC EDGAR (first-party)
Price$1.20
Market Cap$292.29M
Price / Book1.39
Price / Sales6.92
FCF Yield-13.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$29.72M
Net Margin-179.7%
Revenue Growth (YoY)-21.8%
EPS Growth (YoY)-80.4%
FCF Growth (YoY)161.5%
Financial Health — source: SEC EDGAR
Altman Z-Score-1.86 (distress)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Financials)15.1
Industry P/E (Banking)12.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderPoint72 Asset Management, L.P. ($3.52M)
Institutional Holders Tracked10
Company
SectorFinancials
IndustryBanking
CEOJohn Belizaire
Employees47
CountryUS
IPO Date1999-06-14

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SLNH earnings history · SLNH institutional & insider holders · SLNH KPIs & operating metrics · SLNH financials · SLNH investor presentations & press releases · SLNH SEC filings · SLNH peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.