Soluna Holdings, Inc. (SLNH) AI Stock Analysis

Soluna Holdings, Inc., headquartered in Albany, New York, operates in the cryptocurrency mining and data center operations industries through two primary segments: Cryptocurrency Mining and Data Center Hosting. In Cryptocurrency Mining, the company extracts digital currencies using specialized data center infrastructure and participates in blockchain innovation. Soluna designs and constructs modular data centers specifically tailored for computational cryptocurrency mining operations. Through its Data Center Hosting business, Soluna provides critical infrastructure, including electrical power and network connectivity, to support cryptocurrency miners.

Soluna's annual revenue rose from $14.3M in FY2021 to $28.5M in FY2022, before dropping 26.2% to $21.1M in FY2023. Revenue recovered 80.5% to $38.0M in FY2024, but declined 21.8% to $29.7M in FY2025. Gross margin shrank from 87.5% in FY2022 to 21.7% in FY2025, while operating margin sat at -113.3% in FY2025 with net income of -$53.4M and EPS of -$1.96. Over the trailing twelve months ended June 30, 2026, revenue stood at $42.1M with an operating margin of -112.0% and net margin of -182.2%. In the latest quarter ended June 30, 2026, quarterly revenue grew 144.6% year-over-year.

As of June 30, 2026, Soluna held $113.4M in cash and short-term investments against total debt of $39.3M, yielding net cash of $74.1M. Shareholders' equity was $155.9M and total assets were $293.5M, supporting a current ratio of 2.06 and a debt-to-equity ratio of 0.25. Operating cash flow in FY2025 was -$9.1M, with free cash flow of -$37.2M. Capital expenditures reached $28.1M in FY2025, while the company's share count expanded by 24857.3% over five years.

Soluna carries a market cap of $163.9M and an enterprise value of $239.0M. The stock trades at a price-to-sales multiple of 3.9x and an EV-to-revenue multiple of 5.7x, compared to a median price-to-sales multiple of 3.2x for its US-listed Financial Services peers. The peer group median operating margin is 37.7%, compared to Soluna's trailing operating margin of -112.0%. Over the past year, SLNH stock fell 84.0%, significantly trailing the S&P 500 (SPY) return of 16.8%, and is down 99.8% over five years compared to an 83.0% gain for the index.

Soluna receives coverage from 2 analysts, both maintaining a Strong Buy rating. The mean price target is $4.00, representing an upside of 497.0% from the last close of $0.67 on October 16, 2026. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $61.8M and an EPS of -$0.41. The company beat EPS estimates in 3 of the last 4 quarters. The next earnings date is scheduled for November 13, 2026.

This page is an AI-written research summary of Soluna Holdings, Inc. (SLNH). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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