Soluna Holdings, Inc. (SLNH) Balance Sheet
SLNH balance sheet, 2025
December 31, 2025 · U.S. dollars$187.9M assets = $75.7M liabilities + $112.2M equity
Both columns are drawn to the same scale: what SLNH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SLNH financial health
Descriptive bands, not a rating. Fiscal 2025.
SLNH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $5.2M2016 | $187.9M2025 | +49.0%/yr | |
| Total liabilities | $1.0M2016 | $75.7M2025 | +61.2%/yr | |
| Shareholders’ equity | $4.2M2016 | $54.9M2025 | +33.2%/yr | |
| Cash & short-term investments | $3.4M2016 | $76.4M2025 | +41.4%/yr | |
| Total debt | $947,0002019 | $29.3M2025 | +77.1%/yr | |
| Net cash (debt) | $1.6M2019 | $47.2M2025 | +$45.6M | |
| Working capital | $4.0M2016 | $42.9M2025 | +$38.9M | |
| Current ratio | 4.872016 | 1.872025 | −3.00 | |
| Debt / equity | 0.252019 | 0.532025 | +0.29 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLNH assets
SLNH liabilities and equity
SLNH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SLNH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $76.4M | $7.8M | $6.4M | $1.1M | $10.3M | $2.6M | $2.5M | $5.8M | $3.8M | $3.4M |
| Cash & equivalents | $76.4M | $7.8M | $6.4M | $1.1M | $10.3M | $2.6M | $2.5M | $5.8M | $3.8M | $3.4M |
| Receivables | $5.5M | $2.7M | $3.4M | $539,000 | $531,000 | $59,000 | $745,000 | $871,000 | $1.4M | $881,000 |
| Inventory | $0 | $0 | $1.4M | $888,000 | $0 | $828,000 | $924,000 | $863,000 | $694,000 | $676,000 |
| Other current assets | $10.2M | $2.9M | $3.1M | $1.2M | $14.2M | $1.3M | $56,000 | $57,000 | $90,000 | $82,000 |
| Total current assets | $92.1M | $13.5M | $14.3M | $3.8M | $25.0M | $4.8M | $4.2M | $7.6M | $6.0M | $5.0M |
| Property, plant & equipment (net) | $77.3M | $47.6M | $45.0M | $43.6M | $45.0M | $1.1M | $1.1M | $181,000 | $184,000 | $160,000 |
| Goodwill & intangible assets | $8.3M | $17.6M | $27.0M | $36.4M | $45.8M | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $750,000 | $750,000 | $0 | $0 | $0 | $0 |
| Other non-current assets | $10.3M | $9.3M | $5.0M | $1.1M | $1.1M | $2.0M | $395,000 | $395,000 | $0 | $0 |
| Total assets | $187.9M | $88.0M | $91.3M | $85.0M | $117.7M | $8.6M | $5.8M | $8.1M | $6.2M | $5.2M |
| Liabilities | ||||||||||
| Accounts payable | $4.9M | $2.8M | $2.1M | $3.5M | $3.0M | $192,000 | $210,000 | $201,000 | $325,000 | $124,000 |
| Short-term debt | $9.0M | $14.6M | $19.6M | $22.8M | $8.3M | $134,000 | $171,000 | — | — | — |
| Deferred revenue | $1.9M | $21.4M | $1.6M | $453,000 | $316,000 | — | — | — | — | — |
| Total current liabilities | $49.2M | $47.9M | $28.2M | $29.5M | $15.7M | $1.6M | $1.1M | $1.2M | $1.2M | $1.0M |
| Long-term debt | $17.9M | $7.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $2.5M | $313,000 | $436,000 | $245,000 | $421,000 | $1.2M | $947,000 | — | — | — |
| Other long-term liabilities | $8.6M | $5.7M | $9.7M | $9.2M | $11.0M | $1.1M | $776,000 | $0 | $325,000 | $124,000 |
| Total liabilities | $75.7M | $60.7M | $37.9M | $38.7M | $26.7M | $2.7M | $1.9M | $1.2M | $1.2M | $1.0M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $103,000 | $5,000 | $3,000 | $1,000 | $15,000 | $11,000 | $106,000 | $105,000 | $104,000 | $100,000 |
| Retained earnings (deficit) | −$367.7M | −$314.3M | −$251.0M | −$221.8M | −$123.1M | −$117.8M | −$119.7M | −$118.5M | −$120.4M | −$121.0M |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Minority interest | $57.4M | $39.8M | $26.8M | $4.4M | — | — | — | — | — | — |
| Total shareholders' equity | $54.9M | −$12.5M | $26.5M | $41.9M | $91.0M | $5.9M | $3.8M | $6.9M | $5.0M | $4.2M |
| Key figures | ||||||||||
| Total debt | $29.3M | $21.8M | $19.8M | $22.9M | $8.5M | $431,000 | $947,000 | — | — | — |
| Net cash (debt) | $47.2M | −$14.0M | −$13.4M | −$21.7M | $1.7M | $2.2M | $1.6M | — | — | — |
| Working capital | $42.9M | −$34.4M | −$13.9M | −$25.8M | $9.3M | $3.1M | $3.1M | $6.4M | $4.8M | $4.0M |
| Tangible book value | $46.6M | −$30.1M | −$493,000 | $5.4M | $45.1M | $5.9M | $3.8M | $6.9M | $5.0M | $4.2M |
| Book value per share | — | −$0.20 | — | — | — | — | — | — | — | — |
| Shares outstanding | — | 62.8M | — | — | — | — | — | — | — | — |
| Current ratio | 1.87 | 0.28 | 0.51 | 0.13 | 1.59 | 2.92 | 3.71 | 6.34 | 4.86 | 4.87 |
| Quick ratio | 1.67 | 0.22 | 0.35 | 0.06 | 0.69 | 1.64 | 2.85 | 5.57 | 4.23 | 4.14 |
| Debt / equity | 0.53 | — | 0.75 | 0.55 | 0.09 | 0.07 | 0.25 | — | — | — |
| Equity / assets | 29.2% | −14.2% | 29.0% | 49.3% | 77.3% | 68.4% | 66.6% | 85.4% | 80.0% | 80.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $113.4M | $68.6M | $76.4M | $55.0M | $9.9M | $9.2M | $7.8M | $8.8M | $9.6M | $8.4M | $6.4M | $5.6M |
| Cash & equivalents | $113.4M | $68.6M | $76.4M | $55.0M | $9.9M | $9.2M | $7.8M | $8.8M | $9.6M | $8.4M | $6.4M | $5.6M |
| Receivables | $6.7M | $8.5M | $5.5M | $4.4M | $2.6M | $2.4M | $2.7M | $2.1M | $3.5M | $4.7M | $2.9M | $2.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.7M | $0 | $1 | $0 | $4.7M |
| Other current assets | $14.5M | $13.7M | $10.2M | $7.0M | $4.5M | $4.2M | $2.9M | $13.3M | $14.4M | $3.8M | $5.0M | $1.6M |
| Total current assets | $134.6M | $90.7M | $92.1M | $66.4M | $17.0M | $15.8M | $13.5M | $18.5M | $27.5M | $17.0M | $14.3M | $14.3M |
| Property, plant & equipment (net) | $143.7M | $84.9M | $77.3M | $67.7M | $57.9M | $49.9M | $47.6M | $43.7M | $41.8M | $45.0M | $46.0M | $46.4M |
| Goodwill & intangible assets | $6.1M | $5.9M | $8.3M | $10.6M | $13.0M | $15.3M | $17.6M | $20.0M | $22.3M | $24.7M | $27.0M | $29.4M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $9.1M | $8.9M | $10.3M | $7.4M | $4.2M | $9.1M | $9.3M | $15.2M | $7.1M | $4.0M | $4.0M | $4.0M |
| Total assets | $293.5M | $190.4M | $187.9M | $152.0M | $92.0M | $90.0M | $88.0M | $97.3M | $98.7M | $90.6M | $91.3M | $94.1M |
| Liabilities | ||||||||||||
| Accounts payable | $3.8M | $4.2M | $4.9M | $4.9M | $3.9M | $3.3M | $2.8M | $3.4M | $2.5M | $2.5M | $2.1M | $3.0M |
| Short-term debt | $30.2M | $10.1M | $9.0M | $10.2M | $13.3M | $13.9M | $14.6M | $18.0M | $21.0M | $16.7M | — | $20.3M |
| Deferred revenue | $558,000 | $21.5M | $1.9M | $19.3M | $21.3M | $21.1M | $21.4M | $2.3M | $2.4M | $1.3M | — | — |
| Total current liabilities | $65.4M | $51.9M | $49.2M | $56.2M | $47.9M | $47.6M | $47.9M | $31.3M | $32.5M | $32.5M | $28.2M | $27.5M |
| Long-term debt | $3.0M | $15.9M | $17.9M | $13.3M | $10.0M | $10.2M | $7.1M | $8.1M | $9.0M | $0 | $0 | $1.1M |
| Lease obligations | $6.2M | $2.0M | $2.5M | $3.7M | $283,000 | $298,000 | $313,000 | $181,000 | $328,000 | $383,000 | $436,000 | $488,000 |
| Other long-term liabilities | $13.4M | $8.2M | $8.6M | $9.1M | $4.8M | $5.3M | $5.7M | $6.3M | $7.2M | $9.3M | $9.7M | $10.1M |
| Total liabilities | $83.1M | $76.1M | $75.7M | $78.6M | $62.6M | $63.1M | $60.7M | $45.8M | $48.7M | $41.8M | $37.9M | $38.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $226,000 | $112,000 | $103,000 | $64,000 | $19,000 | $13,000 | $11,000 | $8,000 | $5,000 | $3,000 | — | $1,000 |
| Retained earnings (deficit) | −$405.9M | −$385.2M | −$367.7M | −$353.2M | −$329.2M | −$321.9M | −$314.3M | −$274.3M | −$267.1M | −$256.2M | −$251.0M | −$244.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | −$5,000 | $0 | — | −$3,000 |
| Minority interest | $54.5M | $65.8M | $57.4M | $59.0M | $48.8M | — | — | — | — | — | — | — |
| Total shareholders' equity | $155.9M | $48.6M | $54.9M | $14.5M | −$19.5M | −$16.1M | −$12.5M | $20.9M | $24.4M | $21.5M | $26.5M | $28.7M |
| Key figures | ||||||||||||
| Total debt | $39.3M | $28.0M | $29.3M | $26.9M | $23.6M | $24.3M | $21.8M | $26.2M | $30.2M | $16.9M | — | $21.6M |
| Net cash (debt) | $74.1M | $40.6M | $47.2M | $28.1M | −$13.7M | −$15.2M | −$14.0M | −$17.4M | −$20.7M | −$8.4M | — | −$16.0M |
| Working capital | $69.2M | $38.8M | $42.9M | $10.2M | −$30.9M | −$31.8M | −$34.4M | −$12.8M | −$5.0M | −$15.5M | −$13.9M | −$13.2M |
| Tangible book value | $149.9M | $42.6M | $46.6M | $3.9M | −$32.4M | −$31.4M | −$30.1M | $889,000 | $2.0M | −$3.1M | −$493,000 | −$633,000 |
| Book value per share | $1.19 | $0.58 | — | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 131.0M | 84.1M | — | — | — | — | — | — | — | — | — | — |
| Current ratio | 2.06 | 1.75 | 1.87 | 1.18 | 0.35 | 0.33 | 0.28 | 0.59 | 0.84 | 0.52 | 0.51 | 0.52 |
| Quick ratio | 1.84 | 1.48 | 1.67 | 1.06 | 0.26 | 0.24 | 0.22 | 0.35 | 0.40 | 0.41 | 0.33 | 0.29 |
| Debt / equity | 0.25 | 0.58 | 0.53 | 1.86 | — | — | — | 1.25 | 1.24 | 0.78 | — | 0.75 |
| Equity / assets | 53.1% | 25.5% | 29.2% | 9.5% | −21.2% | −17.8% | −14.2% | 21.4% | 24.7% | 23.8% | 29.0% | 30.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 30, 2026); data from EODHD.
SLNH financial position
At the end of fiscal 2025 (December 31, 2025), Soluna had total assets of $187.9 million (up 113.5% from a year earlier), total liabilities of $75.7 million and shareholders' equity of $54.9 million. It held $76.4 million in cash and short-term investments against $29.3 million of debt, a net cash position of $47.2 million. Its current ratio was 1.87. In the latest quarter (ended June 30, 2026) total assets were $293.5 million and equity $155.9 million.
Related: SLNH income statement, SLNH cash flow statement, SLNH key metrics. See the SLNH stock overview for the latest quote and news.
SLNH balance sheet FAQ
What are Soluna's total assets?
Soluna reported total assets of $187.9 million at the end of fiscal 2025 (December 31, 2025), compared with $88.0 million a year earlier.
How much debt does Soluna have?
Soluna had $29.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.53.
How much cash does Soluna have?
Soluna held $76.4 million in cash and short-term investments at the end of fiscal 2025; with $29.3 million of debt that is net cash of $47.2 million.
What is Soluna's book value?
Soluna's shareholders' equity (book value) was $54.9 million at the end of fiscal 2025.
What is Soluna's current ratio?
Soluna had current assets of $92.1 million and current liabilities of $49.2 million, a current ratio of 1.87 (it can cover its short-term obligations).
How much goodwill does Soluna have?
Soluna carried $8.3 million of goodwill and intangible assets, 4.4% of total assets, at the end of fiscal 2025.