Soluna Holdings, Inc. (SLNH) Income Statement
SLNH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSLNH revenue and net income
Where SLNH's revenue goes
2025Each bar shows an amount and its share of revenue. SLNH kept −179.7% of revenue as net income.
SLNH profit margins
SLNH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −21.8% | +1.3% | +118.6% | +16.7% |
| Gross profit | −71.8% | −36.3% | +102.4% | +5.3% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SLNH quarterly EPS vs estimates
Soluna beat the analyst EPS estimate in 3 of the last 4 quarters. Next report: November 13, 2026 (estimate $-0.06).
SLNH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $29.7M | $38.0M | $21.1M | $28.5M | $14.3M | $595,000 | $6.6M | $8.1M | $7.1M | $7.1M |
| Cost of revenue | $23.3M | $15.1M | $5.6M | $3.6M | $8.1M | $405,000 | $2.2M | $2.3M | $2.2M | $2.7M |
| Gross profit | $6.5M | $22.9M | $15.5M | $25.0M | $6.3M | $190,000 | $4.4M | $5.7M | $4.8M | $4.3M |
| Research & development | — | — | — | $398,000 | $1.5M | $1.5M | $1.4M | $1.2M | $1.1M | $1.2M |
| Sales, general & admin | $30.5M | $47.2M | $15.7M | $19.3M | $9.2M | $3.6M | $2.7M | — | $3.1M | — |
| Total operating expenses | $40.1M | $70.4M | $35.7M | $109.8M | $10.8M | $1.8M | $4.1M | $4.2M | $4.2M | $4.7M |
| Operating income | −$33.7M | −$47.5M | −$20.2M | −$84.8M | −$4.5M | −$1.6M | $259,000 | $1.5M | $588,000 | −$361,000 |
| Interest expense | $4.8M | $2.5M | $2.7M | $8.4M | $1.9M | $104,000 | $36,000 | $0 | $0 | $14,000 |
| Income before taxes | −$59.3M | −$60.8M | −$28.8M | −$108.4M | −$6.3M | −$1.5M | $295,000 | $1.5M | $588,000 | −$368,000 |
| Income taxes | −$2.3M | −$2.5M | −$1.1M | −$1.3M | $44,000 | −$332,000 | −$28,000 | −$392,000 | $6,000 | −$9,000 |
| Net income | −$53.4M | −$63.3M | −$29.2M | −$98.7M | −$5.3M | $1.9M | $323,000 | $1.9M | $582,000 | −$359,000 |
| EBITDA | −$38.1M | −$31.6M | −$6.1M | −$8.3M | −$593,000 | −$1.4M | $382,000 | $1.6M | $669,000 | −$283,000 |
| EPS (diluted) | −$1.96 | −$11.40 | −$9.50 | −$6.77 | −$0.42 | $0.14 | $0.01 | $0.25 | $0.06 | $0.02 |
| Gross margin | 21.7% | 60.3% | 73.4% | 87.5% | 43.7% | 31.9% | 66.4% | 71.1% | 68.4% | 61.4% |
| Operating margin | −113.3% | −125.0% | −96.1% | −297.0% | −31.2% | −276.0% | 3.9% | 18.9% | 8.3% | −5.1% |
| Net margin | −179.7% | −166.6% | −138.6% | −345.8% | −36.7% | 327.1% | 4.9% | 24.0% | 8.2% | −5.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.1M | $9.4M | $9.2M | $8.4M | $6.2M | $5.9M | $8.3M | $7.5M | $9.7M | $12.5M | $5.8M | $2.1M |
| Cost of revenue | $14.3M | $9.9M | $7.4M | $6.1M | $5.0M | $4.8M | $11.0M | $11.3M | $8.0M | $5.6M | $4.4M | $2.5M |
| Gross profit | $766,000 | −$486,000 | $1.8M | $2.3M | $1.2M | $1.2M | −$2.7M | −$3.8M | $1.7M | $6.9M | $1.4M | −$390,000 |
| Sales, general & admin | $15.2M | $16.1M | $11.5M | $7.7M | $5.4M | $5.9M | $4.0M | $5.2M | $5.4M | $4.3M | $2.7M | $4.1M |
| Total operating expenses | $17.7M | $16.1M | $13.9M | $10.1M | $7.8M | $8.3M | $4.0M | $5.2M | $5.4M | $6.5M | $5.1M | $6.7M |
| Operating income | −$16.9M | −$16.6M | −$12.1M | −$7.8M | −$6.6M | −$7.2M | −$6.6M | −$9.0M | −$3.7M | $407,000 | −$3.7M | −$7.1M |
| Interest expense | $3.2M | $2.0M | $1.6M | $1.2M | $1.2M | $838,000 | $833,000 | $821,000 | $449,000 | $424,000 | $495,000 | $486,000 |
| Income before taxes | −$23.2M | −$18.5M | −$16.7M | −$26.5M | −$8.4M | −$7.8M | −$39.3M | −$8.6M | −$9.8M | −$3.1M | −$5.4M | −$9.8M |
| Income taxes | −$547,000 | −$624,000 | −$619,000 | −$666,000 | −$608,000 | −$425,000 | −$744,000 | −$547,000 | −$649,000 | −$548,000 | $569,000 | −$547,000 |
| Net income | −$20.7M | −$17.5M | −$14.5M | −$24.0M | −$7.4M | −$7.6M | −$40.0M | −$7.2M | −$10.9M | −$5.3M | −$6.7M | −$8.8M |
| EBITDA | −$14.3M | −$11.9M | −$10.6M | −$21.1M | −$3.2M | −$3.0M | −$2.8M | −$3.9M | −$5.4M | $1.3M | −$1.3M | −$6.3M |
| EPS (diluted) | −$0.18 | −$0.24 | −$0.17 | −$0.42 | −$0.49 | −$0.88 | −$4.47 | −$1.29 | −$2.97 | −$2.67 | −$4.85 | −$0.31 |
| Gross margin | 5.1% | −5.2% | 19.2% | 27.7% | 19.3% | 19.8% | −32.5% | −50.1% | 17.6% | 55.3% | 24.3% | −18.9% |
| Operating margin | −112.5% | −177.0% | −131.4% | −92.5% | −107.6% | −120.9% | −80.4% | −119.8% | −38.0% | 3.2% | −64.4% | −342.1% |
| Net margin | −137.5% | −185.9% | −157.7% | −284.7% | −119.9% | −127.3% | −483.8% | −95.5% | −112.4% | −41.9% | −114.9% | −424.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SLNH's financial statements (latest annual report filed March 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SLNH financial results
In fiscal year 2025 (ended December 31, 2025), Soluna reported revenue of $29.7 million, down 21.8% from the year before. It had a net loss of $53.4 million, a net profit margin of −179.7%. Diluted earnings per share came to −$1.96. Over five years revenue grew at an average rate of 118.6% a year.
See the SLNH stock overview for the latest quote and news, or the SLNH chart for price history and technical indicators.
SLNH income statement FAQ
What is Soluna's annual revenue?
Soluna reported total revenue of $29.7 million for fiscal year 2025, which ended on December 31, 2025. That was down 21.8% from $38.0 million the previous year.
Is Soluna profitable?
No. Soluna reported a net loss of $53.4 million in fiscal 2025, a net profit margin of −179.7%; its operating margin was −113.3%.
What is Soluna's gross margin?
Soluna's gross margin was 21.7% in fiscal 2025: for every $100 of revenue, Soluna kept $22 after the direct cost of its products and services.
How fast is Soluna growing?
Revenue grew 118.6% a year on average over the last five fiscal years, from $0.6 million to $29.7 million.
What are Soluna's earnings per share?
Soluna earned $-1.96 per diluted share in fiscal 2025, compared with $-11.40 a year earlier.
When will Soluna report its next earnings?
Soluna is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does Soluna's fiscal year end?
Soluna's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 30, 2026.