SLNH on Nasdaq

Soluna Holdings, Inc

Our mission is to make renewable energy a global superpower by using computing as a catalyst.3 From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

Compare with Yueda Digital Holding, Sharplink, Inc. or Fold Holdings, Inc., or pick any stock.

  • TickerSLNH on Nasdaq1
  • IndustryFinance Services1
  • HeadquartersAlbany, New York1
  • Incorporated inNV2
  • Business address325 Washington Avenue Extension, Albany, Ny 122052
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

Our mission is to make renewable energy a global superpower by using computing as a catalyst.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.1%Gross margin4
-113.3%Operating margin4
-179.7%Net margin4
-21.8%Revenue growth, 20254
-99.7%Return on equity4
0.33×Debt to equity4
-$37.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Data Hosting Revenue brought in 57% of the revenue Soluna Holdings, Inc broke down this way in fiscal 2025.

  1. Data Hosting Revenue$17.0M457%down 10% from 2024
  2. Cryptocurrency Mining Revenue$11.4M438%down 33% from 2024
  3. Demand Response Services$1.3M44%down 40% from 2024
  4. High Performance Computing Service Revenue$28.0K40%up 75% from 2024
Products and services by year
Products and services20242025
Data Hosting Revenue$18.8M$17.0M
Cryptocurrency Mining Revenue$17.0M$11.4M
Demand Response Services$2.1M$1.3M
High Performance Computing Service Revenue$16.0K$28.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue35¢$23.3M
  • Selling, general and admin61¢$40.1M
  • Income tax4¢$2.3M

Out of $29.7M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$29.7M in 2025+352% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $6.6M$6.6M20192020: $595.0K$595.0K2020−91%2021: $14.3M$14.3M2021+2311%2022: $28.5M$28.5M2022+99%2023: $21.1M$21.1M2023−26%2024: $38.0M$38.0M2024+80%2025: $29.7M$29.7M2025−22%
Gross profit94$1.8M in 2025−35% since 2023
-$30.0M-$20.0M-$10.0M0$10.0M2023: $2.8M$2.8M20232024: -$23.7M-$23.7M20242025: $1.8M$1.8M2025
Operating income567894-$33.7M in 2025
-$100.0M-$75.0M-$50.0M-$25.0M0$25.0M2019: $259.0K$259.0K20192020: -$1.6M-$1.6M20202021: -$4.5M-$4.5M2021+173%2022: -$84.8M-$84.8M2022+1794%2023: -$20.2M-$20.2M2023−76%2024: -$47.5M-$47.5M2024+135%2025: -$33.7M-$33.7M2025−29%
Net income567894-$53.4M in 2025
-$100.0M-$50.0M0$50.0M2019: $323.0K$323.0K20192020: $1.9M$1.9M2020+502%2021: -$5.3M-$5.3M20212022: -$98.7M-$98.7M2022+1776%2023: -$29.2M-$29.2M2023−70%2024: -$63.3M-$63.3M2024+117%2025: -$53.4M-$53.4M2025−16%

Every line of the income statement as filed: the last 2 fiscal years (annual) or 4 quarters (quarterly), latest first.4

Period ending2025-12-312024-12-31
Total revenue$29.7M$38.0M
Depreciation$6.7M$6.0M
Total cost of revenue$23.3M$28.6M
General and administrative expenses, exclusive of depreciation and amortization$30.5M$18.6M
Depreciation and amortization associated with general and administrative expenses$9.6M$9.6M
Total general and administrative expenses$40.1M$28.2M
Loss on contract$0$28.6M
Impairment on fixed assets$12.0K$130.0K
Operating loss-$33.7M-$47.5M
Interest expense-$4.8M-$2.5M
Gain (loss) on debt extinguishment and revaluation, net$10.7M-$1.6M
Fair value adjustment loss-$23.7M-$5.7M
Loss on sale of fixed assets and credit on equipment deposit-$1.2M-$31.0K
Other financing expense-$5.9M-$3.7M
Other (expense) income, net-$700.0K$304.0K
Loss before income taxes-$59.3M-$60.8M
Income tax benefit, net$2.3M$2.5M
Net loss-$57.0M-$58.3M
(Less) Net loss (income) attributable to non-controlling interest, net$3.6M-$5.0M
Net loss attributable to Soluna Holdings, Inc.-$53.4M-$63.3M
Basic (in dollars per share)-$2.38-$14.94
Diluted (in dollars per share)-$2.38-$14.94
Weighted average number of shares outstanding, basic (in shares)29.0M shares5.1M shares
Weighted average number of shares outstanding, diluted (in shares)29.0M shares5.1M shares

Compare Soluna Holdings, Inc with another company

Leadership

Who has led Soluna Holdings, Inc, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Steven N. Fischer2006
  2. Peng K. Lim2006–2012
  3. Kevin G. Lynch2012–2016
  4. Frederick W. Jones2018
  5. Michael Toporek2021–2022
  6. John Belizaire2021–now

Chair

  1. Steven N. Fischer2006–2007
  2. Peng K. Lim2008–2012
  3. Kevin G. Lynch2012–2016

President

  1. Moshe Binyamin2021

Chief financial officer

  1. Cynthia A. Scheuer2006–2007
  2. Frederick W. Jones2009–2018
  3. Jessica L. Thomas2020–2022
  4. Philip F. Patman Jr.2022–2023
  5. David C. Michaels2023–2024
  6. John Tunison2024–2026
  7. Michael Picchi2026–now
2010201520202025
Board members and other officers (20)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorAlykan R. Madhavji named Nov 12, 202144

Former names

  • MECHANICAL TECHNOLOGY INCApr 17, 1995 to Oct 29, 20212

Timeline

  1. Nov 3, 2021New chief executive John Belizaire becomes CEO13
  2. Mar 29, 2021New chief executive Michael Toporek becomes CEO12
  3. May 11, 2018New chief executive Frederick W. Jones becomes CEO14
  4. Nov 16, 2012New chief executive Kevin G. Lynch becomes CEO15
  5. Dec 21, 2006New chief executive Peng K. Lim becomes CEO17
  6. Jan 3, 2006New chief executive Steven N. Fischer becomes CEO16

Filings

585 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 187 major events, 212 insider forms, 24 large holders, 7 private raises, 134 other. The latest 20:

  1. Sep 28, 20268-K EDGAR
  2. Sep 24, 20264 EDGAR
  3. Sep 17, 20264 EDGAR
  4. Sep 17, 20264 EDGAR
  5. Sep 14, 20268-K EDGAR
  6. Sep 9, 20268-K EDGAR
  7. Sep 8, 20268-K EDGAR
  8. Sep 4, 20264 EDGAR
  9. Sep 3, 2026144 EDGAR
  10. Sep 1, 2026144 EDGAR
  11. Sep 1, 20264 EDGAR
  12. Sep 1, 20264 EDGAR
  13. Aug 31, 20264 EDGAR
  14. Aug 27, 20264 EDGAR
  15. Aug 27, 20264 EDGAR
  16. Aug 25, 20264 EDGAR
  17. Aug 25, 20268-K EDGAR
  18. Aug 24, 2026ARS EDGAR
  19. Aug 24, 2026DEF 14A EDGAR
  20. Aug 24, 20264 EDGAR

The 585 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

97 open-market trades by officers, directors and large owners since October 2021: 24 buys and 73 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 23, 2026Thomas Jessica L.Chief Accounting OfficerSale30,000$1.26$37.8KForm 4
Sep 3, 2026Phelan William PDirectorSale12,037$1.12$13.5KForm 4
Sep 1, 2026Belizaire JohnChief Executive OfficerSale1,000$11.91$11.9KForm 4
Aug 31, 2026Phelan William PDirectorSale3,188$12.08$38.5KForm 4
Aug 28, 2026Phelan William PDirectorSale5,039$12.25$61.7KForm 4
Aug 28, 2026PICCHI MICHAELChief Financial OfficerBuy20,000$1.13$22.6KForm 4
Aug 27, 2026Phelan William PDirectorSale8,099$12.08$97.8KForm 4
Aug 26, 2026Belizaire JohnChief Executive OfficerBuy50,000$1.20$60.0KForm 4
Aug 26, 2026Phelan William PDirectorSale1,862$12.09$22.5KForm 4
Aug 25, 2026Phelan William PDirectorSale5,000$12.00$60.0KForm 4
Aug 24, 2026Phelan William PDirectorSale5,000$11.66$58.3KForm 4
Aug 24, 2026PICCHI MICHAELChief Financial OfficerBuy10,000$1.14$11.4KForm 4
Aug 21, 2026Phelan William PDirectorSale8,843$12.29$108.7KForm 4
Aug 20, 2026PICCHI MICHAELChief Financial OfficerBuy20,000$1.15$23.0KForm 4
Aug 20, 2026Phelan William PDirectorSale1,157$12.45$14.4KForm 4
Aug 19, 2026Phelan William PDirectorSale5,000$12.61$63.0KForm 4
Aug 17, 2026Hirshfield Edward RDirectorSale9,007$12.34$111.1KForm 4
Jun 22, 2026Phelan William PDirectorSale3,074$11.00$33.8KForm 4
Jun 18, 2026Phelan William PDirectorSale4,813$11.00$52.9KForm 4
Jun 17, 2026Phelan William PDirectorSale10,113$10.75$108.7KForm 4

All 97 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Dec 5, 2022Raised $460,200 in a private offering of equity Form D: 1 investor so far Form D
  2. Dec 5, 2022Filed a private offering of equity Form D: $85,500 offered in all Form D
  3. Oct 24, 2022Raised $285,000 in a private offering of equity Form D: 1 investor so far Form D
  4. Oct 7, 2022Raised $850,000 in a private offering of debt Form D: 1 investor so far Form D
  5. Jul 19, 2022Filed a private offering of equity Form D: $5 million offered in all Form D
  6. Oct 29, 2021Raised $3.5 million in a private offering of equity Form D: 1 investor so far Form D
  7. Oct 29, 2021Raised $30 million in a private offering of equity Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Geode Capital Management, LLC3,889,529$14.0M0.0%+1,204,091
BlackRock, Inc.8,330,254$11.2M0.0%+7,545,266
Nuveen, LLC5,577,158$7.5M0.0%New
Vident Advisory, LLC5,227,200$7.1M0.1%+5,160,797
Vanguard Capital Management LLC4,661,391$6.3M0.0%+4,034,537
J. Goldman & Co LP2,384,409$3.2M0.1%New
State Street Corp1,824,507$2.5M0.0%+1,531,831
Marshall Wace, Llp1,695,300$2.3M0.0%+1,108,267
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.1,029,709$1.4M0.0%+233,057
UBS Group AG999,446$1.3M0.0%+109,143
Alpine Fox Capital LLC750,882$1.0M0.6%New
Northern Trust Corp737,906$996.2K0.0%+634,991
Vanguard Portfolio Management LLC708,284$956.2K0.0%New
Vanguard Fiduciary Trust Co525,459$709.4K0.0%+231,869
Renaissance Technologies LLC452,600$611.0K0.0%−382,677
Tru Independence Asset Management 2, LLC430,738$581.5K0.3%New
Yorkville Advisors Global, LP335,976$453.6K0.5%No change
Bank of New York Mellon Corp261,551$353.1K0.0%New
Charles Schwab Investment Management Inc255,611$345.1K0.0%New
Scoggin Management LP250,000$337.5K0.1%New
Voya Investment Management LLC244,725$330.4K0.0%New
Millennium Management LLC220,696$297.9K0.0%New
Peak6 LLC145,000$195.8K0.0%New
XTX Topco Ltd142,521$192.4K0.0%+55,832
Morgan Stanley137,558$185.7K0.0%+133,885

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54