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Soluna (SLNH) Financials

Soluna logo
$1.12 -0.14 (-11.11%)
Closing price 07/13/2026 04:00 PM Eastern
Extended Trading
$1.12 +0.00 (+0.45%)
As of 06:10 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Soluna

Annual Income Statements for Soluna

This table shows Soluna's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 0.74 -2.83 -0.36 0.58 0.32 1.95 -5.26 -99 -29 -63 -53
Consolidated Net Income / (Loss)		 0.74 -2.83 -0.36 0.58 0.32 1.95 -5.26 -99 -28 -58 -57
Net Income / (Loss) Continuing Operations		 0.74 -2.83 -0.36 0.58 0.32 -1.21 -6.39 -107 -28 -58 -57
Total Pre-Tax Income 		0.70 -1.47 -0.37 0.59 0.30 -1.54 -6.34 -108 -29 -61 -59
Total Operating Income		 0.57 -1.47 -0.36 0.59 0.26 -1.64 -4.48 -85 -20 -48 -34
Total Gross Profit		 5.50 3.86 4.33 4.83 4.37 0.19 11 -7.96 5.24 9.39 6.46
Total Revenue		 8.78 6.33 7.06 7.06 6.57 0.60 14 29 21 38 30
Operating Revenue		 8.78 6.33 7.06 7.06 6.57 0.60 14 29 21 38 30
Total Cost of Revenue		 3.28 2.48 2.72 2.23 2.21 0.41 3.50 37 16 29 23
Operating Cost of Revenue		 3.28 2.48 2.72 2.23 2.21 0.41 3.50 37 16 29 23
Total Operating Expenses		 4.93 5.33 4.70 4.24 4.11 1.83 15 77 25 57 40
Selling, General & Admin Expense		 3.59 3.78 3.45 3.09 2.73 1.83 9.17 29 25 28 40
Impairment Charge		 - - - - - - 0.00 48 0.58 0.13 0.01
Other Special Charges / (Income)		 - - - - - - 0.00 - 0.00 29 0.00
Total Other Income / (Expense), net		 0.14 0.00 -0.01 0.00 0.04 0.10 -1.87 -24 -8.53 -13 -26
Interest Expense		 - - - - - 0.00 1.88 20 6.65 7.83 0.09
Other Income / (Expense), net		 0.14 - -0.01 - 0.04 0.10 0.01 -4.07 -1.88 -5.43 -26
Income Tax Expense		 -0.04 1.36 -0.01 0.01 -0.03 -0.33 0.04 -1.35 -1.07 -2.49 -2.32
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - - - - - 0.00 -0.38 1.50 5.03 -3.58
Basic Earnings per Share		 $0.14 ($0.54) ($0.06) $0.06 $0.03 $0.20 ($0.50) ($174.41) ($27.79) ($14.94) ($2.38)
Weighted Average Basic Shares Outstanding		 5.26M 5.26M 5.99M 9.13M 9.55M 9.58M 11.84M 599.30K 1.31M 5.11M 29.05M
Diluted Earnings per Share		 $0.14 ($0.54) ($0.06) $0.06 $0.03 $0.20 - ($174.41) ($27.79) ($14.94) ($2.38)
Weighted Average Diluted Shares Outstanding		 5.46M 5.26M 5.99M 9.33M 9.60M 9.58M 11.84M 599.30K 1.31M 5.11M 29.05M
Weighted Average Basic & Diluted Shares Outstanding		 5.26M 5.26M 5.99M 9.37M - 9.58M 11.84M 24.68M 2.84M 12.49M 111.38M

Quarterly Income Statements for Soluna

This table shows Soluna's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.66 -6.70 -5.25 -11 -7.19 -40 -7.56 -7.38 -24 -15 -17
Consolidated Net Income / (Loss)		 -6.02 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18
Net Income / (Loss) Continuing Operations		 -6.02 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18
Total Pre-Tax Income 		-5.45 -5.54 -3.09 -9.79 -8.64 -39 -7.78 -8.39 -26 -17 -19
Total Operating Income		 -3.74 -2.42 0.41 -3.68 -9.02 -35 -7.18 -6.62 -7.78 -12 -17
Total Gross Profit		 1.41 4.29 6.93 4.11 -1.36 -0.29 1.17 1.19 2.33 1.77 1.92
Total Revenue		 5.80 10 13 9.68 7.53 8.27 5.94 6.16 8.42 9.21 9.39
Operating Revenue		 5.80 10 13 9.68 7.53 8.27 5.94 6.16 8.42 9.21 9.39
Total Cost of Revenue		 4.39 5.83 5.62 5.57 8.89 8.56 4.76 4.97 6.09 7.44 7.48
Operating Cost of Revenue		 4.39 5.83 5.62 5.57 8.89 8.56 4.76 4.97 6.09 7.44 7.48
Total Operating Expenses		 5.14 6.75 6.53 7.81 7.65 35 8.35 7.83 10 14 19
Selling, General & Admin Expense		 5.10 6.55 6.40 7.79 7.65 6.36 8.35 7.80 10 14 19
Other Special Charges / (Income)		 - - 0.00 0.02 - - 0.00 0.02 - - -0.03
Total Other Income / (Expense), net		 -1.71 -3.07 -3.50 -6.10 0.38 -4.04 -0.60 -1.74 -19 -4.61 -1.93
Interest Expense		 1.26 1.95 3.52 6.05 -0.05 -1.68 0.49 1.20 -4.15 2.76 2.05
Other Income / (Expense), net		 -0.45 -1.13 0.02 -0.05 0.32 -5.73 -0.11 -0.55 -23 -1.85 0.11
Income Tax Expense		 0.57 -0.54 -0.55 -0.65 -0.55 -0.74 -0.43 -0.61 -0.67 -0.62 -0.62
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.65 1.70 2.71 1.73 -0.90 1.50 0.20 -0.40 -1.83 -1.55 -0.44
Basic Earnings per Share		 ($5.96) ($5.10) ($2.62) ($2.97) ($1.56) ($7.83) ($1.21) ($0.69) ($1.14) ($0.50) ($0.24)
Weighted Average Basic Shares Outstanding		 1.41M 1.31M 2.81M 4.56M 6.39M 5.11M 8.72M 14.99M 26.98M 29.05M 84.10M
Diluted Earnings per Share		 ($5.96) ($5.10) ($2.62) ($2.97) ($1.56) ($7.83) ($1.21) ($0.69) ($1.14) ($0.50) ($0.24)
Weighted Average Diluted Shares Outstanding		 1.41M 1.31M 2.81M 4.56M 6.39M 5.11M 8.72M 14.99M 26.98M 29.05M 84.10M
Weighted Average Basic & Diluted Shares Outstanding		 1.61M 2.84M 3.92M 5.76M 8.37M 12.49M 13.75M 30.15M 68.42M 111.38M 157.75M

Annual Cash Flow Statements for Soluna

This table details how cash moves in and out of Soluna's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.71 -1.46 2.92 0.45 -3.26 0.12 -11 -8.44 8.55 0.09 78
Net Cash From Operating Activities		 0.69 -1.43 0.52 0.36 0.29 -1.21 4.64 -6.12 -2.99 -5.07 -9.15
Net Cash From Continuing Operating Activities		 0.69 -1.43 0.52 0.36 0.29 -1.21 1.83 -6.12 -2.99 -5.07 -9.15
Net Income / (Loss) Continuing Operations		 0.74 -2.83 -0.36 0.58 0.32 -1.21 -5.26 -107 -28 -58 -57
Consolidated Net Income / (Loss)		 0.74 -2.83 -0.36 0.58 0.32 -1.21 -5.26 -99 -28 -58 -57
Depreciation Expense		 0.08 0.08 0.09 0.08 0.09 0.08 2.12 19 3.89 6.15 6.85
Amortization Expense		 - - - - - 0.09 - 16 10 9.97 11
Non-Cash Adjustments To Reconcile Net Income		 -0.02 0.28 0.80 0.01 0.07 0.04 1.89 67 9.19 44 25
Changes in Operating Assets and Liabilities, net		 -0.12 1.05 -0.00 -0.31 -0.19 -0.21 3.08 -1.25 1.16 -7.33 5.36
Net Cash From Investing Activities		 0.03 -0.04 -0.14 -0.11 -0.08 -1.83 -57 -55 -10 -13 -32
Net Cash From Continuing Investing Activities		 0.03 -0.04 -0.14 -0.11 -0.08 -1.83 -46 -55 -10 -13 -32
Purchase of Property, Plant & Equipment		 -0.08 -0.06 -0.14 -0.11 -0.08 -0.81 -46 -64 -13 -8.85 -28
Acquisitions		 - - - - 0.00 -0.75 - -0.08 -0.06 -0.10 -0.13
Sale of Property, Plant & Equipment		 - - - - - - 0.00 2.61 2.29 0.22 0.00
Other Investing Activities, net		 0.10 0.02 - - - -0.28 - 6.44 0.15 -4.42 -3.65
Net Cash From Financing Activities		 0.00 0.00 2.53 0.19 -3.47 0.08 59 43 22 18 119
Net Cash From Continuing Financing Activities		 0.00 0.00 2.53 0.19 -3.47 0.08 33 43 22 18 119
Repayment of Debt		 - - - - - 0.00 - -6.57 -1.41 -2.27 -2.79
Repurchase of Common Equity		 - 0.00 -0.21 -0.03 - - - -0.50 -0.01 0.00 -0.53
Payment of Dividends		 - - - - -3.54 0.00 - -3.85 -1.00 -8.27 -8.65
Issuance of Debt		 - - - - - 0.00 - 31 3.10 14 24
Issuance of Common Equity		 - 0.00 2.74 0.00 - 0.00 - 7.64 21 15 104
Other Financing Activities, net		 0.00 0.00 0.01 0.22 0.07 0.08 4.69 0.93 0.00 -0.34 3.48
Cash Interest Paid		 - - - - - - - 1.31 0.83 0.53 1.98

Quarterly Cash Flow Statements for Soluna

This table details how cash moves in and out of Soluna's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -0.19 0.31 1.03 1.12 -0.30 -1.75 4.00 0.71 45 28 -2.86
Net Cash From Operating Activities		 -0.57 1.42 3.85 -7.32 0.06 -1.66 -0.18 -1.10 -2.21 -5.67 -6.37
Net Cash From Continuing Operating Activities		 -0.57 1.42 3.85 -7.32 0.06 -1.66 -0.18 -1.10 -2.21 -5.67 -6.37
Net Income / (Loss) Continuing Operations		 -6.02 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18
Consolidated Net Income / (Loss)		 -6.02 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18
Depreciation Expense		 1.21 1.51 1.55 1.54 1.54 1.52 1.51 1.62 1.75 1.99 2.23
Amortization Expense		 2.44 2.44 2.44 2.48 2.51 2.54 2.54 2.57 2.65 3.04 2.78
Non-Cash Adjustments To Reconcile Net Income		 1.72 2.48 3.83 7.17 0.54 33 1.41 1.98 15 6.70 10
Changes in Operating Assets and Liabilities, net		 0.08 -0.01 -1.43 -9.37 3.56 -0.09 1.72 0.52 4.44 -1.32 -3.92
Net Cash From Investing Activities		 -0.55 -0.21 -0.83 -1.40 -5.47 -5.47 -3.64 -4.71 -9.78 -14 -6.22
Net Cash From Continuing Investing Activities		 -0.55 -0.21 -0.83 -1.40 -5.47 -5.47 -3.64 -4.71 -9.78 -14 -6.22
Purchase of Property, Plant & Equipment		 -9.64 -0.17 -0.52 0.25 -3.43 -5.14 -3.53 -8.56 -4.64 -11 -2.57
Acquisitions		 -0.01 -0.01 -0.04 -0.03 -0.03 -0.01 -0.05 -0.04 -0.01 -0.04 -0.05
Sale of Property, Plant & Equipment		 0.98 0.02 0.08 0.14 - - 0.00 - - - 0.03
Other Investing Activities, net		 8.12 -0.05 -0.34 -1.75 -2.00 -0.33 -0.06 3.89 -5.13 -2.63 -3.65
Net Cash From Financing Activities		 0.93 -0.89 -2.00 9.83 5.11 5.38 7.81 6.51 57 48 9.74
Net Cash From Continuing Financing Activities		 0.93 -0.89 -2.00 9.83 5.11 5.38 7.81 6.51 57 48 9.74
Repayment of Debt		 -0.51 -0.55 -0.62 -1.29 -0.35 -0.01 -1.98 -1.30 -3.66 4.15 -1.00
Repurchase of Common Equity		 -0.01 - - - - - 0.00 - - -0.22 -0.06
Payment of Dividends		 - -1.00 -1.68 -4.10 -0.92 -1.58 -1.53 -2.05 -1.18 -3.90 -0.13
Issuance of Debt		 0.20 - 0.00 13 1.25 - 5.00 0.27 11 5.45 0.00
Issuance of Common Equity		 1.07 0.66 0.00 - 5.10 9.64 6.32 9.72 36 54 11
Other Financing Activities, net		 0.18 - 0.30 2.00 0.03 -2.67 0.00 -0.13 16 -12 0.01
Cash Interest Paid		 0.56 0.26 0.17 0.03 0.02 0.31 0.29 0.40 0.40 0.90 0.89

Annual Balance Sheets for Soluna

This table presents Soluna's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5.48 2.59 5.18 6.20 5.75 8.65 118 85 91 88 188
Total Current Assets		 4.02 2.47 5.02 6.02 4.24 4.78 25 3.76 14 13 92
Cash & Equivalents		 1.92 0.46 3.38 3.83 2.51 2.63 10 1.14 6.37 7.84 76
Restricted Cash		 - - - - - - 0.00 0.69 3.00 1.15 4.50
Accounts Receivable		 1.20 0.93 0.88 1.41 0.75 0.06 0.53 0.32 2.95 2.69 5.52
Prepaid Expenses		 0.09 0.07 0.08 0.09 0.06 0.02 0.98 1.11 1.42 1.78 2.66
Other Current Assets		 - - - - - 0.28 10 0.30 0.11 0.03 3.02
Plant, Property, & Equipment, net		 0.14 0.12 0.16 0.18 0.17 0.72 45 42 45 47 75
Total Noncurrent Assets		 1.32 0.00 0.00 0.00 1.34 3.15 48 39 32 27 21
Noncurrent Note & Lease Receivables		 - - - - - - - - - 0.00 2.25
Intangible Assets		 - - - - - 0.00 46 36 27 18 8.26
Other Noncurrent Operating Assets		 - - - - 0.95 0.74 1.53 2.56 5.41 9.64 11
Total Liabilities & Shareholders' Equity		 5.48 2.59 5.18 6.20 5.75 8.65 118 85 91 88 188
Total Liabilities		 1.26 1.06 1.03 1.24 1.92 2.73 27 39 38 61 76
Total Current Liabilities		 1.26 1.06 1.03 1.24 1.14 1.64 16 30 28 48 49
Short-Term Debt		 - - - - - 0.00 8.12 23 19 14 8.86
Accounts Payable		 0.22 0.15 0.12 0.33 0.21 0.19 2.96 3.55 2.10 2.84 4.86
Accrued Expenses		 1.05 0.91 0.91 0.91 0.76 0.66 2.86 2.72 4.91 6.79 13
Customer Deposits		 - - - - - - - - - 1.42 1.91
Current Deferred Revenue		 - - - - - 0.00 0.32 0.45 1.59 20 0.52
Current Deferred & Payable Income Tax Liabilities		 - - - - 0.00 0.00 0.00 0.00 0.02 0.04 0.12
Other Current Liabilities		 - - - - 0.17 0.13 0.18 0.16 0.22 0.06 19
Other Current Nonoperating Liabilities		 - - - - - 0.65 1.24 - - 2.28 0.30
Total Noncurrent Liabilities		 0.00 0.00 0.00 0.00 0.78 1.09 11 9.17 9.74 13 27
Long-Term Debt		 - - - - - - 0.00 - 0.00 7.06 18
Capital Lease Obligations		 - - - - - - - - - - 2.24
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - 0.00 10 8.89 7.78 5.26 2.91
Other Noncurrent Operating Liabilities		 - - - - 0.78 0.50 0.75 0.29 0.72 0.49 3.46
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 - 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - - - 0.00 1.31
Total Equity & Noncontrolling Interests		 4.22 1.53 4.15 4.96 3.83 5.92 91 46 53 27 111
Total Preferred & Common Equity		 4.22 1.53 4.15 4.96 3.83 5.92 91 42 27 -12 54
Preferred Stock		 - - - - - 0.00 0.00 0.00 0.00 0.01 0.01
Total Common Equity		 4.22 1.53 4.15 4.96 3.83 5.92 91 42 27 -12 54
Common Stock		 136 136 139 139 137 137 228 277 291 316 435
Retained Earnings		 -118 -121 -121 -120 -120 -118 -123 -222 -251 -314 -368
Treasury Stock		 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14 -14
Noncontrolling Interest		 - - - - - - 0.00 4.41 27 40 57

Quarterly Balance Sheets for Soluna

This table presents Soluna's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 94 91 99 97 90 92 152 190
Total Current Assets		 14 17 27 19 16 17 66 91
Cash & Equivalents		 5.63 8.44 9.56 8.77 9.16 9.88 51 69
Restricted Cash		 3.43 1.96 1.95 1.98 2.23 2.22 3.63 9.49
Accounts Receivable		 2.02 4.43 3.43 2.05 2.36 2.65 4.41 5.46
Prepaid Expenses		 1.59 1.69 12 5.66 1.98 2.24 3.52 4.18
Other Current Assets		 1.22 0.18 0.03 0.03 0.03 0.00 3.47 3.02
Plant, Property, & Equipment, net		 46 43 41 43 50 57 64 80
Total Noncurrent Assets		 34 30 30 35 25 18 22 20
Noncurrent Note & Lease Receivables		 - - - - - - - 1.80
Intangible Assets		 29 25 22 20 15 13 11 5.93
Other Noncurrent Operating Assets		 4.44 5.70 7.40 15 9.41 5.50 11 12
Total Liabilities & Shareholders' Equity		 94 91 99 97 90 92 152 190
Total Liabilities		 39 42 49 46 63 63 79 76
Total Current Liabilities		 28 32 33 31 48 48 56 52
Short-Term Debt		 20 16 21 18 14 13 10.00 10
Accounts Payable		 3.01 2.53 2.45 3.39 3.32 3.94 4.86 4.22
Accrued Expenses		 4.45 5.96 6.29 7.67 6.48 5.93 12 16
Customer Deposits		 - - - - 1.78 1.96 1.82 1.64
Current Deferred Revenue		 0.00 1.28 2.39 2.29 19 19 - 0.54
Current Deferred & Payable Income Tax Liabilities		 - 0.02 0.07 0.07 0.05 0.06 0.07 0.13
Other Current Liabilities		 0.22 6.24 0.47 0.03 0.06 0.06 27 19
Other Current Nonoperating Liabilities		 - - - - 2.67 3.29 0.34 0.35
Total Noncurrent Liabilities		 11 9.29 16 14 15 15 22 24
Long-Term Debt		 1.05 - 9.03 8.10 10 10 13 16
Capital Lease Obligations		 - - - - - - - 1.78
Noncurrent Deferred & Payable Income Tax Liabilities		 8.36 7.23 6.52 5.97 4.82 4.21 3.54 2.28
Other Noncurrent Operating Liabilities		 1.77 0.69 0.67 0.35 0.49 0.55 5.58 4.19
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 1.31
Total Equity & Noncontrolling Interests		 55 49 50 52 27 29 73 113
Total Preferred & Common Equity		 29 22 24 21 -16 -19 14 47
Preferred Stock		 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01
Total Common Equity		 29 22 24 21 -16 -19 14 47
Common Stock		 287 292 305 309 320 324 381 446
Retained Earnings		 -244 -256 -267 -274 -322 -329 -353 -385
Treasury Stock		 -14 -14 -14 -14 -14 -14 -14 -14
Noncontrolling Interest		 27 27 26 31 43 49 59 66

Annual Metrics And Ratios for Soluna

This table displays calculated financial ratios and metrics derived from Soluna's official financial filings.

Metric 2014 2015 2016 2017 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 5,258,883.00 5,258,883.00 8,998,482.00 9,149,518.00 9,369,177.00 9,369,177.00 12,803,181.00 17,535,662.00 1,609,788.00 8,372,791.00 68,423,108.00
DEI Adjusted Shares Outstanding		 210,355.00 210,355.00 359,939.00 365,981.00 374,767.00 374,767.00 512,127.00 701,426.00 1,609,788.00 8,372,791.00 68,423,108.00
DEI Earnings Per Adjusted Shares Outstanding		 3.52 -13.46 -1.00 1.59 0.86 5.19 -10.27 -140.73 -18.14 -7.56 -0.78
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.14% -27.91% 11.47% 0.07% 0.00% -90.95% 2,310.92% 99.00% -26.21% 80.49% -21.84%
EBITDA Growth		 810.47% -277.52% 79.64% 336.40% 0.00% -459.95% -70.25% -2,202.56% 85.62% -375.24% -12.85%
EBIT Growth		 14,100.00% -310.00% 74.97% 259.78% 0.00% -622.71% -189.56% -1,890.08% 75.11% -139.42% -11.82%
NOPAT Growth		 67.07% -272.28% 75.44% 330.31% 0.00% -505.31% -172.59% -1,794.33% 76.13% -134.79% 29.13%
Net Income Growth		 -79.32% -482.70% 87.32% 262.12% 0.00% 502.48% -370.35% -1,783.58% 72.04% -110.45% 2.25%
EPS Growth		 -79.71% -485.71% 88.89% 200.00% 0.00% 566.67% 0.00% 0.00% 84.07% 46.24% 84.07%
Operating Cash Flow Growth		 -32.55% -307.87% 136.61% -30.46% 0.00% -520.07% 481.80% -232.00% 51.18% -69.70% -80.49%
Free Cash Flow Firm Growth		 126.54% -58.41% -78.46% 396.54% 0.00% 0.00% -10,273.44% 54.63% 74.04% -16.04% -247.92%
Invested Capital Growth		 5.23% -53.59% -27.79% 47.72% 0.00% -22.45% 8,312.87% -22.28% -5.60% -33.45% 43.82%
Revenue Q/Q Growth		 -8.26% -19.51% 5.13% 3.26% 0.00% 0.00% 0.00% 0.00% 39.23% -4.63% 3.25%
EBITDA Q/Q Growth		 329.58% -465.04% 15.27% 525.23% 0.00% 0.00% 0.00% 0.00% 75.23% -7,773.13% 38.40%
EBIT Q/Q Growth		 263.15% -355.11% 12.17% 2,161.54% 0.00% 0.00% 0.00% 0.00% 52.82% -240.92% 29.64%
NOPAT Q/Q Growth		 239.21% -355.11% 13.84% 2,138.46% 0.00% 0.00% 0.00% 0.00% 54.68% -223.22% 40.72%
Net Income Q/Q Growth		 -75.67% -1,575.74% 79.66% 1,611.76% 0.00% 0.00% 0.00% 0.00% 44.79% -135.27% 28.26%
EPS Q/Q Growth		 -75.00% -1,700.00% 82.35% 700.00% 0.00% 0.00% 0.00% 0.00% 21.25% -217.87% 18.49%
Operating Cash Flow Q/Q Growth		 68,700.00% -2,358.62% 374.55% 633.82% 0.00% 0.00% 1,428.08% -113.39% 44.70% -154.09% -78.13%
Free Cash Flow Firm Q/Q Growth		 243.38% 200.95% -96.67% 142.49% 0.00% 0.00% 0.00% 0.00% 0.00% -22.02% -180.57%
Invested Capital Q/Q Growth		 2.68% -51.77% 25.24% -0.87% 0.00% 0.00% 0.00% 0.00% -5.81% -36.95% 44.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 62.60% 60.90% 61.42% 68.36% 66.44% 31.93% 75.57% -27.88% 24.86% 24.71% 21.73%
EBITDA Margin		 8.92% -21.96% -4.01% 9.47% 5.81% -231.09% -16.32% -188.82% -36.79% -96.87% -139.87%
Operating Margin		 6.43% -23.22% -5.12% 8.33% 3.94% -275.97% -31.20% -297.02% -96.08% -124.99% -113.34%
EBIT Margin		 7.97% -23.22% -5.22% 8.33% 4.49% -259.16% -31.13% -311.27% -104.99% -139.28% -199.26%
Profit (Net Income) Margin		 8.43% -44.74% -5.09% 8.24% 4.92% 327.06% -36.67% -347.13% -131.51% -153.34% -191.78%
Tax Burden Percent		 105.71% 192.39% 97.55% 98.98% 109.49% -126.20% 82.93% 91.45% 96.29% 95.91% 96.09%
Interest Burden Percent		 100.00% 100.14% 100.00% 100.00% 100.00% 100.00% 142.08% 121.95% 130.08% 114.79% 100.16%
Effective Tax Rate		 -5.71% 0.00% 0.00% 1.02% -9.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 26.69% -61.25% -27.56% 61.10% 21.43% -97.86% -7.17% -77.38% -21.73% -63.08% -45.88%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.58% 89.95% -22.03% 61.10% 19.86% -181.52% 37.33% -569.85% -109.66% -265.31% 135.52%
Return on Net Nonoperating Assets (RNNOA)		 -7.24% -37.34% 14.91% -48.33% -13.01% 137.79% -3.68% -67.01% -33.88% -81.37% -35.76%
Return on Equity (ROE)		 19.45% -98.59% -12.65% 12.77% 8.43% 39.92% -10.86% -144.39% -55.61% -144.45% -81.64%
Cash Return on Invested Capital (CROIC)		 21.59% 11.96% 4.72% 22.57% 0.00% -72.58% -202.48% -52.31% -15.97% -22.91% -81.83%
Operating Return on Assets (OROA)		 13.98% -36.45% -9.48% 10.33% 5.13% -21.42% -7.07% -87.69% -25.10% -59.06% -42.91%
Return on Assets (ROA)		 14.78% -70.23% -9.25% 10.23% 5.62% 27.03% -8.33% -97.80% -31.44% -65.02% -41.30%
Return on Common Equity (ROCE)		 19.45% -98.59% -12.65% 12.77% 8.43% 39.92% -10.86% -139.75% -38.16% -25.10% -24.01%
Return on Equity Simple (ROE_SIMPLE)		 17.54% -185.46% -8.65% 11.72% 8.43% 32.89% -5.78% -236.70% -104.48% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 0.60 -1.03 -0.25 0.58 0.28 -1.15 -3.13 -59 -14 -33 -24
NOPAT Margin		 6.80% -16.26% -3.58% 8.24% 4.32% -193.18% -21.84% -207.91% -67.26% -87.49% -79.34%
Net Nonoperating Expense Percent (NNEP)		 9.11% -151.20% -5.53% 0.00% 1.57% 83.66% -44.51% 492.47% 87.93% 202.23% -181.40%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - -19.49% -68.07% -16.85%
Cost of Revenue to Revenue		 37.40% 39.10% 38.58% 31.64% 33.56% 68.07% 24.43% 127.88% 75.14% 75.29% 78.27%
SG&A Expenses to Revenue		 40.84% 59.70% 48.92% 43.76% 41.49% 307.90% 63.92% 100.57% 118.21% 74.15% 135.03%
R&D to Revenue		 15.33% 24.42% 17.62% 16.27% 21.02% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 56.17% 84.12% 66.54% 60.03% 62.50% 307.90% 106.78% 269.14% 120.94% 149.70% 135.07%
Earnings before Interest and Taxes (EBIT)		 0.70 -1.47 -0.37 0.59 0.30 -1.54 -4.47 -89 -22 -53 -59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.78 -1.39 -0.28 0.67 0.38 -1.38 -2.34 -54 -7.75 -37 -42
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.48 4.10 2.58 2.19 1.64 1.01 1.51 0.11 0.24 0.00 1.50
Price to Tangible Book Value (P/TBV)		 1.48 4.10 2.58 2.19 1.64 1.01 3.05 0.84 0.00 0.00 1.77
Price to Revenue (P/Rev)		 0.71 0.99 1.52 1.54 0.96 10.08 9.60 0.16 0.31 0.46 2.69
Price to Earnings (P/E)		 8.46 0.00 0.00 18.71 19.43 3.08 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 11.82% 0.00% 0.00% 5.35% 5.15% 32.45% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.89 5.44 9.53 6.21 2.85 2.55 1.56 0.44 0.68 1.66 1.43
Enterprise Value to Revenue (EV/Rev)		 0.49 0.92 1.04 1.00 0.57 4.40 9.40 1.04 2.05 1.84 2.92
Enterprise Value to EBITDA (EV/EBITDA)		 5.54 0.00 0.00 10.55 9.86 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 6.19 0.00 0.00 12.01 12.77 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 7.26 0.00 0.00 12.13 13.28 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.32 0.00 14.04 19.45 13.04 0.00 29.10 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 8.97 28.84 169.22 32.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.09 0.49 0.36 0.79 0.26
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.26 0.18
Financial Leverage		 -0.41 -0.42 -0.68 -0.79 -0.65 -0.76 -0.10 0.12 0.31 0.31 -0.26
Leverage Ratio		 1.32 1.40 1.37 1.25 1.50 1.48 1.30 1.48 1.77 2.22 1.98
Compound Leverage Factor		 1.32 1.41 1.37 1.25 1.50 1.48 1.85 1.80 2.30 2.55 1.98
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.19% 32.85% 26.60% 44.01% 20.53%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 8.19% 32.85% 26.60% 29.56% 6.27%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 14.45% 14.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.39% 36.93% 81.53% 41.56%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 91.81% 60.75% 36.47% -25.55% 37.91%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 -3.47 -0.42 -2.50 -0.58 -0.70
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 1.23 -0.39 -1.29 -0.34 1.25
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.19 -0.48
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 -2.59 -0.38 -1.36 -0.65 -1.23
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.92 -0.35 -0.70 -0.38 2.20
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.21 -0.85
Altman Z-Score		 -24.49 -60.53 -24.41 -19.52 -25.23 -17.84 1.72 -7.06 -4.50 -6.85 -2.71
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.21% 31.37% 82.62% 70.59%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 3.19 2.33 4.87 4.86 3.71 2.92 1.59 0.13 0.51 0.28 1.87
Quick Ratio		 2.49 1.32 4.14 4.23 2.85 1.64 0.69 0.06 0.35 0.22 1.67
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.48 0.20 0.04 0.22 0.00 -0.85 -88 -40 -10 -12 -42
Operating Cash Flow to CapEx		 890.91% -2,592.73% 383.82% 339.25% 348.19% -150.81% 10.12% -10.02% -28.67% -58.68% -32.60%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -47.06 -2.06 -1.57 -1.54 -447.31
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 2.47 -0.31 -0.45 -0.65 -97.33
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -21.90 -3.45 -2.02 -1.75 -395.89
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.75 1.57 1.82 1.24 1.14 0.08 0.23 0.28 0.24 0.42 0.22
Accounts Receivable Turnover		 8.69 5.95 7.79 6.17 8.82 1.48 48.63 67.09 12.89 13.48 7.23
Inventory Turnover		 4.34 2.78 3.24 3.26 2.39 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 61.41 49.65 51.32 41.05 37.76 1.33 0.63 0.66 0.49 0.83 0.49
Accounts Payable Turnover		 17.99 13.45 19.72 9.95 10.50 2.01 2.22 11.22 5.61 11.59 6.04
Days Sales Outstanding (DSO)		 41.98 61.32 46.87 59.11 41.38 246.61 7.51 5.44 28.31 27.08 50.45
Days Inventory Outstanding (DIO)		 84.19 131.18 112.77 111.92 152.95 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 20.28 27.14 18.50 36.68 34.76 181.15 164.06 32.52 65.11 31.49 60.41
Cash Conversion Cycle (CCC)		 105.89 165.37 141.13 134.35 159.57 65.46 -156.56 -27.08 -36.80 -4.41 -9.96
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2.30 1.07 0.77 1.14 1.32 1.03 86 67 63 42 61
Invested Capital Turnover		 3.92 3.77 7.69 7.41 4.97 0.51 0.33 0.37 0.32 0.72 0.58
Increase / (Decrease) in Invested Capital		 0.11 -1.23 -0.30 0.37 0.00 -0.30 85 -19 -3.75 -21 18
Enterprise Value (EV)		 4.34 5.80 7.33 7.06 3.77 2.62 135 30 43 70 87
Market Capitalization		 6.26 6.26 11 11 6.28 6.00 138 4.58 6.44 18 80
Book Value per Share		 $0.80 $0.29 $0.46 $0.54 $0.41 $0.63 $7.11 $2.39 $16.47 ($1.49) $0.78
Tangible Book Value per Share		 $0.80 $0.29 $0.46 $0.54 $0.41 $0.63 $3.53 $0.31 ($0.31) ($3.60) $0.66
Total Capital		 4.22 1.53 4.15 4.96 3.83 5.92 99 69 73 49 141
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 8.12 23 19 22 29
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.06 20
Net Debt		 -1.92 -0.46 -3.38 -3.83 -2.51 -3.38 -2.89 21 9.97 13 -52
Capital Expenditures (CapEx)		 0.08 0.06 0.14 0.11 0.08 0.81 46 61 10 8.64 28
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.84 0.95 0.61 0.95 0.58 0.51 7.16 -4.94 -3.92 -29 -29
Debt-free Net Working Capital (DFNWC)		 2.76 1.41 3.99 4.78 3.09 3.14 17 -3.12 5.45 -20 52
Net Working Capital (NWC)		 2.76 1.41 3.99 4.78 3.09 3.14 9.30 -26 -14 -34 43
Net Nonoperating Expense (NNE)		 -0.14 1.80 0.11 0.00 -0.04 -3.10 2.13 40 14 25 33
Net Nonoperating Obligations (NNO)		 -1.92 -0.46 -3.38 -3.83 -2.51 -4.89 -4.67 21 9.97 15 -52
Total Depreciation and Amortization (D&A)		 0.08 0.08 0.09 0.08 0.09 0.17 2.12 35 14 16 18
Debt-free, Cash-free Net Working Capital to Revenue		 9.57% 15.01% 8.63% 13.48% 8.87% 86.05% 49.93% -17.31% -18.61% -76.08% -98.01%
Debt-free Net Working Capital to Revenue		 31.47% 22.31% 56.55% 67.70% 47.07% 528.07% 121.44% -10.93% 25.86% -52.43% 174.30%
Net Working Capital to Revenue		 31.47% 22.31% 56.55% 67.70% 47.07% 528.07% 64.82% -90.22% -65.94% -90.42% 144.49%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.50 ($13.50) ($1.50) $1.50 $0.00 $5.00 ($12.50) ($172.25) ($27.79) ($12.15) ($2.38)
Adjusted Weighted Average Basic Shares Outstanding		 210.29K 210.36K 360.82K 365.17K 0.00 383.28K 473.61K 599.30K 1.31M 6.28M 29.05M
Adjusted Diluted Earnings per Share		 $3.50 ($13.50) ($1.50) $1.50 $0.00 $5.00 ($12.50) $0.00 ($27.79) ($12.15) ($2.38)
Adjusted Weighted Average Diluted Shares Outstanding		 218.56K 210.36K 360.82K 373.31K 0.00 385.38K 473.61K 987.07K 1.31M 6.28M 29.05M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 ($1.50) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 210.36K 210.03K 239.54K 374.77K 0.00 392.87K 473.61K 987.07K 2.84M 12.49M 111.38M
Normalized Net Operating Profit after Tax (NOPAT)		 0.40 -1.03 -0.25 0.58 0.18 -1.15 -3.13 -26 -14 -13 -24
Normalized NOPAT Margin		 4.50% -16.26% -3.58% 8.24% 2.76% -193.18% -21.84% -89.91% -65.35% -34.61% -79.31%
Pre Tax Income Margin		 7.97% -23.25% -5.22% 8.33% 4.49% -259.16% -44.22% -379.59% -136.57% -159.88% -199.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -2.38 -4.56 -3.33 -6.76 -629.93
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -1.67 -3.04 -2.13 -4.25 -250.82
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -26.75 -7.69 -4.89 -7.86 -928.49
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 -26.04 -6.17 -3.70 -5.35 -549.38
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 1,096.28% 0.00% 0.00% -3.89% -3.62% -14.19% -15.18%
Augmented Payout Ratio		 0.00% 0.00% -58.77% 4.30% 1,096.28% 0.00% 0.00% -4.40% -3.65% -14.19% -16.11%

Quarterly Metrics And Ratios for Soluna

This table displays calculated financial ratios and metrics derived from Soluna's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 35,694,430.00 1,609,788.00 2,841,490.00 3,921,503.00 5,755,187.00 8,372,791.00 12,486,512.00 13,754,108.00 30,145,958.00 68,423,108.00 111,381,064.00
DEI Adjusted Shares Outstanding		 1,427,777.00 1,609,788.00 2,841,490.00 3,921,503.00 5,755,187.00 8,372,791.00 12,486,512.00 13,754,108.00 30,145,958.00 68,423,108.00 111,381,064.00
DEI Earnings Per Adjusted Shares Outstanding		 -4.67 -4.16 -1.85 -2.77 -1.25 -4.78 -0.61 -0.54 -0.79 -0.21 -0.16
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -9.02% 141.91% 307.17% 367.84% 29.81% -18.25% -52.70% -36.35% 11.83% 11.32% 58.25%
EBITDA Growth		 98.38% 101.73% 225.68% 107.25% -767.48% -9,327.75% -173.33% -1,104.04% -464.79% 75.82% -254.75%
EBIT Growth		 90.20% 87.48% 106.08% 49.07% -107.84% -1,055.63% -1,795.58% -92.53% -251.99% 65.95% -126.48%
NOPAT Growth		 91.04% 90.99% 105.80% 48.05% -141.33% -1,356.76% -1,863.39% -80.24% 13.71% 65.66% -131.66%
Net Income Growth		 89.29% 81.80% 65.77% 1.21% -34.52% -670.67% -189.07% 14.93% -218.63% 58.28% -143.43%
EPS Growth		 89.29% 88.83% 74.56% 68.87% 73.83% -53.53% 53.82% 76.77% 26.92% 93.61% 80.17%
Operating Cash Flow Growth		 91.75% 242.13% 226.11% -835.25% 110.74% -216.94% -104.60% 85.03% -3,716.39% -242.18% -3,500.00%
Free Cash Flow Firm Growth		 122.73% 0.00% -69.40% -103.90% -126.19% -269.18% -12.32% 1,395.10% 426.55% -672.74% -543.97%
Invested Capital Growth		 -27.29% -5.60% -13.22% -1.50% -0.58% -33.45% -22.96% -35.90% -37.08% 43.82% 52.10%
Revenue Q/Q Growth		 180.32% 74.56% 24.01% -22.90% -22.22% 9.93% -28.24% 3.74% 36.65% 9.42% 2.02%
EBITDA Q/Q Growth		 86.94% 174.77% 1,006.00% -93.29% -1,662.63% -695.32% 91.21% 13.44% -779.01% 65.95% -28.93%
EBIT Q/Q Growth		 42.79% 15.25% 112.13% -966.05% -133.46% -371.21% 82.20% 4.30% -326.81% 54.42% -18.38%
NOPAT Q/Q Growth		 47.19% 35.25% 116.83% -1,002.95% -145.33% -290.85% 79.63% 7.71% -17.45% -55.53% -37.41%
Net Income Q/Q Growth		 35.01% 16.92% 49.10% -259.47% 11.50% -375.94% 80.91% -5.79% -231.45% 37.68% -11.40%
EPS Q/Q Growth		 35.01% 14.43% 48.63% -13.36% 47.47% -401.92% 84.55% 21.59% -65.22% 56.14% 52.00%
Operating Cash Flow Q/Q Growth		 27.46% 349.47% 171.70% -290.21% 100.83% -2,816.39% 89.32% -519.21% -101.28% -157.03% -12.38%
Free Cash Flow Firm Q/Q Growth		 -42.59% -90.89% 319.90% -117.75% -285.75% 41.14% 317.63% 162.11% -2.74% -239.28% -25.03%
Invested Capital Q/Q Growth		 -3.05% -5.81% -13.27% 24.36% -2.14% -36.95% 0.40% 3.48% -3.95% 44.13% 6.18%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.27% 42.36% 55.26% 42.48% -18.13% -3.46% 19.76% 19.29% 27.68% 19.20% 20.39%
EBITDA Margin		 -9.23% 3.95% 35.25% 3.07% -61.67% -446.22% -54.65% -48.42% -311.49% -96.94% -122.50%
Operating Margin		 -64.45% -23.91% 3.24% -37.98% -119.81% -426.00% -120.91% -107.57% -92.45% -131.41% -176.99%
EBIT Margin		 -72.16% -35.03% 3.43% -38.49% -115.53% -495.25% -122.83% -116.43% -363.66% -151.49% -175.78%
Profit (Net Income) Margin		 -103.78% -49.39% -20.27% -94.52% -107.55% -465.64% -123.89% -126.34% -306.44% -174.52% -190.57%
Tax Burden Percent		 110.45% 90.22% 82.28% 93.37% 93.67% 98.11% 94.54% 92.75% 97.48% 96.30% 96.63%
Interest Burden Percent		 130.22% 156.28% -719.07% 263.00% 99.38% 95.84% 106.69% 116.99% 86.44% 119.63% 112.19%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -8.55% -5.41% 1.17% -14.73% -49.88% -214.98% -54.67% -37.47% -34.21% -53.20% -77.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 -27.98% -26.88% -28.30% -59.90% -63.03% -326.87% -76.45% -56.61% 217.63% -11.94% -40.92%
Return on Net Nonoperating Assets (RNNOA)		 -7.85% -8.30% -5.49% -16.06% -15.96% -100.25% -21.57% -23.46% -28.11% 3.15% 10.04%
Return on Equity (ROE)		 -16.40% -13.71% -4.31% -30.79% -65.84% -315.23% -76.24% -60.93% -62.32% -50.05% -67.02%
Cash Return on Invested Capital (CROIC)		 0.00% -15.97% -1.03% -8.08% -14.77% -22.91% -53.40% -28.75% -27.52% -81.83% -97.93%
Operating Return on Assets (OROA)		 -10.71% -8.38% 1.20% -15.03% -48.12% -210.02% -42.70% -34.07% -83.94% -32.62% -41.58%
Return on Assets (ROA)		 -15.41% -11.81% -7.08% -36.91% -44.80% -197.46% -43.07% -36.97% -70.73% -37.58% -45.08%
Return on Common Equity (ROCE)		 -12.37% -9.41% -2.57% -16.20% -30.53% -54.78% -5.48% -3.76% -17.61% -14.72% -14.78%
Return on Equity Simple (ROE_SIMPLE)		 -174.59% 0.00% -105.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -2.62 -1.69 0.28 -2.57 -6.31 -25 -5.02 -4.64 -5.45 -8.47 -12
NOPAT Margin		 -45.11% -16.73% 2.27% -26.59% -83.87% -298.20% -84.63% -75.30% -64.72% -91.99% -123.89%
Net Nonoperating Expense Percent (NNEP)		 19.43% 21.47% 29.48% 45.16% 13.15% 111.89% 21.78% 19.14% -251.84% -41.26% -36.13%
Return On Investment Capital (ROIC_SIMPLE)		 - -2.33% 0.44% -3.22% -8.13% -50.48% -9.84% -8.82% -5.63% -6.05% -8.27%
Cost of Revenue to Revenue		 75.73% 57.64% 44.74% 57.52% 118.13% 103.46% 80.24% 80.71% 72.32% 80.80% 79.61%
SG&A Expenses to Revenue		 88.01% 64.72% 50.98% 80.47% 101.69% 76.89% 140.67% 126.66% 120.13% 150.61% 197.37%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 88.72% 66.74% 52.02% 80.68% 101.69% 422.28% 140.67% 127.22% 120.13% 150.37% 197.03%
Earnings before Interest and Taxes (EBIT)		 -4.18 -3.55 0.43 -3.72 -8.69 -41 -7.29 -7.17 -31 -14 -17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -0.54 0.40 4.42 0.30 -4.64 -37 -3.24 -2.98 -26 -8.93 -12
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.26 0.24 0.22 0.98 0.86 0.00 0.00 0.00 4.90 1.50 1.67
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 11.75 20.38 0.00 0.00 0.00 18.29 1.77 1.91
Price to Revenue (P/Rev)		 0.49 0.31 0.15 0.63 0.45 0.46 0.25 0.28 2.46 2.69 2.37
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.68 0.68 0.69 0.99 0.96 1.66 1.50 1.55 2.33 1.43 1.48
Enterprise Value to Revenue (EV/Rev)		 3.04 2.05 1.25 1.78 1.61 1.84 2.03 2.43 3.41 2.92 2.88
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 196.07 14.79 133.31 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 9.71 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.38 0.36 0.34 0.60 0.50 0.79 0.89 0.79 0.32 0.26 0.24
Long-Term Debt to Equity		 0.02 0.00 0.00 0.18 0.16 0.26 0.38 0.34 0.18 0.18 0.15
Financial Leverage		 0.28 0.31 0.19 0.27 0.25 0.31 0.28 0.41 -0.13 -0.26 -0.25
Leverage Ratio		 1.63 1.77 1.77 1.80 1.79 2.22 2.38 2.41 1.99 1.98 1.98
Compound Leverage Factor		 2.13 2.76 -12.70 4.73 1.78 2.13 2.54 2.81 1.72 2.36 2.23
Debt to Total Capital		 27.39% 26.60% 25.22% 37.44% 33.51% 44.01% 47.10% 44.26% 24.04% 20.53% 19.51%
Short-Term Debt to Total Capital		 26.02% 26.60% 25.22% 26.13% 23.07% 29.56% 27.14% 25.20% 10.34% 6.27% 7.07%
Long-Term Debt to Total Capital		 1.38% 0.00% 0.00% 11.31% 10.44% 14.45% 19.97% 19.05% 13.70% 14.26% 12.45%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 34.94% 36.93% 41.83% 32.03% 39.59% 81.53% 84.38% 92.74% 60.99% 41.56% 47.23%
Common Equity to Total Capital		 37.67% 36.47% 32.95% 30.52% 26.90% -25.55% -31.49% -37.01% 14.96% 37.91% 33.25%
Debt to EBITDA		 -0.67 -2.50 84.90 6.52 54.16 -0.58 -0.54 -0.51 -0.34 -0.70 -0.56
Net Debt to EBITDA		 -0.38 -1.29 31.32 4.01 31.78 -0.34 -0.28 -0.24 0.47 1.25 1.01
Long-Term Debt to EBITDA		 -0.03 0.00 0.00 1.97 16.88 -0.19 -0.23 -0.22 -0.20 -0.48 -0.35
Debt to NOPAT		 -0.67 -1.36 -1.84 -4.53 -2.53 -0.65 -0.62 -0.57 -0.58 -1.23 -0.92
Net Debt to NOPAT		 -0.38 -0.70 -0.68 -2.79 -1.48 -0.38 -0.33 -0.28 0.80 2.20 1.67
Long-Term Debt to NOPAT		 -0.03 0.00 0.00 -1.37 -0.79 -0.21 -0.26 -0.25 -0.33 -0.85 -0.59
Altman Z-Score		 -3.67 -3.83 -3.74 -3.30 -3.75 -6.40 -5.27 -5.29 -3.11 -1.92 -2.08
Noncontrolling Interest Sharing Ratio		 24.60% 31.37% 40.52% 47.38% 53.63% 82.62% 92.81% 93.82% 71.74% 70.59% 77.95%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.52 0.51 0.52 0.84 0.59 0.28 0.33 0.35 1.18 1.87 1.75
Quick Ratio		 0.29 0.35 0.41 0.40 0.35 0.22 0.24 0.26 0.99 1.67 1.43
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 23 2.06 8.65 -1.54 -5.92 -3.49 7.59 20 19 -27 -34
Operating Cash Flow to CapEx		 -6.56% 938.41% 863.23% 0.00% 1.78% -32.23% -5.01% -12.81% -47.51% -51.28% -251.56%
Free Cash Flow to Firm to Interest Expense		 17.89 1.06 2.46 -0.25 0.00 0.00 15.55 16.63 0.00 -9.76 -16.47
Operating Cash Flow to Interest Expense		 -0.45 0.73 1.09 -1.21 0.00 0.00 -0.36 -0.92 0.00 -2.05 -3.12
Operating Cash Flow Less CapEx to Interest Expense		 -7.30 0.65 0.97 -1.15 0.00 0.00 -7.60 -8.07 0.00 -6.06 -4.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.15 0.24 0.35 0.39 0.42 0.42 0.35 0.29 0.23 0.22 0.24
Accounts Receivable Turnover		 7.47 12.89 12.51 15.35 19.60 13.48 9.25 9.17 8.92 7.23 8.48
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.28 0.49 0.74 0.96 0.89 0.83 0.68 0.57 0.54 0.49 0.51
Accounts Payable Turnover		 5.11 5.61 5.76 7.64 8.10 11.59 9.50 8.50 5.91 6.04 6.89
Days Sales Outstanding (DSO)		 48.89 28.31 29.17 23.79 18.63 27.08 39.47 39.80 40.92 50.45 43.02
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 71.48 65.11 63.34 47.77 45.04 31.49 38.43 42.93 61.75 60.41 52.97
Cash Conversion Cycle (CCC)		 -22.59 -36.80 -34.17 -23.98 -26.42 -4.41 1.03 -3.13 -20.83 -9.96 -9.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 67 63 55 68 67 42 42 44 42 61 64
Invested Capital Turnover		 0.19 0.32 0.52 0.55 0.59 0.72 0.65 0.50 0.53 0.58 0.62
Increase / (Decrease) in Invested Capital		 -25 -3.75 -8.37 -1.04 -0.39 -21 -13 -25 -25 18 22
Enterprise Value (EV)		 46 43 38 68 64 70 64 68 98 87 96
Market Capitalization		 7.48 6.44 4.64 24 18 18 7.97 7.92 71 80 79
Book Value per Share		 $0.81 $16.47 $13.37 $6.21 $3.63 ($1.49) ($1.92) ($1.42) $0.48 $0.78 $0.42
Tangible Book Value per Share		 ($0.02) ($0.31) ($1.95) $0.52 $0.15 ($3.60) ($3.75) ($2.36) $0.13 $0.66 $0.37
Total Capital		 76 73 65 80 78 49 51 53 97 141 142
Total Debt		 21 19 16 30 26 22 24 23 23 29 28
Total Long-Term Debt		 1.05 0.00 0.00 9.03 8.10 7.06 10 10 13 20 18
Net Debt		 12 9.97 6.08 18 15 13 13 11 -32 -52 -50
Capital Expenditures (CapEx)		 8.66 0.15 0.45 -0.38 3.43 5.14 3.53 8.56 4.64 11 2.53
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2.38 -3.92 -9.43 4.30 -5.67 -29 -29 -30 -35 -29 -29
Debt-free Net Working Capital (DFNWC)		 6.67 5.45 0.97 16 5.08 -20 -18 -18 20 52 49
Net Working Capital (NWC)		 -13 -14 -16 -5.05 -13 -34 -32 -31 10 43 39
Net Nonoperating Expense (NNE)		 3.40 3.30 2.83 6.57 1.78 14 2.33 3.14 20 7.60 6.26
Net Nonoperating Obligations (NNO)		 12 9.97 6.08 18 15 15 15 14 -31 -52 -50
Total Depreciation and Amortization (D&A)		 3.65 3.95 3.99 4.02 4.05 4.06 4.05 4.19 4.39 5.02 5.01
Debt-free, Cash-free Net Working Capital to Revenue		 -15.74% -18.61% -30.87% 11.28% -14.22% -76.08% -93.42% -106.53% -120.87% -98.01% -88.07%
Debt-free Net Working Capital to Revenue		 44.10% 25.86% 3.17% 41.46% 12.74% -52.43% -57.16% -63.17% 70.23% 174.30% 147.24%
Net Working Capital to Revenue		 -87.09% -65.94% -50.77% -13.23% -32.16% -90.42% -101.25% -110.70% 35.49% 144.49% 116.97%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($4.40) ($5.10) ($2.62) $0.00 ($1.29) ($7.83) ($0.88) ($0.69) ($1.14) ($0.50) ($0.24)
Adjusted Weighted Average Basic Shares Outstanding		 1.37M 1.31M 2.81M 5.76M 7.74M 5.11M 11.94M 14.99M 26.98M 29.05M 84.10M
Adjusted Diluted Earnings per Share		 ($4.40) ($5.10) ($2.62) ($2.97) ($1.29) ($7.83) ($0.88) ($0.69) ($1.14) ($0.50) ($0.24)
Adjusted Weighted Average Diluted Shares Outstanding		 1.37M 1.31M 2.81M 4.56M 7.74M 5.11M 11.94M 14.99M 26.98M 29.05M 84.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 ($5.10) $0.00 $0.00 $0.00 ($7.83) $0.00 $0.00 $0.00 ($0.50) $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.61M 2.84M 3.92M 5.76M 8.37M 12.49M 13.75M 30.15M 68.42M 111.38M 157.75M
Normalized Net Operating Profit after Tax (NOPAT)		 -2.59 -1.58 0.38 -2.56 -6.31 -25 -5.02 -4.61 -5.45 -8.47 -12
Normalized NOPAT Margin		 -44.62% -15.65% 3.00% -26.44% -83.87% -298.20% -84.63% -74.91% -64.72% -91.99% -124.13%
Pre Tax Income Margin		 -93.96% -54.75% -24.64% -101.23% -114.82% -474.63% -131.05% -136.21% -314.36% -181.22% -197.21%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.31 -1.82 0.12 -0.62 0.00 0.00 -14.94 -6.00 0.00 -5.05 -8.07
NOPAT to Interest Expense		 -2.07 -0.87 0.08 -0.43 0.00 0.00 -10.29 -3.88 0.00 -3.07 -5.69
EBIT Less CapEx to Interest Expense		 -10.16 -1.90 0.00 -0.55 0.00 0.00 -22.18 -13.15 0.00 -9.06 -9.31
NOPAT Less CapEx to Interest Expense		 -8.92 -0.95 -0.05 -0.36 0.00 0.00 -17.54 -11.03 0.00 -7.08 -6.93
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% -3.62% -11.76% -29.86% -31.06% -14.19% -12.86% -9.83% -7.97% -15.18% -10.75%
Augmented Payout Ratio		 -1.02% -3.65% -11.76% -29.86% -31.06% -14.19% -12.86% -9.83% -8.35% -16.11% -11.61%

Financials Breakdown Chart

Key Financial Trends

Soluna Holdings (NASDAQ: SLNH) continues to look like a company in the middle of a high-risk, high-capital-growth story. The latest Q1 2026 results show revenue growth and a strong cash balance, but the business is still posting large losses and burning cash from operations.

In Q1 2026, revenue rose to $9.4 million from $9.2 million in Q4 2025 and $5.9 million in Q1 2025. That said, expenses remained far above gross profit, leading to an operating loss of $16.6 million and net loss of $17.9 million. Cash generation also remained negative, with operating cash flow of $(6.4) million.

There are signs of balance sheet improvement in some areas, especially liquidity, but Soluna is still heavily reliant on outside financing. The company raised over $10.9 million from common equity in Q1 2026, and it has needed repeated debt and equity issuance over the past year to fund operations and investment.

  • Revenue is trending higher year over year. Q1 2026 revenue of $9.4 million was up from $5.9 million in Q1 2025 and also slightly ahead of Q4 2025.
  • Cash and equivalents are substantial. Soluna ended Q1 2026 with $68.6 million in cash and equivalents plus $9.5 million in restricted cash.
  • Gross profit remained positive. Q1 2026 gross profit was $1.9 million, showing the core business still generates margin before overhead.
  • Operating cash burn improved versus some prior periods. Operating cash outflow of $(6.4) million was worse than a profitable quarter, but far better than the deeper losses seen in some earlier periods.
  • Depreciation and amortization are significant. These non-cash charges help explain why cash flow differs from accounting losses, but they also reflect a capital-intensive asset base.
  • Balance sheet leverage remains meaningful. Total liabilities were $76.1 million at Q1 2026, including $10.0 million of short-term debt and $15.9 million of long-term debt.
  • Soluna depends on financing. Q1 2026 financing cash flow was $9.7 million, driven largely by $10.9 million of common equity issuance.
  • Operating losses remain very large. Q1 2026 operating loss was $(16.6) million, compared with $(7.2) million in Q1 2025 and $(12.1) million in Q4 2025.
  • Net losses continue to pressure retained earnings. Retained earnings were still deeply negative at $(385.2) million) as of Q1 2026.
  • Share dilution is a persistent issue. Common equity increased sharply over the last year, and weighted average shares have risen materially, which can weigh on per-share value.

Bottom line: Soluna is showing top-line momentum and has a healthier cash position than many distressed companies, but it is still not profitable and remains dependent on capital raises. For retail investors, this is a speculative name where future execution and financing access matter more than current earnings.

07/14/26 05:06 AM ETAI Generated. May Contain Errors.

Soluna Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Soluna's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Soluna's net income appears to be on an upward trend, with a most recent value of -$56.99 million in 2025, falling from $740 thousand in 2014. The previous period was -$58.30 million in 2024. Check out Soluna's forecast to explore projected trends and price targets.

Soluna's total operating income in 2025 was -$33.68 million, based on the following breakdown:
  • Total Gross Profit: $6.46 million
  • Total Operating Expenses: $40.14 million

Over the last 10 years, Soluna's total revenue changed from $8.78 million in 2014 to $29.72 million in 2025, a change of 238.4%.

Soluna's total liabilities were at $75.70 million at the end of 2025, a 24.8% increase from 2024, and a 5,903.0% increase since 2014.

In the past 10 years, Soluna's cash and equivalents has ranged from $462 thousand in 2015 to $76.42 million in 2025, and is currently $76.42 million as of their latest financial filing in 2025.

Over the last 10 years, Soluna's book value per share changed from 0.80 in 2014 to 0.78 in 2025, a change of -2.4%.


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Financial statements for NASDAQ:SLNH last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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