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Soluna (SLNHP) Financials

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$11.15 -0.35 (-3.04%)
As of 03:59 PM Eastern
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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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.70 -5.25 -11 -7.19 -40 -7.56 -7.38 -24 -15 -17 -21
Consolidated Net Income / (Loss)		 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18 -23
Net Income / (Loss) Continuing Operations		 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18 -23
Total Pre-Tax Income 		-5.54 -3.09 -9.79 -8.64 -39 -7.78 -8.39 -26 -17 -19 -23
Total Operating Income		 -2.42 0.41 -3.68 -9.02 -35 -7.18 -6.62 -7.78 -12 -17 -17
Total Gross Profit		 4.29 6.93 4.11 -1.36 -0.29 1.17 1.19 2.33 1.77 1.92 0.77
Total Revenue		 10 13 9.68 7.53 8.27 5.94 6.16 8.42 9.21 9.39 15
Operating Revenue		 10 13 9.68 7.53 8.27 5.94 6.16 8.42 9.21 9.39 15
Total Cost of Revenue		 5.83 5.62 5.57 8.89 8.56 4.76 4.97 6.09 7.44 7.48 14
Operating Cost of Revenue		 5.83 5.62 5.57 8.89 8.56 4.76 4.97 6.09 7.44 7.48 14
Total Operating Expenses		 6.75 6.53 7.81 7.65 35 8.35 7.83 10 14 19 18
Selling, General & Admin Expense		 6.55 6.40 7.79 7.65 6.36 8.35 7.80 10 14 19 18
Impairment Charge		 0.16 0.13 0.00 0.00 - - 0.01 0.00 - - 0.07
Total Other Income / (Expense), net		 -3.07 -3.50 -6.10 0.38 -4.04 -0.60 -1.74 -19 -4.61 -1.93 -6.23
Interest Expense		 1.95 3.52 6.05 -0.05 -1.68 0.49 1.45 -4.15 2.76 2.05 7.37
Other Income / (Expense), net		 -1.13 0.02 -0.05 0.32 -5.73 -0.11 -0.29 -23 -1.85 0.11 1.14
Income Tax Expense		 -0.54 -0.55 -0.65 -0.55 -0.74 -0.43 -0.61 -0.67 -0.62 -0.62 -0.55
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.70 2.71 1.73 -0.90 1.50 0.20 -0.40 -1.83 -1.55 -0.44 -1.92
Basic Earnings per Share		 ($5.10) ($2.62) ($2.97) ($1.56) ($7.83) ($1.21) ($0.93) ($1.14) ($0.50) ($0.24) ($0.18)
Weighted Average Basic Shares Outstanding		 1.31M 2.81M 4.56M 6.39M 5.11M 8.72M 11.15M 26.98M 29.05M 84.10M 130.98M
Diluted Earnings per Share		 ($5.10) ($2.62) ($2.97) ($1.56) ($7.83) ($1.21) ($0.93) ($1.14) ($0.50) ($0.24) ($0.18)
Weighted Average Diluted Shares Outstanding		 1.31M 2.81M 4.56M 6.39M 5.11M 8.72M 11.15M 26.98M 29.05M 84.10M 130.98M
Weighted Average Basic & Diluted Shares Outstanding		 2.84M 3.92M 5.76M 8.37M 12.49M 13.75M 30.15M 68.42M 111.38M 157.75M 244.59M

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 0.31 1.03 1.12 -0.30 -1.75 4.00 0.71 45 28 -2.86 45
Net Cash From Operating Activities		 1.42 3.85 -7.32 0.06 -1.66 -0.18 -1.10 -2.21 -5.67 -6.37 -5.18
Net Cash From Continuing Operating Activities		 1.42 3.85 -7.32 0.06 -1.66 -0.18 -1.10 -2.21 -5.67 -6.37 -5.18
Net Income / (Loss) Continuing Operations		 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18 -23
Consolidated Net Income / (Loss)		 -5.00 -2.54 -9.15 -8.09 -39 -7.35 -7.78 -26 -16 -18 -23
Depreciation Expense		 1.51 1.55 1.54 1.54 1.52 1.51 1.62 1.75 1.99 2.23 3.27
Amortization Expense		 2.44 2.44 2.48 2.51 2.54 2.54 2.57 2.65 3.04 2.78 4.43
Non-Cash Adjustments To Reconcile Net Income		 2.48 3.83 7.17 0.54 33 1.41 1.98 15 6.70 10 14
Changes in Operating Assets and Liabilities, net		 -0.01 -1.43 -9.37 3.56 -0.09 1.72 0.52 4.44 -1.32 -3.92 -4.41
Net Cash From Investing Activities		 -0.21 -0.83 -1.40 -5.47 -5.47 -3.64 -4.71 -9.78 -14 -6.22 -59
Net Cash From Continuing Investing Activities		 -0.21 -0.83 -1.40 -5.47 -5.47 -3.64 -4.71 -9.78 -14 -6.22 -59
Purchase of Property, Plant & Equipment		 -0.17 -0.52 0.25 -3.43 -5.14 -3.53 -8.56 -4.64 -11 -2.57 -6.92
Acquisitions		 -0.01 -0.04 -0.03 -0.03 -0.01 -0.05 -0.04 -0.01 -0.04 -0.05 -51
Other Investing Activities, net		 -0.05 -0.34 -1.75 -2.00 -0.33 -0.06 3.89 -5.13 -2.63 -3.65 -0.48
Net Cash From Financing Activities		 -0.89 -2.00 9.83 5.11 5.38 7.81 6.51 57 48 9.74 109
Net Cash From Continuing Financing Activities		 -0.89 -2.00 9.83 5.11 5.38 7.81 6.51 57 48 9.74 109
Repayment of Debt		 -0.55 -0.62 -1.29 -0.35 -0.01 -1.98 -1.30 -3.66 4.15 -1.00 -17
Repurchase of Common Equity		 - - - - - 0.00 - - -0.22 -0.06 -0.08
Payment of Dividends		 -1.00 -1.68 -4.10 -0.92 -1.58 -1.53 -2.05 -1.18 -3.90 -0.13 -7.63
Issuance of Debt		 - 0.00 13 1.25 - 5.00 0.27 11 5.45 0.00 25
Issuance of Common Equity		 0.66 0.00 - 5.10 9.64 6.32 9.72 36 54 11 132
Other Financing Activities, net		 - 0.30 2.00 0.03 -2.67 0.00 -0.13 16 -12 0.01 -23
Cash Interest Paid		 0.26 0.17 0.03 0.02 0.31 0.29 0.40 0.40 0.90 0.89 1.36

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
Asset Retirement Reserve & Litigation Obligation		 - - - - - - - - - - 0.00
Noncurrent Deferred Revenue		 - - - - - - - 0.00 1.25 0.00 2.53
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 3.17
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 Q2 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 6/30/2026
Total Assets		 94 91 99 97 90 92 152 190 294
Total Current Assets		 14 17 27 19 16 17 66 91 135
Cash & Equivalents		 5.63 8.44 9.56 8.77 9.16 9.88 51 69 113
Restricted Cash		 3.43 1.96 1.95 1.98 2.23 2.22 3.63 9.49 10
Accounts Receivable		 2.02 4.43 3.43 2.05 2.36 2.65 4.41 5.46 6.74
Prepaid Expenses		 1.59 1.69 12 5.66 1.98 2.24 3.52 4.18 4.51
Other Current Assets		 1.22 0.18 0.03 0.03 0.03 0.00 3.47 3.02 0.00
Plant, Property, & Equipment, net		 46 43 41 43 50 57 64 80 138
Total Noncurrent Assets		 34 30 30 35 25 18 22 20 21
Noncurrent Note & Lease Receivables		 - - - - - - - 1.80 1.77
Intangible Assets		 29 25 22 20 15 13 11 5.93 6.07
Other Noncurrent Operating Assets		 4.44 5.70 7.40 15 9.41 5.50 11 12 13
Total Liabilities & Shareholders' Equity		 94 91 99 97 90 92 152 190 294
Total Liabilities		 39 42 49 46 63 63 79 76 82
Total Current Liabilities		 28 32 33 31 48 48 56 52 65
Short-Term Debt		 20 16 21 18 14 13 10.00 10 30
Accounts Payable		 3.01 2.53 2.45 3.39 3.32 3.94 4.86 4.22 3.79
Accrued Expenses		 4.45 5.96 6.29 7.67 6.48 5.93 12 16 7.55
Customer Deposits		 - - - - 1.78 1.96 1.82 1.64 3.02
Current Deferred Revenue		 0.00 1.28 2.39 2.29 19 19 - 0.54 0.56
Current Deferred & Payable Income Tax Liabilities		 - 0.02 0.07 0.07 0.05 0.06 0.07 0.13 0.15
Other Current Liabilities		 0.22 6.24 0.47 0.03 0.06 0.06 27 19 20
Other Current Nonoperating Liabilities		 - - - - 2.67 3.29 0.34 0.35 0.06
Total Noncurrent Liabilities		 11 9.29 16 14 15 15 22 24 16
Long-Term Debt		 1.05 - 9.03 8.10 10 10 13 16 3.02
Capital Lease Obligations		 - - - - - - - 1.78 1.77
Asset Retirement Reserve & Litigation Obligation		 - - - - - - - - 3.66
Noncurrent Deferred & Payable Income Tax Liabilities		 8.36 7.23 6.52 5.97 4.82 4.21 3.54 2.28 1.73
Other Noncurrent Operating Liabilities		 1.77 0.69 0.67 0.35 0.49 0.55 5.58 4.19 6.19
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 - - - - - - - 1.31 1.31
Total Equity & Noncontrolling Interests		 55 49 50 52 27 29 73 113 210
Total Preferred & Common Equity		 29 22 24 21 -16 -19 14 47 156
Preferred Stock		 0.00 0.00 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Total Common Equity		 29 22 24 21 -16 -19 14 47 156
Common Stock		 287 292 305 309 320 324 381 446 576
Retained Earnings		 -244 -256 -267 -274 -322 -329 -353 -385 -406
Treasury Stock		 -14 -14 -14 -14 -14 -14 -14 -14 -14
Noncontrolling Interest		 27 27 26 31 43 49 59 66 54

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 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 68,423,108.00 111,381,064.00 157,747,354.00
DEI Adjusted Shares Outstanding		 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 68,423,108.00 111,381,064.00 157,747,354.00
DEI Earnings Per Adjusted Shares Outstanding		 -4.16 -1.85 -2.77 -1.25 -4.78 -0.61 -0.54 -0.79 -0.21 -0.16 -0.13
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 141.91% 307.17% 367.84% 29.81% -18.25% -52.70% -36.35% 11.83% 11.32% 58.25% 144.56%
EBITDA Growth		 101.73% 225.68% 107.25% -767.48% -9,327.75% -173.33% -1,104.04% -464.79% 75.82% -254.75% -197.32%
EBIT Growth		 87.48% 106.08% 49.07% -107.84% -1,055.63% -1,795.58% -92.53% -251.99% 65.95% -126.48% -128.52%
NOPAT Growth		 90.99% 105.80% 48.05% -141.33% -1,356.76% -1,863.39% -80.24% 13.71% 65.66% -131.66% -155.78%
Net Income Growth		 81.80% 65.77% 1.21% -34.52% -670.67% -189.07% 14.93% -218.63% 58.28% -143.43% -190.80%
EPS Growth		 88.83% 74.56% 68.87% 73.83% -53.53% 53.82% 76.77% 26.92% 93.61% 80.17% 80.65%
Operating Cash Flow Growth		 242.13% 226.11% -835.25% 110.74% -216.94% -104.60% 85.03% -3,716.39% -242.18% -3,500.00% -372.90%
Free Cash Flow Firm Growth		 0.00% -69.40% -103.90% -126.19% -269.18% -12.32% 1,395.10% 426.55% -672.74% -543.97% -559.35%
Invested Capital Growth		 -5.60% -13.22% -1.50% -0.58% -33.45% -22.96% -35.90% -37.08% 43.82% 52.10% 181.53%
Revenue Q/Q Growth		 74.56% 24.01% -22.90% -22.22% 9.93% -28.24% 3.74% 36.65% 9.42% 2.02% 60.32%
EBITDA Q/Q Growth		 174.77% 1,006.00% -93.29% -1,662.63% -695.32% 91.21% 13.44% -779.01% 65.95% -28.93% 29.54%
EBIT Q/Q Growth		 15.25% 112.13% -966.05% -133.46% -371.21% 82.20% 4.30% -326.81% 54.42% -18.38% 4.31%
NOPAT Q/Q Growth		 35.25% 116.83% -1,002.95% -145.33% -290.85% 79.63% 7.71% -17.45% -55.53% -37.41% -1.91%
Net Income Q/Q Growth		 16.92% 49.10% -259.47% 11.50% -375.94% 80.91% -5.79% -231.45% 37.68% -11.40% -26.38%
EPS Q/Q Growth		 14.43% 48.63% -13.36% 47.47% -401.92% 84.55% 21.59% -65.22% 56.14% 52.00% 25.00%
Operating Cash Flow Q/Q Growth		 349.47% 171.70% -290.21% 100.83% -2,816.39% 89.32% -519.21% -101.28% -157.03% -12.38% 18.66%
Free Cash Flow Firm Q/Q Growth		 -90.89% 319.90% -117.75% -285.75% 41.14% 317.63% 162.11% -2.74% -239.28% -25.03% -171.19%
Invested Capital Q/Q Growth		 -5.81% -13.27% 24.36% -2.14% -36.95% 0.40% 3.48% -3.95% 44.13% 6.18% 91.53%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 42.36% 55.26% 42.48% -18.13% -3.46% 19.76% 19.29% 27.68% 19.20% 20.39% 5.09%
EBITDA Margin		 3.95% 35.25% 3.07% -61.67% -446.22% -54.65% -48.42% -311.49% -96.94% -122.50% -53.84%
Operating Margin		 -23.91% 3.24% -37.98% -119.81% -426.00% -120.91% -107.57% -92.45% -131.41% -176.99% -112.50%
EBIT Margin		 -35.03% 3.43% -38.49% -115.53% -495.25% -122.83% -116.43% -363.66% -151.49% -175.78% -104.93%
Profit (Net Income) Margin		 -49.39% -20.27% -94.52% -107.55% -465.64% -123.89% -126.34% -306.44% -174.52% -190.57% -150.23%
Tax Burden Percent		 90.22% 82.28% 93.37% 93.67% 98.11% 94.54% 92.75% 97.48% 96.30% 96.63% 97.64%
Interest Burden Percent		 156.28% -719.07% 263.00% 99.38% 95.84% 106.69% 116.99% 86.44% 119.63% 112.19% 146.63%
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)		 -5.41% 1.17% -14.73% -49.88% -214.98% -54.67% -37.47% -34.21% -53.20% -77.05% -39.67%
ROIC Less NNEP Spread (ROIC-NNEP)		 -26.88% -28.30% -59.90% -63.03% -326.87% -76.45% -56.61% 217.63% -11.94% -40.92% -10.56%
Return on Net Nonoperating Assets (RNNOA)		 -8.30% -5.49% -16.06% -15.96% -100.25% -21.57% -23.46% -28.11% 3.15% 10.04% 3.24%
Return on Equity (ROE)		 -13.71% -4.31% -30.79% -65.84% -315.23% -76.24% -60.93% -62.32% -50.05% -67.02% -36.43%
Cash Return on Invested Capital (CROIC)		 -15.97% -1.03% -8.08% -14.77% -22.91% -53.40% -28.75% -27.52% -81.83% -97.93% -139.95%
Operating Return on Assets (OROA)		 -8.38% 1.20% -15.03% -48.12% -210.02% -42.70% -34.07% -83.94% -32.62% -41.58% -22.91%
Return on Assets (ROA)		 -11.81% -7.08% -36.91% -44.80% -197.46% -43.07% -36.97% -70.73% -37.58% -45.08% -32.80%
Return on Common Equity (ROCE)		 -9.41% -2.57% -16.20% -30.53% -54.78% -5.48% -3.76% -17.61% -14.72% -14.78% -20.63%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -105.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.69 0.28 -2.57 -6.31 -25 -5.02 -4.64 -5.45 -8.47 -12 -12
NOPAT Margin		 -16.73% 2.27% -26.59% -83.87% -298.20% -84.63% -75.30% -64.72% -91.99% -123.89% -78.75%
Net Nonoperating Expense Percent (NNEP)		 21.47% 29.48% 45.16% 13.15% 111.89% 21.78% 19.14% -251.84% -41.26% -36.13% -29.11%
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% -4.84%
Cost of Revenue to Revenue		 57.64% 44.74% 57.52% 118.13% 103.46% 80.24% 80.71% 72.32% 80.80% 79.61% 94.91%
SG&A Expenses to Revenue		 64.72% 50.98% 80.47% 101.69% 76.89% 140.67% 126.66% 120.13% 150.61% 197.37% 117.12%
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		 66.74% 52.02% 80.68% 101.69% 422.28% 140.67% 127.22% 120.13% 150.37% 197.03% 117.59%
Earnings before Interest and Taxes (EBIT)		 -3.55 0.43 -3.72 -8.69 -41 -7.29 -7.17 -31 -14 -17 -16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 0.40 4.42 0.30 -4.64 -37 -3.24 -2.98 -26 -8.93 -12 -8.11
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.24 0.22 0.98 0.86 0.00 0.00 0.00 4.90 1.50 1.67 1.37
Price to Tangible Book Value (P/TBV)		 0.00 0.00 11.75 20.38 0.00 0.00 0.00 18.29 1.77 1.91 1.42
Price to Revenue (P/Rev)		 0.31 0.15 0.63 0.45 0.46 0.25 0.28 2.46 2.69 2.37 5.06
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 0.69 0.99 0.96 1.66 1.50 1.55 2.33 1.43 1.48 1.46
Enterprise Value to Revenue (EV/Rev)		 2.05 1.25 1.78 1.61 1.84 2.03 2.43 3.41 2.92 2.88 4.28
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 196.07 14.79 133.31 0.00 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 9.71 0.00 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		 0.36 0.34 0.60 0.50 0.79 0.89 0.79 0.32 0.26 0.24 0.16
Long-Term Debt to Equity		 0.00 0.00 0.18 0.16 0.26 0.38 0.34 0.18 0.18 0.15 0.02
Financial Leverage		 0.31 0.19 0.27 0.25 0.31 0.28 0.41 -0.13 -0.26 -0.25 -0.31
Leverage Ratio		 1.77 1.77 1.80 1.79 2.22 2.38 2.41 1.99 1.98 1.98 1.60
Compound Leverage Factor		 2.76 -12.70 4.73 1.78 2.13 2.54 2.81 1.72 2.36 2.23 2.35
Debt to Total Capital		 26.60% 25.22% 37.44% 33.51% 44.01% 47.10% 44.26% 24.04% 20.53% 19.51% 14.15%
Short-Term Debt to Total Capital		 26.60% 25.22% 26.13% 23.07% 29.56% 27.14% 25.20% 10.34% 6.27% 7.07% 12.21%
Long-Term Debt to Total Capital		 0.00% 0.00% 11.31% 10.44% 14.45% 19.97% 19.05% 13.70% 14.26% 12.45% 1.94%
Preferred Equity to Total Capital		 0.00% 0.00% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 36.93% 41.83% 32.03% 39.59% 81.53% 84.38% 92.74% 60.99% 41.56% 47.23% 22.62%
Common Equity to Total Capital		 36.47% 32.95% 30.52% 26.90% -25.55% -31.49% -37.01% 14.96% 37.91% 33.25% 63.23%
Debt to EBITDA		 -2.50 84.90 6.52 54.16 -0.58 -0.54 -0.51 -0.34 -0.70 -0.56 -0.63
Net Debt to EBITDA		 -1.29 31.32 4.01 31.78 -0.34 -0.28 -0.24 0.47 1.25 1.01 1.60
Long-Term Debt to EBITDA		 0.00 0.00 1.97 16.88 -0.19 -0.23 -0.22 -0.20 -0.48 -0.35 -0.09
Debt to NOPAT		 -1.36 -1.84 -4.53 -2.53 -0.65 -0.62 -0.57 -0.58 -1.23 -0.92 -0.93
Net Debt to NOPAT		 -0.70 -0.68 -2.79 -1.48 -0.38 -0.33 -0.28 0.80 2.20 1.67 2.36
Long-Term Debt to NOPAT		 0.00 0.00 -1.37 -0.79 -0.21 -0.26 -0.25 -0.33 -0.85 -0.59 -0.13
Altman Z-Score		 -3.83 -3.74 -3.30 -3.75 -6.40 -5.27 -5.29 -3.11 -1.92 -2.08 -0.13
Noncontrolling Interest Sharing Ratio		 31.37% 40.52% 47.38% 53.63% 82.62% 92.81% 93.82% 71.74% 70.59% 77.95% 43.38%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.51 0.52 0.84 0.59 0.28 0.33 0.35 1.18 1.87 1.75 2.06
Quick Ratio		 0.35 0.41 0.40 0.35 0.22 0.24 0.26 0.99 1.67 1.43 1.84
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2.06 8.65 -1.54 -5.92 -3.49 7.59 20 19 -27 -34 -91
Operating Cash Flow to CapEx		 938.41% 863.23% 0.00% 1.78% -32.23% -5.01% -12.81% -47.51% -51.28% -251.56% -74.92%
Free Cash Flow to Firm to Interest Expense		 1.06 2.46 -0.25 0.00 0.00 15.55 16.63 0.00 -9.76 -16.47 -12.40
Operating Cash Flow to Interest Expense		 0.73 1.09 -1.21 0.00 0.00 -0.36 -0.92 0.00 -2.05 -3.12 -0.70
Operating Cash Flow Less CapEx to Interest Expense		 0.65 0.97 -1.15 0.00 0.00 -7.60 -8.07 0.00 -6.06 -4.35 -1.64
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.24 0.35 0.39 0.42 0.42 0.35 0.29 0.23 0.22 0.24 0.22
Accounts Receivable Turnover		 12.89 12.51 15.35 19.60 13.48 9.25 9.17 8.92 7.23 8.48 8.97
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		 0.49 0.74 0.96 0.89 0.83 0.68 0.57 0.54 0.49 0.51 0.43
Accounts Payable Turnover		 5.61 5.76 7.64 8.10 11.59 9.50 8.50 5.91 6.04 6.89 9.14
Days Sales Outstanding (DSO)		 28.31 29.17 23.79 18.63 27.08 39.47 39.80 40.92 50.45 43.02 40.71
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)		 65.11 63.34 47.77 45.04 31.49 38.43 42.93 61.75 60.41 52.97 39.95
Cash Conversion Cycle (CCC)		 -36.80 -34.17 -23.98 -26.42 -4.41 1.03 -3.13 -20.83 -9.96 -9.95 0.76
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 63 55 68 67 42 42 44 42 61 64 123
Invested Capital Turnover		 0.32 0.52 0.55 0.59 0.72 0.65 0.50 0.53 0.58 0.62 0.50
Increase / (Decrease) in Invested Capital		 -3.75 -8.37 -1.04 -0.39 -21 -13 -25 -25 18 22 79
Enterprise Value (EV)		 43 38 68 64 70 64 68 98 87 96 180
Market Capitalization		 6.44 4.64 24 18 18 7.97 7.92 71 80 79 213
Book Value per Share		 $16.47 $13.37 $6.21 $3.63 ($1.49) ($1.92) ($1.42) $0.48 $0.78 $0.42 $0.99
Tangible Book Value per Share		 ($0.31) ($1.95) $0.52 $0.15 ($3.60) ($3.75) ($2.36) $0.13 $0.66 $0.37 $0.95
Total Capital		 73 65 80 78 49 51 53 97 141 142 247
Total Debt		 19 16 30 26 22 24 23 23 29 28 35
Total Long-Term Debt		 0.00 0.00 9.03 8.10 7.06 10 10 13 20 18 4.79
Net Debt		 9.97 6.08 18 15 13 13 11 -32 -52 -50 -88
Capital Expenditures (CapEx)		 0.15 0.45 -0.38 3.43 5.14 3.53 8.56 4.64 11 2.53 6.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3.92 -9.43 4.30 -5.67 -29 -29 -30 -35 -29 -29 -24
Debt-free Net Working Capital (DFNWC)		 5.45 0.97 16 5.08 -20 -18 -18 20 52 49 99
Net Working Capital (NWC)		 -14 -16 -5.05 -13 -34 -32 -31 10 43 39 69
Net Nonoperating Expense (NNE)		 3.30 2.83 6.57 1.78 14 2.33 3.14 20 7.60 6.26 11
Net Nonoperating Obligations (NNO)		 9.97 6.08 18 15 15 15 14 -31 -52 -50 -88
Total Depreciation and Amortization (D&A)		 3.95 3.99 4.02 4.05 4.06 4.05 4.19 4.39 5.02 5.01 7.69
Debt-free, Cash-free Net Working Capital to Revenue		 -18.61% -30.87% 11.28% -14.22% -76.08% -93.42% -106.53% -120.87% -98.01% -88.07% -57.25%
Debt-free Net Working Capital to Revenue		 25.86% 3.17% 41.46% 12.74% -52.43% -57.16% -63.17% 70.23% 174.30% 147.24% 235.95%
Net Working Capital to Revenue		 -65.94% -50.77% -13.23% -32.16% -90.42% -101.25% -110.70% 35.49% 144.49% 116.97% 164.41%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($5.10) ($2.62) $0.00 ($1.29) ($7.83) ($0.88) ($0.69) ($1.14) ($0.50) ($0.24) ($0.18)
Adjusted Weighted Average Basic Shares Outstanding		 1.31M 2.81M 5.76M 7.74M 5.11M 11.94M 14.99M 26.98M 29.05M 84.10M 130.98M
Adjusted Diluted Earnings per Share		 ($5.10) ($2.62) ($2.97) ($1.29) ($7.83) ($0.88) ($0.69) ($1.14) ($0.50) ($0.24) ($0.18)
Adjusted Weighted Average Diluted Shares Outstanding		 1.31M 2.81M 4.56M 7.74M 5.11M 11.94M 14.99M 26.98M 29.05M 84.10M 130.98M
Adjusted Basic & Diluted Earnings per Share		 ($5.10) $0.00 $0.00 $0.00 ($7.83) $0.00 $0.00 $0.00 ($0.50) $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 2.84M 3.92M 5.76M 8.37M 12.49M 13.75M 30.15M 68.42M 111.38M 157.75M 244.59M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.58 0.38 -2.56 -6.31 -25 -5.02 -4.61 -5.45 -8.47 -12 -12
Normalized NOPAT Margin		 -15.65% 3.00% -26.44% -83.87% -298.20% -84.63% -74.91% -64.72% -91.99% -124.13% -78.43%
Pre Tax Income Margin		 -54.75% -24.64% -101.23% -114.82% -474.63% -131.05% -136.21% -314.36% -181.22% -197.21% -153.86%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -1.82 0.12 -0.62 0.00 0.00 -14.94 -6.00 0.00 -5.05 -8.07 -2.14
NOPAT to Interest Expense		 -0.87 0.08 -0.43 0.00 0.00 -10.29 -3.88 0.00 -3.07 -5.69 -1.61
EBIT Less CapEx to Interest Expense		 -1.90 0.00 -0.55 0.00 0.00 -22.18 -13.15 0.00 -9.06 -9.31 -3.08
NOPAT Less CapEx to Interest Expense		 -0.95 -0.05 -0.36 0.00 0.00 -17.54 -11.03 0.00 -7.08 -6.93 -2.55
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -3.62% -11.76% -29.86% -31.06% -14.19% -12.86% -9.83% -7.97% -15.18% -10.75% -15.59%
Augmented Payout Ratio		 -3.65% -11.76% -29.86% -31.06% -14.19% -12.86% -9.83% -8.35% -16.11% -11.61% -16.39%

Financials Breakdown Chart

Key Financial Trends

Soluna Holdings’ second-quarter 2026 results show strong top-line growth, but the company remains deeply unprofitable and reliant on external financing. Revenue increased to $15.1 million from $6.2 million in Q2 2025 and $9.4 million in Q1 2026. However, rising operating costs, interest expense and capital needs continue to pressure shareholders.

  • Revenue growth accelerated: Q2 2026 revenue rose approximately 145% year over year and 60% sequentially. Revenue has generally recovered from the $5.9 million reported in Q1 2025, reaching $9.2 million in Q4 2025 and $9.4 million in Q1 2026 before the latest increase.
  • Liquidity improved substantially: Cash and equivalents increased to $113.4 million at June 30, 2026, from $68.6 million at the end of Q1 2026 and just $9.9 million at the end of Q2 2025. Including restricted cash, liquidity totaled approximately $123.4 million.
  • Current liquidity strengthened: Total current assets of $134.6 million exceeded total current liabilities of $65.4 million, implying a current ratio of roughly 2.1. This was an improvement from approximately 1.7 in Q1 2026.
  • Asset base expanded: Total assets grew to $293.5 million from $190.4 million in Q1 2026 and $92.0 million in Q2 2025. Net property, plant and equipment also increased to $137.8 million, reflecting continued investment in operating infrastructure.
  • Debt repayments were meaningful: Soluna repaid $17.0 million of debt during Q2 2026, compared with $1.0 million in Q1. Although new debt was issued, the repayments helped reduce some near-term financing pressure.
  • Revenue growth has not yet translated into profitability: Gross profit was $766,000 in Q2 2026, compared with $1.9 million in Q1 2026. The gross margin fell to approximately 5%, indicating that most of the additional revenue was absorbed by the cost of revenue.
  • Operating cash burn remains persistent: Soluna generated negative operating cash flow in each of the last four reported quarters: $5.2 million in Q2 2026, $6.4 million in Q1 2026, $5.7 million in Q4 2025 and $2.2 million in Q3 2025.
  • Net losses remain substantial: The Q2 2026 net loss reached $22.6 million, compared with losses of $17.9 million in Q1 2026 and $7.8 million in Q2 2025. The company has reported a net loss in every quarter included in the supplied data.
  • Operating expenses continue to overwhelm gross profit: Selling, general and administrative expense was $17.6 million in Q2 2026, more than 23 times gross profit. Operating income was negative $16.9 million despite the revenue increase.
  • Financing dependence and dilution are major risks: Soluna raised $132.4 million through common-equity issuance in Q2 2026, while weighted-average basic shares rose to approximately 131.0 million from 84.1 million in Q1 2026 and 11.1 million in Q2 2025. This funding improved cash balances but significantly increased dilution risk for existing shareholders.

Overall, Soluna’s financial profile is mixed. The company is growing revenue, expanding its asset base and holding considerably more cash than it did a year ago. However, negative operating cash flow, recurring net losses, weak gross margins, high overhead and heavy equity issuance indicate that the business has not yet demonstrated self-sustaining operations. Investors should monitor whether future revenue growth improves margins and operating cash flow before placing too much weight on the stronger cash balance.

10/13/26 11:43 PM ETAI Generated. May Contain Errors.

Soluna Financials - Frequently Asked Questions

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

Soluna's net income appears to be on a downward trend, with a most recent value of -$56.99 million in 2025, compared with $740 thousand in 2014. The previous period was -$58.30 million in 2024.

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

In the past 11 quarters, Soluna's cash and equivalents has ranged from $5.63 million in Q3 2023 to $113.36 million in Q2 2026, and is currently $113.36 million as of their latest financial filing in Q2 2026.

Soluna had total debt of $28.99 million at the end of 2025, a 34.8% increase from 2024, and none in 2014.

Over the last 11 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:SLNHP last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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