olivLaw · US equity research
Soluna Holdings, Inc. SLNH
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Soluna Holdings, Inc. develops and operates data centers co-located with renewable power plants, using otherwise curtailed energy for Bitcoin mining, hosting and, increasingly, AI and HPC workloads. Revenue in the second quarter of 2026 grew 145% year over year to 15.1 million USD, as the company shifts toward larger AI projects.
At the close of 04 Nov 2026, Soluna Holdings, Inc. (SLNH) stock was 0.56 USD (−1.96% on the day), with market capitalisation 136.7 m USD, beta 2.94, 52-week range 0.52–3.44 USD. Latest reported quarter (Q2 2026): revenue of 15.1 m USD (+144.6% YoY), net income of -20.7 m USD, diluted EPS -0.18 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.4
- weak (30–45)
- Bollinger (20, 2)
- 0.42 – 0.92
- in the lower half of the band · %B 0.27 · band width 73.6%
- SMA 50 / 200
- 0.96 / 1.16
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −45.7% | −2.0% | −43.8 pp | — |
| 3 months | −52.6% | −2.2% | −50.5 pp | — |
| 6 months | −65.5% | +4.3% | −69.8 pp | — |
| Year to date | −52.2% | +10.6% | −62.8 pp | — |
| 1 year | −81.6% | +10.5% | −92.0 pp | −52.3% |
| 3 years | −76.0% | +73.7% | −149.7 pp | −66.7% |
| 5 years | −99.8% | +61.7% | −161.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.5 m | 8.3 m | 5.9 m | 6.2 m | 8.4 m | 9.2 m | 9.4 m | 15.1 m |
| Cost of revenue | 8.9 m | 8.6 m | 4.8 m | 5.0 m | 6.1 m | 7.4 m | 7.5 m | 14.3 m |
| Gross profit | -2.9 m | -29.8 m | 338.0 k | 389.0 k | 802.0 k | 552.0 k | 491.0 k | -1.3 m |
| SG&A | 7.7 m | 6.4 m | 8.4 m | 7.8 m | 10.1 m | 13.9 m | 18.5 m | 17.6 m |
| Operating income | -9.0 m | -35.2 m | -7.2 m | -6.6 m | -7.8 m | -12.1 m | -16.6 m | -16.9 m |
| Depreciation & amortisation | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m | 2.4 m |
| Interest expense | 821.0 k | 833.0 k | 838.0 k | 1.2 m | 1.2 m | 1.6 m | 1.5 m | 3.2 m |
| Pre-tax income | -8.6 m | -39.3 m | -7.8 m | -8.4 m | -26.5 m | -16.7 m | -18.5 m | -23.2 m |
| Income tax | -547.0 k | -744.0 k | -425.0 k | -608.0 k | -666.0 k | -619.0 k | -624.0 k | -547.0 k |
| Net income | -7.2 m | -38.5 m | -7.6 m | -7.4 m | -24.0 m | -16.1 m | -17.5 m | -20.7 m |
| Diluted EPS | -1.56 | -5.16 ≈ | -1.21 | -0.93 | -1.14 | -0.23 ≈ | -0.24 | -0.18 |
| Operating cash flow | 61.0 k ≈ | -1.7 m | -177.0 k | -1.1 m ≈ | -2.2 m ≈ | -5.7 m | -6.4 m | -5.2 m ≈ |
| Capex | 3.4 m ≈ | 5.1 m | 3.5 m | 4.3 m ≈ | 9.2 m ≈ | 11.1 m | 2.6 m | 6.9 m ≈ |
| Share repurchases | — | — | 0 | 0 ≈ | 162.0 k ≈ | -87.0 k | 56.0 k | 75.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.1 m | 6.6 m | 595.0 k | 14.3 m | 28.5 m | 21.1 m | 38.0 m | 29.7 m |
| Revenue YoY | +0.1% | unavailable | −90.9% | +2,310.9% | +99.0% | −26.2% | +80.5% | −21.8% |
| Net income | 582.0 k | 323.0 k | 1.9 m | -5.3 m | -98.7 m | -29.2 m | -63.3 m | -53.4 m |
| Net income YoY | unavailable | unavailable | +502.5% | −370.3% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.06 | 0.03 | 0.20 | -0.50 | -174.41 | -27.79 | -14.94 | -2.38 |
| Diluted EPS YoY | unavailable | unavailable | +566.7% | −350.0% | unavailable | unavailable | unavailable | unavailable |
| net % | 8.2% | 4.9% | 327.1% | -36.7% | -345.8% | -138.6% | -166.6% | -179.7% |
| Free cash flow | 256.0 k | 206.0 k | -2.0 m | -41.2 m | -69.8 m | -15.7 m | -13.9 m | -37.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- 26.8 m USD
- Net debt
- unavailable USD
- Equity
- 110.9 m USD
- Total assets
- 187.9 m USD
- Debt / equity
- 0.24x
- Current ratio
- 1.87x
- ROE
- -77.2%
- ROA
- -38.7%
- FCF margin
- -125.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 595.0 k | 14.3 m | 28.5 m | 21.1 m | 38.0 m | 29.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Cost of revenue | 2.7 m | — | 36.5 m | 15.8 m | 28.6 m | 23.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Gross profit | -2.1 m ≈ | — | -8.0 m ≈ | 2.8 m | -23.7 m | 1.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Research & development | 1.5 m | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| SG&A | 1.8 m | 10.8 m | 28.7 m | 24.9 m | 28.2 m | 40.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Operating income | -1.6 m | -4.5 m | -84.8 m | -20.2 m | -47.5 m | -33.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Depreciation & amortisation | — | 1.6 m | 9.5 m | 9.5 m | 9.6 m | 9.6 m | SEC (XBRL)· 30 Mar 2026verified |
| EBITDA | — | -2.9 m ≈ | -75.3 m ≈ | -10.7 m ≈ | -37.9 m ≈ | -24.1 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Interest expense | — | 1.9 m | 8.4 m | 2.7 m | 2.5 m | 4.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Pre-tax income | -1.5 m | -6.3 m | -108.4 m | -28.8 m | -60.8 m | -59.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Income tax | -332.0 k | 44.0 k | -1.3 m | -1.1 m | -2.5 m | -2.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Net income | 1.9 m | -5.3 m | -98.7 m | -29.2 m | -63.3 m | -53.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Diluted EPS | 0.20 | -0.50 | -174.41 | -27.79 | -14.94 | -2.38 | SEC (XBRL)· 30 Mar 2026verified |
| Weighted average diluted shares | 9.6 m | 11.8 m | 599.3 k | 1.3 m | 5.1 m | 29.0 m | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Receivables | 59.0 k | 531.0 k | 320.0 k | 2.9 m | 2.7 m | 5.5 m | SEC (XBRL)· 30 Mar 2026verified |
| Inventories | 828.0 k | — | — | — | — | — | SEC (XBRL)· 31 Mar 2021verified |
| Current assets | 4.8 m | 25.0 m | 3.8 m | 14.3 m | 13.5 m | 92.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Property, plant & equipment, net | 722.0 k | 44.6 m | 42.2 m | 44.6 m | 47.3 m | 74.8 m | SEC (XBRL)· 30 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 45.8 m | 36.4 m | 27.0 m | 17.6 m | 8.3 m | SEC (XBRL)· 30 Mar 2026verified |
| Total assets | 8.6 m | 117.7 m | 85.0 m | 91.3 m | 88.0 m | 187.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Accounts payable | 192.0 k | 3.0 m | 3.5 m | 2.1 m | 2.8 m | 4.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Short-term debt | — | — | — | — | 14.4 m | 8.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Long-term debt | — | — | 13.0 m | — | 7.1 m | 17.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Current liabilities | 1.6 m | 15.7 m | 29.5 m | 28.2 m | 47.9 m | 49.2 m | SEC (XBRL)· 30 Mar 2026verified |
| Total liabilities | 2.7 m | 26.7 m | 38.7 m | 37.9 m | 60.7 m | 75.7 m | SEC (XBRL)· 30 Mar 2026verified |
| Equity | 5.9 m | 91.0 m | 46.3 m | 53.4 m | 27.4 m | 110.9 m | SEC (XBRL)· 30 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.2 m | 4.6 m | -6.1 m | -3.0 m | -5.1 m | -9.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Capex | 805.0 k | 45.8 m | 63.7 m | 12.7 m | 8.9 m | 28.1 m | SEC (XBRL)· 30 Mar 2026verified |
| Free cash flow | -2.0 m ≈ | -41.2 m ≈ | -69.8 m ≈ | -15.7 m ≈ | -13.9 m ≈ | -37.2 m ≈ | SEC (XBRL)· 30 Mar 2026derived |
| Investing cash flow | -1.8 m | -57.3 m | -54.7 m | -10.3 m | -13.2 m | -31.9 m | SEC (XBRL)· 30 Mar 2026verified |
| Financing cash flow | 83.0 k | 59.4 m | 42.9 m | 21.9 m | 18.3 m | 119.4 m | SEC (XBRL)· 30 Mar 2026verified |
| Dividends paid | 0 | 630.0 k | — | — | — | — | SEC (XBRL)· 31 Mar 2022verified |
| Share repurchases | — | — | — | — | 0 | 75.0 k | SEC (XBRL)· 30 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 136.7 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -185.9% | 42 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.3% | 11 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -7.2x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -36.0% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.2% | 2 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial11/100 · 1/2 factors with a value
- Quality· partial42/100 · 1/3 factors with a value
- Returns· partial2/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SOLUNA HOLDINGS, INC. (SLNH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 29.7 m USD in 2025; YoY growth -21.8%; net margin -185.9%; ROE -114.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- Revenue CAGR 3Y: 1.3%
- Interest coverage: -7.2x
- FCF yield: -36.0%
- Shareholder yield (distributions): 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 218.3 bn | 18.3 | 35.9% | 27.9% | +6.4% | −11% / +91% |
| COINCoinbase Global, Inc. | 38.5 bn | — | -4.7% | -12.5% | +9.4% | −47% / +17% |
| SOFISoFi Technologies, Inc. | 21.7 bn | 35.0 | 7.1% | 104.3% | +23.1% | −44% / +130% |
| KLARKlarna Group plc | 5.2 bn | — | -11.9% | -7.8% | +24.8% | −56% / unavailable |
| GPGIGPGI, Inc. | 3.7 bn | — | -20.6% | — | −85.8% | −36% / +208% |
| BLSHBullish | 3.5 bn | — | -27.3% | -0.3% | −2.2% | −47% / unavailable |
| CIFRCipher Digital Inc. | 3.0 bn | — | -156.8% | -742.3% | +48.0% | −68% / +135% |
| MARAMara Holdings, Inc. | 2.7 bn | — | -107.2% | -430.2% | +38.2% | −42% / −43% |
| WDWalker & Dunlop, Inc. | 1.3 bn | 34.4 | 2.2% | 3.0% | +9.0% | −41% / −54% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| XYFX Financial | 1.2 bn | 5.9 | 20.2% | 19.2% | +35.8% | −28% / +15% |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| CANGCango Inc. | 272.7 m | — | -130.8% | -90.4% | +524.3% | −92% / −76% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| ZSQRZ Squared Inc. | 192.4 m | — | -25.9% | -642.0% | unavailable | −81% / −84% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| SLNHSoluna Holdings, Inc. | 136.7 m | — | -114.6% | -185.9% | −21.8% | −82% / −76% |
| HSDTSolana Company | 127.0 m | — | -183.2% | -1,302.8% | +1,057.1% | −49% / −100% |
| GHIGreystone Housing Impact Investors LP | 111.0 m | — | — | -5.1% | −6.4% | −33% / −72% |
| AGPUAxe Compute Inc | 86.2 m | — | -1,565.2% | -7,769.8% | +47.7% | +24% / −85% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| BTCSBTCS Inc. | 54.6 m | — | -354.8% | -746.3% | +304.8% | −67% / +6% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
1- and 3-year price returns: for SLNH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Soluna Holdings, Inc. develops and operates data centers co-located with renewable power plants, using otherwise curtailed energy for Bitcoin mining, hosting and, increasingly, AI and HPC workloads. Revenue in the second quarter of 2026 grew 145% year over year to 15.1 million USD 3, as the company shifts toward larger AI projects.
SWOT
Strengths
- The company has an integrated model with data centers sited next to renewable generation and its own MaestroOS software for managing consumption.
- Full control of Project Dorothy 1 after the 2026 acquisitions gives an integrated chain from power generation to compute.
- Five consecutive quarters of revenue growth and a relatively large cash balance show real operating progress.
Weaknesses
- The company has recurring operating losses and a large accumulated deficit, and profitability is not assured.
- Revenue is concentrated in a small number of hosting customers, which raises vulnerability to the loss of one contract.
- Reliance on equity issuance and ATM programs brings dilution and uncertainty about the cost of capital.
Opportunities
- Converting existing sites to AI and HPC computing could open long-term contracts with hyperscale clients.
- A very large development portfolio could support significant growth if projects secure power and financing.
- Rising curtailment on renewable grids may lower power costs for new data centers.
Threats
- A fall in the Bitcoin price or hashprice could directly reduce mining and hosting revenue.
- Regulation of cryptocurrencies or changes in Texas energy policy could affect operations.
- Competition for AI contracts and cheap power is intense, and projects can be delayed or made more expensive.
Risks
- Recurring losses and financinghigh
The company has reported losses since inception and says it will need additional capital to support its development, which could lead to dilution.
- Customer concentrationhigh
A small number of clients generate most hosting revenue, and losing one could quickly affect results.
- Bitcoin pricemedium
Mining revenue and part of hosting revenue depend on the volatile Bitcoin price, and declines could reduce margins.
- Execution of AI projectsmedium
The move into AI and HPC is new for the company, and delays in power, construction or equipment could postpone expected revenue.
- Geographic concentrationlow
Operations are concentrated in Texas, where energy regulation and weather conditions can affect costs and continuity.
Investment thesis
What would need to be true (bull case)
- If the AI projects in the portfolio secure power and financing, the company could turn a hosting base into long-term AI computing capacity.
- Several quarters of revenue growth and the integration of Dorothy 1 show the operating model is beginning to produce concrete results.
- A very large development portfolio tied to renewable power offers a growth base if execution stays disciplined.
What would break the thesis
- Persistent operating losses and the accumulated deficit show profitability is not assured and that financing remains a concern.
- Dependence on a few hosting clients and on the Bitcoin price could make revenue unstable from quarter to quarter.
- The shift to AI is at an early stage, and large projects may be delayed, rescheduled or made more costly before they generate revenue.
What to watch
- Energization progress of Kati 1 and revenue from that siteQ3 2026
- Status of AI contracts for Kati 2 and Dorothy 3next 10-Q
- Share of hosting revenue from key customers and any contract lossesQ3 2026
- Use of the ATM program and the Generate Capital credit line2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company describes its model as Renewable Computing™: data centers sited behind the meter next to wind or solar farms to use energy that would otherwise be limited on the grid. Activities include hosting Bitcoin mining for third-party clients, its own Bitcoin mining, an HPC/AI line in development through Soluna HPC, Inc., and demand response services for grid operators. Bitcoin hosting accounted for about 57% of revenue in fiscal 2025 1, and own mining for about 38% 1.
By August 2026 the company had vertically integrated Project Dorothy 1 through the purchase of the Briscoe Wind Farm and the partner stakes in Dorothy 1A and 1B, so it controls both generation and compute at this campus 3. A joint venture with Metrobloks for Kati 2 was signed in June 2026, with a first phase of 100 MW of critical IT capacity 3.
Project financing relies on partners such as Spring Lane Capital, Navitas, Galaxy Digital and the Generate Capital credit line, alongside equity issuance. At June 30, 2026 the company held 113.4 million USD of unrestricted cash and 33.1 million USD of total debt 3.
Segments
Bitcoin hosting
Clients pay fixed fees, profit shares or managed capacity fees, usually over 12 to 24 months. In the second quarter of 2026 hosting made up about 84% of revenue, and four customers generated 80% of hosting revenue 2.
Own Bitcoin mining
The company mines through pool arrangements and converts the coins into dollars via Coinbase. The line fell to about 11% of revenue in the second quarter of 2026 2, with reduced block rewards after the April 2024 halving and the Bitcoin price as the main drivers.
Market context
The market for renewable-powered data centers ties to two trends: rising curtailment of wind and solar output and strong demand for power for mining and AI. The company measures its potential in gigawatts, with a development pipeline of about 6.3 GW as of August 2026 3.
Results, however, depend on the Bitcoin price and on ERCOT market conditions, where demand response clearing prices fell in fiscal 2025 1. The company's equity-market access and its ability to raise long-term financing remain central to developing its projects.
Trends
- Bitcoin halving and hashpriceheadwind
Lower block rewards and falling hashprice have compressed mining and hosting revenue. If the Bitcoin price does not recover, margins could stay under pressure.
- Demand for AI computingtailwind
Demand for renewable-powered AI and HPC data centers could open longer-term revenue above Bitcoin hosting, especially if the Kati 2 and Dorothy 3 projects reach execution.
- Renewable curtailmenttailwind
Rising curtailment on wind and solar grids gives the company cheap energy that would otherwise be wasted. The trend supports the co-location model but depends on market rules and contracts with power partners.
- Capital raisingmixed
The company relies heavily on equity issuance, ATM programs and project credit lines. Tighter financing conditions or shareholder dilution could limit the pace of development.
Competitive position
The company competes with data center operators and Bitcoin miners that build their own facilities, and with cloud and AI infrastructure providers seeking cheap power. Its stated advantage is direct siting next to renewable generation and software integration through MaestroOS.
Competition for power contracts and hyperscale clients is intense. The company says it depends on a small number of customers, so losing one important client would significantly affect revenue 12.
- Bitcoin mining hosting and data center operators
Competitors offering hosting and colocation for miners using their own or leased infrastructure.
- Bitcoin miners running their own facilities
Companies mining directly that compete on power cost and hardware efficiency.
- AI and HPC capacity providers
Cloud and data center operators seeking compute capacity for AI workloads, a market the company is only now entering.
- AI data center developers
Partners or rivals such as Metrobloks, with which the company signed a joint venture for Kati 2.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Bitdeer Adds 28 MW at Soluna’s Wind-Powered Texas Mining SiteYahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 25 Aug 2026; the newest SEC filing is from 26 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report26 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report21 Oct 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report21 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report20 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 Oct 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Current report28 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report25 Aug 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Soluna Holdings, Inc. · 30 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Soluna Holdings, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Soluna Holdings, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.