Soluna Holdings (SLNH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Soluna Holdings

NasdaqCM•Financial Services•Capital Markets

$1.15+0.02(0.02%)Market open

Market Cap

$155.86M

P/S

3.7x

P/B

0.7x

Soluna Holdings, Inc., together with its subsidiaries, engages in the mining of cryptocurrency through data centres. It operates through three segments, Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services. The company also operates in the blockchain business, as well as provides colocation and hosting services to large-scale bitcoin mining operators. In addition, the company develops and builds modular data centrers that use for cryptocurrency mining. Further, it provides data center hosting services, including electrical power and network connectivity to cryptocurrency mining customers. Soluna Holdings, Inc. was formerly known as Mechanical Technology Inc and as changed to Soluna Holdings, Inc. in November 2021. The company was founded in 1961 and is headquartered in Albany, New York.

How this company scores

WeakMetricSide Score: 46/100

Grade capped at D — Interest coverage below 1× (-4.2x) — earnings cannot cover interest. Strongest: Balance Sheet & Red Flags (17/25); weakest: Cash & Earnings Quality (4/25).

Profitability11/25

Growth14/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality4/25

Strengths

Growing revenueLong cash runwayLow leverageImproving leverage

Grade capped at D

Interest coverage below 1× (-4.2x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 3.7x5y range 0.2x – 226.2x

Currently above its 20-quarter median.

P/B · 0.7x5y range 0.1x – 65.7x

Currently near its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $155.86M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $42.08M
Q. Revenue: $15.06M
TTM EBITDA: $-43.85M
TTM Op. Income: $-53.45M
Q. Op. Income: $-16.94M
TTM Net Income: $-76.65M
Q. Net Income: $-20.71M
EPS: $-0.18
Shares Out.: $130.98M

$42.08M in TTM revenue grew 50.9% YoY, reaching $15.06M last quarter. TTM EBITDA of $-43.85M and TTM operating income of $-53.45M show growth is flowing through to the bottom line. However, net income is negative at $76.65M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 4 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: -8.4%
EBITDA Margin: -96.6%
Op. Margin: -112.5%
Net Margin: -137.5%

Op. margin of -112.5% is down 4.9% YoY — costs are rising relative to revenue. Net margin at -137.5% and gross margin of -8.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 5% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.7x
P/B Ratio: 0.7x

P/S of 3.7x and P/B of 0.7x.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $293.51M
Cash: $113.36M
Long-Term Debt: $3.02M
Book Value: $210.38M
D/E Ratio: 0.0
Debt/EBITDA: N/A

With $293.51M in assets and $3.02M in long-term debt, D/E is 0.0and book value is $210.38M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 5 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-5.18M
TTM Free Cash Flow: $-44.61M
FCF Margin: -106.0%
FCF / Net Income: 0.6

TTM FCF of $-44.61M on $-5.18M in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.