Soluna Holdings, Inc
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 04/11/22 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $29.7M | $38.0M | $21.1M | $28.5M | — |
| Selling, general & administrative | $40.1M | $28.2M | $24.9M | $28.7M | — |
| Operating income | -$33.7M | -$47.5M | -$20.2M | -$84.8M | — |
| Interest expense | $4.8M | $2.5M | $2.7M | $8.4M | — |
| Pretax income | -$59.3M | -$60.8M | -$28.8M | -$108.4M | — |
| Income tax expense | -$2.3M | -$2.5M | -$1.1M | -$1.3M | — |
| Net income | -$53.4M | -$63.3M | -$29.2M | -$98.7M | — |
| Balance Sheet | |||||
| Current assets | $92.1M | $13.5M | $14.3M | $3.8M | — |
| Total assets | $187.9M | $88.0M | $91.3M | $85.0M | $2.9M |
| Current liabilities | $49.2M | $47.9M | $28.2M | $29.5M | — |
| Total liabilities | $75.7M | $60.7M | $37.9M | $38.7M | $1.2M |
| Total debt | $26.8M | $21.5M | — | — | — |
| Stockholders' equity | $53.5M | -$12.5M | $26.5M | $41.9M | — |
| Cash Flow Statement | |||||
| Cash from operations | -$9.1M | -$5.1M | -$3.0M | -$6.1M | — |
| Depreciation and amortization | $6.9M | $6.2M | $3.9M | $18.7M | — |
| Stock-based compensation | $10.6M | $5.3M | $4.3M | $3.7M | — |
| Capital expenditure | $28.1M | $8.9M | $12.7M | $63.7M | — |
| Free cash flow | -$37.2M | -$13.9M | -$15.7M | -$69.8M | — |
| Share repurchases | $75,000 | $0 | — | — | — |
| Impairments | $12,000 | $130,000 | $575,000 | $47.4M | — |
Shares outstanding 157.7M
Annual filing data through FY ended December 31, 2025; float as of July 8, 2026.
Coverage
July 16, 2026
Financials Signal
Hard Assets Draw Capital as Financing Costs Stay High
July 4, 2026
Filings Beige Book
Companies Report Firm Demand, Relentless Cost Pressure
June 30, 2026
Filings Beige Book
Input Costs Squeeze Margins Even as Demand Holds Firm
June 11, 2026
Financials Signal
Capital Recycling and Credit Divergence
June 9, 2026
Deals
Soluna Holdings to Buy Project Dorothy 1B in Asset Deal