Growth & profitability
- Revenue has declined 21.8% per year over the past 5 years.
Financial health
- Total debt has grown faster than revenue (11.2% vs -21.8% per year).
- Operating income covered interest expense -7.0× in the latest year.
SLNH Financials Soluna Holdings, Inc
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | $30M | -$53M | 6.1% | -113.3% | -99.7% | -28.4% | -$37M | $18M | — |
| 2024 | $38M | -$63M | -62.4% | -125.0% | 507.5% | -71.9% | -$14M | $7M | — |
| 2023 | — | -$29M | — | — | -110.1% | -32.0% | -$16M | — | — |
| 2022 | — | -$99M | — | — | -235.8% | -116.2% | -$70M | $13M | — |
| 2021 | — | -$5M | — | — | -5.8% | -4.5% | -$41M | — | — |
| 2020 | — | $2M | — | — | 32.9% | 22.5% | -$2M | — | — |
| 2019 | — | $323000 | — | — | 8.4% | 5.6% | $206000 | — | — |
| 2017 | — | $582000 | — | — | 11.7% | 9.4% | $256000 | — | — |
| 2016 | — | -$359000 | — | — | -8.7% | -6.9% | $386000 | $0 | — |
| 2015 | — | -$3M | — | — | -185.5% | -109.5% | — | — | $462000 |
| 2014 | — | $740000 | — | — | 17.5% | 13.5% | — | — | $2M |
| 2013 | — | $4M | — | — | 105.5% | 78.9% | -$106983 | — | $1M |
| 2012 | — | -$2086 | — | — | -0.1% | -43.1% | -$1489 | — | $289000 |
| 2011 | — | $2M | — | — | 149.0% | 37.3% | -$108000 | — | $1669 |
| 2010 | — | -$2M | — | — | 121.6% | -48.8% | -$2M | — | $1M |
RevenueNet income
GrossOperatingNet
ROEROA
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Jun '26 | $15M | -$21M | -8.4% | -112.5% | -13.3% | -7.1% | -$12M | $3M | — |
| Mar '26 | $9M | -$17M | 5.2% | -177.0% | -37.0% | -9.2% | -$9M | $16M | — |
| Dec '25 | — | -$15M | — | — | -27.1% | -7.7% | -$17M | $18M | — |
| Sep '25 | — | -$24M | — | — | -165.5% | -15.8% | -$7M | $13M | — |
| Jun '25 | $6M | -$7M | 6.3% | -107.6% | 37.9% | -8.0% | -$5M | $10M | — |
| Mar '25 | $6M | -$8M | 5.7% | -120.9% | 47.0% | -8.4% | -$4M | $10M | — |
| Dec '24 | — | -$40M | — | — | 320.7% | -45.5% | -$7M | $7M | — |
| Sep '24 | — | -$7M | — | — | -34.4% | -7.4% | -$3M | $8M | — |
| Jun '24 | — | -$11M | — | — | -44.6% | -11.0% | -$7M | $9M | — |
| Mar '24 | — | -$5M | — | — | -24.4% | -5.8% | $3M | — | — |
| Dec '23 | — | -$7M | — | — | -25.3% | -7.3% | $1M | — | — |
| Sep '23 | — | -$7M | — | — | -23.2% | -7.1% | -$10M | $1M | — |
| Jun '23 | — | -$9M | — | — | -26.8% | -9.1% | -$3M | $1M | $5M |
| Mar '23 | — | -$7M | — | — | -18.9% | -8.4% | -$4M | — | — |
| Dec '22 | — | -$27M | — | — | -65.3% | -32.2% | -$3M | $13M | — |
| Sep '22 | — | -$56M | — | — | -85.6% | -50.9% | -$16M | $4M | $1M |
| Jun '22 | — | -$7M | — | — | -6.2% | -4.4% | -$26M | $4M | — |
| Mar '22 | — | -$9M | — | — | -10.2% | -6.5% | -$25M | $6M | — |
| Dec '21 | — | -$3M | — | — | -3.1% | -2.4% | -$26M | — | — |
| Sep '21 | — | -$610000 | — | — | -1.6% | -1.3% | -$15M | — | — |
Valuation over time
How the market has priced SLNH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-sales ratio has fallen from 13.6× (Dec '24) to 9.8× (Sep '26).
P/S
Frequently asked questions
Is SLNH growing its revenue and profit?
Over the past 5 years, Soluna Holdings, Inc's revenue has declined 21.8% per year. These are computed facts, not advice.
How much debt does SLNH have?
As of FY2025, Soluna Holdings, Inc reported $18M of total debt against — of cash; operating income covered interest expense -7.0×.
What is SLNH's profit margin?
In FY2025, gross margin was 6.1%, operating margin -113.3%, and net margin -179.7%.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.