Soluna Holdings (SLNH) Financial Statements & Analysis

Soluna Holdings (SLNH) Income Statement

Soluna Holdings reported revenue of $29.72M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 21.8% from $38.02M a year earlier. Soluna Holdings posted a net loss of $53.41M, compared with a net loss of $63.33M a year earlier. Gross margin was 21.7% and operating margin -113.3%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $15.06M, up 144.6% from the same quarter a year earlier.

Soluna Holdings Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Soluna Holdings, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2021	FY 2020	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Mar 2025	Dec 2024	Mar 2024	Dec 2023	Mar 2023	Dec 2022	Mar 2022	Dec 2021	Mar 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	29.72	38.02	38.02	21.07	21.07	28.55	28.55	14.35	14.35	0.60	0.60	6.57	8.06	7.06
Cost of Revenue	23.26	15.10	28.63	5.60	5.60	3.57	3.57	8.07	2.44	0.41	-	2.21	2.33	2.23
Gross Profit	6.46	22.92	9.39	15.47	5.24	24.98	-7.96	6.28	0.65	0.19	0.60	4.37	5.74	4.83
Operating Expenses
Research & Development	0.00	0.00	-	0.00	-	0.00	-	1.53	-	1.49	-	1.38	1.24	1.15
Selling, General & Administrative	30.52	47.22	18.58	15.69	15.39	19.27	19.20	9.17	9.17	1.83	1.83	2.73	2.98	3.09
Operating Expenses	40.13	70.44	28.19	35.71	25.48	109.77	76.83	10.75	10.75	1.83	2.24	4.11	4.21	4.24
Operating Income	-33.67	-47.52	-18.80	-20.24	-20.24	-84.79	-84.79	-4.48	-4.48	-1.64	-1.64	0.26	1.52	0.59
Other Income/Expense
Interest Income	0.00	0.00	-	0.00	-	0.00	-	0.00	-	0.00	-	0.00	0.00	0.00
Interest Expense	4.84	2.53	2.53	2.75	-2.75	8.38	-8.38	1.88	-1.88	0.00	-	0.00	0.00	0.00
Other Income/Expense	-14.89	-13.26	-35.80	-8.53	-8.53	-23.57	-23.57	-1.87	-1.87	0.10	0.10	0.04	0.02	0.00
Income
Income Before Tax	-59.31	-60.79	-60.79	-28.77	-28.77	-108.36	-108.36	-6.34	-6.34	-1.54	-1.54	0.30	1.54	0.59
Income Tax Expense	-2.32	-2.49	-2.49	-1.07	-1.07	-1.35	-1.35	0.04	0.04	-0.33	-0.33	-0.03	-0.39	0.01
Net Income	-53.41	-63.33	-63.33	-29.20	-29.20	-98.72	-98.72	-5.26	-5.26	1.95	1.95	0.32	1.94	0.58
Net Income - Continuous Operations	-56.99	-63.33	-58.30	-29.20	-27.70	-98.72	-107.02	-5.26	-6.39	1.95	-	0.32	1.94	0.58
Net Income - Discontinued Operations	-	-	-	-	-	-	7.92	-	1.13	-	-	-	-	-
EBITDA	-37.94	-31.75	-42.49	-6.29	-6.29	-8.45	-8.45	-0.59	-0.77	-1.38	-1.48	0.38	1.62	0.67
EBIT	-54.47	-	-58.26	-	-19.67	-	-36.67	-	-4.48	-	-1.64	-	-	-
Depreciation & Amortization	9.61	15.64	9.61	13.38	13.38	28.21	28.21	3.87	3.70	0.17	0.17	0.09	0.10	0.08
Earnings Per Share
Basic EPS	-2.00	-1.00	-15.00	-28.00	-27.00	-179.00	-174.00	-11.00	-12.00	5.00	5.00	1.00	5.00	2.00
Diluted EPS	-2.00	-1.00	-15.00	-28.00	-28.00	-179.00	-174.00	-11.00	-15.00	5.00	5.00	1.00	5.00	2.00
Basic Shares Outstanding	29.05	62.81	5.11	1.31	1.31	0.60	0.60	0.47	0.47	0.38	0.38	0.38	0.38	0.37
Diluted Shares Outstanding	29.05	62.81	5.11	1.31	1.31	0.60	0.60	0.47	0.47	0.38	0.38	0.38	0.38	0.39

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Soluna Holdings Financial Statements

What was Soluna Holdings's revenue in fiscal 2025?

Soluna Holdings reported revenue of $29.72M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 21.8% from $38.02M a year earlier.

Is Soluna Holdings profitable?

No. Soluna Holdings reported a net loss of $53.41M in fiscal 2025. In fiscal 2024 it lost $63.33M.

What is Soluna Holdings's operating margin?

Soluna Holdings's operating income was −$33.67M on revenue of $29.72M in fiscal 2025, an operating margin of -113.3%, compared with -125.0% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition