How much debt does Soluna Holdings have?

Soluna Holdings had total debt of $29.35M as of Dec 31, 2025, against $76.42M in cash and short-term investments. Its debt-to-equity ratio was 0.53. Total debt was $21.88M a year earlier.

What are Soluna Holdings's total assets?

Soluna Holdings reported total assets of $187.94M as of Dec 31, 2025, up 113.5% from $88.04M a year earlier. Total liabilities were $75.70M.

What is Soluna Holdings's shareholders' equity?

Soluna Holdings's shareholders' equity was $54.86M as of Dec 31, 2025, or about $0.54 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry.

Soluna Holdings (SLNH) Balance Sheet: Assets & Liabilities

Soluna Holdings Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Soluna Holdings, Inc. (SLNH) - 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
Current Assets
Cash and Cash Equivalents	76.42	7.84	7.84	6.37	6.37	1.14	1.14	10.26	10.26	2.63	2.63	2.51	5.77	3.83
Cash & Short-Term Investments	76.42	7.84	7.84	6.37	6.37	1.14	1.14	10.26	10.26	2.63	2.63	2.51	5.77	3.83
Accounts Receivable	5.52	2.71	2.69	3.39	2.95	0.54	0.32	0.53	0.45	0.06	0.06	0.75	0.87	1.41
Inventory	0.00	0.00	-	0.00	-	0.00	-	0.00	-	0.00	-	0.92	0.86	0.69
Other Current Assets	10.18	2.95	1.78	4.52	1.52	2.09	1.11	14.19	0.98	2.09	0.02	0.06	0.06	0.18
Total Current Assets	92.13	13.50	13.50	14.28	14.28	3.76	3.76	24.98	24.98	4.78	4.78	4.24	7.56	6.02
Non-Current Assets
Property, Plant & Equipment (Net)	77.28	47.60	52.74	45.00	45.00	42.44	43.62	45.00	45.00	1.15	1.15	1.12	0.18	0.18
Long-Term Investments	7.92	1.46	-	1.00	-	0.00	-	0.75	0.75	0.75	0.75	0.00	0.00	0.00
Intangible Assets	8.26	17.62	17.62	27.01	27.01	36.43	36.43	45.84	45.84	0.00	-	0.00	0.00	0.00
Other Non-Current Assets	2.36	7.87	4.18	3.98	3.98	2.33	1.15	1.12	1.12	1.27	1.27	0.00	0.00	0.00
Total Non-Current Assets	95.82	74.55	74.55	76.99	76.99	81.20	81.20	92.71	92.71	3.87	-	1.52	0.58	0.18
Total Assets	187.94	88.04	88.04	91.28	91.28	84.96	84.96	117.69	117.69	8.65	8.65	5.75	8.14	6.20
Current Liabilities
Accounts Payable	4.86	2.84	2.84	2.10	2.10	3.55	3.55	2.96	2.96	0.19	0.19	0.21	0.20	0.33
Short-Term Debt	9.03	14.57	14.44	19.56	8.47	22.79	22.63	8.31	8.12	0.13	-	0.17	0.00	0.00
Current Portion of Long-Term Debt	8.86	-	14.44	-	10.86	-	10.55	-	-	-	-	-	-	-
Accrued Liabilities	13.49	-	7.94	-	4.91	-	2.12	-	2.25	-	0.30	-	-	-
Deferred Revenue	1.91	21.43	21.43	1.59	1.59	0.45	0.45	0.32	0.32	0.00	-	0.00	0.00	0.00
Other Current Liabilities	33.35	9.00	0.04	3.17	0.02	2.72	0.61	3.85	1.24	1.31	1.01	0.76	0.99	0.91
Total Current Liabilities	49.19	47.87	47.87	28.18	28.18	29.52	29.52	15.68	15.68	1.64	1.64	1.14	1.19	1.24
Non-Current Liabilities
Long-Term Debt	20.32	7.31	7.06	0.22	1.25	0.08	0.08	0.24	0.24	0.30	-	0.78	0.00	0.00
Deferred Tax Liabilities	2.91	5.26	5.26	7.78	7.78	8.89	8.89	10.28	10.28	0.00	-	0.00	0.00	0.00
Other Non-Current Liabilities	0.74	0.24	0.24	0.50	8.28	0.20	0.20	0.51	0.51	0.80	0.80	0.00	0.00	0.00
Total Non-Current Liabilities	26.51	12.81	12.81	9.74	9.74	9.17	9.17	11.02	11.02	1.09	-	0.78	0.00	0.33
Total Liabilities	75.70	60.68	60.68	37.92	37.92	38.69	38.69	26.71	26.71	2.73	2.73	1.92	1.19	1.24
Stockholders' Equity
Common Stock	0.10	0.01	0.01	0.00	0.00	0.00	0.00	0.02	0.02	0.01	0.01	0.11	0.11	0.10
Retained Earnings	-367.72	-314.30	-314.30	-250.97	-250.97	-221.77	-221.77	-123.05	-123.05	-117.79	-117.79	-119.74	-118.46	-120.40
Treasury Stock	13.87	-	13.80	-	13.80	-	13.80	-	13.76	-	-	-	-	-
Additional Paid-in Capital	422.47	301.81	315.61	277.48	291.28	263.63	277.43	214.03	227.79	123.70	-	123.47	125.30	125.26
Minority Interest	57.38	39.84	39.84	26.85	26.85	4.41	4.41	0.00	-	0.00	-	0.00	0.00	0.00
Shares Outstanding	102.53	-	10.61	-	2.51	-	0.75	-	0.55	-	-	-	-	-
Total Stockholders' Equity	54.86	-12.48	-12.48	26.51	53.36	41.87	41.87	90.99	90.99	5.92	5.92	3.83	6.95	4.96
Total Liabilities & Equity	187.94	88.04	88.04	91.28	91.28	84.96	84.96	117.69	117.69	8.65	-	5.75	8.14	6.20

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

Soluna Holdings Balance Sheet Analysis

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