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SLNH · Soluna Holdings, Inc

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.

Cap structure and valuation

Cap structure
SP$1.09
SO157.7M
Options0.0M
Warrants22.4M
FD SO180.2M
MC$195.5M
Cash$68.6M
Total debt$17.7M
EV$144.7M
TTM Multiples
EV / Revenue
EV / EBITDA
MC / Net Income
EV / FCF
MC / FCF
Ownership & coverage
Institutional10.8%
Insiders34.4%
# Institutions54
Analysts1
Consensus
Avg target$5.00
Short % float23.7%
Days to cover1.64

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-12. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 33.1729.7238.0221.0728.55
Revenue YoY % 11.6%(21.8%)80.5%(26.2%)
Cost of Revenue 29.7327.9261.7618.3036.51
Gross Profit 2.231.80(23.74)2.77(7.96)
Gross Profit YoY % 24.2%107.6%(956.9%)134.8%
Gross Margin % 6.7%6.1%(62.4%)13.1%(27.9%)
SG&A 50.3240.1328.1924.9028.71
Operating Expense 45.3735.4823.7923.0176.83
Operating Income (43.13)(33.68)(47.52)(20.24)(84.79)
Operating Income YoY % (28.1%)29.1%(134.8%)76.1%
Operating Margin % (130.0%)(113.3%)(125.0%)(96.1%)(297.0%)
EBITDA (33.52)(24.07)(37.91)(10.73)(75.28)
EBITDA Margin % (101.1%)(81.0%)(99.7%)(50.9%)(263.7%)
Interest Expense 5.484.832.532.758.38
Other Income / (Expense) (21.45)(20.79)(10.74)(5.78)(7.28)
Pretax Income (70.06)(59.31)(60.79)(28.77)(100.44)
Tax Provision (2.52)(2.32)(2.49)(1.07)(1.35)
Net Income (67.54)(56.99)(58.30)(27.70)(99.09)
Net Income to Common (63.32)(53.41)(63.33)(29.20)(98.72)
Net Margin % (203.6%)(191.8%)(153.3%)(131.5%)(347.1%)
Diluted EPS -$1.16-$2.38-$12.15-$27.79-$174.41
Basic EPS -$1.16-$2.38-$12.15-$27.79-$174.41
Diluted Avg Shares 84.129.06.31.30.6
Basic Avg Shares 84.129.06.31.30.6

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-05-22 PICCHI MICHAEL Officer (Chief Financial Officer) 2026-05-21 P 100,000 $1.63 $163,200
2026-04-08 Belizaire John Director, Officer (Chief Executive Officer) 2026-04-06 S (1,000) $7.25 -$7,250
2026-01-05 Thomas Jessica L. Officer (Chief Accounting Officer) 2026-01-01 A 460,000 $0
2025-12-17 Phelan William P Director 2025-12-16 S (1,300) $1.41 -$1,833
2025-12-15 MICHAELS DAVID C Director, Officer (Chief Financial Officer) 2025-12-12 S (1,017) $2.19 -$2,227
2025-12-15 MICHAELS DAVID C Director, Officer (Chief Financial Officer) 2025-12-12 S (5,669) $9.26 -$52,495
2025-12-12 Hirshfield Edward R Director 2025-12-12 S (2,000) $9.76 -$19,520
2025-12-12 Hirshfield Edward R Director 2025-12-11 S (741) $9.90 -$7,336
2025-12-12 Phelan William P Director 2025-12-11 S (3,737) $9.52 -$35,576
2025-12-12 Hirshfield Edward R Director 2025-12-10 S (2,000) $9.70 -$19,400
2025-12-12 Phelan William P Director 2025-12-10 S (7,001) $9.58 -$67,070
2025-12-11 Belizaire John Director, Officer (Chief Executive Officer) 2025-12-01 F (20,979) $1.63 -$34,196
2025-12-11 Belizaire John Director, Officer (Chief Executive Officer) 2025-12-01 A 2,861,788 $0
2025-12-11 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-12-01 F (3,412) $1.63 -$5,562
2025-12-11 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-12-01 A 226,108 $0
2025-12-03 Hirshfield Edward R Director 2025-12-01 A 685,074 $0
2025-12-03 TOPOREK MICHAEL Director 2025-12-01 A 6,894,614 $0
2025-12-03 Hazelip William Director 2025-12-01 A 685,074 $0
2025-12-03 MICHAELS DAVID C Director, Officer (Chief Financial Officer) 2025-12-01 A 801,222 $0
2025-12-03 Phelan William P Director 2025-12-01 A 917,932 $0
2025-12-03 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-12-01 A 226,108 $0
2025-12-03 OReilly Mary Jennifer Officer (Chief People Officer) 2025-12-01 A 685,074 $0
2025-12-03 Marusak Thomas J Director 2025-12-01 A 801,222 $0
2025-12-03 Lipman Matthew E. Director 2025-12-01 A 685,074 $0
2025-12-03 Budzyn Agnieszka Teresa Director 2025-12-01 A 350,000 $0
2025-12-03 Belizaire John Director, Officer (Chief Executive Officer) 2025-12-01 A 2,861,788 $0
2025-12-03 Bottomley John Director 2025-12-01 A 685,074 $0
2025-12-02 Hirshfield Edward R Director 2025-11-28 S (1,000) $8.75 -$8,750
2025-11-25 Hirshfield Edward R Director 2025-11-24 S (1,000) $8.00 -$8,000
2025-11-25 Hirshfield Edward R Director 2025-11-21 S (100) $7.45 -$745
2025-11-25 Hirshfield Edward R Director 2025-11-21 S (1,900) $7.18 -$13,642
2025-11-25 Belizaire John Director, Officer (Chief Executive Officer) 2025-11-21 S (4,300) $1.45 -$6,235
2025-11-25 Belizaire John Director, Officer (Chief Executive Officer) 2025-11-21 S (4,922) $1.44 -$7,088
2025-11-21 Phelan William P Director 2025-11-21 G (36,500) $-0
2025-11-21 Phelan William P Director 2025-11-20 S (500) $7.80 -$3,900
2025-11-21 Phelan William P Director 2025-11-19 S (100) $7.58 -$758
2025-10-30 Budzyn Agnieszka Teresa Director 2025-10-15 A 135,000 $0
2025-09-02 Lipman Matthew E. Director 2025-09-01 A 99,679 $0
2025-09-02 MICHAELS DAVID C Director, Officer (Chief Financial Officer) 2025-09-01 A 116,579 $0
2025-09-02 Marusak Thomas J Director 2025-09-01 A 116,579 $0
2025-09-02 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-09-01 A 32,899 $0
2025-09-02 TOPOREK MICHAEL Director 2025-09-01 A 1,003,176 $0
2025-09-02 Hirshfield Edward R Director 2025-09-01 A 66,453 $0
2025-09-02 Hirshfield Edward R Director 2025-09-01 A 33,226 $0
2025-09-02 OReilly Mary Jennifer Officer (Chief People Officer) 2025-09-01 A 99,679 $0
2025-09-02 Belizaire John Director, Officer (Chief Executive Officer) 2025-09-01 A 416,394 $0
2025-09-02 Phelan William P Director 2025-09-01 A 133,560 $0
2025-09-02 Bottomley John Director 2025-09-01 A 99,679 $0
2025-09-02 Hazelip William Director 2025-09-01 A 99,679 $0
2025-06-12 Tunison John Officer (Chief Financial Officer) 2025-06-12 P 1,000 $2.48 $2,480
2025-06-12 Phelan William P Director 2025-06-11 S (3,350) $2.80 -$9,380
2025-06-12 Tunison John Officer (Chief Financial Officer) 2025-06-10 P 1,000 $2.80 $2,800
2025-06-12 Phelan William P Director 2025-06-10 S (10,000) $2.98 -$29,800
2025-06-12 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-06-10 S (3,300) $2.80 -$9,240
2025-06-03 OReilly Mary Jennifer Officer (Chief People Officer) 2025-06-02 S (100) $3.61 -$361
2025-06-03 OReilly Mary Jennifer Officer (Chief People Officer) 2025-06-02 S (100) $3.75 -$375
2025-06-03 OReilly Mary Jennifer Officer (Chief People Officer) 2025-06-02 S (1,400) $3.67 -$5,138
2025-06-03 OReilly Mary Jennifer Officer (Chief People Officer) 2025-06-01 A 73,972 $0
2025-06-03 MICHAELS DAVID C Director 2025-06-01 A 86,512 $0
2025-06-03 Lipman Matthew E. Director 2025-06-01 A 73,972 $0
2025-06-03 Tunison John Officer (Chief Financial Officer) 2025-06-01 A 99,115 $0
2025-06-03 Hirshfield Edward R Director 2025-06-01 A 49,315 $0
2025-06-03 Hirshfield Edward R Director 2025-06-01 A 24,657 $0
2025-06-03 Marusak Thomas J Director 2025-06-01 A 86,512 $0
2025-06-03 Hazelip William Director 2025-06-01 A 73,972 $0
2025-06-03 Belizaire John Director, Officer (Chief Executive Officer) 2025-06-01 A 309,004 $0
2025-06-03 Phelan William P Director 2025-06-01 A 99,115 $0
2025-06-03 TOPOREK MICHAEL Director 2025-06-01 A 744,454 $0
2025-06-03 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-06-01 A 24,414 $0
2025-06-03 Bottomley John Director 2025-06-01 A 73,972 $0
2025-05-22 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-05-22 S (2,851) $0.77 -$2,195
2025-05-22 Thomas Jessica L. Officer (Chief Accounting Officer) 2025-05-22 S (8,000) $0.78 -$6,240
2025-05-22 Marusak Thomas J Director 2025-05-20 S (1,991) $0.80 -$1,593
2025-03-28 TOPOREK MICHAEL Director 2024-11-04 S (20,600) $3.11 -$64,066
2025-03-28 Lipman Matthew E. Director 2024-11-04 S (20,600) $3.11 -$64,066
2025-03-28 TOPOREK MICHAEL Director 2024-11-01 S (31,300) $3.39 -$106,107
2025-03-28 Lipman Matthew E. Director 2024-11-01 S (31,300) $3.39 -$106,107
2025-03-28 TOPOREK MICHAEL Director 2024-10-31 S (8,000) $3.44 -$27,520
2025-03-28 Lipman Matthew E. Director 2024-10-31 S (8,000) $3.44 -$27,520
2024-12-12 TOPOREK MICHAEL Director, 10% Owner 2024-12-11 S (574) $10.00 -$5,740
2024-12-12 MICHAELS DAVID C Director 2024-12-10 S (400) $3.15 -$1,260
2024-12-12 TOPOREK MICHAEL Director, 10% Owner 2024-12-10 S (100) $10.40 -$1,040
2024-12-10 Lipman Matthew E. Director 2024-12-09 S (762) $10.65 -$8,115
2024-12-10 Lipman Matthew E. Director 2024-12-06 S (100) $11.20 -$1,120
2024-12-10 Lipman Matthew E. Director 2024-12-06 S (38) $11.15 -$424
2024-12-09 TOPOREK MICHAEL Director, 10% Owner 2024-12-09 S (208) $10.60 -$2,205
2024-12-09 TOPOREK MICHAEL Director, 10% Owner 2024-12-05 S (12) $11.50 -$138
2024-12-03 Bottomley John Director 2024-12-01 A 36,805 $0
2024-12-03 MICHAELS DAVID C Director 2024-12-01 A 43,044 $0
2024-12-03 Hirshfield Edward R Director 2024-12-01 A 24,537 $0
2024-12-03 Hirshfield Edward R Director 2024-12-01 A 12,268 $0
2024-12-03 Tunison John Officer (Chief Financial Officer) 2024-12-01 A 49,315 $0
2024-12-03 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-12-01 A 12,148 $0
2024-12-03 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-12-01 A 25,000 $0
2024-12-03 Belizaire John Director, Officer (Chief Executive Officer) 2024-12-01 A 153,745 $0
2024-12-03 Hazelip William Director 2024-12-01 A 36,805 $0
2024-12-03 OReilly Mary Jennifer Officer (Chief People Officer) 2024-12-01 A 36,805 $0
2024-12-03 TOPOREK MICHAEL Director 2024-12-01 A 370,402 $0
2024-12-03 Lipman Matthew E. Director 2024-12-01 A 36,805 $0
2024-12-03 Marusak Thomas J Director 2024-12-01 A 43,044 $0
2024-12-03 Phelan William P Director 2024-12-01 A 49,315 $0
2024-11-25 Belizaire John Director, Officer (Chief Executive Officer) 2024-11-21 S (2,053) $3.54 -$7,264
2024-11-21 OReilly Mary Jennifer Officer (Chief People Officer) 2024-11-21 S (2,000) $11.48 -$22,967
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (100) $13.21 -$1,321
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (135) $12.04 -$1,626
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (150) $12.00 -$1,800
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (850) $11.75 -$9,988
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.88 -$11,880
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.76 -$11,758
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.72 -$11,718
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.53 -$11,534
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.89 -$11,890
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,000) $11.74 -$11,735
2024-11-21 Hirshfield Edward R Director 2024-11-19 S (1,506) $11.67 -$17,581
2024-11-21 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-11-19 S (873) $12.71 -$11,093
2024-11-21 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-11-19 S (2,427) $11.72 -$28,434
2024-11-21 OReilly Mary Jennifer Officer (Chief People Officer) 2024-11-19 S (3,000) $11.82 -$35,445
2024-11-12 Lipman Matthew E. Director 2024-11-11 S (9,080) $4.00 -$36,320
2024-11-12 TOPOREK MICHAEL Director 2024-11-11 S (9,080) $4.00 -$36,320
2024-11-12 Lipman Matthew E. Director 2024-11-08 S (21,900) $3.42 -$74,898
2024-11-12 TOPOREK MICHAEL Director 2024-11-08 S (21,900) $3.42 -$74,898
2024-11-07 TOPOREK MICHAEL Director 2024-11-07 S (24,420) $3.59 -$87,668
2024-11-07 Lipman Matthew E. Director 2024-11-07 S (24,420) $3.59 -$87,668
2024-11-07 TOPOREK MICHAEL Director 2024-11-06 S (23,700) $3.56 -$84,372
2024-11-07 Lipman Matthew E. Director 2024-11-06 S (23,700) $3.56 -$84,372
2024-11-07 TOPOREK MICHAEL Director 2024-11-05 S (11,000) $3.23 -$35,530
2024-11-07 Lipman Matthew E. Director 2024-11-05 S (11,000) $3.23 -$35,530
2024-09-04 Bottomley John Director 2024-09-01 A 2,863 $0
2024-09-04 Bottomley John Director 2024-09-01 A 36,397 $0
2024-09-04 Marusak Thomas J Director 2024-09-01 A 3,453 $0
2024-09-04 Marusak Thomas J Director 2024-09-01 A 42,568 $0
2024-09-04 OReilly Mary Jennifer Officer (Chief People Officer) 2024-09-01 A 2,863 $0
2024-09-04 OReilly Mary Jennifer Officer (Chief People Officer) 2024-09-01 A 36,397 $0
2024-09-04 Hirshfield Edward R Director 2024-09-01 A 1,909 $0
2024-09-04 Hirshfield Edward R Director 2024-09-01 A 954 $0
2024-09-04 Hirshfield Edward R Director 2024-09-01 A 24,265 $0
2024-09-04 Hirshfield Edward R Director 2024-09-01 A 12,132 $0
2024-09-04 Lipman Matthew E. Director 2024-09-01 A 2,863 $0
2024-09-04 Lipman Matthew E. Director 2024-09-01 A 36,397 $0
2024-09-04 Hazelip William Director 2024-09-01 A 2,863 $0
2024-09-04 Hazelip William Director 2024-09-01 A 36,397 $0
2024-09-04 Belizaire John Director, Officer (Chief Executive Officer) 2024-09-01 A 18,757 $0
2024-09-04 Belizaire John Director, Officer (Chief Executive Officer) 2024-09-01 A 152,043 $0
2024-09-04 Tunison John Officer (Chief Financial Officer) 2024-09-01 A 4,076 $0
2024-09-04 Tunison John Officer (Chief Financial Officer) 2024-09-01 A 48,769 $0
2024-09-04 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-09-01 A 826 $0
2024-09-04 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-09-01 A 12,012 $0
2024-09-04 TOPOREK MICHAEL Director 2024-09-01 A 73,404 $0
2024-09-04 TOPOREK MICHAEL Director 2024-09-01 A 366,302 $0
2024-09-04 MICHAELS DAVID C Director 2024-09-01 A 3,453 $0
2024-09-04 MICHAELS DAVID C Director 2024-09-01 A 42,568 $0
2024-09-04 Phelan William P Director 2024-09-01 A 4,076 $0
2024-09-04 Phelan William P Director 2024-09-01 A 48,769 $0
2024-06-20 MICHAELS DAVID C Director 2024-06-18 P 9,100 $3.47 $31,577
2024-06-20 Belizaire John Director, Officer (Chief Executive Officer) 2024-06-18 P 9,123 $0
2024-06-05 Phelan William P Director 2024-06-01 A 6,852 $0
2024-06-05 Hazelip William Director 2024-06-01 A 5,114 $0
2024-06-05 Tunison John Officer (Chief Financial Officer) 2024-06-01 A 6,852 $0
2024-06-05 Thomas Jessica L. Officer (Chief Accounting Officer) 2024-06-01 A 1,688 $0
2024-06-05 Bottomley John Director 2024-06-01 A 5,114 $0
2024-06-05 TOPOREK MICHAEL Director 2024-06-01 A 51,464 $0
2024-06-05 Hirshfield Edward R Director 2024-06-01 A 3,409 $0
2024-06-05 Hirshfield Edward R Director 2024-06-01 A 1,705 $0
2024-06-05 OReilly Mary Jennifer Officer (Chief People Officer) 2024-06-01 A 5,114 $0
2024-06-05 Belizaire John Director, Officer (Chief Executive Officer) 2024-06-01 A 21,361 $0
2024-06-05 Marusak Thomas J Director 2024-06-01 A 5,981 $0
2024-06-05 MICHAELS DAVID C Director 2024-06-01 A 5,981 $0
2024-06-05 Lipman Matthew E. Director 2024-06-01 A 5,114 $0