Soluna Holdings, Inc
Sector: Finance ServicesIndustry: Hardware, Equipment & PartsCountry: USExchange: Nasdaq
DilutionScan read 64 of Soluna Holdings, Inc's SEC filings and found 16 warrant series, 3 convertibles, 1 ATM program, 2 equity lines, 5 shelf registrations, 4 S-1 registrations and 2 completed offerings on file for SLNH. The latest dilution event on file is ATM sales on Aug 13, 2026. Analysis updated Oct 22, 2026.
Signal8 Summary
SLNH
Aggressive expansion with heavy losses
Snapshot
Soluna is a small-cap developer of modular data centers for cryptocurrency mining and AI, currently in a heavy investment phase. FY 2025 revenue was $29.7 million, down 21.8% from the prior year, while the company reported a net loss of $53.4 million. The losses are driven by aggressive expansion, including $28.1 million in capital expenditures and $30.5 million in selling, general, and administrative expenses. Despite the headline losses, the business is generating sequential revenue growth, with Q1 2026 revenue up 58% year-over-year.
What's Happening Right Now
- : Soluna regained compliance with Nasdaq listing requirements, removing the immediate threat of delisting that had weighed on the stock.
- : The company signed a definitive joint venture agreement with Metrobloks for Project Kati 2, a 350 MW AI and high-performance computing facility.
- : Soluna acquired full ownership of Project Dorothy 1B for $8.8 million, completing equity consolidation of the Dorothy 1 campus.
- : Q1 2026 revenue grew 58% year-over-year to $9.4 million, marking the fourth consecutive quarter of sequential growth.
- : Soluna closed the acquisition of the 150 MW Briscoe Wind Farm for $53 million to vertically integrate power for its data centers.
