Soluna Holdings Inc. Common Stock (SLNH)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a financial-sector company, but the actual business is crypto mining and data-center hosting. The reported figures tell a difficult story. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $15.1 million and net income was -$20.7 million. Fiscal Q1 2026, ended 2026-03-31, had revenue of $9.4 million and net income of -$17.5 million. For fiscal 2025, revenue was $29.7 million and net income was -$53.4 million; fiscal 2024 revenue was $38.0 million with net income of -$63.3 million. Revenue is growing sequentially, but losses remain severe. The FairStock calculations show a -68.36% return on equity, a -17.31% return on capital employed, and a Piotroski F-score of 5/9. The Lynch category is 'none' because the company has lost money in each of the last four years. At the 2026-10-13 close of $0.79, the price-to-book ratio is 1.13, so the market values it just above book value, while the P/E of -1.14 simply reflects losses. Debt-to-equity of 0.19 is not alarming, but the balance sheet is small relative to the losses. A true moat is hard to identify: crypto mining and data-center hosting are competitive and capital-intensive, and a beta of 5.09 signals extreme price volatility. The sector framework asks for CET1, net interest margin, or combined ratio, but none are in the data. Without durable profits, book value can be a moving target. I would need evidence of sustainable positive earnings before calling this a sound value proposition.

In plain English: Soluna runs data centers and crypto mining operations. The business is still losing money, with steep losses in recent quarters, so it looks weak rather than strong. At $0.79 on 2026-10-13, it trades a little above the value of its net assets on its books, which does not look clearly cheap given the losses.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q4 2025 10-Q (period ended 2025-12-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer