Soluna Holdings Inc 9.0% Series A Cumulative Perpetual Preferred Stock (SLNHP)

FairStock Score: 42/100 — MIXED

Key Financials

AI Analysis

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

As a Buffett/Graham investor, I begin with business quality. Soluna is a crypto-mining and data-center operator, classified here as Financial Services/Capital Markets. It has lost money in each of the last four years: FY2023 net income was -$29.2M, FY2024 -$63.3M, and FY2025 -$53.4M. In fiscal Q2 2026, revenue was $15.1M, but net income was -$20.7M, a -137.5% margin. Fiscal Q1 2026 lost $17.5M on $9.4M of revenue. FY2025 revenue of $29.7M was below FY2024's $38.0M, even though the supplied figures show 11.3% revenue growth and 63.7% profit growth. Those growth numbers do not make the profits positive. Returns and valuation are weak. ROE is -68.36%, ROCE -17.31%, EPS -$1.16, and P/E -9.91, which is meaningless with negative earnings. At the 2026-10-13 close of $11.50, the supplied P/B is 16.43. D/E of 0.19 is not high on its face, but continuing losses consume capital. Piotroski is 5/9, FairStock Score 42/100, and the Lynch category is none because of four straight loss years. Beta of 5.09 signals extreme volatility. For SLNHP, the 9.0% cumulative preferred coupon is appealing only if the issuer can cover it. No dividend yield, coverage, par, call schedule, or arrearage data is provided. I also lack bank-specific measures like CET1, NIM, and combined ratio, though this is not a bank. The preferred ranks ahead of common, but it remains a claim on a loss-making enterprise. I see no margin of safety in these figures.

In plain English: Soluna runs data centers used for cryptocurrency mining and hosting. It has lost money for years, including a large loss in the latest quarter, so the business looks weak. At $11.50, the preferred stock looks expensive compared with the company's losses and its small accounting value, and the 9% payment depends on the company's ability to pay.

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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