Soluna Holdings, Inc
SLNH, SLNHP · Finance Services · 157.7M shares · -24%/yr ↓ buyback · EDGAR filings ↗
Reference price $11.00 · est. market cap ~$1.7B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D40Soluna Holdings — crypto-mining/data-center developer with deep losses.
Strengths
- Adequate near-term current ratio
Risks
- Net margin -180%, ROE -100% (16th pct)
- Crypto-price and energy-cost dependence
- Capital-need / dilution risk
Notable findings
- Cash burnNegative free cash flow (-37.2M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -179.7%)
- Auditor changeRecent 8-K item 4.01 8-K ↗
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$163,200, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -24%/yr over 4y
- Insider sellingInsider selling — 11 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, ~$403,642, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
6.1%
Operating margin
-113.3%
Net margin
-179.7%
Return on equity
-99.7%
Return on assets
-28.4%
ROIC
-37.2%
Revenue growth (QoQ)
2.0%
Debt / equity
0.3×
Current ratio
1.9×
Free cash flow
-$37M
EBITDA
-$24M
Tangible book value
$45M
Stock comp / revenue
35.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Phelan William P | Sell | 3.1K | $11.00 |
| 2026-06-18 | Phelan William P | Sell | 4.8K | $11.00 |
| 2026-06-17 | Phelan William P | Sell | 10K | $10.75 |
| 2026-06-15 | Thomas Jessica L. | Sell | 4.8K | $1.70 |
| 2026-06-11 | OReilly Mary Jennifer | Sell | 1.1K | $11.10 |
| 2026-06-10 | Thomas Jessica L. | Sell | 2.5K | $10.90 |
| 2026-06-10 | OReilly Mary Jennifer | Sell | 5.7K | $10.80 |
| 2026-06-08 | OReilly Mary Jennifer | Sell | 6.6K | $10.80 |
| 2026-06-01 | Belizaire John | Grant | 3.0M | — |
| 2026-06-01 | OReilly Mary Jennifer | Grant | 726K | — |
| 2026-06-01 | Marusak Thomas J | Grant | 850K | — |
| 2026-06-01 | MICHAELS DAVID C | Grant | 850K | — |
| 2026-06-01 | Phelan William P | Grant | 973K | — |
| 2026-06-01 | Belizaire John | Sell | 1.0K | $10.40 |
| 2026-06-01 | Belizaire John | Tax withheld | 59K | $1.67 |
| 2026-06-01 | TOPOREK MICHAEL | Grant | 7.3M | — |
| 2026-06-01 | Hazelip William | Grant | 726K | — |
| 2026-06-01 | Bottomley John | Grant | 726K | — |
| 2026-06-01 | Bottomley John | Sell | 1.0K | $10.00 |
| 2026-06-01 | Thomas Jessica L. | Grant | 726K | — |
| 2026-06-01 | Lipman Matthew E. | Grant | 726K | — |
| 2026-06-01 | Hirshfield Edward R | Grant | 726K | — |
| 2026-05-21 | PICCHI MICHAEL | Buy | 100K | $1.63 |
| 2026-04-06 | Belizaire John | Sell | 1.0K | $7.25 |
| 2026-01-01 | Thomas Jessica L. | Grant | 460K | — |
| 2025-12-16 | Phelan William P | Sell | 1.3K | $1.41 |
| 2025-12-12 | MICHAELS DAVID C | Sell | 5.7K | $9.26 |
| 2025-12-12 | MICHAELS DAVID C | Sell | 1.0K | $2.19 |
| 2025-12-12 | Hirshfield Edward R | Sell | 2.0K | $9.76 |
| 2025-12-11 | Hirshfield Edward R | Sell | 741 | $9.90 |
| 2025-12-11 | Phelan William P | Sell | 3.7K | $9.52 |
| 2025-12-10 | Phelan William P | Sell | 7.0K | $9.58 |
| 2025-12-10 | Hirshfield Edward R | Sell | 2.0K | $9.70 |
| 2025-12-01 | Thomas Jessica L. | Grant | 226K | — |
| 2025-12-01 | Belizaire John | Tax withheld | 21K | $1.63 |
| 2025-12-01 | Belizaire John | Grant | 2.9M | — |
| 2025-12-01 | Thomas Jessica L. | Tax withheld | 3.4K | $1.63 |
| 2025-12-01 | TOPOREK MICHAEL | Grant | 6.9M | — |
| 2025-12-01 | Thomas Jessica L. | Grant | 226K | — |
| 2025-12-01 | Phelan William P | Grant | 918K | — |
| 2025-12-01 | OReilly Mary Jennifer | Grant | 685K | — |
| 2025-12-01 | MICHAELS DAVID C | Grant | 801K | — |
| 2025-12-01 | Marusak Thomas J | Grant | 801K | — |
| 2025-12-01 | Lipman Matthew E. | Grant | 685K | — |
| 2025-12-01 | Hirshfield Edward R | Grant | 685K | — |
| 2025-12-01 | Hazelip William | Grant | 685K | — |
| 2025-12-01 | Budzyn Agnieszka Teresa | Grant | 350K | — |
| 2025-12-01 | Bottomley John | Grant | 685K | — |
| 2025-12-01 | Belizaire John | Grant | 2.9M | — |
| 2025-11-28 | Hirshfield Edward R | Sell | 1.0K | $8.75 |
| 2025-11-24 | Hirshfield Edward R | Sell | 1.0K | $8.00 |
| 2025-11-21 | Belizaire John | Sell | 4.9K | $1.44 |
| 2025-11-21 | Hirshfield Edward R | Sell | 100 | $7.45 |
| 2025-11-21 | Hirshfield Edward R | Sell | 1.9K | $7.18 |
| 2025-11-21 | Belizaire John | Sell | 4.3K | $1.45 |
| 2025-11-21 | Phelan William P | Gift | 36K | — |
| 2025-11-20 | Phelan William P | Sell | 500 | $7.80 |
| 2025-11-19 | Phelan William P | Sell | 100 | $7.58 |
| 2025-10-15 | Budzyn Agnieszka Teresa | Grant | 135K | — |
| 2025-09-01 | Hazelip William | Grant | 100K | — |
| 2025-09-01 | Bottomley John | Grant | 100K | — |
| 2025-09-01 | Belizaire John | Grant | 416K | — |
| 2025-09-01 | TOPOREK MICHAEL | Grant | 1.0M | — |
| 2025-09-01 | Thomas Jessica L. | Grant | 33K | — |
| 2025-09-01 | Phelan William P | Grant | 134K | — |
| 2025-09-01 | OReilly Mary Jennifer | Grant | 100K | — |
| 2025-09-01 | MICHAELS DAVID C | Grant | 117K | — |
| 2025-09-01 | Marusak Thomas J | Grant | 117K | — |
| 2025-09-01 | Lipman Matthew E. | Grant | 100K | — |
| 2025-09-01 | Hirshfield Edward R | Grant | 66K | — |
| 2025-09-01 | Hirshfield Edward R | Grant | 33K | — |
| 2025-06-12 | Tunison John | Buy | 1.0K | $2.48 |
| 2025-06-11 | Phelan William P | Sell | 3.4K | $2.80 |
| 2025-06-10 | Tunison John | Buy | 1.0K | $2.80 |
| 2025-06-10 | Phelan William P | Sell | 10K | $2.98 |
| 2025-06-10 | Thomas Jessica L. | Sell | 3.3K | $2.80 |
| 2025-06-02 | OReilly Mary Jennifer | Sell | 1.4K | $3.67 |
| 2025-06-02 | OReilly Mary Jennifer | Sell | 100 | $3.61 |
| 2025-06-02 | OReilly Mary Jennifer | Sell | 100 | $3.75 |
| 2025-06-01 | Thomas Jessica L. | Grant | 24K | — |
| 2025-06-01 | OReilly Mary Jennifer | Grant | 74K | — |
| 2025-06-01 | Belizaire John | Grant | 309K | — |
| 2025-06-01 | TOPOREK MICHAEL | Grant | 744K | — |
| 2025-06-01 | Phelan William P | Grant | 99K | — |
| 2025-06-01 | Tunison John | Grant | 99K | — |
| 2025-06-01 | MICHAELS DAVID C | Grant | 87K | — |
| 2025-06-01 | Marusak Thomas J | Grant | 87K | — |
| 2025-06-01 | Lipman Matthew E. | Grant | 74K | — |
| 2025-06-01 | Hirshfield Edward R | Grant | 49K | — |
| 2025-06-01 | Hirshfield Edward R | Grant | 25K | — |
| 2025-06-01 | Hazelip William | Grant | 74K | — |
| 2025-06-01 | Bottomley John | Grant | 74K | — |
| 2025-05-22 | Thomas Jessica L. | Sell | 8.0K | $0.78 |
| 2025-05-22 | Thomas Jessica L. | Sell | 2.9K | $0.77 |
| 2025-05-20 | Marusak Thomas J | Sell | 2.0K | $0.80 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (0)
Suppliers (4)
- Coinbase
- Cormint Data Systems
- Metrobloks, LLC
- Siemens
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-25 | 2026-06-23 | 0001493152-26-030026 ↗ |
| 8-K/A | 2026-06-17 | 2026-04-01 | 0001493152-26-028986 ↗ |
| 8-K | 2026-06-09 | 2026-06-03 | 0001493152-26-027852 ↗ |
| 8-K | 2026-05-20 | 2026-05-19 | 0001493152-26-024511 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001493152-26-024060 ↗ |
| 10-Q | 2026-05-15 | 2026-03-31 | 0001628280-26-035538 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001493152-26-021610 ↗ |
| 8-K | 2026-05-01 | 2026-04-30 | 0001493152-26-020814 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001493152-26-019241 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001493152-26-018192 ↗ |
| 8-K | 2026-04-17 | 2026-04-15 | 0001493152-26-017877 ↗ |
| 8-K | 2026-04-16 | 2026-04-16 | 0001493152-26-016971 ↗ |