# SOLUNA HOLDINGS, INC. (SLNH) · Edgar & Edgarette company card

> Soluna Holdings (SLNH) saw revenue fall 21.8% in FY2025 to $30 million, operating margin -113% against a -6.4% median for finance services, equity 28.5% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 64463 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SLNH) · [JSON](https://www.pops4.com/boards/company/SLNH.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $30M |
| Revenue growth, 1 year | -21.8% |
| Revenue growth per year | 20.0% |
| Operating margin | -113.3% (prior year -125.0%) |
| Net margin | -191.8% |
| Operating cash flow | −$9M |
| Capital spending | $28M |
| Free cash flow | −$37M |
| Cash | — |
| Long-term debt | $27M |
| Total assets | $188M |
| Total equity | $54M |
| Equity ÷ assets | 28.5% |
| Return on equity | -106.4% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 4 of 9 (middling)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; slow and jumpy: growing slower than its size class, with revenue that swings more; operating cash flow was negative; operating loss: a margin of -113.3% in FY2025; revenue is hard to predict: its 80% range is ±69%
- Cash Compass: In between · no clear cash pattern yet

## Edgarette's reading

Exposure: revenue $29.7M (FY2025), total debt $26.8M. Experience: revenue down 21.8% on the year, up 20.0% a year over 4 years; operating margin -113.3%, up from -125.0%. Soundness: equity 28.5% of assets, return on equity -106.4%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $11.3M and $61.0M next year (method v4.1: its own 4-year record of growth weighed at 50% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $10.1M to $68.7M. A statistical range, not company guidance. Against peers (36 filers, $50M+ revenue, finance services): operating margin -113.3% against a -6.4% median; growth -21.8% against 16.8%.

Range logged 2026-09-27, receipt 1486fd3c2f1bb278, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-04-15 ([filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226016620/0001493152-26-016620-index.htm))
- Item 4.01 Auditor change: 1, latest 2026-03-31 ([filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226013710/0001493152-26-013710-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-07-24 ([filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226034600/0001493152-26-034600-index.htm))

## Recent filings

- 8-K · filed 2026-10-26 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226048420/0001493152-26-048420-index.htm)
- 8-K · filed 2026-10-21 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226047930/0001493152-26-047930-index.htm)
- 8-K · filed 2026-10-21 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226047846/0001493152-26-047846-index.htm)
- 8-K · filed 2026-10-20 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226047705/0001493152-26-047705-index.htm)
- 8-K · filed 2026-10-19 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226047604/0001493152-26-047604-index.htm)
- 8-K · filed 2026-09-28 · 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/64463/000149315226044444/0001493152-26-044444-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000064463.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=64463

## Cite

POPS4, Edgar & Edgarette: SOLUNA HOLDINGS, INC. (SLNH) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/SLNH. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.