Soluna Holdings, Inc. is an enterprise based in Albany, New York, that specializes in developing and constructing modular data centers specifically tailored ...
Soluna Holdings, Inc. (NASDAQ: SLNH) is a technology company headquartered in Albany, New York, that specializes in developing and operating modular data centers powered by stranded renewable energy. The company was originally founded in 1961 as Mechanical Technology Inc. and rebranded to Soluna Holdings in November 2021, reflecting its new ...Soluna Holdings, Inc. (NASDAQ: SLNH) is a technology company headquartered in Albany, New York, that specializes in developing and operating modular data centers powered by stranded renewable energy. The company was originally founded in 1961 as Mechanical Technology Inc. and rebranded to Soluna Holdings in November 2021, reflecting its new focus on sustainable computing. Under the leadership of CEO John Belizaire, who is also a co-founder of Soluna Computing, the company aims to make renewable energy a global superpower by transforming wasted wind, solar, and hydro energy into valuable computing resources.
Soluna operates through three main segments: cryptocurrency mining, data center development, and high-performance computing services. Its flagship projects, such as Project Kati, are designed to deliver hundreds of megawatts of clean computing capacity, with phases coming online incrementally. In 2024, Soluna achieved significant growth, reporting over 80% revenue increase to $38 million and reaching positive cash flow from its Bitcoin mining operations. The company's business model addresses the challenge of renewable energy curtailment, where excess energy would otherwise be wasted, by using it to power energy-intensive computing tasks.
Soluna's product offerings include colocation services for AI and machine learning workloads, Bitcoin mining infrastructure, and turnkey data center solutions. The company's financials show a market cap of approximately $183 million, with a beta of 5.116, indicating high volatility. Despite negative profitability metrics in the trailing twelve months, the company is investing heavily in capital expenditures to expand its capacity. Key personnel include CEO John Belizaire, David C. Michaels as Assistant Chairman of the Board, and Michael Toporek in a leadership role. With a small team of about 52 employees, Soluna leverages partnerships and strategic alliances to scale its operations. Looking ahead, the company is focused on expanding its renewable computing footprint and capitalizing on the growing demand for sustainable AI and blockchain infrastructure.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$29.7M
-21.8%
+60.3%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-53.4M
+15.7%
-18.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+21.7%
-64.0%
+198.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-113.3%
+9.4%
+36.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-179.7%
-7.9%
+26.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-37.2M
-101.7%
+5.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-125.2%
-158.1%
+41.3%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
53.3%
+130.5%
-56.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.87x
+564.4%
+17.7%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, everyone. Thank you for joining us, and welcome to the Soluna Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Mike Tu, Vice President of Finance. Mike, please go ahead.
Michael Tu: Good afternoon, and thank you for joining Soluna's Second Quarter 2026 Earnings Call. Our earnings release and the accompanying presentation are available in the Investor Relations section of solunacomputing.com, and this call is being webcast with the presentation. With me today are John Belizaire, Chief Executive Officer; Ryan Carver, Chief Development Officer; and Michael Picchi, Chief Financial Officer. Before management begins their formal remarks, we would like to remind everyone that some statements we're making today may be considered forward-looking statements under securities laws and involve a number of risks and uncertainties. As a result, we caution you that there are a number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in the forward-looking statements. For more detailed risks, uncertainties, and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. We will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully as you consider these metrics. We refer you to our filings with the Securities and Exchange Commission for detailed disclosures and descriptions of our business, as well as uncertainties and other variable circumstances, including, but not limited to, risks and uncertainties identified under the caption Risk Factors in our annual report on Form 10-K for the year ended December 31, 2025, and our other SEC filings. One note before we begin, effective this quarter, we changed the presentation of pass-through electricity costs from a net basis to a gross basis. That change increases both reported revenue and reported cost of revenue by the same amount and thus has no effect on gross profit, operating loss or net loss. Every effective slide is footnoted, and Mike will walk through the mechanics. With that, I'll turn it over to John.
John Belizaire: Thanks, Mike Tu. Hello, and welcome to Soluna's second quarter results and business update. This is our first quarterly earnings webcast, and we're glad to have you all here. Let me start with the thesis because everything else today sits underneath it. Power is the primary constraint in the AI era -- not chips, not capital -- power and how quickly you can reach it. Soluna has secured long-term …
