Soluna (SLNH)
Market Price (12/4/2025): $1.835 | Market Cap: $27.5 MilSector: Financials | Industry: Diversified Capital Markets
Soluna (SLNH)
Market Price (12/4/2025): $1.835Market Cap: $27.5 MilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% | Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -163% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -106% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Artificial Intelligence, and Crypto & Blockchain. Themes include Battery Storage & Grid Modernization, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 158% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 189% | ||
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -36% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -94% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -724% | ||
| High stock price volatilityVol 12M is 195% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -47% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Artificial Intelligence, and Crypto & Blockchain. Themes include Battery Storage & Grid Modernization, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -95%, 3Y Excs Rtn is -163% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -106% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 158% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 189% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -27%, Rev Chg QQuarterly Revenue Change % is -36% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -94% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -724% |
| High stock price volatilityVol 12M is 195% |
Valuation, Metrics & Events
SLNH Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points explaining Soluna's (SLNH) stock movement from approximately August 31, 2025, to today:
1. Significant Q3 2025 Financial Growth: Soluna reported a 37% sequential increase in revenue for the third quarter ended September 30, 2025. The company's gross profit rose to 28%, and cash reserves swelled to a record $60 million, indicating strengthened financial performance.
2. Substantial Capital Infusion and Improved Capital Structure: Soluna secured a scalable credit facility of up to $100 million from Generate Capital, with an initial $12.6 million drawn in September 2025 to finance projects and construction. Additionally, $20 million was secured from Spring Lane Capital to launch Project Kati 1.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SLNH Return | -4% | 1581% | -98% | -39% | -48% | -25% | -91% |
| Peers Return | -1% | 0% | 0% | 0% | 0% | -19% | -19% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| SLNH Win Rate | 25% | 42% | 25% | 42% | 25% | 40% | |
| Peers Win Rate | 2% | 0% | 0% | 0% | 0% | 22% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| SLNH Max Drawdown | -16% | 0% | -98% | -64% | -62% | -81% | |
| Peers Max Drawdown | -1% | 0% | 0% | 0% | 0% | -19% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: ABTC, FIGR, GEMI, MIAX, STKE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | SLNH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -99.4% | -25.4% |
| % Gain to Breakeven | 17709.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -43.4% | -33.9% |
| % Gain to Breakeven | 76.8% | 51.3% |
| Time to Breakeven | 365 days | 148 days |
| 2018 Correction | ||
| % Loss | -47.2% | -19.8% |
| % Gain to Breakeven | 89.4% | 24.7% |
| Time to Breakeven | 505 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -78.8% | -56.8% |
| % Gain to Breakeven | 372.5% | 131.3% |
| Time to Breakeven | 4330 days | 1480 days |
Compare to ABTC, FIGR, GEMI, MIAX, STKE
In The Past
Soluna's stock fell -99.4% during the 2022 Inflation Shock from a high on 11/15/2021. A -99.4% loss requires a 17709.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to SLNH. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.4% | 3.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 9.5% | 9.5% | 0.0% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.1% | 0.1% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.1% | -0.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -7.7% | -7.7% | -11.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Soluna
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.71 |
| Mkt Cap | 0.0 |
| Rev LTM | 28 |
| Op Inc LTM | 1 |
| FCF LTM | -26 |
| FCF 3Y Avg | -22 |
| CFO LTM | -3 |
| CFO 3Y Avg | -3 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 23.0% |
| Rev Chg Q | 22.9% |
| QoQ Delta Rev Chg LTM | 5.1% |
| Op Mgn LTM | 4.7% |
| Op Mgn 3Y Avg | -57.9% |
| QoQ Delta Op Mgn LTM | -21.2% |
| CFO/Rev LTM | -10.3% |
| CFO/Rev 3Y Avg | -13.2% |
| FCF/Rev LTM | -94.1% |
| FCF/Rev 3Y Avg | -53.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.0 |
| P/S | 0.3 |
| P/EBIT | -0.1 |
| P/E | -0.1 |
| P/CFO | -3.0 |
| Total Yield | -719.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -304.9% |
| D/E | 2.7 |
| Net D/E | 1.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -27.5% |
| 3M Rtn | -21.9% |
| 6M Rtn | 47.9% |
| 12M Rtn | -69.0% |
| 3Y Rtn | -92.2% |
| 1M Excs Rtn | -27.4% |
| 3M Excs Rtn | -23.7% |
| 6M Excs Rtn | 33.2% |
| 12M Excs Rtn | -84.5% |
| 3Y Excs Rtn | -164.8% |
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 6302025 | 8142025 | 10-Q 6/30/2025 |
| 3312025 | 5152025 | 10-Q 3/31/2025 |
| 12312024 | 3312025 | 10-K 12/31/2024 |
| 9302024 | 11142024 | 10-Q 9/30/2024 |
| 6302024 | 8142024 | 10-Q 6/30/2024 |
| 3312024 | 5152024 | 10-Q 3/31/2024 |
| 12312023 | 4012024 | 10-K 12/31/2023 |
| 9302023 | 11142023 | 10-Q 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5152023 | 10-Q 3/31/2023 |
| 12312022 | 3312023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 8152022 | 10-Q 6/30/2022 |
| 3312022 | 5162022 | 10-Q 3/31/2022 |
| 12312021 | 3312022 | 10-K 12/31/2021 |
| 9302021 | 11122021 | 10-Q 9/30/2021 |
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