SLNHHIGH SIGNALFINANCIAL10-K

SLNH underwent a massive equity recapitalization with outstanding shares increasing 792% while achieving operational turnaround from negative to positive gross margins.

The dramatic increase from 12.5M to 111.4M shares outstanding indicates either a major equity raise or significant dilutive event that funded the company's expansion. The shift from negative $12.5M to positive $53.5M stockholders' equity, combined with the gross profit turnaround, suggests successful capital deployment despite the dilution.

Comparing 2026-03-30 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

SLNH executed a major growth phase with revenue increasing 80.5% to $38.0M and achieving positive gross profit of $1.8M after previously posting negative $23.7M gross profit. Current assets surged 583% to $92.1M while total assets doubled to $187.9M, funded by increased debt and likely equity raises, though cash declined 76% to $462K. The tripling of capital expenditures to $28.1M and worsening operating cash flow to negative $9.1M indicates heavy investment in growth infrastructure, creating a mixed picture of operational improvement but continued cash burn.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+582.7%
$13.5M→$92.1M

Current assets grew 582.7% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+529.1%
-$12.5M→$53.5M

Equity base grew 529.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
+206.4%
$9.2M→$28.1M

Capital expenditure jumped 206.4% — major investment cycle underway; assess returns on deployment.

Total Debt
Balance Sheet
+153.5%
$7.1M→$17.9M

Debt increased 153.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Assets
Balance Sheet
+113.5%
$88.0M→$187.9M

Asset base grew 113.5% — expansion through organic growth, acquisitions, or capital deployment.

Gross Profit
P&L
+107.6%
-$23.7M→$1.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
+105.1%
$2.7M→$5.5M

Receivables surged 105.1% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Revenue
P&L
+80.5%
$21.1M→$38.0M

Strong top-line growth of 80.5% — accelerating demand or successful expansion into new markets.

Operating Cash Flow
Cash Flow
-80.5%
-$5.1M→-$9.1M

Operating cash flow fell 80.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Cash & Equivalents
Balance Sheet
-76%
$1.9M→$462K

Cash declined 76% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

LANGUAGE CHANGES
NEW — 2026-03-30
PRIOR — 2025-03-31
ADDED
As of March 20, 2026, the Registrant had 111,381,064 shares of common stock outstanding.
We develop, own, and operate digital infrastructure for energy-intensive computing applications by colocating data centers with renewable energy power plants.
Renewable Computing is designed to address two converging market conditions: increasing curtailment of renewable energy generation and growing demand for power-intensive computing applications, including artificial intelligence ( AI ), high-performance computing ( HPC ), and Bitcoin mining.
By locating our data centers near renewable generation assets, we seek to convert underutilized energy into economically productive computing capacity.
We utilize two distinct data center designs to serve different computing markets.
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REMOVED
As of March 20, 2025, the Registrant had 12,486,512 shares of common stock outstanding.
Form 10-K Summary 90 2 Glossary of Abbreviations and Acronyms for Selected References The following list defines various abbreviations and acronyms used throughout this Annual Report on Form 10-K (this Annual Report ), including the Business Section, the Management s Discussion and Analysis of Financial Condition and Results of Operations, the Consolidated Financial Statements, the Notes to Consolidated Financial Statements and the Financial Statement Schedules.
3 Graphics Processing Unit ( GPU )- as-a Service : The sale of GPU clusters, ranging from bare metal to turnkey solutions, which may be either owned by the Company, or leased from another company and that are housed within data centers which may be owned by the Company or leased from another company, typically on a per GPU-hour basis, either on a reserved or on demand basis.
5 PART I Item 1: Business Unless the context requires otherwise in this Annual Report, the terms SHI, Soluna, the Company, we, us, and our refer to Soluna Holdings, Inc.
We develop and operate digital infrastructure that taps into a growing global opportunity: the convergence of renewable energy and High-Performance Computing (HPC).
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