SLNHHIGH SIGNALFINANCIAL10-K

SLNH underwent a dramatic business transformation to renewable energy-powered data centers while experiencing severe cash depletion and substantially higher revenue growth.

The company has pivoted from its previous business model to focus exclusively on "Renewable Computing" - colocating data centers with renewable energy plants for AI, HPC, and Bitcoin mining applications. This represents a fundamental strategic shift that completely redefines the company's market positioning and risk profile. The massive increase in outstanding shares (from 12.5M to 111.4M) suggests significant equity dilution, likely to fund this transformation.

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

Despite revenue growing substantially to $38.0M, SLNH's financial position deteriorated markedly with cash plummeting 76% to just $462K while liabilities increased to $75.7M. Operating cash flow worsened meaningfully to -$9.1M, indicating the company is burning through cash despite higher revenues. While operating losses improved modestly and the company reduced net losses, the severe cash depletion combined with negative cash generation creates immediate liquidity concerns for this transforming business.

FINANCIAL STATEMENT CHANGES
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.

SG&A Expense
P&L
+42.3%
$28.2M→$40.1M

SG&A up 42.3% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Operating Income
P&L
+29.1%
-$47.5M→-$33.7M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Total Liabilities
Balance Sheet
+24.8%
$60.7M→$75.7M

Liabilities increased 24.8% — monitor debt-to-equity ratio and interest coverage.

Net Income
P&L
+15.7%
-$63.3M→-$53.4M

Net income grew 15.7% — bottom-line growth signals improving overall business health.

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.
+7 more — sign up free →
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).
+7 more — sign up free →
MORE FINANCIAL SIGNALS
CRMHIGHSalesforce significantly increased debt by 71% to $14.4B while simultaneously ac...
2026-03-02
UNHHIGHUNH's operating income plummeted 41% despite 12% revenue growth, indicating seve...
2026-03-02
PFEHIGHPfizer achieved a dramatic 87.3% reduction in total debt from $31.4B to $4.0B, r...
2026-02-26
GILDHIGHGILD dramatically increased R&D spending by 81.5% to $9.1B while introducing new...
2026-02-24
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →