Soluna Holdings Inc Dossier
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SectorInformation Technology IndustrySystems Software Beta (adjusted)3.72 Intrinsic Value Insufficient data for a value estimateNot enough reliable inputs to publish a fair value for this company yet. Market Price $1.06Price as of 1 Oct 2026 Data confidenceNot applicable Market Cap $259.3M Enterprise Value $223.8M Shares Outstanding 244.6M diluted Next Earnings Date16 Nov 2026 Last ex-dividend21 Mar 2019 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Soluna Holdings, Inc. (SLNH) is executing a strategic transition from a pure-play proprietary Bitcoin miner to a green digital infrastructure developer, leveraging curtailed renewable energy to power high-performance computing (HPC) and AI workloads. While the company has demonstrated impressive top-line growth (Q1 2026 revenue up 58% YoY to $9.4M) driven by its data hosting segment, it remains deeply unprofitable with a net loss of $17.9M in Q1 2026. High general and administrative expenses, particularly stock-based compensation ($10.2M in Q1 2026), and substantial capital requirements for its 4.3 GW development pipeline present significant dilution and execution risks. Consequently, a Hold recommendation is warranted until the company demonstrates a clear path to positive Adjusted EBITDA and sustainable self-funded growth. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$4.00 Mean target$4.00 High · most bullish analyst$4.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 20 Jun 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case materializes if project execution delays plague the Kati and Dorothy sites, or if hashprice compression severely impacts hosting customer margins, leading to contract defaults. Continued heavy reliance on dilutive equity issuance to fund capital expenditures, combined with persistent negative Adjusted EBITDA, could depress the stock price significantly. Base CaseCentral scenario The base case assumes Soluna successfully energizes its Kati 1 facility and continues to scale its hosting partnerships (e.g., Blockware, Metrobloks). Revenue grows steadily as the company transitions to a hosting-heavy mix, offsetting proprietary mining volatility. However, G&A expenses remain elevated, and ongoing capital raises under the Standby Equity Purchase Agreement (SEPA) lead to moderate shareholder dilution, keeping the stock range-bound. Bull CaseUpside scenario Soluna's transition to a vertically integrated model (owning both the 150 MW Briscoe Wind Farm and the co-located Project Dorothy data centers) eliminates PPA dependency, secures low-cost power, and accelerates the development of high-margin AI/HPC campuses like Dorothy 3 and Project Kati 2. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |