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Soluna Holdings (SLNH) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Soluna Holdings (SLNH) Q2 2026 earnings results →
Q2 2026 Revenue up 145% year over year to $15.1M · 150¢ of every $1 of revenue lost · operating margin -112.5%
Soluna Holdings made $15.1M in Q2 2026 (+145% Y/Y): External Customers $14.7M, Demand response service revenue $321K. Operating margin -112.5%, net loss $22.6M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $15.1M in Q2 2026, up 145% year over year and up 60% from the previous quarter. Data hosting revenue was the largest line at 84% of revenue. Data hosting revenue added $9.5M year over year (up 303%), 107% of the total change. Cryptocurrency mining revenue declined 40%.
Operating costs exceeded revenue by $16.9M, an operating margin of -112.5%. The quarter ended with a net loss of $22.6M, wider than the previous quarter's $17.9M loss. Minority interests bore $1.9M of it: to shareholders the quarter was a loss of $20.7M.
Operating cash flow was −$5.2M. Non-cash charges added back $2.4M of depreciation and amortization and $9.5M of share-based compensation. Working capital and other items added $5.6M. Capital expenditures of $6.9M exceeded it, leaving free cash flow of −$12.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $15.1M | +145% | -112.5% | −$22.6M | −$5.2M |
| Q1 2026 | 10-Q | May 15, 2026 | $9.4M | +58% | -177.0% | −$17.9M | −$6.4M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $8.4M | +12% | -92.5% | −$25.8M | −$2.2M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $6.2M | -36% | -107.6% | −$7.8M | −$1.1M |
| Q1 2025 | 10-Q | May 15, 2025 | $5.9M | -53% | -120.9% | −$7.4M | −$177K |
| Q4 2024 | 10-K | Mar 31, 2025 | $8.3M | -18% | -426.0% | −$38.5M | −$1.7M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Soluna Holdings
Unless the context requires otherwise in this Annual Report, the terms “SHI,” “Soluna,” the “Company,” “we,” “us,” and “our” refer to Soluna Holdings, Inc. together with its consolidated subsidiaries, “SDI” refers to Soluna Digital, Inc. “SCI” refers to Soluna Computing, Inc., formerly known as EcoChain, Inc., “Soluna Cloud” or “Cloud” refer to Soluna Cloud, Inc., and “SEI” refers to Soluna Energy, Inc. Other trademarks, trade names, and service marks used in this Annual Report are the property of their respective owners. We develop, own, and operate digital infrastructure for energy-intensive computing applications by colocating data centers with renewable energy power plants. We refer to this model as Renewable Computing™.
In its own words, from its 10-K, filed Mar 30, 2026.
Soluna Holdings against its Finance Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +145% against the peers' median +18%. Operating margin: -112.5% against the peers' median 5.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SLNH Soluna Holdings | Q2 2026 | $15.1M | +145% | -112.5% |
| AXP American Express | Q3 2026 | $20.1B | +9% | 22.6% |
| BTGO Bitgo Holdings | Q2 FY27 | $4.3B | +80% | -0.4% |
| General Motors Financial Company | Q3 2026 | $4.3B | -0.6% | 15.3% |
| SOFI SoFi Technologies | Q3 2026 | $1.4B | +44% | 22.9% |
| COIN Coinbase Global | Q3 2026 | $1.2B | -35% | 5.1% |
| CRCL Circle Internet Group | Q3 2026 | $865M | +17% | 24.1% |
| CHYM Chime Financial | Q3 2026 | $718M | +32% | 4.8% |
| GDOT Green DOT | Q2 2026 | $596M | +18% | -0.1% |
Source: Soluna Holdings 10-Q on SEC EDGAR · CIK 64463 · Finance Services
13F: who owns SLNH and who is buying
More on SLNH
History
Every quarter: Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results