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Soluna Holdings cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$12.1M in Q2 2026 · −$49.2M over twelve months

Operating cash flow−$5.2M
Capital spending−$6.9M
Free cash flow−$12.1M
Cash conversion cycle11 days

Analysis

In Q2 2026, Soluna Holdings generated −$5.2M of operating cash flow and spent $6.9M on capital projects, leaving free cash flow of −$12.1M. That is $6.7M less than in Q2 2025 (−$5.4M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$19.4M; the largest uses were other investing ($58.8M), capital spending ($29.8M), operating cash flow ($19.4M); besides operations, cash came from other financing ($207M), partners ($17.8M); the cash balance rose by $116M.

Operating cash flow was −$5.2M against net income of −$22.6M. The largest differences: stock-based pay +$9.5M, accrued liabilities −$3.4M, depreciation & amortization +$2.4M.

Its cash conversion cycle was 11 days (receivables 37 + inventory 0 − payables 25).

Free cash flow

Soluna Holdings: free cash flow by quarterSoluna Holdings: free cash flow by quarter−$3.4MQ3 2024−$6.8MQ4 2024−$3.7MQ1 2025−$5.4MQ2 2025−$11.4MQ3 2025−$16.7MQ4 2025−$8.9MQ1 2026−$12.1MQ2 2026
Operating cash flow less capital spending.
Soluna Holdings: operating cash flow against capital spendingSoluna Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$61K$3.4MQ3 2024−$1.7M$5.1MQ4 2024−$177K$3.5MQ1 2025−$1.1M$4.3MQ2 2025−$2.2M$9.2MQ3 2025−$5.7M$11.1MQ4 2025−$6.4M$2.6MQ1 2026−$5.2M$6.9MQ2 2026
Latest (Q2 2026): Operating cash flow −$5.2M, Capital spending $6.9M.

Capital allocation, year by year

Soluna Holdings: where the cash came from (up) and went (down), by fiscal yearSoluna Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $4.6MFY2021: Net borrowing −$338KFY2021: Shares issued $17.2MFY2021: Capital spending −$45.8MFY2021: Dividends −$630K$21.9MFY2021FY2022: Operating cash flow −$6.1MFY2022: Net borrowing −$6.6MFY2022: Shares issued $19.7MFY2022: Asset sales $2.6MFY2022: Capital spending −$63.7M$22.3MFY2022FY2023: Operating cash flow −$3.0MFY2023: Net borrowing −$350KFY2023: Shares issued $817KFY2023: Asset sales $2.3MFY2023: Capital spending −$12.7M$3.1MFY2023FY2024: Operating cash flow −$5.1MFY2024: Asset sales $215KFY2024: Capital spending −$8.9M$215KFY2024FY2025: Operating cash flow −$9.1MFY2025: Net borrowing −$118KFY2025: Capital spending −$28.1MFY2025: Buybacks −$75KFY2025
Over these 5 years operating cash flow totalled −$18.7M; the largest uses were capital spending ($159M) and operating cash flow ($23.3M). Cash-flow statements as filed.

Where the cash came from and went

Soluna Holdings: sources (+) and uses (−) of cash, Q2 2026Soluna Holdings: sources (+) and uses (−) of cash, Q2 2026Other financing$115MOther investing−$51.9MCash drawn (+) / kept (−)−$45.3MCapital spending−$6.9MPartners−$5.6MOperating cash flow−$5.2MBuybacks−$75K
Soluna Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Soluna Holdings: sources (+) and uses (−) of cash, TTM to Q2 2026Other financing$207MCash drawn (+) / kept (−)−$116MOther investing−$58.8MCapital spending−$29.8MOperating cash flow−$19.4MPartners$17.8MNet borrowing (+) / repaid (−)−$231KBuybacks−$206KAsset & business sales$32K

From profit to cash

Soluna Holdings: net income to operating cash flow, Q2 2026Soluna Holdings: net income to operating cash flow, Q2 2026Net income−$22.6MDepreciation & amortization$2.4MStock-based pay$9.5MDeferred taxes−$547KGains on disposals$585KReceivables$211KPayables−$443KAccrued liabilities−$3.4MPrepaid and other assets−$333KOther liabilities$508KOperating cash flow−$5.2M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202637—2511
Q1 202653—55-2
Q3 202539—67-28
Q2 202537—66-29
Q1 202538—58-20
Q4 202426—33-7
Q3 202433—303

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026−$5.2M−$6.9M−$75K—−$45.3M−$12.1M
Q1 2026−$6.4M−$2.6M−$56K—$2.9M−$8.9M
Q4 2025−$5.7M−$11.1M$87K—−$28.4M−$16.7M
Q3 2025−$2.2M−$9.2M−$162K$13.2M−$45.3M−$11.4M
Q2 2025−$1.1M−$4.3M—$269K−$705K−$5.4M
Q1 2025−$177K−$3.5M—$5.0M−$4.0M−$3.7M
Q4 2024−$1.7M−$5.1M——$1.8M−$6.8M
Q3 2024$61K−$3.4M—$1.2M$302K−$3.4M

Soluna Holdings: income statement and cash flow

Soluna Holdings, Q2 2026: revenue $15.1M (+145% year over year), operating margin -112.5%. The chart follows the revenue to costs, profit and cash.

Soluna Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.