Filing Flows › Soluna Holdings (SLNH) › Q1 2026
Soluna Holdings (SLNH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 15, 2026
Soluna Holdings (SLNH) reported revenue of $9.4M for the first quarter 2026 (Q1 2026), +58% from a year earlier and +2% from the quarter before. Operating margin was -177.0%, net loss $17.9M (190.6% of revenue).
Soluna Holdings, Q1 2026: revenue $9.4M (+58% year over year), operating margin -177.0%, net loss $17.9M, operating cash flow −$6.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $9.4M | +2% | +58% |
| Operating profit | −$16.6M | — | — |
| Net earnings | −$17.9M | — | — |
| Operating cash flow | −$6.4M | — | — |
What changed
Revenue was $9.4M in Q1 2026, up 58% year over year and up 2% from the previous quarter. Data hosting revenue was the largest line at 71% of revenue. Data hosting revenue added $4.3M year over year (up 178%), 124% of the total change. Cryptocurrency mining revenue declined 28%.
Gross margin was 5.2%, down 0.5 points from Q1 2025. Operating costs exceeded revenue by $16.6M, an operating margin of -177.0%. Operating expenses grew 128% against revenue growth of 58%. The quarter ended with a net loss of $17.9M, wider than the previous quarter's $16.1M loss. Minority interests bore $436K of it: to shareholders the quarter was a loss of $17.5M.
Operating cash flow was −$6.4M. Non-cash charges added back $2.4M of depreciation and amortization and $10.2M of share-based compensation. Working capital and other items used $1.1M. Capital expenditures of $2.6M exceeded it, leaving free cash flow of −$8.9M.
Questions
What was Soluna Holdings' revenue in the first quarter 2026?
Soluna Holdings (SLNH) reported revenue of $9.4M for the first quarter 2026 (Q1 2026), +58% from a year earlier and +2% from the quarter before.
Was Soluna Holdings profitable in the first quarter 2026?
Operating loss was $16.6M (-177.0% of revenue) and net loss $17.9M.
Source: Soluna Holdings 10-Q on SEC EDGAR.