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Soluna Holdings vs TON Strategy: SLNH and TONX compared
Soluna Holdings is the larger company: $15.1M of revenue in its latest quarter (Q2 2026) against $15.0M for TON Strategy (Q2 2026). TON Strategy is growing faster (+607% against +145% a year earlier). TON Strategy is more profitable, with an operating margin of 3.2% against -112.5%.
Where the money goes: SLNH and TONX
Soluna Holdings (SLNH) · Q2 2026
Soluna Holdings, Q2 2026: revenue $15.1M (+145% year over year), operating margin -112.5%, net loss $22.6M, operating cash flow −$5.2M. The chart follows the revenue to costs, profit and cash.
TON Strategy (TONX) · Q2 2026
TON Strategy, Q2 2026: revenue $15.0M (+607% year over year), operating margin 3.2%, net earnings $76.8M. The chart follows the revenue to costs, profit and cash.
| Soluna Holdings (SLNH) | TON Strategy (TONX) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $15.1M | $15.0M |
| Revenue growth, Y/Y | +145% | +607% |
| Gross margin | — | 94.9% |
| Operating margin | -112.5% | 3.2% |
| Net earnings | −$22.6M | $76.8M |
| Net margin | -150.2% | 511.0% |
| Operating cash flow | −$5.2M | — |
Where the revenue comes from
Soluna Holdings
- External Customers: $14.7M (98%)
- Demand response service revenue: $321K (2%)
Questions
Which is bigger, Soluna Holdings or TON Strategy?
Soluna Holdings is the larger company: $15.1M of revenue in its latest quarter (Q2 2026) against $15.0M for TON Strategy (Q2 2026).
Is Soluna Holdings or TON Strategy growing faster?
TON Strategy is growing faster (+607% against +145% a year earlier).
Which is more profitable, Soluna Holdings or TON Strategy?
TON Strategy is more profitable, with an operating margin of 3.2% against -112.5%.
More: Soluna Holdings earnings · how Soluna Holdings makes money · TON Strategy earnings · how TON Strategy makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 13, 2026; 10-Q filed Aug 11, 2026). Fiscal quarters can end on different dates. Not investment advice.