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Soluna Holdings vs ZeroStack: SLNH and ZSTK compared
Soluna Holdings is the larger company: $15.1M of revenue in its latest quarter (Q2 2026) against $13.7M for ZeroStack (Q2 2026). Soluna Holdings is growing faster (+145% against +41% a year earlier). Soluna Holdings is more profitable, with an operating margin of -112.5% against -177.4%.
Where the money goes: SLNH and ZSTK
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.
ZeroStack (ZSTK) · Q2 2026
ZeroStack, Q2 2026: revenue $13.7M (+41% year over year), operating margin -177.4%, net loss $24.6M, operating cash flow $1.4M. The chart follows the revenue to costs, profit and cash.
| Soluna Holdings (SLNH) | ZeroStack (ZSTK) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q2 2026 |
| Revenue | $15.1M | $13.7M |
| Revenue growth, Y/Y | +145% | +41% |
| Operating margin | -112.5% | -177.4% |
| Net earnings | −$22.6M | −$24.6M |
| Net margin | -150.2% | -180.2% |
| Operating cash flow | −$5.2M | $1.4M |
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 ZeroStack?
Soluna Holdings is the larger company: $15.1M of revenue in its latest quarter (Q2 2026) against $13.7M for ZeroStack (Q2 2026).
Is Soluna Holdings or ZeroStack growing faster?
Soluna Holdings is growing faster (+145% against +41% a year earlier).
Which is more profitable, Soluna Holdings or ZeroStack?
Soluna Holdings is more profitable, with an operating margin of -112.5% against -177.4%.
More: Soluna Holdings earnings · how Soluna Holdings makes money · ZeroStack earnings · how ZeroStack makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 13, 2026; 10-Q filed Jul 31, 2026). Fiscal quarters can end on different dates. Not investment advice.