Soluna Holdings, Inc.
SLNH Financial Capital Markets
Soluna Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $29.7 million, down 21.8% from fiscal 2024. In the quarter to June 2026, revenue grew 144.6%, EPS grew 73.9%, free cash flow fell 124.9% and total debt rose 49.9%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
Follow SLNH
Soluna Holdings, Inc. (SLNH) Piotroski F-score
Soluna Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, up from 2 in fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 1.00 |
| FY2024 | 2 | (3.00) |
| FY2023 | 5 | 2.00 |
| FY2022 | 3 | (2.00) |
| FY2021 | 5 | 1.00 |
| FY2020 | 4 | 2.00 |
| FY2019 | 2 | (5.00) |
| FY2018 | 7 | 2.00 |
| FY2017 | 5 | (2.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (50.05%) | (85.14%) | Fail | 0 |
| Positive operating cash flow | (9.15m) | (5.07m) | Fail | 0 |
| Rising return on assets | (50.05%) | (85.14%) | Pass | 1 |
| Cash flow above net income | 59.91m | 71.26m | Pass | 1 |
| Falling long-term leverage | 0.15 | 0.08 | Fail | 0 |
| Rising current ratio | 1.87 | 0.28 | Pass | 1 |
| No new shares issued | 29,049,000 | 5,109,000 | Fail | 0 |
| Rising gross margin | 21.73% | 24.71% | Fail | 0 |
| Rising asset turnover | 0.22 | 0.42 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WTF Waton Financial Limited compare | 5 |
| AUC ATIF Holdings Limited compare | 4 |
| DEFT DeFi Technologies Inc. compare | 4 |
| SLNH Soluna Holdings, Inc. | 3 |
| GSIW Garden Stage Limited compare | 3 |
| NAKA KindlyMD, Inc. compare | 3 |
| CANG Cango Inc. Sponsored ADR compare | 2 |
| FUFU BitFuFu Inc. compare | 1 |
| CNCK Coincheck Group N.V. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover