Soluna Holdings, Inc. (SLNH)

Soluna Holdings' stock experienced volatility between August 2025 and February 2026. In August 2025, Q2 revenue fell 36%, but by October 2025, Nasdaq compliance was regained. Q3 2025 saw revenue increase by 12% year-over-year, but a GAAP net loss was reported. Partnerships with Canaan and Metrobloks were established, and funding was secured from Spring Lane Capital. Project Dorothy 2 reached full operations, and a registered direct offering was announced. HC Wainwright & Co. upgraded Soluna Holdings, and Michael Picchi was appointed as CFO. An equipment supply agreement with Cormint was executed. The stock price fluctuated, closing at $0.76 on February 5, 2026.

Demand seasonality for Soluna Holdings' services is influenced by the Bitcoin mining and green data center/AI/HPC hosting industries. Bitcoin mining experiences seasonality due to temperature and power demand, with hashrate growth stalling in summer months. Green data centers and AI/HPC hosting are experiencing continuous growth, with data center demand projected to surge by 2030. The global green data center market is expected to grow significantly, driven by AI and HPC workloads.

Soluna Holdings, Inc. focuses on developing and operating green data centers for intensive computing applications, including Bitcoin mining, Generative AI, and other high-performance computing workloads. It operates through Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services, providing services such as Bitcoin mining, hosting for third-party Bitcoin mining customers, colocation and hosting for AI and HPC workloads, and demand response services to grid operators. While some categorize Soluna in Financials or Software, its core aligns with Digital Infrastructure and Renewable Energy.

Soluna's data centers are strategically co-located with renewable energy sources, primarily in Texas and other U.S. regions with significant renewable resources. Key projects include Project Dorothy, a wind-powered data center campus in West Texas, Project Sophie, a Bitcoin hosting site, and Project Kati, a data center in Texas. Project Grace in Texas is also a site for a pilot project.

Soluna Holdings maintains a generally positive brand reputation within the renewable computing niche. MarketBeat's MarketRank™ scored Soluna higher than 69% of companies in the business services sector. Strategic partnerships, project milestones, leadership appointments, and Nasdaq compliance have contributed to its reputation. No specific negative events significantly impacted Soluna's brand reputation in the past year.

Soluna Holdings has 39 institutional owners and shareholders, holding 5,291,568 shares. Major institutional shareholders include Point72 Asset Management, L.P., UBS Group AG, and Vanguard Group Inc. Institutional investors own 6.70% of the company's shares, while individuals hold 83.56%, with key individual owners being Michael Toporek and John Belizaire.