MeritValue

Soluna Holdings, Inc

SLNHdata completeness 88%16 fiscal years on file
The thesis, from the filings

Soluna Holdings, Inc earns about -112% on invested capital, but has diluted owners by 145% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$14.3M1$28.5M2$21.1M3$38M4$29.7M4
Net income−$5.26M5−$98.7M6−$29.2M7−$63.3M8−$53.4M8
Operating cash flow$4.64M9−$6.12M10−$2.99M11−$5.07M12−$9.15M12
Capital expenditure$45.8M13$63.7M14$12.7M15$8.85M16$28.1M16
Free cash flow (derived)−$41.2M9−$69.8M10−$15.7M11−$13.9M12−$37.2M12
Total debt—$13M17—$28.6M18$44.7M18
Cash & equivalents—————
Diluted shares11.8M599,3011.3M5.1M29.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$18.43
your share of equity
Profit it earned you last year
−$18.39
Free cash flow it threw off
−$12.81
Debt you’d be carrying
$15.37

10 shares is a claim on $18.43 of net worth that earned you −$18.39 and generated −$12.81 of cash last year, against $15.37 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-112% avg · 5y
FY21 -4%FY22 -144%FY23 -78%FY24 -286%FY25 -48%

It earned an average -112% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+145% shares · 5y

Share count is up 145% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 244% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001493152-23-010333 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001493152-24-012303 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001641172-25-001756 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001628280-26-021847 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-010333 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001493152-24-012303 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001641172-25-001756 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001628280-26-021847 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-010333 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001493152-24-012303 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001641172-25-001756 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001628280-26-021847 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-010333 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001493152-24-012303 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001641172-25-001756 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-26-021847 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2022-12-31 · accession 0001493152-23-010333 (LongTermDebt)
  18. 10-K · period ending 2024-12-31 · accession 0001628280-26-021847 (LongTermDebtNoncurrent)