SLNH

Soluna is a sub-scale Bitcoin-mining and HPC/AI data-center developer whose numbers describe a business fighting to survive, not compound. FY2025 revenue fell 21.8% to $29.7M while the company lost $53.4M net (-179.7% margin) and ran a -113.3% operating margin; gross margin is a razor-thin 6.1%, so the core operation barely covers direct costs before any overhead. Cumulative losses have reached a $368M accumulated deficit. The filing is blunt that 'recurring losses from operations will require additional capital,' that the company has financed growth 'primarily by issuing new shares' and 'plan[s] to raise additional capital through similar offerings,' and warns that if it 'cannot achieve or maintain profitability, stockholders could lose all or part of their investment' — classic going-concern-adjacent language.

The balance sheet confirms the squeeze. Reported cash of just $462K against $28.1M of FY2025 capex (up 217%) and -$9.15M operating cash flow means the business cannot self-fund — it lives on external capital. That capital has come at brutal cost to existing holders: shares outstanding exploded 792% YoY to 111M, and diluted EPS was -$2.38. Debt is rising (long-term debt +153.5% to $17.9M, plus $8.86M current) and the 10-K flags possible default under the terminated HPE Agreement, adding a discrete liquidity landmine on top of the ongoing burn.