Rankings Software, cloud & internet Soluna
Soluna
44
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−10
- Capital allocation−8
- Funding need and dilution−7
Strengths
- Net cash+2
- Partners+2
How the score is built
From 100 to 44, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.58 USD
- Median analyst target
- 2.75 USD
- Upside to median
- +371.3%
- Analysts
- 2
- Target range
- 2.00 – 3.50 USD
- 52-week change
- −83%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−27 of −30
- −10MarginGross profit fell to USD 0.8m on 15.1m in revenue in Q2 2026 (higher maintenance and start-up costs); operating margin −127% TTM and net loss −92m TTM, including 19.7m in share-based pay in H1.
- −5Quality of growthRevenue +145% to 15.1m via new capacity (Dorothy 2, Kati 1), but profit share income fell 4.5m in H1 because the hash price fell 35%; AI/HPC revenue is still zero.
- −8Capital allocationShare count +846% over a year, 1:25 reverse split in 2023 and a price fall of over 99% since 2021; the AI cloud deal with HPE was terminated in 2025 and left an accelerated obligation of 19.3m; Series A preferred dividend in arrears.
- −4MoatBehind-the-meter sites at wind and solar farms in Texas and a pipeline of about 6.3 GW are a real asset, but IREN, Cipher, TeraWulf and Applied Digital already have signed hyperscaler lease contracts and far larger scale.
Price
Today's multiples against the company's own history and its peers. · 2 findings−6 of −35
- −4Multiples vs own historyPS 6.2 and P/B 1.54 vs PS 0.2–3.9 and P/B 0.1–1.0 in 2022–2025; EV/Sales 4.5 vs 1.1–5.0 – expensive relative to own history despite 846% more shares.
- −2PeersEV about USD 188m corresponds to under USD 1m per MW in operation (206 MW) vs Applied Digital (EV 10.9bn, EV/Sales 17.8) and Cipher (EV 11.3bn) - cheap per MW, but peers have contracted AI leases, which Soluna lacks.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−21 of −35
- −7Funding need and dilutionAn ATM of up to USD 500m and a Yorkville SEPA of USD 250m are active; Kati 2 (100 MW+ first phase) and Dorothy 3 require several hundred million in equity/project financing, and the Yorkville loan of 12m (maturing 15/5-2027) is amortised at 1.2m per month.
- −3Covenants and reportingManagement considers it likely that the Generate loan's Forward Contracted DSCR will be breached within 12 months; waivers for a late monthly report (April 2026), and A-1/A-3 had to be repaid for 19.1m to obtain a waiver.
- −4Customer concentration and bitcoin exposureFour customers accounted for 80% of hosting revenue and 67% of total revenue in Q2 2026; the profit share model makes revenue dependent on the bitcoin hash price.
- −3Preferred shares in arrears4.92m Series A preferred shares (9% cumulative, USD 25 liquidation preference = approx. USD 123m) rank ahead of the common shares, and cumulative dividends are in arrears (5.5m in H1 2026).
- −3AI executionKati 2 has only a LOI with exclusivity (June 2026) and formal negotiations with one potential tenant; no signed AI/HPC lease or project financing.
- −1Nasdaq proximityThe price of USD 1.07 is close to Nasdaq's USD 1 requirement (50-day average 1.20); continued ATM selling is pressuring the price.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Net cashCash of USD 113.4m at 30/6 (approx. 118m after ATM and redemption of A-1/A-3) vs approx. 17m in remaining loans; net cash 74m according to stockanalysis.
- +2PartnersDefinitive JV agreement with Metrobloks on Kati 2 (up to 350 MW), Galaxy Digital as customer on Kati 1 (48 MW) and cooperation with Siemens on AI load on the grid.
Caveats
What the score does not capture, or where the data is weak.
Price USD 1.07 (2/10-2026). 244.6m shares at 10/8-2026 (10-Q) give a market cap of about USD 262m (about DKK 1,723m); Nordnet's DKK 1,916m corresponds to about 272m shares, which fits continued ATM sales after 10/8 - the share count is probably higher. The share count has risen about 846% in a year. ATM program via H.C. Wainwright of up to USD 500m (S-3, April 2026) plus an equity line (SEPA) with Yorkville of 250m; 74.2m shares sold for 113.5m in Q2 and 18.8m for 23.6m after the quarter. No going concern wording in the 10-Q, but management considers it probable that the Generate loan's DSCR covenant will be breached within 12 months (loan classified as current; A-1/A-3 repaid 10/8-2026). Cumulative 9% preferred dividend (Series A, USD 123m liquidation preference) is in arrears. The price is close to Nasdaq's USD 1 limit, but no notice was found. Analyst price target of USD 4.00 (+274%, 2 analysts) is stale after the dilution. Industry: data centres/bitcoin hosting on renewable energy - closest to 'Software, cloud & internet'; cyclical, because hosting revenue has a profit share tied to the bitcoin hashprice.
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