Soluna Holdings Inc (SLNH) - Net Assets
Based on the latest financial reports, Soluna Holdings Inc (SLNH) has net assets worth $112.25 Million USD as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($187.94 Million) and total liabilities ($75.70 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check SLNH tangible net worth ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $112.25 Million |
| % of Total Assets | 59.72% |
| Annual Growth Rate | 4.28% |
| 5-Year Change | 23.36% |
| 10-Year Change | 2604.72% |
| Growth Volatility | 242.63 |
Soluna Holdings Inc - Net Assets Trend (1985–2025)
This chart illustrates how Soluna Holdings Inc's net assets have evolved over time, based on quarterly financial data. See SLNH defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Soluna Holdings Inc (1985–2025)
The table below shows the annual net assets of Soluna Holdings Inc from 1985 to 2025. For live valuation and market cap data, see market value of Soluna Holdings Inc.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $112.25 Million | +310.23% |
| 2024-12-31 | $27.36 Million | -48.72% |
| 2023-12-31 | $53.36 Million | +15.32% |
| 2022-12-31 | $46.27 Million | -49.14% |
| 2021-12-31 | $90.99 Million | +1438.00% |
| 2020-12-31 | $5.92 Million | +54.34% |
| 2019-12-31 | $3.83 Million | -44.82% |
| 2018-12-31 | $6.95 Million | +39.93% |
| 2017-12-31 | $4.96 Million | +19.61% |
| 2016-12-31 | $4.15 Million | +171.77% |
| 2015-12-31 | $1.53 Million | -63.80% |
| 2014-12-31 | $4.22 Million | +24.35% |
| 2013-12-31 | $3.39 Million | +13.14% |
| 2012-12-31 | $3.00 Million | -39.00% |
| 2011-12-31 | $4.92 Million | +150.89% |
| 2010-12-31 | $1.96 Million | -3.12% |
| 2009-12-31 | $2.02 Million | +32.50% |
| 2008-12-31 | $1.53 Million | -89.06% |
| 2007-12-31 | $13.95 Million | -39.56% |
| 2006-12-31 | $23.08 Million | -30.17% |
| 2005-12-31 | $33.05 Million | -41.88% |
| 2004-12-31 | $56.85 Million | +15.91% |
| 2003-12-31 | $49.05 Million | +19.94% |
| 2002-12-31 | $40.90 Million | -24.79% |
| 2001-12-31 | $54.38 Million | +20.76% |
| 2000-12-31 | $45.03 Million | +61.97% |
| 1999-12-31 | $27.80 Million | +150.45% |
| 1998-12-31 | $11.10 Million | +35.15% |
| 1997-12-31 | $8.21 Million | +279.53% |
| 1996-12-31 | $2.16 Million | +162.01% |
| 1995-12-31 | $-3.49 Million | -118.76% |
| 1993-12-31 | $18.60 Million | +5.68% |
| 1992-12-31 | $17.60 Million | 0.00% |
| 1991-12-31 | $17.60 Million | -31.52% |
| 1990-12-31 | $25.70 Million | -4.10% |
| 1989-12-31 | $26.80 Million | -10.37% |
| 1988-12-31 | $29.90 Million | +11.15% |
| 1987-12-31 | $26.90 Million | +13.50% |
| 1986-12-31 | $23.70 Million | +12.86% |
| 1985-12-31 | $21.00 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Soluna Holdings Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 8271.4% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $103.00K | 0.19% |
| Other Components | $422.48 Million | 770.05% |
| Total Equity | $54.86 Million | 100.00% |
Soluna Holdings Inc Competitors by Market Cap
The table below lists competitors of Soluna Holdings Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Stellus Capital Investment
NYSE:SCM
|
$244.60 Million |
|
Veranda Learning Solutions Limited
NSE:VERANDA
|
$244.68 Million |
|
Sizzle Acquisition Corp. II - Class A ordinary shares
NASDAQ:SZZL
|
$244.73 Million |
|
Panama Petrochem Limited
NSE:PANAMAPET
|
$244.74 Million |
|
Al Aqar Healthcare Reit
KLSE:5116
|
$244.52 Million |
|
AME Elite Consortium Bhd
KLSE:5293
|
$244.43 Million |
|
Genfit S.A.
NASDAQ:GNFT
|
$244.43 Million |
|
Danal Co. Ltd
KQ:064260
|
$244.43 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Soluna Holdings Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from -12,479,000 to 54,863,000, a change of 67,342,000.
- Net loss of 53,411,000 reduced equity.
- New share issuances of 74,441,000 increased equity.
- Other factors increased equity by 46,312,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $-53.41 Million | -97.35% |
| Share Issuances | $74.44 Million | +135.69% |
| Other Changes | $46.31 Million | +84.41% |
| Total Change | $- | % |
Book Value vs Market Value Analysis
This analysis compares Soluna Holdings Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.94x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.29x to 0.94x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1985-12-31 | $6.14 | $1.77 | x |
| 1986-12-31 | $6.75 | $1.77 | x |
| 1987-12-31 | $7.46 | $1.77 | x |
| 1988-12-31 | $8.22 | $1.77 | x |
| 1989-12-31 | $7.68 | $1.77 | x |
| 1990-12-31 | $6.98 | $1.77 | x |
| 1991-12-31 | $4.78 | $1.77 | x |
| 1992-12-31 | $5.10 | $1.77 | x |
| 1993-12-31 | $4.91 | $1.77 | x |
| 1995-12-31 | $-1.74 | $1.77 | x |
| 1996-12-31 | $0.79 | $1.77 | x |
| 1997-12-31 | $2.47 | $1.77 | x |
| 1998-12-31 | $3.10 | $1.77 | x |
| 1999-12-31 | $6.44 | $1.77 | x |
| 2000-12-31 | $10.27 | $1.77 | x |
| 2001-12-31 | $12.38 | $1.77 | x |
| 2002-12-31 | $9.37 | $1.77 | x |
| 2003-12-31 | $13.81 | $1.77 | x |
| 2004-12-31 | $14.85 | $1.77 | x |
| 2005-12-31 | $8.55 | $1.77 | x |
| 2006-12-31 | $5.76 | $1.77 | x |
| 2007-12-31 | $2.85 | $1.77 | x |
| 2008-12-31 | $0.32 | $1.77 | x |
| 2009-12-31 | $-0.24 | $1.77 | x |
| 2010-12-31 | $-0.30 | $1.77 | x |
| 2011-12-31 | $0.32 | $1.77 | x |
| 2012-12-31 | $-0.11 | $1.77 | x |
| 2013-12-31 | $1.21 | $1.77 | x |
| 2014-12-31 | $1.50 | $1.77 | x |
| 2015-12-31 | $0.54 | $1.77 | x |
| 2016-12-31 | $1.48 | $1.77 | x |
| 2017-12-31 | $12.79 | $1.77 | x |
| 2018-12-31 | $18.38 | $1.77 | x |
| 2019-12-31 | $9.98 | $1.77 | x |
| 2020-12-31 | $15.44 | $1.77 | x |
| 2021-12-31 | $192.12 | $1.77 | x |
| 2022-12-31 | $69.86 | $1.77 | x |
| 2023-12-31 | $20.18 | $1.77 | x |
| 2024-12-31 | $-0.20 | $1.77 | x |
| 2025-12-31 | $1.89 | $1.77 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Soluna Holdings Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): -97.35%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: -179.73%
- • Asset Turnover: 0.16x
- • Equity Multiplier: 3.43x
- Recent ROE (-97.35%) is below the historical average (-30.46%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1985 | 6.19% | 2.16% | 1.68x | 1.70x | $-800.00K |
| 1986 | 10.97% | 3.92% | 1.73x | 1.62x | $230.00K |
| 1987 | 11.52% | 4.51% | 1.14x | 2.23x | $410.00K |
| 1988 | 10.70% | 3.63% | 1.19x | 2.48x | $210.00K |
| 1989 | -11.19% | -4.10% | 1.20x | 2.27x | $-5.68 Million |
| 1990 | -5.45% | -1.95% | 1.29x | 2.16x | $-3.97 Million |
| 1991 | -50.59% | -13.29% | 1.34x | 2.84x | $-10.30 Million |
| 1992 | 0.59% | 0.14% | 1.54x | 2.67x | $-1.60 Million |
| 1993 | 6.11% | 1.62% | 1.40x | 2.71x | $-700.00K |
| 1995 | 0.00% | 9.82% | 2.05x | 0.00x | $3.27 Million |
| 1996 | 173.20% | 11.75% | 2.21x | 6.68x | $3.53 Million |
| 1997 | 55.03% | 14.13% | 2.17x | 1.80x | $3.70 Million |
| 1998 | -38.74% | -20.48% | 1.00x | 1.90x | $-5.41 Million |
| 1999 | -38.49% | -82.95% | 0.41x | 1.14x | $-13.48 Million |
| 2000 | -41.30% | -335.24% | 0.07x | 1.72x | $-23.10 Million |
| 2001 | 7.11% | 52.63% | 0.10x | 1.32x | $-1.56 Million |
| 2002 | -17.08% | -100.37% | 0.13x | 1.29x | $-11.04 Million |
| 2003 | -1.16% | -7.11% | 0.12x | 1.36x | $-5.39 Million |
| 2004 | -7.54% | -48.90% | 0.13x | 1.20x | $-9.75 Million |
| 2005 | -45.86% | -192.50% | 0.19x | 1.25x | $-18.39 Million |
| 2006 | -59.76% | -167.57% | 0.24x | 1.48x | $-15.95 Million |
| 2007 | -69.37% | -90.47% | 0.57x | 1.36x | $-10.96 Million |
| 2008 | -825.35% | -169.48% | 1.34x | 3.64x | $-12.66 Million |
| 2009 | 0.00% | -37.31% | 2.22x | 0.00x | $-2.99 Million |
| 2010 | 0.00% | -20.90% | 2.34x | 0.00x | $-1.61 Million |
| 2011 | 149.03% | 23.18% | 1.61x | 4.00x | $2.23 Million |
| 2012 | 0.00% | -35.36% | 1.22x | 0.00x | $-2.05 Million |
| 2013 | 107.72% | 43.75% | 1.84x | 1.34x | $3.31 Million |
| 2014 | 17.54% | 8.43% | 1.60x | 1.30x | $318.20K |
| 2015 | -185.46% | -44.74% | 2.45x | 1.69x | $-2.98 Million |
| 2016 | -8.65% | -5.09% | 1.36x | 1.25x | $-774.00K |
| 2017 | 11.72% | 8.24% | 1.14x | 1.25x | $85.60K |
| 2018 | 27.87% | 24.01% | 0.99x | 1.17x | $1.24 Million |
| 2019 | 8.43% | 4.92% | 1.14x | 1.50x | $-60.30K |
| 2020 | 32.89% | 327.06% | 0.07x | 1.46x | $1.35 Million |
| 2021 | -5.78% | -36.67% | 0.12x | 1.29x | $-14.36 Million |
| 2022 | -235.79% | -345.80% | 0.34x | 2.03x | $-102.90 Million |
| 2023 | -110.13% | -138.62% | 0.23x | 3.44x | $-31.85 Million |
| 2024 | 0.00% | -166.58% | 0.43x | 0.00x | $-62.09 Million |
| 2025 | -97.35% | -179.73% | 0.16x | 3.43x | $-58.90 Million |
Industry Comparison
This section compares Soluna Holdings Inc's net assets metrics with peer companies in the Capital Markets industry.
Industry Context
- Industry: Capital Markets
- Average net assets among peers: $162,193,309
- Average return on equity (ROE) among peers: -6.68%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Soluna Holdings Inc (SLNH) | $112.25 Million | 6.19% | 0.67x | $244.53 Million |
| American Bitcoin Corp (ABTC) | $1.02 Billion | 42.26% | 0.09x | $278.79 Million |
| Abits Group Inc. (ABTS) | $9.73 Million | -6.60% | 0.34x | $3.23 Million |
| Sphere 3D Corp (ANY) | $40.32 Million | -58.05% | 0.24x | $21.08 Million |
| Argo Blockchain PLC ADR (ARBK) | $33.15 Million | 5.93% | 0.34x | $957.54K |
| AtlasClear Holdings, Inc. (ATCH) | $-3.23 Million | 0.00% | 0.00x | $32.53 Million |
| Prestige Wealth Inc. (AURE) | $-291.66K | 0.00% | 0.00x | $51.29 Million |
| Solowin Holdings (AXG) | $3.34 Million | 5.15% | 2.06x | $529.48 Million |
| BGC Group Inc. (BGC) | $271.69 Million | 13.29% | 0.10x | $4.46 Billion |
| Big Digital Energy, Inc. (BGDE) | $-3.24 Million | 0.00% | 0.00x | $34.07 Million |
| Bitfarms Ltd (BITF) | $255.40 Million | -68.77% | 0.34x | $1.21 Billion |
About Soluna Holdings Inc
Soluna Holdings, Inc., together with its subsidiaries, engages in the mining of cryptocurrency through data centres. It operates through three segments, Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services. The company also operates in the blockchain business, as well as provides colocation and hosting services to large-scale bitcoin mining operators. In addition, t… Read more