Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Position Status | Return(%)* |
|---|---|---|---|---|---|---|---|---|
| 30 Oct, 25 | SLNH | Buy | USD 2.9 | USD 3.05 | USD 3.25 | Same day | Closed |
13.42%
|
*Return(%) represent the percentage change between the entry price and exit price of the recommendation.
Data Powered by EOD Historical Data (“EODHD”).
Soluna Holdings, Inc. together with its subsidiaries, engages in the mining of cryptocurrency through data centers. It operates through two segments, Cryptocurrency Mining and Data Center Hosting. The company also operates in the blockchain business. In addition, the company develops and builds modular data centers that use for cryptocurrency mining. Further, it provides data center hosting services, including electrical power and network connectivity to cryptocurrency mining customers. The company was formerly known as Mechanical Technology Inc and as changed to Soluna Holdings, Inc. Soluna Holdings, Inc. was incorporated in 1961 and is headquartered in Albany, New York.
Cash reserves strengthened – Unrestricted cash increased by USD 2.0 million since December 31, 2024, enhancing financial flexibility
Adjusted EBITDA growth – Improved by USD 0.4 million quarter-over-quarter, marking the fourth consecutive quarter of improvement
Adjusted EBITDA year-over-year decline – Fell by USD 3.0 million, reflecting lower mining profitability and higher professional and compliance costs
Revenue decline – Dropped USD 3.5 million year-over-year, from USD 9.7 million in Q2 FY2024 to USD 6.2 million in Q2 FY2025, largely due to Bitcoin halving and reduced mining output
Soluna’s profitability and growth remain highly sensitive to Bitcoin Hashprice volatility and cryptocurrency market conditions, which could materially affect revenue generation and project returns despite ongoing diversification efforts
| Entry Price | Support* | Target 1** | Target 2** |
|---|---|---|---|
| 2.9 | 2.55 | 3.05 | 3.25 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
**Target prices may vary by ±0.5% depending on market volatility.
Consistent Margin and Operational Strength: Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing, including Bitcoin mining and AI applications, reported steady operational performance in the second quarter ended June 30, 2025. The company maintained a steady gross margin of 19%, reflecting strong cost management and operational efficiency despite softness in Hashprice. Adjusted EBITDA improved by $0.4 million quarter-over-quarter, marking the fourth consecutive quarter of growth, underlining the company’s focus on disciplined execution.
Strategic Expansion Through Project Development: During Q2 2025, Soluna advanced multiple renewable computing projects aimed at scaling capacity and diversifying its clean energy portfolio. The company secured $20 million in funding from Spring Lane Capital and finalized land acquisition for Project Kati 1, a 35 MW phase of its planned 166 MW wind-powered data center, with construction scheduled to begin in Q3 2025. Concurrently, construction on Project Dorothy 2 progressed on schedule, with full energization anticipated in Q4 2025. These projects strengthen Soluna’s renewable footprint across Texas and reinforce its leadership in sustainable computing infrastructure.
Strengthened Partnerships and Growing Hosting Deployments: Soluna deepened its relationships with leading mining partners such as Blockware and Compass Mining, expanding hosting deployments as Dorothy 1 and Dorothy 2 capacity became available. The company also launched 295 MW of new renewable projects, including Projects Hedy, Ellen, and Annie, the latter being Soluna’s first solar-powered data center. The company’s long-term power pipeline increased to 2.8 GW, positioning it to meet growing demand for green data center capacity in the evolving digital infrastructure landscape.
Financial Performance and Margin Stability: Revenue for Q2 2025 was USD 6.2 million, representing a decline of USD 3.5 million year-over-year, primarily due to the Bitcoin halving event, Hashprice volatility, and a shift in commercial model mix toward profit sharing. However, cost discipline offset much of this impact, resulting in stable gross margins. The company’s net loss narrowed by USD 1.4 million from Q2 2024, driven by better expense control and reduced financing-related losses, despite higher interest and compliance costs. Adjusted EBITDA showed resilience, benefiting from stable site operations and no major interconnection outages.
Operational Efficiency and Cost Containment: Gross profit for operating sites under Soluna Digital remained consistent with Q1 2025 levels. Although Demand Response Services revenue declined by USD 0.3 million due to seasonal trends, strong cost management enabled overall profitability stability. General and administrative expenses were flat year-over-year and showed improvement sequentially, reflecting the company’s disciplined approach to overhead management even as site expansion accelerated.
Robust Liquidity and Future Revenue Growth Potential: At quarter-end, Soluna held USD 9.9 million in unrestricted cash, a USD 2.0 million increase since December 31, 2024, underscoring a robust liquidity position. The company expects revenue to stabilize and grow as new Bitcoin hosting capacity comes online through Dorothy 2 and Kati 1 over the next two years. With strengthened financial flexibility and a clear path to scaling, Soluna remains focused on enhancing shareholder value through disciplined execution of its renewable computing strategy.
Outlook and Forward Strategy: Soluna continues to emphasize operational resilience, disciplined cost management, and strategic expansion through renewable data centers. The successful equity offering preparations and partnership with Spring Lane Capital demonstrate the company’s strengthened capital structure. Management remains optimistic about future growth, underpinned by expanding project capacity and increasing demand for sustainable digital infrastructure.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Soluna Holdings, Inc. (NASDAQ: SLNH) at the current market price of USD 2.90, as on Oct 30, 2025 at 9:05 am PDT
Data Powered by EOD Historical Data (“EODHD”).
Sector: Financial Services Industry: Capital Markets
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| SLNH Soluna Holdings Inc |
0.05 4.67% | 1.12 | - | - | 0.22 | 0.17 | 0.85 | -1.4449 |
| MS Morgan Stanley |
-2.29 1.24% | 182.81 | 16.50 | 13.76 | 2.80 | 1.65 | ||
| CGXYY China Galaxy Securities Co Ltd ADR |
- -% | 31.98 | 144.44 | 86.21 | 4.25 | 7.96 | ||
| SCHW Charles Schwab Corp |
-1.56 1.48% | 103.61 | 22.86 | 17.39 | 6.14 | 4.28 | ||
| GS Goldman Sachs Group Inc |
-7.485 0.79% | 938.85 | 18.44 | 10.60 | 2.83 | 1.16 |
Data Powered by EOD Historical Data (“EODHD”).
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on October 30, 2025. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned has been achieved and is subject to the factors discussed above.
Note 4: StockNextt reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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