SLNH Stock Forecast & Price Target

Soluna Holdings Inc is positioned favorably in the cryptocurrency mining sector as demand for compute data centers in the U.S. is expected to rise significantly, from approximately 20GW in 2023 to a projected 37-66GW by 2028, potentially accounting for up to 12% of total U.S. demand. The company's revenue showed a substantial increase from $6.2 million in Q2 2025 to $8.4 million, attributed to a growing client base in hosted Bitcoin mining, which includes notable customers like Canaan and Mike Novogratz's firms. Furthermore, partnerships with clients such as CompassMining, who have expanded their allocations, along with the successful rollout of shovel-ready and in-development projects, indicate a robust trajectory for ongoing revenue growth driven by Soluna's renewable energy initiatives.

Soluna Holdings Inc. recently revised its FY25 sales projections downward to $31.1 million, which is a decline from the previously estimated $32.1 million, while FY26 sales are also expected to dip slightly to $45.4 million. The company faces potential threats to its margins and growth due to proposed Texas and federal regulations focused on energy-intensive operations, compounded by a limited stock float that exacerbates market volatility. Additionally, Soluna's fragile balance sheet raises concerns about possible dilution and covenant breaches, alongside the risk of falling below Nasdaq's minimum thresholds, which could result in a reverse stock split or delisting.