Estados financieros detallados de Soluna Holdings, Inc. (SLNH): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Soluna Holdings, Inc. registró ingresos de $29.7M en el último ejercicio fiscal, con un CAGR de 5 años del 118.6%.
Márgenes de los últimos 12 meses: margen bruto 10.4%, margen operativo -127.0%, margen neto -182.2%.
Al precio actual de $1.12, SLNH presenta beneficios negativos (P/E no significativo) y un ROE del -111.97%. La capitalización bursátil es de $177M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $7.1M | $7.1M | $8.1M | $6.6M | $595000 | $14.3M | $28.5M | $21.1M | $38.0M | $29.7M |
| Coste de Ventas | $2.7M | $2.2M | $2.3M | $2.2M | $405000 | $8.1M | $3.6M | $5.6M | $15.1M | $23.3M |
| Beneficio Bruto | $4.3M | $4.8M | $5.7M | $4.4M | $190000 | $6.3M | $25.0M | $15.5M | $22.9M | $6.5M |
| I+D | $1.2M | $1.1M | $1.2M | $1.4M | $1.5M | $1.5M | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $3.5M | $3.1M | $3.0M | $2.7M | $1.8M | $9.2M | $19.3M | $15.7M | $47.2M | $30.5M |
| Gastos Operativos | $4.7M | $4.2M | $4.2M | $4.1M | $1.8M | $10.8M | $109.8M | $35.7M | $70.4M | $40.1M |
| Beneficio Operativo | -$361000 | $588000 | $1.5M | $259000 | -$1.6M | -$4.5M | -$84.8M | -$20.2M | -$47.5M | -$33.7M |
| EBITDA | -$283000 | $669000 | $1.6M | $382000 | -$1.4M | -$593000 | -$8.5M | -$6.3M | -$31.8M | -$37.9M |
| Gastos por Intereses | $14000 | 0 | 0 | 0 | 0 | $1.9M | $8.4M | $2.7M | $2.5M | $4.8M |
| Beneficio Antes de Impuestos | -$368000 | $588000 | $1.5M | $295000 | -$1.5M | -$6.3M | -$108.4M | -$28.8M | -$60.8M | -$59.3M |
| Impuestos | -$9000 | $6000 | -$392000 | -$28000 | -$332000 | $44000 | -$1.3M | -$1.1M | -$2.5M | -$2.3M |
| Beneficio Neto | -$359000 | $582000 | $1.9M | $323000 | $1.9M | -$5.3M | -$98.7M | -$29.2M | -$63.3M | -$53.4M |
| BPA | $-0.13 | $1.50 | $5.16 | $0.85 | $5.08 | $-11.11 | $-178.57 | $-27.79 | $-0.80 | $-2.38 |
| BPA Diluido | $-0.13 | $1.56 | $5.12 | $0.84 | $5.08 | $-11.11 | $-178.57 | $-27.79 | $-0.80 | $-2.38 |
| Acciones en Circulación (Diluidas) | $2.8M | $387999 | $377994 | $384101 | $383275 | $473609 | $599300 | $1.3M | $62.8M | $29.0M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $8.4M | $9.2M | $9.4M | $15.1M |
| Beneficio Bruto | $2.3M | $1.8M | -$486000 | $766000 |
| Beneficio Operativo | -$7.8M | -$12.1M | -$16.6M | -$16.9M |
| EBITDA | -$21.1M | -$10.6M | -$11.8M | -$17.6M |
| Beneficio Neto | -$24.0M | -$14.5M | -$17.5M | -$20.7M |
| BPA | $-1.14 | $-0.25 | $-0.24 | $-0.18 |
| BPA Diluido | $-1.14 | $-0.25 | $-0.24 | $-0.18 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.4M | $3.8M | $5.8M | $2.5M | $2.6M | $10.3M | $1.1M | $6.4M | $7.8M | $76.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $881000 | $1.4M | $871000 | $745000 | $59000 | $531000 | $539000 | $3.4M | $2.7M | $5.5M |
| Inventario | $676000 | $694000 | $863000 | $924000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $5.0M | $6.0M | $7.6M | $4.2M | $4.8M | $25.0M | $3.8M | $14.3M | $13.5M | $92.1M |
| Inmovilizado Material | $160000 | $184000 | $181000 | $1.1M | $1.1M | $45.0M | $43.6M | $45.0M | $47.6M | $77.3M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | $45.8M | $36.4M | $27.0M | $17.6M | $8.3M |
| Activos Totales | $5.2M | $6.2M | $8.1M | $5.8M | $8.6M | $117.7M | $85.0M | $91.3M | $88.0M | $187.9M |
| Cuentas por Pagar | $124000 | $325000 | $201000 | $210000 | $192000 | $3.0M | $3.5M | $2.1M | $2.8M | $4.9M |
| Deuda a Corto | 0 | 0 | 0 | 0 | $134000 | $8.1M | $22.6M | $19.3M | $14.5M | $8.9M |
| Pasivos Corrientes | $1.0M | $1.2M | $1.2M | $1.1M | $1.6M | $15.7M | $29.5M | $28.2M | $47.9M | $49.2M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $7.1M | $17.9M |
| Pasivos Totales | $1.0M | $1.2M | $1.2M | $1.9M | $2.7M | $26.7M | $38.7M | $37.9M | $60.7M | $75.7M |
| Reservas | -$121.0M | -$120.4M | -$118.5M | -$119.7M | -$117.8M | -$123.1M | -$221.8M | -$251.0M | -$314.3M | -$367.7M |
| Patrimonio Neto | $4.2M | $5.0M | $6.9M | $3.8M | $5.9M | $91.0M | $41.9M | $26.5M | -$12.5M | $54.9M |
| Deuda Total | 0 | 0 | 0 | $947000 | $431000 | $8.5M | $22.9M | $19.8M | $21.8M | $29.3M |
| Deuda Neta | -$3.4M | -$3.8M | -$5.8M | -$1.6M | -$2.2M | -$1.7M | $21.7M | $13.4M | $14.0M | -$47.2M |
| Capital Circulante | $4.0M | $4.8M | $6.4M | $3.1M | $3.1M | $9.3M | -$25.8M | -$13.9M | -$34.4M | $42.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $55.0M | $76.4M | $68.6M | $113.4M |
| Activos Totales | $152.0M | $187.9M | $190.4M | $293.5M |
| Pasivos Totales | $78.6M | $75.7M | $76.1M | $83.1M |
| Patrimonio Neto | $14.5M | $54.9M | $48.6M | $155.9M |
| Deuda Total | $26.9M | $29.3M | $28.0M | $39.3M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$359000 | $582000 | $1.9M | $323000 | -$1.2M | -$6.4M | -$99.1M | -$27.7M | -$58.3M | -$53.4M |
| Amortizaciones | $85000 | $81000 | $96000 | $87000 | $81000 | $3.9M | $28.4M | $13.6M | $15.8M | $7.0M |
| Compensación en Acciones | $449000 | $41000 | $6000 | $31000 | 0 | $1.9M | $3.7M | $4.3M | $5.3M | $10.6M |
| Cambio en Capital Circulante | -$3000 | -$314000 | $435000 | -$189000 | $125000 | $3.2M | $139000 | $2.3M | -$4.9M | $7.6M |
| Flujo de Caja Operativo | $522000 | $363000 | $2.0M | $289000 | $1.9M | $5.6M | -$5.7M | -$3.0M | -$5.1M | -$9.1M |
| Inversiones (CapEx) | -$136000 | -$107000 | -$93000 | -$83000 | -$1.1M | -$57.3M | -$63.8M | -$12.8M | -$13.4M | -$28.1M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | -$10000 | -$25000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | -$3.5M | 0 | -$630000 | -$3.9M | 0 | 0 | 0 |
| Flujo de Caja Libre | $386000 | $256000 | $1.9M | $206000 | $817000 | -$51.7M | -$69.5M | -$15.8M | -$18.4M | -$37.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.2M | -$5.7M | -$6.4M | -$5.2M |
| Inversiones (CapEx) | -$9.8M | -$13.7M | -$2.6M | -$3.2M |
| Flujo de Caja Libre | -$12.0M | -$19.4M | -$8.9M | -$8.4M |
| Dividendos Pagados | 0 | 0 | 0 | -$2.1M |
| Compensación en Acciones | 0 | $4.9M | $10.2M | $9.5M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +0.1% | +14.2% | -18.5% | -90.9% | +2310.9% | +99.0% | -26.2% | +80.5% | -21.8% |
| Crecimiento Beneficio Neto (anual) | | +262.1% | +232.6% | -83.3% | +502.5% | -370.3% | -1776.4% | +70.4% | -116.9% | +15.7% |
| Crecimiento BPA (anual) | | +1253.8% | +244.0% | -83.5% | +497.6% | -318.7% | -1507.3% | +84.4% | +97.1% | -197.5% |
| Cambio en Acciones (anual) | | -86.2% | -2.6% | +1.6% | -0.2% | +23.6% | +26.5% | +119.2% | +4681.0% | -53.8% |
| Crecimiento FCF (anual) | | -33.7% | +643.4% | -89.2% | +296.6% | -6430.0% | -34.4% | +77.3% | -17.1% | -101.7% |
| Margen Bruto | 61.4% | 68.4% | 71.1% | 66.4% | 31.9% | 43.7% | 87.5% | 73.4% | 60.3% | 21.7% |
| Margen Operativo | -5.1% | 8.3% | 18.9% | 3.9% | -276.0% | -31.2% | -297.0% | -96.1% | -125.0% | -113.3% |
| Margen EBITDA | -4.0% | 9.5% | 20.1% | 5.8% | -231.1% | -4.1% | -29.6% | -29.9% | -83.5% | -127.7% |
| Margen Neto | -5.1% | 8.2% | 24.0% | 4.9% | 327.1% | -36.7% | -345.8% | -138.6% | -166.6% | -179.7% |
| Margen FCF | 5.5% | 3.6% | 23.6% | 3.1% | 137.3% | -360.5% | -243.5% | -74.8% | -48.5% | -125.2% |
| Tasa Impositiva Efectiva | 2.4% | 1.0% | -25.4% | -9.5% | 21.5% | -0.7% | 1.2% | 3.7% | 4.1% | 3.9% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $0.14 | $0.66 | $5.03 | $0.54 | $2.13 | $-109.20 | $-115.98 | $-11.99 | $-0.29 | $-1.28 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $9.22 | $0.00 | $1.33 | $6.43 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.8M | $373307 | $375280 | $381938 | $383275 | $473609 | $599300 | $1.3M | $62.8M | $29.0M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -111.97% |
| Rentabilidad sobre capital invertido | -20.09% |
| Rentabilidad sobre activos | -26.11% |
| Margen bruto | 10.40% |
| Margen operativo | -127.03% |
| Margen neto | -182.17% |
Salud financiera
| Deuda / Patrimonio | 0.25 |
| Ratio corriente | 2.06 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -278.85 | 16.83 | 3.92 | 19.71 | 23.18 | -24.21 | -0.04 | -0.14 | -2.62 | -0.49 |
| P/VC | 24.40 | 1.90 | 1.09 | 1.67 | 7.63 | 1.40 | 0.09 | 0.20 | -10.57 | 0.62 |
| P/V | 14.35 | 1.33 | 0.94 | 0.97 | 75.85 | 8.88 | 0.14 | 0.25 | 3.47 | 1.14 |
| Margen Bruto | 61.4% | 68.4% | 71.1% | 66.4% | 31.9% | 43.7% | 87.5% | 73.4% | 60.3% | 21.7% |
| Margen Operativo | -5.1% | 8.3% | 18.9% | 3.9% | -276.0% | -31.2% | -297.0% | -96.1% | -125.0% | -113.3% |
| Margen Neto | -5.1% | 8.2% | 24.0% | 4.9% | 327.1% | -36.7% | -345.8% | -138.6% | -166.6% | -179.7% |