A company still losing money with growing sales. Institutions are adding.
Going well
Sales up 145% in the latest quarter vs a year ago
Watch out for
Losing money, losses are large next to sales
Revenue down 21.8% from the year before
Money moves
No insider buying or selling in the last 30 days
Institutions added 330% to their holdings in the quarter ending June 2026 (85 bought, 15 sold)
Facts from SEC filings, not a recommendation.
What the price means
Price as of Oct 26
$0.52-5.5% that day
Company value
$127M
Share price times all shares
Price vs sales
3.0x
No profit over the last year, so this compares value with sales instead
Debt vs value
14%
Debt as a share of company value
From SLNH's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.
The business over time
Last 12 quarters, from SEC filings
Sales, Jun '26
$15.1M+145% vs a year earlier
Sep '23Tap a barJun '26
Last 12 months: $42.1M, up 51% from the 12 months before.
What the price assumes
Your guesses, our math
Move the sliders to your own view of SLNH. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).
Sales in 5 years$156M
Profit in 5 years$16M
Price these guesses point to$0.96+84% vs $0.52 todayAbout +13% a year, before dividends
What today's price needs: with a 10% margin and a 15x P/E, sales would have to grow about 15% a year for 5 years just to match today's price.
Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.
The checklist Warren Buffett-style investors use. Annual numbers for 2025.
1/4Weak
PassDebt under half of equityNot relying on borrowed money.0.33x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-179.7%
MissProfitable every yearSteady profits, not one good year.3 of 9 years
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$37.2M
Revenue
$29.7M
-21.8% vs prior year
5-year growth
+118.6%/yr
revenue, per year
Total debt
$17.9M
0.33x equity
Free cash flow
-$37.2M
-125.2% of revenue
From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. Not in this company's SEC data, so not scored: return on equity 15%+, share count not growing. A checklist is a starting point for research, not a verdict.
Latest quarter
Quarter ended Jun 30, 2026
Reported Aug 13
Revenue
$15.1M
+144.6% YoY
EPS
-$0.18
vs -$0.93
Op. margin
-112.5%
-4.9 pts
Gross margin
-8.4%
-14.7 pts
Free cash flow
-$12.1M
Share count
+1075.1%
vs a year ago
Insider rating
Last 90 days
No open-market insider buys or sells in the last 90 days.
Weekly insider trend
No trades to chart yet.
Filing buzz
Last 7 days vs normal
59/ 100
This week
4
Normal week
2.9
vs normal
1.4x
SEC filings of any kind. 50 means a normal week.
Institutional ownership
▲Accumulating+330.3%
Institutions added 330.3% to their holdings. 85 bought, 15 sold.
Shares held by institutions44.3M
Sep '24Jun '26
Safety check
From SEC filings
Share count growthYearly rate, last 3 years
+89.7%
Cash runwayAt last year's cash burn
149 months
Debt to equityLatest balance sheet: debt compared with what owners have
0.2x · $33.1M debt
Shares outstandingLatest reported
245M
Why high risk
Losing money, losses are large next to sales
Share count growing 89.7% a year (dilution)
Revenue down 21.8% from the year before
2 offering filings in 6 months (may sell new shares)
Exchange listing notice (a delisting warning or a move to another exchange)
Auditor change
Earnings reports
Last 12
Next reportAround Nov 16 (est.)Estimated from the same quarter last year
Results filedAug 13
Results filedMay 18
Results filedMar 30
Results filedNov 17, 2025
Results filedAug 15, 2025
Flags and big holders
Offerings 6 months, flags 12 months, holders 90 days