Home / Going-concern warnings / Soluna Holdings, Inc
Filed 2025-05-15 路 Form 10-Q 路 Accession 0001641172-25-010886 nano
Price before filing: $0.86 (2025-05-14 close, split/dividend-adjusted)
Market cap at flag: $12.1M (2025-05-15) 路 Latest: $87.8M (2026-10-16)
| Window | SLNH | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -29.9% | +2.6% | -32.5% | 2025-06-16 |
| 90 days | -36.0% | +10.1% | -46.1% | 2025-08-13 |
| 180 days | +175.6% | +16.9% | +158.7% | 2025-11-11 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: 4 insiders sold $64K (9 sales); 1 insider bought $5K (2 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-05-15: red flag filed | |||||||
| 2025-05-20 | Marusak Thomas J Director | Sale | 1,991 | $0.80 | $2K | no | Form 4 |
| 2025-05-22 | Thomas Jessica L. Chief Accounting Officer | Sale | 2,851 | $0.77 | $2K | no | Form 4 |
| 2025-05-22 | Thomas Jessica L. Chief Accounting Officer | Sale | 8,000 | $0.78 | $6K | no | Form 4 |
| 2025-06-02 | OReilly Mary Jennifer Chief People Officer | Sale | 100 | $3.61 | $361 | no | Form 4 |
| 2025-06-02 | OReilly Mary Jennifer Chief People Officer | Sale | 100 | $3.75 | $375 | no | Form 4 |
| 2025-06-02 | OReilly Mary Jennifer Chief People Officer | Sale | 1,400 | $3.67 | $5K | no | Form 4 |
| 2025-06-10 | Phelan William P Director | Sale | 10,000 | $2.98 | $30K | no | Form 4 |
| 2025-06-10 | Thomas Jessica L. Chief Accounting Officer | Sale | 3,300 | $2.80 | $9K | no | Form 4 |
| 2025-06-10 | Tunison John Chief Financial Officer | Purchase | 1,000 | $2.80 | $3K | no | Form 4 |
| 2025-06-11 | Phelan William P Director | Sale | 3,350 | $2.80 | $9K | no | Form 4 |
| 2025-06-12 | Tunison John Chief Financial Officer | Purchase | 1,000 | $2.48 | $2K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-02-14 to 2025-06-14. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"These factors, among others indicate that there is substantial doubt about the Company's ability to continue as a going concern within one year after issuance of these condensed financial statements as of March 31, 2025, or May 15, 2025. 9 The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-03-31)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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