Home / Going-concern warnings / Soluna Holdings, Inc
Filed 2025-08-14 路 Form 10-Q 路 Accession 0001641172-25-024045 nano
Price before filing: $0.55 (2025-08-13 close, split/dividend-adjusted)
Market cap at flag: $15.4M (2025-08-14) 路 Latest: $87.8M (2026-10-16)
| Window | SLNH | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +69.1% | +2.5% | +66.6% | 2025-09-15 |
| 90 days | +283.6% | +6.3% | +277.4% | 2025-11-12 |
| 180 days | +79.0% | +7.9% | +71.1% | 2026-02-10 |
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: 4 insiders sold $64K (9 sales); 1 insider bought $5K (2 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 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 |
| 2025-08-14: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-16 to 2025-09-13. 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.
"CloudCo has not made any additional payments under the HPE Agreement since CloudCo notified HPE of its termination of the HPE Agreement. 9 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 consolidated financial statements as of June 30, 2025, or August 14, 2025."
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 2025-06-30)
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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