SLNH Stock Forecast & Price Target

Soluna Holdings is viewed favorably because its behind-the-meter renewable power assets and ERCOT base-load designations give it a rare, grid-friendly route to monetizing scarce AI power demand, with 266 MW of conditional base load status and late 2027 power availability that should attract hyperscalers. The company is also shifting from volatile Bitcoin exposure toward higher-quality contracted hosting revenue, having posted four consecutive quarters of sequential revenue growth through 1Q26, while TTM revenue was about $33M with 44.3% gross margins and a $13.7M adjusted EBITDA loss. Its growth pipeline is substantial, including 6.3 GW of total development, a 350 MW Kati 2 project and a 300 MW Dorothy 3 opportunity, while the MetroBloks JV and the $53M Briscoe Wind Farm acquisition reduce execution risk and strengthen future margins.

Soluna Holdings is fundamentally challenged by a capital-intensive, pre-revenue HPC transition that depends on conditional ERCOT approvals, successful tenant leasing, and significant external funding, while project costs have risen from about $9M/MW to roughly $11M/MW. Its current earnings profile remains weak, with 2Q26 revenue of $15.1M, a GAAP net loss of $22.6M, and adjusted EBITDA of negative $1.6M, while 1Q26 showed $86.0M of cash and restricted cash but also $18.5M of G&A and heavy customer concentration. Even though 2027 revenue is forecast to rise to $79.8M, the model still relies on uncertain conversion of 9 projects and 914 MW in interconnection work into contracted cash flow amid rising opposition and financing spreads, making execution risk elevated.