Home / Going-concern warnings / Soluna Holdings, Inc
Filed 2025-11-14 路 Form 10-Q 路 Accession 0001493152-25-023503 nano
Price before filing: $1.85 (2025-11-13 close, split/dividend-adjusted)
Market cap at flag: $48.5M (2025-11-14) 路 Latest: $87.8M (2026-10-16)
| Window | SLNH | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -22.7% | +1.3% | -24.0% | 2025-12-15 |
| 90 days | -50.9% | +1.7% | -52.5% | 2026-02-12 |
| 180 days | +16.8% | +11.1% | +5.7% | 2026-05-13 |
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 $253K (15 sales)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-11-14: red flag filed | |||||||
| 2025-11-19 | Phelan William P Director | Sale | 100 | $7.58 | $758 | no | Form 4 |
| 2025-11-20 | Phelan William P Director | Sale | 500 | $7.80 | $4K | no | Form 4 |
| 2025-11-21 | Belizaire John Chief Executive Officer, Director | Sale | 4,300 | $1.45 | $6K | no | Form 4 |
| 2025-11-21 | Belizaire John Chief Executive Officer, Director | Sale | 4,922 | $1.44 | $7K | no | Form 4 |
| 2025-11-21 | Hirshfield Edward R Director | Sale | 100 | $7.45 | $745 | no | Form 4 |
| 2025-11-21 | Hirshfield Edward R Director | Sale | 1,900 | $7.18 | $14K | no | Form 4 |
| 2025-11-24 | Hirshfield Edward R Director | Sale | 1,000 | $8.00 | $8K | no | Form 4 |
| 2025-11-28 | Hirshfield Edward R Director | Sale | 1,000 | $8.75 | $9K | no | Form 4 |
| 2025-12-10 | Hirshfield Edward R Director | Sale | 2,000 | $9.70 | $19K | no | Form 4 |
| 2025-12-10 | Phelan William P Director | Sale | 7,001 | $9.58 | $67K | no | Form 4 |
| 2025-12-11 | Hirshfield Edward R Director | Sale | 741 | $9.90 | $7K | no | Form 4 |
| 2025-12-11 | Phelan William P Director | Sale | 3,737 | $9.52 | $36K | no | Form 4 |
| 2025-12-12 | Hirshfield Edward R Director | Sale | 2,000 | $9.76 | $20K | no | Form 4 |
| 2025-12-12 | MICHAELS DAVID C Chief Financial Officer, Director | Sale | 1,017 | $2.19 | $2K | no | Form 4 |
| 2025-12-12 | MICHAELS DAVID C Chief Financial Officer, Director | Sale | 5,669 | $9.26 | $52K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-16 to 2025-12-14. 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.
"While the financial condition of the Company has improved substantially, other factors taken as a whole 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 September 30, 2025, or November 14 2025. 2."
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 2025-09-30)
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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