Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash	$ 76,423	$ 7,843
Restricted cash	4,500	1,150
Accounts receivable, net (allowance for expected credit losses $244 as of December 31, 2025 and December 31, 2024)	5,522	2,693
Loan commitment assets	3,018	0
Prepaid expenses and other current assets	2,664	1,781
Equipment held for sale	0	28
Total Current Assets	92,127	13,495
Restricted cash, noncurrent	7,920	1,460
Other assets	978	2,724
Deposits and credits on equipment	1,377	5,145
Property, plant and equipment, net	74,783	47,283
Intangible assets, net	8,261	17,620
Operating lease right-of-use assets	252	313
Financing lease right-of-use assets	2,246	0
Total Assets	187,944	88,040
Current Liabilities:
Accounts payable	4,859	2,840
Accrued liabilities	13,182	6,785
Accrued interest	303	2,275
Contract liability	19,348	20,015
Current portion of debt	8,858	14,444
Income tax payable	123	37
Customer deposits-current	1,913	1,416
Deferred revenue	518	0
Operating lease liability	65	61
Financing lease liability	20	0
Total Current Liabilities	49,189	47,873
Other liabilities	743	235
Customer deposits- long-term	2,533	0
Long-term debt	17,899	7,061
Operating lease liability	187	252
Financing lease liability	2,236	0
Deferred tax liability, net	2,911	5,257
Total Liabilities	75,698	60,678
Commitments and Contingencies (Note 13)
Placement agent warrants	1,313	0
Stockholders’ Equity:
Common stock, par value $0.001 per share, authorized 375,000,000; 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024	103	11
Additional paid-in capital	435,030	315,607
Accumulated deficit	(367,715)	(314,304)
Common stock in treasury, at cost, 86,595 shares at December 31, 2025 and 40,741 shares at December 31, 2024	(13,873)	(13,798)
Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)	53,550	(12,479)
Non-Controlling Interest	57,383	39,841
Total Stockholders’ Equity	110,933	27,362
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity	187,944	88,040
Series A Preferred Stock
Stockholders’ Equity:
Preferred stock	5	5
Series B preferred stock
Stockholders’ Equity:
Preferred stock	$ 0	$ 0