Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 5/5 core metricsLatest reported annual revenue changed -21.8% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -21.8% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Free cash flow was negative
Latest reported free cash flow was -$37M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 3 filing risk checks flagged
Flagged areas: Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Operating margin improved
Operating margin changed +11.7 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- External Customers$28.4Mshare n/a-20.8% yoy
- Data Hosting Revenue$17Mshare n/a-9.8% yoy
- Cryptocurrency Mining Revenue$11.4Mshare n/a-33.0% yoy
- Demand Response Services$1.28Mshare n/a-40.0% yoy
- High Performance Computing Service Revenue$28Kshare n/a+75.0% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- External Customers$8.86Mshare n/a+63.1% yoy
- Data Hosting Revenue$6.69Mshare n/a+178.4% yoy
- Cryptocurrency Mining Revenue$2.17Mshare n/a-27.7% yoy
- Demand Response Services$537Kshare n/a+5.9% yoy
- High Performance Computing Service Revenue$0share n/a-100.0% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,122 US-listed filers · 907 in Financials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $30M | 18thof 3,301 bottom third | 22ndof 541 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -21.8% | 6thof 3,135 bottom third | 5thof 518 bottom third |
Gross margin gross profit ÷ revenue | 6.0% | 6thof 1,603 bottom third | 11thof 59 bottom third |
Operating margin operating income ÷ revenue | -113.3% | 16thof 2,819 bottom third | 17thof 234 bottom third |
Net margin net income ÷ revenue | -179.7% | 12thof 3,263 bottom third | 9thof 534 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -125.2% | 11thof 2,679 bottom third | 8thof 307 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -99.7% | 11thof 3,577 bottom third | 3rdof 774 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 35.6% | 11thof 2,895 bottom third | 14thof 422 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 68 days | 29thof 2,398 bottom third | 28thof 104 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -32.1% | 94thof 3,577 top third | 97thof 804 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 67.6% | 13thof 3,059 bottom third | 15thof 734 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 32 changed periods, 26 largest shown| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2021-09-30 | 12,702,393 shares 10-Q 2021-11-12 | 12,702,393,000 shares 10-Q 2022-11-14 | +99900.0% | first · latest |
| Deferred revenue (current) ContractWithCustomerLiabilityCurrent | balance at 2024-12-31 | $1.42M 10-K 2025-03-31 | $20M 10-K 2026-03-30 | +1313.5% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2020-12-31 | $1.45M 10-K 2021-03-31 | -$1.64M 10-K 2022-03-31 | -213.2% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | fiscal year 2020-12-31 | $1.62M 10-K 2021-03-31 | -$1.21M 10-K 2022-03-31 | -174.8% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2021-03-31 | $331K 10-Q 2021-05-17 | $832K 10-Q 2022-05-16 | +151.4% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-09-30 | 14,698,013,000 shares 10-Q 2022-11-14 | 587,921 shares 10-Q 2023-11-14 | -100.0% | first · latest |
| Receivables AccountsReceivableNetCurrent | balance at 2020-12-31 | $975K 10-K 2021-03-31 | $59K 10-K 2022-03-31 | -94.0% | first · latest · 5 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$628K 10-Q 2021-11-12 | -$936K 10-Q 2022-11-14 | -49.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-03-31 | 11,939,983 shares 10-Q 2025-05-15 | 8,719,351 shares 10-Q 2026-05-15 | -27.0% | first · latest · 4 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-03-31 | 11,939,983 shares 10-Q 2025-05-15 | 8,719,351 shares 10-Q 2026-05-15 | -27.0% | first · latest · 4 filings carry it |
| Stock-based compensation ShareBasedCompensation | fiscal year 2020-12-31 | $54K 10-K 2021-03-31 | $40K 10-K 2022-03-31 | -25.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2025-06-30 | 14,991,125 shares 10-Q 2025-08-14 | 11,146,141 shares 10-Q 2026-08-13 | -25.6% | first · latest · 4 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2025-06-30 | 14,991,125 shares 10-Q 2025-08-14 | 11,146,141 shares 10-Q 2026-08-13 | -25.6% | first · latest · 4 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | fiscal year 2024-12-31 | 6,280,915 shares 10-K 2025-03-31 | 5,109,339 shares 10-K 2026-03-30 | -18.6% | first · latest · 3 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | fiscal year 2024-12-31 | 6,280,915 shares 10-K 2025-03-31 | 5,109,339 shares 10-K 2026-03-30 | -18.6% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | -$1.18M 10-Q 2021-08-10 | -$1.39M 10-Q 2022-08-15 | -18.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2024-06-30 | 4,563,696 shares 10-Q 2024-08-14 | 3,747,160 shares 10-K 2026-03-30 | -17.9% | first · latest · 4 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-06-30 | 4,563,696 shares 10-Q 2025-08-14 | 3,747,160 shares 10-K 2026-03-30 | -17.9% | first · latest · 3 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2024-09-30 | 7,738,664 shares 10-Q 2024-11-14 | 6,388,335 shares 10-K 2026-03-30 | -17.4% | first · latest · 3 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2024-09-30 | 7,738,664 shares 10-Q 2024-11-14 | 6,388,335 shares 10-K 2026-03-30 | -17.4% | first · latest · 3 filings carry it |
| Stock-based compensation ShareBasedCompensation | quarter 2021-03-31 | $34K 10-Q 2021-05-17 | $29K 10-Q 2022-05-16 | -14.7% | first · latest |
| Interest expense InterestExpense | quarter 2023-06-30 | $439K 10-Q 2023-08-14 | $486K 10-Q 2024-08-14 | +10.7% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | quarter 2025-03-31 | $3.81M 10-Q 2025-05-15 | $3.53M 10-Q 2026-05-15 | -7.2% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2021-03-31 | -$671K 10-Q 2021-05-17 | -$631K 10-Q 2022-05-16 | +6.0% | first · latest |
| Stock-based compensation ShareBasedCompensation | quarter 2023-03-31 | $847K 10-Q 2023-05-15 | $879K 10-Q 2024-05-15 | +3.8% | first · latest |
| Capital expenditure PaymentsToAcquirePropertyPlantAndEquipment | fiscal year 2020-12-31 | $835K 10-K 2021-03-31 | $805K 10-K 2022-03-31 | -3.6% | first · latest |
4 share-count periods re-presented for a stock split (1-for-25) are listed apart from restatements and not counted above.
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for SLNH yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.