Soluna Holdings, Inc (SLNH) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 828.36% of current shares
Recent Dilution: 464.66% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
160M
Potential Supply
1.3B
Additional shares possible
Splits
None
Past 2 years

Summary

SLNH currently has 158M outstanding shares. with significant dilution risk as 1.31B authorized shares could dilute existing holders by 828.4%. The company has significantly diluted shareholders by 464.66% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 157.7M shares outstanding

160M 1.3B
Apr 03, 2026

8-K filing: Soluna Holdings, Inc. issued warrants to purchase shares of common stock in a private placement to Generate Strategic Credit Master Fund I-B, L.P. in connection with an amendment to their credit agreement.

110M 1.3B
Mar 30, 2026

10-K filing | 111.4M shares outstanding

110M 1.3B
Mar 09, 2026

S-3 filing: Soluna Holdings, Inc. is offering common stock, preferred stock, debt securities, subscription rights, and units with an aggregate public offering price not to exceed $1,000,000,000.

110M 1.3B
Dec 05, 2025

8-K filing: Soluna Holdings, Inc. entered into a securities purchase agreement to issue and sell shares of common stock, pre-funded warrants, and Series C warrants in a registered direct offering, expecting gross proceeds of approximately $32 million. ($10.51M proceeds)

68M 8M
Nov 14, 2025

10-Q filing | 68.4M shares outstanding

68M 170M
Sep 23, 2025

8-K filing: Soluna Holdings, Inc. filed a prospectus supplement for the offer and sale of common stock with an aggregate offering price of up to $87,650,000 and previously sold 13,680,483 shares for approximately $12.3 million under an At the Market Offering Agreement. ($12.3M proceeds)

30M 170M
Sep 16, 2025

8-K filing: Soluna Holdings, Inc. entered into a Credit and Guaranty Agreement with Generate Lending, LLC and issued warrants to Generate Strategic Credit Master Fund I-B, L.P. in a private placement.

30M 170M
Aug 14, 2025

10-Q filing | 30.1M shares outstanding

30M 170M
Jul 17, 2025

8-K filing: Soluna Holdings, Inc. completed a public offering on July 17, 2025, selling 8,794,544 shares of common stock, pre-funded warrants to purchase 296,365 shares of common stock and warrants to purchase 18,181,818 shares of common stock, at a combined price of $0.55 per share (or pre-funded warrant) and accompanying warrants, resulting in net proceeds of approximately $4.3 million, which will be used for working capital, project-level equity, and general corporate purposes. ($4.84M proceeds)

18M 170M
Jul 11, 2025

S-1/A filing: Soluna Holdings, Inc. is offering common shares, pre-funded warrants, Series A warrants, Series B warrants, and placement agent warrants with an aggregate offering price of up to $20,000,000 pursuant to securities purchase agreements and an engagement letter with H.C. Wainwright & Co.

18M 170M
Jun 16, 2025

S-1/A filing: This S-1/A filing relates to the potential issuance and sale of common stock, warrants (Series A and B), and warrant shares. It also includes pre-funded warrants for certain purchasers who would otherwise exceed beneficial ownership limitations.

18M 170M
May 22, 2025

S-1 filing: The company is offering shares of common stock, Series A warrants, Series B warrants, and pre-funded warrants.

14M 160M
May 15, 2025

10-Q filing | 13.8M shares outstanding

14M 160M
Apr 18, 2025

S-3 filing: Soluna Holdings, Inc. may offer and sell up to $100,000,000 in various securities, including common stock, preferred stock, warrants, debt securities, subscription rights, and units.

9.5M 160M
Apr 18, 2025

POS AM filing: This prospectus relates to the offer and resale, from time to time, by the selling holders identified in this prospectus of up to 1,935,770 shares of common stock of Soluna Holdings, Inc.

13M 160M
Mar 31, 2025

10-K filing | 12.5M shares outstanding

12M 3.9M
Mar 27, 2025

8-K filing: Soluna Holdings, Inc. entered into a Modification Agreement on March 23, 2025, which includes depositing 1,000,000 shares of common stock into escrow, issuance of a warrant to purchase common stock, modification of the payment schedule of a promissory note, and the potential conversion of the Note into up to 2,500,000 shares of common stock at a conversion price of $5.00.

11M 3.9M
Feb 10, 2025

8-K filing: Soluna Holdings, Inc. issued 59,382 shares of Common Stock to YA PN, LTD. as consideration for its commitment to purchase shares under the Standby Equity Purchase Agreement, and a registration statement for 3,000,000 Purchase Shares was declared effective.

11M 3.9M
Feb 03, 2025

S-1/A filing: This prospectus relates to the offer and resale, from time to time, by the selling holders identified in this prospectus of up to 3,508,024 shares of common stock of Soluna Holdings, Inc.

11M 3.9M
Jan 15, 2025

S-1/A filing: This prospectus relates to the offer and resale, from time to time, by the selling holders identified in this prospectus of up to 3,508,024 shares of common stock of Soluna Holdings, Inc.

11M 400K
Dec 16, 2024

S-1/A filing: This prospectus relates to the offer and resale, from time to time, by the selling holders identified in this prospectus of up to 3,508,024 shares of common stock of Soluna Holdings, Inc.

10M 400K
Dec 13, 2024

8-K filing: The Company issued 335,661 shares of common stock to Note Holders following the conversion of Convertible Notes, satisfying the full outstanding debt owed to the Note Holders.

7.7M 1.6M
Nov 14, 2024

10-Q filing | 7.7M shares outstanding

7.7M 1.6M
Nov 12, 2024

S-1/A filing: Soluna Holdings, Inc. is offering up to 11,308,642 shares of Common Stock from time to time by the selling holders identified in the prospectus.

8M 1.6M
Oct 09, 2024

S-1 filing: Soluna Holdings, Inc. is offering 22,308,642 shares of Common Stock through selling holders and an equity purchase agreement.

8M 11M
Oct 03, 2024

8-K filing: Soluna Holdings, Inc. entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD., and also entered into agreements with convertible noteholders and the Series B Holder to satisfy conditions precedent for accessing the SEPA, including the purchase of notes from Assignors for $750,000.

5.8M 260K
Aug 14, 2024

10-Q filing | 5.8M shares outstanding

5.8M 260K
May 15, 2024

10-Q filing | 3.9M shares outstanding

3.9M 260K
Apr 01, 2024

10-K filing | 2.8M shares outstanding

2.8M 260K
Mar 01, 2024

8-K filing: Soluna Holdings, Inc. amended its Securities Purchase Agreement to facilitate future financings, including reducing the conversion price of notes, issuing new warrants, and adjusting exercise prices of existing warrants, subject to stockholder approval.

2.7M 260K
Jan 26, 2024

8-K filing: Soluna Holdings, Inc. had $12.2 million in convertible notes outstanding as of September 30, 2023, with $4.1 million converted into 1,029,769 shares of common stock, reducing the outstanding principal to $8.1 million. As of the filing date, 2,662,710 shares are issued and outstanding.

2.7M 260K
Nov 22, 2023

8-K filing: The company amended its Securities Purchase Agreement to facilitate future financing that may include funds for prepayment of notes, permitting the company to force conversion of up to $1,500,000 of the notes, reducing the conversion price of $4,700,000 of the notes, and reducing the exercise price of 150,000 warrants to $0.01.

1.6M 260K
Nov 14, 2023

10-Q filing | 1.6M shares outstanding

1.6M 260K
Oct 13, 2023
Stock Split

8-K filing: Stock split 1-for-25 | Outstanding: 35,694,430 → 1

1 260K
Oct 10, 2023

8-K filing: Soluna Holdings, Inc. issued 990,000 shares of common stock to Harmattan Energy, Ltd. on October 10, 2023, pursuant to the Soluna Callisto merger agreement.

36M 6.5M
Aug 14, 2023

10-Q filing | 35.7M shares outstanding

36M 6.5M
Aug 03, 2023

8-K filing: Soluna Holdings, Inc. issued 1,100,000 shares of common stock and 2,256,661 prefunded warrants as a mandatory dividend on its Series B Convertible Preferred Stock. Additionally, the company issued 2,579,565 shares of common stock and warrants to purchase 5,159,170 shares of common stock at $0.30 per share in a second subsequent closing under a Securities Purchase Agreement. ($0.86M proceeds)

27M 6.5M
Jun 02, 2023

8-K filing: Soluna Holdings, Inc. issued 495,000 shares of its common stock on May 26, 2023, to HEL, an affiliate of SCI US Holdings LLC, as part of the Soluna Callisto acquisition milestone agreement.

27M 6.5M
May 15, 2023

10-Q filing | 27.0M shares outstanding

27M 6.5M
Mar 31, 2023

10-K filing | 24.7M shares outstanding

25M 6.5M
Mar 14, 2023

8-K filing: Soluna Holdings, Inc. sold 19,539,897 Class B Membership Interests in the Project Company to Spring Lane for $7,500,000. ($7.5M proceeds)

18M 6.5M
Dec 05, 2022

8-K filing: Soluna Holdings, Inc. entered into a securities purchase agreement for 1,125,000 shares of common stock and associated warrants at a price of $0.76 per share, and also agreed to issue Placement Agent Shares and October Shares to Univest Securities, LLC.

18M 6.5M
Dec 05, 2022

8-K filing: Soluna Holdings, Inc. entered into a securities purchase agreement for the sale of 1,125,000 shares of common stock and associated warrants for gross proceeds of $855,000. ($0.86M proceeds)

18M 6.5M
Nov 14, 2022

10-Q filing | 17.5M shares outstanding

18M 6.5M
Oct 26, 2022

8-K filing: Soluna Holdings, Inc. completed a public offering of 1,388,889 shares of common stock at $1.44 per share, resulting in net proceeds of approximately $1.63 million, and also issued shares upon conversion of a promissory note and to the holder of Series B Convertible Preferred Stock. ($2.0M proceeds)

15M 6.5M
Sep 14, 2022

8-K filing: Soluna Holdings, Inc. issued 430,564 shares of common stock to October Purchasers in exchange for Class B warrants and new warrants, and issued warrants to the Series B Holder to purchase an aggregate of 400,000 shares of common stock.

15M 6.5M
Aug 15, 2022

10-Q filing | 14.7M shares outstanding

15M 6.5M
Aug 11, 2022

8-K filing: Soluna Holdings, Inc. entered into a Contribution Agreement with Soluna SLC Fund I Projects Holdco, LLC, Soluna DV Devco, LLC, and Soluna DVSL ComputeCo, LLC, involving capital contributions to DVSL, with the Company contributing approximately $8.1 million and Spring Lane contributing approximately $3.9 million on August 5, 2022, in exchange for membership interests in DVSL.

14M 6.5M
Jul 20, 2022

8-K filing: Soluna Holdings entered into an addendum to amend a Securities Purchase Agreement, issued Series B Convertible Preferred Stock and warrants for $5,000,000, and filed a Certificate of Designations for the Preferred Stock. ($5.0M proceeds)

14M 6.5M
May 25, 2022

8-K filing: Soluna Holdings, Inc. closed an over-allotment offering of 73,518 shares of Series A Preferred Stock for gross proceeds of approximately $1.29 million and issued warrants to purchase up to 3,675 shares of common stock at an initial exercise price of $9.152 per share. ($1.29M proceeds)

14M 6.5M
May 16, 2022

10-Q filing | 13.8M shares outstanding

14M 6.5M
Apr 29, 2022

8-K filing: Soluna Holdings, Inc. closed an underwritten offering of 525,714 shares of Series A Preferred Stock and issued 1,142,857 shares of Series A Preferred Stock in a registered direct offering, issuing warrants to purchase up to 26,285 shares of Common Stock to Univest Securities, LLC. ($9.2M proceeds)

9.7M 6.5M
Apr 27, 2022

8-K filing: Soluna Holdings, Inc. increased the number of shares of Series A Preferred Stock designated under the Certificate of Designations from 3,640,000 shares to 6,040,000 shares.

9.7M 6.5M
Apr 19, 2022

8-K filing: Soluna Holdings, Inc. issued $10.0 million in promissory notes and warrants to purchase up to 1,000,000 shares of common stock at an exercise price of $11.50 per share to certain institutional lenders as the third and final tranche of a $20.0 million financing.

9.7M 6.5M
Mar 31, 2022

10-K filing | 9.7M shares outstanding

9.7M 6.5M
Mar 01, 2022

8-K filing: Soluna Holdings, Inc. issued $7.5 million in promissory notes to institutional lenders as the first tranche of a $20.0 million financing, with warrants to purchase up to 500,000 shares of common stock at $11.50 per share to be issued upon the issuance of the third tranche of notes.

14M 6.5M
Feb 09, 2022

S-3 filing: This prospectus relates to the offer and resale or other disposition of up to 150,000 shares of common stock of Soluna Holdings, Inc. by Harmattan Energy Ltd.

14M 6.5M
Jan 18, 2022

8-K filing: Soluna Holdings, Inc. entered into a Consent and Waiver Agreement with Investors regarding a Securities Purchase Agreement, and will issue 85,000 common stock purchase warrants to the Investor holding the largest outstanding principal amount of Notes. Soluna MC Borrowing 2021-1 LLC borrowed loans under a Master Agreement in the aggregate principal amount of approximately $4.6 million.

13M 6.3M
Jan 05, 2022

8-K filing: Soluna Holdings, Inc. closed the offering of 66,857 option shares of its 9.0% Series A Cumulative Perpetual Preferred Stock on January 5, 2022, and issued warrants to purchase up to 3,343 shares of common stock to the underwriter. ($1.17M proceeds)

13M 6.3M
Dec 29, 2021

8-K filing: Soluna Holdings, Inc. completed a public offering of 445,714 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock for net proceeds of approximately $7,254,000 and issued warrants to purchase up to 22,285 shares of common stock to Univest Securities, LLC. ($7.8M proceeds)

13M 6.3M
Dec 13, 2021

S-3/A filing: Soluna Holdings, Inc. may offer and sell, from time to time in one or more offerings, any combination of securities up to $150,000,000 and selling stockholders may offer and sell up to an aggregate of 3,552,146 shares of Common Stock from time to time in one or more offerings as further described herein.

13M 6.3M
Nov 30, 2021

S-3 filing: Soluna Holdings, Inc. may offer and sell common stock, preferred stock, warrants, debt securities, subscription rights or units up to $150,000,000. Selling stockholders may offer and sell up to 3,552,146 shares of Common Stock.

13M 18M
Nov 12, 2021

10-Q filing | 12.7M shares outstanding

13M 2.8M
Oct 25, 2021

8-K filing: Mechanical Technology, Incorporated entered into a Securities Purchase Agreement for an aggregate financing of $15 million, issuing secured convertible notes and warrants to purchase common stock. ($15.0M proceeds)

14M 2.8M
Sep 30, 2021

8-K filing: Mechanical Technology, Incorporated sold 86,585 shares of Series A Preferred Stock to the underwriter, pursuant to its partial exercise of the Over-Allotment Option, resulting in additional aggregate gross proceeds of approximately $2.16 million. ($2.16M proceeds)

14M 2.8M
Aug 23, 2021

8-K filing: Mechanical Technology, Incorporated closed a public offering of 720,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock for net proceeds of approximately $16,092,500 after deducting underwriting discounts and other offering expenses. ($18.0M proceeds)

14M 2.8M
Aug 16, 2021

S-1/A filing: Mechanical Technology, Incorporated is offering 600,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock at an assumed price of $25.00 per share.

14M 2.8M
Aug 13, 2021

S-1/A filing: Mechanical Technology, Incorporated is offering 600,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock at an assumed public offering price of $25.00 per share, with an over-allotment option for an additional 90,000 shares.

14M 2.8M
Aug 12, 2021

8-K filing: Mechanical Technology, Incorporated (MTI) entered into a Merger Agreement with Soluna Computing, Inc. (SCI) and a Termination Agreement with EcoChain, Inc. and Harmattan Energy, Ltd. (HEL), issuing 150,000 shares of common stock to HEL as part of the Termination Agreement.

14M 2.8M
Aug 10, 2021

10-Q filing | 13.7M shares outstanding

14M 2.8M
Jul 23, 2021

S-1/A filing: Mechanical Technology, Incorporated is offering 600,000 shares of its 9.0% Series A Cumulative Perpetual Preferred Stock at an assumed price of $25.00 per share.

9.7M 2.8M
Jul 19, 2021

S-1/A filing: This S-1/A filing relates to a public securities offering in which Mechanical Technology, Incorporated sold 2,419,355 shares of common stock and warrants for gross proceeds of $15,000,001, the underwriter's full exercise of their over-allotment option for 362,903 shares of common stock, and the offering of 600,000 shares of Series A Preferred Stock.

9.7M 2.8M
Jun 22, 2021

S-1 filing: This is an S-1 filing for Mechanical Technology, Incorporated. The company is offering shares of Series A Preferred Stock and intends to use the net proceeds of this Offering for the acquisition, development and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software and real property (i.e. land and buildings) and business, product line or asset acquisitions related to MTI Instruments and for working capital and general corporate purposes, which include, but are not limited to, operating expenses.

9.7M 2.8M
May 27, 2021

8-K filing: The underwriter exercised the Over-Allotment Option in full, purchasing an additional 362,903 shares of common stock and warrants to purchase up to an additional 90,726 shares, resulting in gross proceeds of approximately $2,250,000. ($2.25M proceeds)

9.7M 0
May 17, 2021

10-Q filing | 9.7M shares outstanding

9.7M 0
May 04, 2021

8-K filing: Mechanical Technology, Incorporated, through its subsidiary EcoChain Block, LLC, executed ground leases and a power supply agreement. MTI may issue common stock as payment for rent under the Building Lease, and will issue 100,000 shares in connection with the Vacant Land Lease.

9.9M 0
Apr 29, 2021

8-K filing: Mechanical Technology, Incorporated closed a public offering of 2,419,355 shares of common stock and warrants, resulting in net proceeds of approximately $13,353,639 after deducting underwriting discounts and offering expenses. ($15.0M proceeds)

9.9M 0
Apr 12, 2021

S-1/A filing: Mechanical Technology, Incorporated is offering 1,661,130 shares of common stock, along with common warrants to purchase up to 415,282 shares and pre-funded warrants, at an assumed combined public offering price of $9.03 per share.

9.9M 2.1M
Apr 02, 2021

S-1/A filing: Mechanical Technology, Incorporated is conducting a firm commitment public offering of 1,250,000 shares of common stock, together with common warrants to purchase up to 312,500 shares of common stock.

9.9M 1.6M
Mar 31, 2021

10-K filing | 9.6M shares outstanding

9.6M 0
Mar 10, 2021

S-1 filing: Mechanical Technology, Incorporated is conducting a firm commitment public offering of shares of its common stock, with a proposed Nasdaq listing as a condition for consummation. The underwriters have a 45-day over-allotment option, and the offering includes underwriters' warrants.

9.8M 0
Apr 03, 2020

RW filing: The company is withdrawing the registration statement because the board of directors has determined that the registration of the company common stock under the Exchange Act is not advisable and is not in the best interests of the company and its shareholders at this time.

N/A 0
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