Monday's Underperformers: Real Estate and Application Software Stocks
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 15 2025
0mins
Should l Buy SLNH?
Source: NASDAQ.COM
Market Performance: Application software shares are lagging behind the market, down approximately 2% on Monday.
Notable Declines: Currenc Group and Soluna Holdings are leading the decline, with losses of about 14.8% and 13.9%, respectively.
Sector Laggards: The real estate sector is also mentioned as a laggard alongside application software stocks.
Author's Perspective: The views expressed in the article are those of the author and do not necessarily represent Nasdaq, Inc.
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Analyst Views on SLNH
Wall Street analysts forecast SLNH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 0.607
Low
5.00
Averages
5.00
High
5.00
Current: 0.607
Low
5.00
Averages
5.00
High
5.00
About SLNH
Soluna Holdings, Inc. is a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. It operates modular data centers co-located with wind, solar, and hydroelectric power plants, supporting compute-intensive applications, including bitcoin mining, generative artificial intelligence (AI), and scientific computing. Its segments include Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing (HPC). Its Soluna Cloud Services business provides HPC services to support generative AI workstreams and proprietary software MaestroOS helps to energize a greener grid while delivering computing solutions and superior returns. It offers colocation and hosting services for companies seeking to train large language models (LLMs), fine-tune existing artificial intelligence models, and deploy other compute-intensive AI or HPC workloads. It also provides hosting services to third-party Bitcoin mining customers at its data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Soluna Holdings Reports Transformational 2025 Financial Results
- Operational Capacity Doubling: In 2025, Soluna Holdings doubled its operational capacity and expanded its power pipeline to 4.3GW, adding two new project-level capital partners, indicating significant growth and sustainability in the green data center sector.
- Project Milestones Achieved: The completion and commissioning of the 48MW Dorothy 2 project enhanced profitability and operational efficiency of data centers while diversifying the customer mix, which is expected to drive future revenue growth.
- Improved Financial Position: Total cash grew to $88.8 million in 2025, a 750% increase from 2024, providing robust funding for future investment opportunities, despite revenue pressures from declining Bitcoin prices.
- Strategic Investments and Expansion: The company raised approximately $142 million in 2025 through debt issuances and other financing methods, strengthening its financial foundation to support further development of AI infrastructure and power pipeline, showcasing strong growth potential.
See More
Soluna Holdings Reports Q4 Revenue Growth of 9.5%
- Revenue Growth: Soluna Holdings reported Q4 revenue of $9.2 million, reflecting a 9.5% year-over-year increase, indicating the company's robust performance and ongoing growth potential in the market.
- Cash Reserves Increase: Total cash grew from $60.5 million in Q3 to $88.8 million in Q4, a 47% increase, which significantly strengthens the company's financial position for future investment opportunities.
- Executive Appointment: The appointment of Michael Picchi as CFO aims to leverage his extensive financial management experience to optimize the company's financial strategy and resource allocation, further driving growth.
- Project Updates: Soluna provided project updates in December and successfully closed a $32 million direct offering, enhancing its capital base to support future project development and expansion.
See More
Soluna Holdings Reports February Bitcoin Mining Results
- Bitcoin Mining Achievement: Soluna Holdings mined 9.5 bitcoins in February, demonstrating its ongoing activity in the cryptocurrency market, which is expected to positively impact future revenues.
- Stock Price Increase: Following the announcement, the company's shares rose by 3.99% to $0.78, reflecting market recognition of its mining capabilities and future potential, likely attracting more investor interest.
- Hashrate Performance: Soluna reported an average self-mining hashrate of 760 PH/s and a hosted hashrate of 3,883 PH/s, with this strong performance enhancing its position in the competitive cryptocurrency market.
- Market Reaction: Given the volatility of bitcoin prices, Soluna's mining data may influence shareholder confidence and market expectations, further driving the company's strategic development in the cryptocurrency sector.
See More
Soluna's Project Kati 1 Launches, Exceeding 200 MW Compute Capacity
- Project Kati 1 Launch: Soluna has received ERCOT approval to begin initial energization and phased commissioning of Project Kati 1 as scheduled, marking a significant advancement in the green data center sector.
- Capacity Enhancement: The total capacity of Project Kati is 83 MW, with Kati 1A (48 MW) expected to be fully operational by early Q2 and Kati 1B (35 MW) anticipated to be completed by the end of Q3, resulting in an overall capacity increase of over 67%.
- Revenue Expectations: Project Kati is projected to generate annual revenues between $17.3 million and $19.6 million, indicating that this project will provide substantial financial returns and further solidify Soluna's market position in Bitcoin mining and AI computing.
- Renewable Energy Utilization: The project is powered entirely by the Las Majadas wind energy project, showcasing Soluna's strategic vision in renewable computing, aiming to drive sustainable development through efficient computing infrastructure.
See More
Soluna Signs Equipment Supply Agreement with Cormint for 12 MW Deployment
- Equipment Supply Agreement: Soluna Holdings has executed an agreement with Cormint Data Systems to support a 12 MW data center deployment at Project Kati 1 in Willacy County, Texas, marking a significant advancement in the company's green data center initiatives.
- Modular Design Benefits: The eight modular data center units under the agreement feature a patented pre-fabricated design with integrated 2MW transformers and high-performance cooling systems, aimed at accelerating deployment and reducing on-site labor requirements, thereby enhancing overall operational efficiency.
- Project Timeline: These modular units are expected to be delivered in Q1 2026 and commissioned by Q2 2026, demonstrating the company's commitment to meeting market demands for speed and reliability in infrastructure.
- Renewable Energy Strategy: The Kati 1 project is a wind-powered data center dedicated to Bitcoin mining, with the initial 12 MW deployment reinforcing Soluna's market position in renewable-powered digital infrastructure.
See More
Soluna Holdings Appoints CFO Michael Picchi to Drive Renewable Data Center Growth
- Executive Appointment: Soluna Holdings has appointed Michael Picchi as CFO and treasurer effective April 1, 2026, bringing experience from TECFusions where he served as CFO, which is expected to enhance the company's capital strategy supporting the expansion of renewable-powered data centers.
- Transition Plan: David Michaels, who has been serving as interim CFO since August 2025, will continue in this role until March 31, 2026, ensuring financial stability and continuity during the executive transition period.
- Market Reaction: Following the announcement, SLNH shares fell 4.2% in premarket trading to $1.599, indicating market caution regarding the potential impact of the new CFO and the company's future strategy.
- Business Context: Soluna Holdings focuses on renewable energy-driven data center operations, actively expanding its market share in response to growing AI compute demand, with Picchi's appointment seen as a crucial move to strengthen financial management and capital operations.
See More
Soluna Holdings Reports Transformational 2025 Financial Results
- Operational Capacity Doubling: In 2025, Soluna Holdings doubled its operational capacity and expanded its power pipeline to 4.3GW, adding two new project-level capital partners, indicating significant growth and sustainability in the green data center sector.
- Project Milestones Achieved: The completion and commissioning of the 48MW Dorothy 2 project enhanced profitability and operational efficiency of data centers while diversifying the customer mix, which is expected to drive future revenue growth.
- Improved Financial Position: Total cash grew to $88.8 million in 2025, a 750% increase from 2024, providing robust funding for future investment opportunities, despite revenue pressures from declining Bitcoin prices.
- Strategic Investments and Expansion: The company raised approximately $142 million in 2025 through debt issuances and other financing methods, strengthening its financial foundation to support further development of AI infrastructure and power pipeline, showcasing strong growth potential.
See More
Soluna Holdings Reports Q4 Revenue Growth of 9.5%
- Revenue Growth: Soluna Holdings reported Q4 revenue of $9.2 million, reflecting a 9.5% year-over-year increase, indicating the company's robust performance and ongoing growth potential in the market.
- Cash Reserves Increase: Total cash grew from $60.5 million in Q3 to $88.8 million in Q4, a 47% increase, which significantly strengthens the company's financial position for future investment opportunities.
- Executive Appointment: The appointment of Michael Picchi as CFO aims to leverage his extensive financial management experience to optimize the company's financial strategy and resource allocation, further driving growth.
- Project Updates: Soluna provided project updates in December and successfully closed a $32 million direct offering, enhancing its capital base to support future project development and expansion.
See More
Soluna Holdings Reports February Bitcoin Mining Results
- Bitcoin Mining Achievement: Soluna Holdings mined 9.5 bitcoins in February, demonstrating its ongoing activity in the cryptocurrency market, which is expected to positively impact future revenues.
- Stock Price Increase: Following the announcement, the company's shares rose by 3.99% to $0.78, reflecting market recognition of its mining capabilities and future potential, likely attracting more investor interest.
- Hashrate Performance: Soluna reported an average self-mining hashrate of 760 PH/s and a hosted hashrate of 3,883 PH/s, with this strong performance enhancing its position in the competitive cryptocurrency market.
- Market Reaction: Given the volatility of bitcoin prices, Soluna's mining data may influence shareholder confidence and market expectations, further driving the company's strategic development in the cryptocurrency sector.
See More
Soluna's Project Kati 1 Launches, Exceeding 200 MW Compute Capacity
- Project Kati 1 Launch: Soluna has received ERCOT approval to begin initial energization and phased commissioning of Project Kati 1 as scheduled, marking a significant advancement in the green data center sector.
- Capacity Enhancement: The total capacity of Project Kati is 83 MW, with Kati 1A (48 MW) expected to be fully operational by early Q2 and Kati 1B (35 MW) anticipated to be completed by the end of Q3, resulting in an overall capacity increase of over 67%.
- Revenue Expectations: Project Kati is projected to generate annual revenues between $17.3 million and $19.6 million, indicating that this project will provide substantial financial returns and further solidify Soluna's market position in Bitcoin mining and AI computing.
- Renewable Energy Utilization: The project is powered entirely by the Las Majadas wind energy project, showcasing Soluna's strategic vision in renewable computing, aiming to drive sustainable development through efficient computing infrastructure.
See More
Soluna Signs Equipment Supply Agreement with Cormint for 12 MW Deployment
- Equipment Supply Agreement: Soluna Holdings has executed an agreement with Cormint Data Systems to support a 12 MW data center deployment at Project Kati 1 in Willacy County, Texas, marking a significant advancement in the company's green data center initiatives.
- Modular Design Benefits: The eight modular data center units under the agreement feature a patented pre-fabricated design with integrated 2MW transformers and high-performance cooling systems, aimed at accelerating deployment and reducing on-site labor requirements, thereby enhancing overall operational efficiency.
- Project Timeline: These modular units are expected to be delivered in Q1 2026 and commissioned by Q2 2026, demonstrating the company's commitment to meeting market demands for speed and reliability in infrastructure.
- Renewable Energy Strategy: The Kati 1 project is a wind-powered data center dedicated to Bitcoin mining, with the initial 12 MW deployment reinforcing Soluna's market position in renewable-powered digital infrastructure.
See More
Soluna Holdings Appoints CFO Michael Picchi to Drive Renewable Data Center Growth
- Executive Appointment: Soluna Holdings has appointed Michael Picchi as CFO and treasurer effective April 1, 2026, bringing experience from TECFusions where he served as CFO, which is expected to enhance the company's capital strategy supporting the expansion of renewable-powered data centers.
- Transition Plan: David Michaels, who has been serving as interim CFO since August 2025, will continue in this role until March 31, 2026, ensuring financial stability and continuity during the executive transition period.
- Market Reaction: Following the announcement, SLNH shares fell 4.2% in premarket trading to $1.599, indicating market caution regarding the potential impact of the new CFO and the company's future strategy.
- Business Context: Soluna Holdings focuses on renewable energy-driven data center operations, actively expanding its market share in response to growing AI compute demand, with Picchi's appointment seen as a crucial move to strengthen financial management and capital operations.
See More
