Group 1 - Soluna Holdings (SLNH) stock has surged approximately 116% over the past week and 330% over the last month, driven by renewed investor interest in its green data-center model and recent financing updates [1] - On September 23, Soluna filed a prospectus supplement to update its ATM offering program, authorizing the sale of up to $87.65 million of common shares through H.C. Wainwright as agent [2] - Soluna's public float is now reported at $98.5 million, exceeding the $75 million threshold under SEC rules, which removes the "baby-shelf" limit on primary offerings [3] Group 2 - Despite the removal of the baby-shelf cap, Soluna's near-term ATM capacity is constrained by its charter, with only about 4.3 million shares remaining authorized for issuance as of September 22, 2025 [4] - Raising the authorized share limit would require a charter amendment subject to stockholder approval, and as of the filing, Soluna has not announced plans for such an amendment [5] - At the time of publication, SLNH is up 30% from the previous day's close [6]

By Daniella Parra Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for AI and Bitcoin mining, has secured a scalable credit facility of up to $100 million from Generate Capital to fund refinancing, construction, and expansion of its renewable-powered projects, the company said. Vinson & Elkins said it served as counsel to affiliates of Generate Capital, PBC in connection with their roles as sole lender, administrative agent and collateral agent, in the negotiation of a financing of ...

Soluna Holdings (NASDAQ: SLNH) has closed a scalable credit facility of up to $100 million with Generate Capital to refinance and construct its green data center projects, drawing an initial $12.6 million to fund active builds and refinance existing assets. Get these headlines directly to your inbox: subscribe to Blockspace. The facility includes a delayed‐draw tranche of $22.9 million earmarked for continued development of Project Dorothy 2 and the forthcoming Project Kati 1 data center, as well as an un ...

Core Insights - Soluna Holdings, Inc. is set to break ground on Project Kati, its largest facility to date, on September 18, 2025, in Willacy County, Texas [1] - The project aims to provide 166 megawatts (MW) of clean computing capacity, with the first phase delivering 83 MW [1] Company Overview - Soluna Holdings, Inc. focuses on developing green data centers tailored for intensive computing applications, including artificial intelligence (AI) and Bitcoin mining [1] Project Details - Project Kati will be executed in two phases, with the initial phase expected to deliver 83 MW of capacity [1] - The total capacity of the project will reach 166 MW upon completion [1]

Financial Data and Key Metrics Changes - The company reported a quorum present for the meeting, indicating active shareholder participation [9] - The proposals for the election of directors and the appointment of the independent auditor were approved by a majority of votes cast [14] Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting Company Strategy and Development Direction and Industry Competition - The company proposed a reverse stock split with a ratio of not less than 1.45 and not greater than 1.45, which may indicate a strategy to enhance share price and market perception [11] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting Other Important Information - The meeting included formal steps taken for the election of directors and the appointment of auditors, ensuring compliance with regulatory requirements [3][5] - The company emphasized that any forward-looking statements made during the meeting are subject to risks and uncertainties [5] Q&A Session Summary - No Q&A session was conducted during this meeting, as the focus was on formal proposals and voting outcomes

[Executive Summary](index=1&type=section&id=executive-summary) Soluna reported continued Adjusted EBITDA improvement and steady gross margins in Q2 2025, alongside strategic project advancements and capital raising efforts [Q2'25 Performance Overview](index=1&type=section&id=q2-25-performance-overview) Soluna reported continued Adjusted EBITDA improvement and a steady gross margin of 19% in Q2 2025, demonstrating resilience despite market softness in Hashprice - Adjusted EBITDA improved by **+$2.3 million** since Q3 2024[2](index=2&type=chunk) - Adjusted EBITDA grew by **25.5% ($0.4 million)** in Q2 2025 over the prior quarter[4](index=4&type=chunk) - Maintained a steady **19% gross margin** in Q2 2025[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=management-commentary) CEO John Belizaire highlighted continued Adjusted EBITDA improvement, strong operating site margins, and the successful onboarding of first customers into Project Dorothy 2, while CFO John Tunison emphasized the achievement of the fourth consecutive quarter of Adjusted EBITDA growth amidst challenging market conditions - CEO John Belizaire stated that Q2 results demonstrate continued Adjusted EBITDA improvement and margin strength in operating sites[3](index=3&type=chunk) - First customers were welcomed into Project Dorothy 2, and capital raising toolkit was rebuilt, securing an at-the-market offering issuance[3](index=3&type=chunk) - CFO John Tunison reported the fourth consecutive quarter of Adjusted EBITDA growth, improving by **25.5% ($0.4 million)** QoQ[4](index=4&type=chunk) [Operational and Corporate Highlights](index=1&type=section&id=operational-and-corporate-highlights) Soluna advanced key projects like Kati 1 and Dorothy 2, launched new wind and solar data centers, and significantly expanded its clean energy power pipeline and hosting capacity [Project Development & Expansion](index=1&type=section&id=project-development-expansion) Soluna secured land and $20 million in funding from Spring Lane Capital to launch Kati 1, a 35 MW wind-powered data center, with construction expected to begin in Q3 2025 and initial energization targeted for early 2026 - Project Kati 1: Land secured and **$20 million** funding closed with Spring Lane Capital to launch a **35 MW** wind-powered data center, with construction expected in Q3 and energization targeted for early 2026[5](index=5&type=chunk) - Project Dorothy 2: Construction is on track, with all three building phases progressing on schedule and full energization anticipated in Q4[7](index=7&type=chunk) - **295 MW** of new projects launched in Q2, including wind-powered Projects Hedy and Ellen, and solar-powered Project Annie, diversifying the energy mix[8](index=8&type=chunk) - Increased power pipeline to **2.8 GW** of long-term clean energy capacity[8](index=8&type=chunk) [Hosting Deployments & Capacity](index=2&type=section&id=hosting-deployments-capacity) Soluna expanded hosting deployments with key partners such as Blockware and Compass Mining as capacity became available at Dorothy 1 and Dorothy 2 came online, boasting over 773 MW of data center capacity - Expanded hosting deployments with existing partners Blockware, Compass Mining, and other top-tier miners as Dorothy 1 space became available and Dorothy 2 came online[7](index=7&type=chunk) Data Center Capacity Overview | Project | Location | Power Source | Size (MW) | Model | Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Dorothy 1A | TX | Wind | 25 | BTC Hosting | Operating | | Dorothy 1B | XL | Wind | 25 | BTC Mining | Operating | | Sophie | KY | Grid | 25 | BTC Hosting | Operating | | Dorothy 2 | TX | Wind | 48 | BTC Hosting | Construction | | Kati | TX | Wind | 166 | BTC Hosting / AI | Shovel Ready | | Grace | IX | Wind | 2 | AI Hosting | Development | | Rosa | X | Wind | 187 | BTC Hosting / AI | Development | | Hedy | TX | Wind | 120 | BTC Hosting / AI | Development | | Ellen | TX | Wind | 100 | BTC Hosting / AI | Development | | Annie | TX | Solar | 75 | BTC Hosting / AI | Development | - Total data center capacity in operation, construction, or development exceeds **773 MW**[6](index=6&type=chunk) [Financial Performance Overview](index=3&type=section&id=financial-performance-overview) Soluna's Q2 2025 financial performance showed a reduced net loss and improved Adjusted EBITDA sequentially, despite revenue declines attributed to Bitcoin halving and market volatility [Key Financial Metrics](index=3&type=section&id=key-financial-metrics) Soluna reported a net loss of **($7.78 million)** for Q2 2025, an improvement of **$1.4 million** compared to Q2 2024, with Adjusted EBITDA improving QoQ despite a YoY decline - Net loss for Q2 2025 declined by **($1.4 million)** compared to Q2 2024, driven by revenue, gross profit, and SG&A drivers[11](index=11&type=chunk)[36](index=36&type=chunk) - Adjusted EBITDA improved **$0.4 million** from Q1 2025 to Q2 2025, primarily due to a steady **19% gross margin** and controlled expenses[11](index=11&type=chunk)[50](index=50&type=chunk) - Adjusted EBITDA declined **($3.0 million)** from Q2 2024 to Q2 2025, mainly due to Bitcoin halving and Hashprice volatility[12](index=12&type=chunk)[49](index=49&type=chunk) [Revenue Drivers and Trends](index=6&type=section&id=revenue-drivers-and-trends) Total revenue for Q2 2025 was **$6.2 million**, representing a net decline of **$3.5 million** year-over-year, primarily attributed to Bitcoin halving and Hashprice volatility, though future growth is anticipated from new hosting capacity - Revenue for Q2 2025 was **$6.2 million**, a net decline of **$3.5 million** year-over-year[20](index=20&type=chunk)[36](index=36&type=chunk) - Key factors driving the revenue decrease include Bitcoin halving and Hashprice volatility (**$2.0 million**), a change in commercial model mix to more Profit Sharing, lower Prop Mining volume (**$0.6 million**), and lower Demand Response Services (**$0.1 million**)[20](index=20&type=chunk) - Revenue is expected to stabilize and grow with the commissioning of additional MW of Bitcoin Hosting capacity from Dorothy 2 and Kati 1 over the next two years[20](index=20&type=chunk) [Cost Management and Profitability](index=5&type=section&id=cost-management-and-profitability) Gross profit for Soluna Digital's operating sites remained steady compared to Q1 2025, reflecting strong cost discipline and gross margin stability, despite a decline in Demand Response Service gross profit - Gross profit for operating sites in Soluna Digital remained steady compared to Q1 2025, demonstrating strong cost discipline and gross margin stability[17](index=17&type=chunk) - Demand Response Service gross profit declined by **($0.3 million)** from exiting the seasonally higher winter pricing period[17](index=17&type=chunk) - General and administrative expenses were flat year-over-year and improved from the prior quarter, indicating strong cost discipline amidst site development growth[20](index=20&type=chunk) [Cash Position](index=6&type=section&id=cash-position) Soluna reported robust cash reserves at the end of Q2 2025, with unrestricted cash reaching **$9.9 million**, marking a **$2.0 million** increase since December 31, 2024 - Quarter-end unrestricted cash was **$9.9 million**[20](index=20&type=chunk)[33](index=33&type=chunk) - Unrestricted cash increased by **$2.0 million** since December 31, 2024[20](index=20&type=chunk) [Detailed Financial Statements](index=7&type=section&id=detailed-financial-statements) This section provides comprehensive financial data, including gross profit breakdowns by project site, consolidated balance sheets, statements of operations, cash flows, and segment performance [Gross Profit Breakout by Project Site](index=7&type=section&id=gross-profit-breakout-by-project-site) This section provides a detailed breakdown of revenue, cost of revenue, and gross profit by project site for both the three and six months ended June 30, 2025 and 2024 Q2 2025 Revenue & Cost of Revenue by Project Site | (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cryptocurrency mining revenue | $2,861 | $- | $- | $- | $- | $2,861 | | Data hosting revenue | $- | $1,653 | $210 | $1,273 | $- | $3,136 | | Demand response services | $- | $- | $- | $- | $161 | $161 | | **Total revenue** | **$2,861** | **$1,653** | **$210** | **$1,273** | **$161** | **$6,158** | | Cost of cryptocurrency mining, exclusive of depreciation | $1,767 | $- | $- | $- | $- | $1,767 | | Cost of data hosting revenue, exclusive of depreciation | $- | $851 | $346 | $420 | $- | $1,617 | | Cost of cryptocurrency mining revenue- depreciation | $1,074 | $- | $- | $- | $- | $1,074 | | Cost of data hosting revenue- depreciation | $- | $274 | $136 | $102 | $- | $512 | | **Total cost of revenue** | **$2,841** | **$1,125** | **$482** | **$522** | **$-** | **$4,970** | | **Gross Profit (Loss)** | **$20** | **$528** | **($272)** | **$751** | **$161** | **$1,188** | | **Gross Profit Margin %** | **0.7%** | **31.9%** | **(129.5%)** | **59.0%** | **100.0%** | **19.3%** | Q2 2024 Revenue & Cost of Revenue by Project Site | (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Cryptocurrency mining revenue | $4,484 | $- | $- | $- | $4,484 | | Data hosting revenue | $- | $3,567 | $1,331 | $- | $4,898 | | Demand response services | $- | $- | $- | $293 | $293 | | **Total revenue** | **$4,484** | **$3,567** | **$1,331** | **$293** | **$9,675** | | Cost of cryptocurrency mining, exclusive of depreciation | $1,883 | $- | $- | $- | $1,883 | | Cost of data hosting revenue, exclusive of depreciation | $- | $1,758 | $418 | $- | $2,176 | | Cost of cryptocurrency mining revenue- depreciation | $1,065 | $- | $- | $- | $1,065 | | Cost of data hosting revenue- depreciation | $- | $290 | $151 | $- | $441 | | **Total cost of revenue** | **$2,948** | **$2,048** | **$569** | **$-** | **$5,565** | | **Gross Profit** | **$1,536** | **$1,519** | **$762** | **$293** | **$4,110** | | **Gross Profit Margin %** | **34.3%** | **42.6%** | **57.3%** | **100.0%** | **42.5%** | Six Months Ended June 30, 2025 Revenue & Gross Profit by Project Site | (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cryptocurrency mining revenue | $5,860 | $- | $- | $- | $- | $5,860 | $- | $5,860 | | Data hosting revenue | $- | $3,024 | $210 | $2,304 | $- | $5,538 | $- | $5,538 | | Demand response services | $- | $- | $- | $- | $668 | $668 | $- | $668 | | High-performance computing services | $- | $- | $- | $- | $- | $- | $28 | $28 | | **Total revenue** | **$5,860** | **$3,024** | **$210** | **$2,304** | **$668** | **$12,066** | **$28** | **$12,094** | | **Gross (loss) profit** | **($8)** | **$719** | **($343)** | **$1,304** | **$668** | **$2,340** | **$21** | **$2,361** | Six Months Ended June 30, 2024 Revenue & Gross Profit by Project Site | (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cryptocurrency mining revenue | $10,880 | $- | $- | $- | $10,880 | $- | $10,880 | | Data hosting revenue | $- | $7,108 | $3,068 | $- | $10,176 | $- | $10,176 | | Demand response services | $- | $- | $- | $1,168 | $1,168 | $- | $1,168 | | High-performance computing services | $- | $- | $- | $- | $- | $- | $- | | **Total revenue** | **$10,880** | **$7,108** | **$3,068** | **$1,168** | **$22,224** | **$-** | **$22,224** | | **Gross profit** | **$5,004** | **$3,038** | **$1,835** | **$1,167** | **$11,044** | **$-** | **$11,044** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=condensed-consolidated-balance-sheets) As of June 30, 2025, Soluna's total assets increased to **$91.952 million** from **$88.040 million** at December 31, 2024, primarily driven by an increase in property, plant and equipment, and cash Condensed Consolidated Balance Sheets Highlights | (Dollars in thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $9,878 | $7,843 | | Total Current Assets | $16,978 | $13,495 | | Property, plant and equipment, net | $56,521 | $47,283 | | Total Assets | $91,952 | $88,040 | | **Liabilities and Stockholders' Equity** | | | | Total Current Liabilities | $47,852 | $47,873 | | Total Liabilities | $62,633 | $60,678 | | Total Stockholders' Equity | $29,319 | $27,362 | [Condensed Consolidated Statements of Operations](index=12&type=section&id=condensed-consolidated-statements-of-operations) For the three months ended June 30, 2025, Soluna reported total revenue of **$6.158 million**, a decrease from **$9.675 million** in the prior year, yet net loss attributable to Soluna Holdings, Inc. improved to **($7.382 million)** Condensed Consolidated Statements of Operations Highlights (Three Months Ended June 30) | (Dollars in thousands, except per share) | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue | $6,158 | $9,675 | | Total costs of revenue | $4,970 | $5,565 | | Operating loss | ($6,624) | ($3,675) | | Net loss attributable to Soluna Holdings, Inc. | ($7,382) | ($10,873) | | Basic & Diluted loss per share | ($0.69) | ($2.97) | | Weighted average shares outstanding | 14,991,125 | 4,563,696 | Condensed Consolidated Statements of Operations Highlights (Six Months Ended June 30) | (Dollars in thousands, except per share) | 2025 | 2024 | | :--- | :--- | :--- | | Total revenue | $12,094 | $22,224 | | Total costs of revenue | $9,733 | $11,180 | | Operating loss | ($13,802) | ($3,269) | | Net loss attributable to Soluna Holdings, Inc. | ($14,938) | ($16,127) | | Basic & Diluted loss per share | ($1.55) | ($5.68) | | Weighted average shares outstanding | 13,473,983 | 3,683,558 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=condensed-consolidated-statements-of-cash-flows) For the six months ended June 30, 2025, net cash used in operating activities significantly decreased to **($1.273 million)** from **($3.473 million)** in the prior year, with net cash provided by financing activities increasing substantially to **$14.322 million** Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30) | (Dollars in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,273) | ($3,473) | | Net cash used in investing activities | ($8,349) | ($2,223) | | Net cash provided by financing activities | $14,322 | $7,838 | | Increase in cash & restricted cash | $4,700 | $2,142 | | Cash & restricted cash – end of period | $15,153 | $12,509 | - Net cash provided by financing activities increased significantly in 2025 due to contributions from non-controlling interest (**$11,852 thousand**) and proceeds from common stock sales on SEPA (**$2,005 thousand**) and ATM (**$2,178 thousand**)[38](index=38&type=chunk) [Segment Information](index=15&type=section&id=segment-information) Soluna operates primarily in Cryptocurrency Mining, Data Center Hosting, and High Performance Computing Services segments, with Data Center Hosting being the most profitable in Q2 2025 Q2 2025 Segment Operating Income (Loss) | Segment | Segment Revenue ($ thousands) | Segment Operating Income (Loss) ($ thousands) | | :--- | :--- | :--- | | Cryptocurrency Mining | $2,861 | ($132) | | Data Center Hosting | $3,136 | $631 | | High Performance Computing Services | $- | ($110) | | **Total Segment Operating Income** | **$5,997** | **$389** | Q2 2024 Segment Operating Income (Loss) | Segment | Segment Revenue ($ thousands) | Segment Operating Income (Loss) ($ thousands) | | :--- | :--- | :--- | | Cryptocurrency Mining | $4,484 | $1,338 | | Data Center Hosting | $4,898 | $2,065 | | High Performance Computing Services | $- | ($58) | | **Total Segment Operating Income** | **$9,382** | **$3,345** | Six Months Ended June 30, 2025 Segment Operating Income (Loss) | Segment | Segment Revenue ($ thousands) | Segment Operating Income (Loss) ($ thousands) | | :--- | :--- | :--- | | Cryptocurrency Mining | $5,860 | ($198) | | Data Center Hosting | $5,538 | $1,182 | | High Performance Computing Services | $28 | ($248) | | **Total Segment Operating Income** | **$11,426** | **$736** | Six Months Ended June 30, 2024 Segment Operating Income (Loss) | Segment | Segment Revenue ($ thousands) | Segment Operating Income (Loss) ($ thousands) | | :--- | :--- | :--- | | Cryptocurrency Mining | $10,880 | $4,596 | | Data Center Hosting | $10,176 | $4,568 | | High Performance Computing Services | $- | ($58) | | **Total Segment Operating Income** | **$21,056** | **$9,106** | Reconciliation to Net Loss Before Taxes (Three Months Ended June 30) | Reconciling Items | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Segment operating income | $389 | $3,345 | | General and administrative, exclusive of depreciation and amortization (corporate and unallocated) | ($5,152) | ($5,072) | | Interest expense | ($1,196) | ($449) | | Loss on debt extinguishment and revaluation, net | $- | ($5,600) | | **Net loss before taxes** | **($8,388)** | **($9,794)** | Reconciliation to Net Loss Before Taxes (Six Months Ended June 30) | Reconciling Items | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Segment operating income | $736 | $9,106 | | General and administrative, exclusive of depreciation and amortization (corporate and unallocated) | ($10,845) | ($9,060) | | Interest expense | ($2,034) | ($873) | | Gain (loss) on debt extinguishment and revaluation, net | $551 | ($8,698) | | **Net loss before taxes** | **($16,167)** | **($12,886)** | [EBITDA and Adjusted EBITDA Reconciliations](index=20&type=section&id=ebitda-and-adjusted-ebitda-reconciliations) Soluna provides reconciliations for EBITDA and Adjusted EBITDA, which are non-GAAP measures, showing a sequential improvement in Adjusted EBITDA for Q2 2025 but a significant year-over-year decline EBITDA and Adjusted EBITDA (Three Months Ended June 30) | (Dollars in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net loss | ($7,780) | ($9,145) | | EBITDA | ($3,203) | ($5,436) | | Adjusted EBITDA | ($1,227) | $1,797 | EBITDA and Adjusted EBITDA (Six Months Ended June 30) | (Dollars in thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net loss | ($15,134) | ($11,689) | | EBITDA | ($6,265) | ($4,179) | | Adjusted EBITDA | ($2,875) | $6,943 | Adjusted EBITDA Quarterly Trend (2025) | (Dollars in thousands) | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | | Adjusted EBITDA | ($1,648) | ($1,227) | Adjusted EBITDA Quarterly Trend (2024) | (Dollars in thousands) | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | | :--- | :--- | :--- | :--- | :--- | | Adjusted EBITDA | $5,147 | $1,797 | ($3,482) | ($2,520) | [Company Information and Disclosures](index=8&type=section&id=company-information-and-disclosures) This section details Soluna's forward-looking statements, non-GAAP financial measures, company mission, and investor contact information [Forward-Looking Statements](index=8&type=section&id=forward-looking-statements) This section outlines Soluna's forward-looking statements, which are identified by specific terminology and include plans for project completion and future economic performance, emphasizing inherent risks and uncertainties - Forward-looking statements are identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements[28](index=28&type=chunk) - Examples include statements of Company plans and objectives, such as the completion of Projects Kati 1, Dorothy 2, Hedy, Ellen, and Annie, and statements of future economic performance[28](index=28&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and Soluna undertakes no duty to update such information, except as required under applicable law[28](index=28&type=chunk) [Non-GAAP Measures](index=9&type=section&id=non-gaap-measures) Soluna utilizes non-GAAP financial measures, including EBITDA and Adjusted EBITDA, to assess its performance, which are presented as supplementary to GAAP and not as substitutes - Soluna presents non-GAAP performance measures such as EBITDA, Adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, and free cash flow[29](index=29&type=chunk) - EBITDA is defined as earnings before interest, taxes, and depreciation and amortization[29](index=29&type=chunk) - Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, provision for credit losses, loss on sale of fixed assets, impairment on fixed assets, fair value adjustment on Standby Equity Purchase Agreement draws, and loss (gain) on debt extinguishment and revaluation, net[29](index=29&type=chunk) - These measures should be considered in addition to, but not as a substitute for, information prepared in accordance with GAAP[29](index=29&type=chunk) [About Soluna Holdings, Inc.](index=9&type=section&id=about-soluna-holdings-inc) Soluna Holdings, Inc. (NASDAQ: SLNH) is dedicated to making renewable energy a global superpower by using computing as a catalyst, designing and operating digital infrastructure that converts surplus renewable energy into global computing resources - Soluna's mission is to make renewable energy a global superpower using computing as a catalyst[30](index=30&type=chunk) - The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources[30](index=30&type=chunk) - Soluna's data centers support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications[30](index=30&type=chunk) - Utilizes proprietary software MaestroOS™ to energize a greener grid and deliver cost-effective, sustainable computing solutions[30](index=30&type=chunk) [Contact Information](index=9&type=section&id=contact-information) Contact information for investor relations is provided, with John Tunison, Chief Financial Officer, as the primary contact - Contact for investor relations: John Tunison, Chief Financial Officer[31](index=31&type=chunk) - Email: ir@soluna.io[31](index=31&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR For the transition period from _____to _____ ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) __________________ Nevada 14-1462255 State or ...

Soluna Holdings shares rose in early trading Tuesday after the maker of green data centers announced an expansion of its Texas site with a company it called a “top-tier Bitcoin miner." https://t.co/qlsJ5gCNJD ...

Company Strategy & Vision - Soluna aims to drive the convergence of renewable energy and advanced computing infrastructure, converting wasted energy into value [13] - The company's business model involves sourcing low-cost curtailed power from IPPs, building and operating modular data centers (MDCs), attracting hosting customers, growing AUM & EBITDA, and expanding the project pipeline [32] - Soluna's approach tackles wasted energy through digital infrastructure, optimizing the grid, serving customers, and fueling growth to make renewable energy a superpower [31] Operational Highlights & Projects - Soluna has a 26 GW pipeline of wasted renewable energy to power its data centers [27] - The company aims to double its assets under management to 150 MW by the end of fiscal year 2024, focusing on constructing and energizing 48 MW of Project Dorothy 2 and breaking ground on Project Kati [26] - Soluna has over 478 MW of data center capacity in operation, construction, or development [63] - Project Kati has signed a PPA for 167 MW [59] - Project Rosa has a signed term sheet for 187 MW [59] Financial Performance - Soluna's revenue increased by 30% to $75 million in Q3 2024 compared to $58 million in Q3 2023 [72] - Year-to-date revenue for 2024 reached $297 million, a 172% increase compared to $109 million in 2023 [73, 77] - Year-to-date adjusted EBITDA for 2024 is $35 million, compared to a loss of $45 million in 2023 [74, 79] - Unrestricted cash increased 38% from the end of 2023, reaching $88 million [75]

Financial Performance - Q1 2025 revenue was reported at $5.9 million, reflecting a decline compared to the same period in 2024 due to market challenges and operational issues[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[28] - Cryptocurrency mining revenue decreased to $2.999 million, down 53.1% from $6.396 million in the same period last year[29] - Data hosting revenue also declined to $2.402 million, a 54.5% decrease from $5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was $7.556 million, compared to a net loss of $5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was $0.88, compared to $2.62 in Q1 2024[29] - Adjusted EBITDA for Q1 2025 was a loss of $1.6 million, a decline of $6.8 million compared to Q1 2024[15] - The company reported a significant increase in general and administrative expenses, which rose to $8.350 million in Q1 2025 from $6.397 million in Q1 2024[29] - Net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, compared to a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the same period of 2024[36] Assets and Liabilities - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 million at the end of 2024[26] - Total assets rose to $90.049 million as of March 31, 2025, compared to $88.040 million at the end of 2024[26] - Total liabilities increased to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled $14.448 million, an increase from $11.394 million at the end of Q1 2024[31] Project Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] Financial Flexibility - Unrestricted cash increased to $9.2 million, a $1.4 million rise from December 31, 2024, indicating a strong cash position[11] - The company secured a $5 million non-dilutive debt facility with Galaxy Digital, enhancing its financial flexibility[10] Operational Changes - The termination of the HP Enterprises contract is expected to refocus the company on crypto-mining and AI data center development[6] - The company has made significant progress in simplifying its capital structure, including the full conversion of convertible loan notes and restructuring of preferred equity[5] Patent and Technology - A second utility patent was awarded in April 2025, broadening the scope of the company's modular data center technology[10]