Exhibit 99.1 Soluna Reports Q2'25 Results Steady gross margin, continued improvement in Three Month Adjusted EBITDA of +$2.3 million since Q3 2024, and energized Dorothy 2 ALBANY, NY, August 15, 2025 - Soluna Holdings, Inc. ("Soluna" or the "Company") (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its financial results for the second quarter ended June 30, 2025. "Second quarter results demonstrate continued Adjusted EBITDA i ...

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 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____to _____ Commission File Number: 001-40261 Soluna Holdings, Inc. (Exact name of registrant as specified in its charter) __________________ Nevada 14-1462255 State or ...

Financial Performance - Q1 2025 revenue was reported at $5.9 million, a decline compared to the same period in 2024 due to several factors including BTC halving and market conditions[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[29] - 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, an improvement from a loss of $2.62 per share in Q1 2024[29] - The net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, an increase from a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA declined to a loss of $1.6 million, down $6.8 million from Q1 2024, influenced by revenue and cost factors[15] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the previous year[36] Cash and Assets - Unrestricted cash increased to $9.2 million, reflecting a $1.4 million growth from December 31, 2024[11] - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 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] Liabilities and Expenses - Total liabilities rose to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Operating expenses for Q1 2025 were $8.350 million, up from $6.397 million in Q1 2024, reflecting increased general and administrative costs[29] - The company reported a significant increase in stock-based compensation, totaling $1.847 million in Q1 2025 compared to $661,000 in Q1 2024[31] - Interest expense for the three months ended March 31, 2025, was $838 million, compared to $424 million in the previous year[36] Projects and 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] - The termination of the HP Enterprises contract allows the company to refocus on crypto-mining and AI data center development[6] - The company anticipates revenue stabilization and growth as additional MW of Bitcoin hosting capacity is commissioned over the next two years[11] Patents and Technology - The second utility patent was awarded in April 2025, expanding the scope of Soluna's Modular Data Center technology[10] Historical Comparison - Total revenue for the three months ended March 31, 2024, was $12,549 million, a decrease from $11,674 million in the previous quarter[33] - Cryptocurrency mining revenue was $6,396 million, while data hosting revenue was $5,278 million for the same period[33] - Segment operating income for the three months ended March 31, 2024, was $5,703 million, compared to $3,229 million in the previous year[33] - Total cost of revenue for the three months ended March 31, 2024, was $5,615 million, compared to $4,763 million in the previous quarter[35] - The gross profit for the three months ended March 31, 2024, was $6,934 million, a decrease from $1,173 million in the previous quarter[35] - Demand response revenue for the three months ended March 31, 2024, was $875 million, while it was $507 million in the same period of 2025[35] - The total segment cost of revenue for the three months ended March 31, 2024, was $5,777 million, an increase from $5,615 million in the previous quarter[33]

Financial Performance - Cryptocurrency mining revenue decreased to $2,999,000 in Q1 2025 from $6,396,000 in Q1 2024, a decline of approximately 53%[33] - Total revenue for Q1 2025 was $5,936,000, down from $12,549,000 in Q1 2024, representing a decrease of about 53%[33] - Net loss attributable to Soluna Holdings, Inc. was $7,556,000 in Q1 2025 compared to a net loss of $5,254,000 in Q1 2024, indicating a worsening of approximately 44%[33] - Basic and diluted loss per share for Q1 2025 was $0.88, compared to $2.62 in Q1 2024[33] - For the three months ended March 31, 2025, the net loss was $7.354 million, compared to a net loss of $2.544 million for the same period in 2024, indicating a significant increase in losses[41] - The company reported a net loss of $10,873,000 for the quarter ending March 31, 2024, compared to a net loss of $5,254,000 for the previous quarter[36] Assets and Liabilities - Total current assets increased to $15,758,000 as of March 31, 2025, up from $13,495,000 as of December 31, 2024, reflecting a growth of about 17%[30] - Total assets rose to $90,049,000 as of March 31, 2025, compared to $88,040,000 as of December 31, 2024, an increase of approximately 2%[31] - Total liabilities increased to $63,056,000 as of March 31, 2025, up from $60,678,000 as of December 31, 2024, a rise of about 4%[31] - The total accumulated deficit increased to $314,304,000 by December 31, 2024, reflecting ongoing financial challenges[37] Cash Flow and Expenditures - The company’s cash position improved to $9,161,000 as of March 31, 2025, compared to $7,843,000 as of December 31, 2024, an increase of about 17%[30] - Operating cash flow for the three months ended March 31, 2025, was a net cash used of $177 thousand, a decrease from net cash provided of $3.850 million in the same period of 2024[41] - The company incurred $3.808 million in capital expenditures for property, plant, and equipment during the three months ended March 31, 2025, compared to $524 thousand in the same period of 2024[41] Debt and Financing - The company has significant outstanding debt and negative working capital as of March 31, 2025, raising concerns about its ability to continue as a going concern[47] - Total debt as of March 31, 2025, is $24,038,000, consisting of $13,848,000 in current debt and $10,190,000 in long-term debt[75] - The company executed a warrant exercise resulting in the issuance of 530,776 shares during the quarter ending September 30, 2024[37] - The company is exploring various financing strategies, including stock issuances and debt borrowings, to meet its financial obligations and support growth[48] Stock and Equity - The total number of common stock shares increased to 7,690,219 as of September 30, 2024, up from 2,882,231 shares as of March 31, 2024[37] - The Company issued 1,000,000 shares of common stock to the Investor on April 29, 2025, as part of the agreement[86] - As of March 31, 2025, the Company had approximately $9.2 million in cash on hand and has drawn approximately $2.0 million from a Standby Equity Purchase Agreement (SEPA) to fund operations and projects[49] Operational Changes - The company transitioned its focus at Project Sophie from proprietary Bitcoin mining to hosting customers' Bitcoin mining operations in Q2 2023[45] - The Company plans to focus on providing colocation services at data centers for AI generative customers after exiting active provision of HPC services[204] Segment Performance - The Cryptocurrency Mining segment generates revenue from Bitcoin mining activities, primarily from Project Dorothy[207] - The High-Performance Computing Services segment began generating revenue in December 2024, with minimal revenue reported for the three months ended March 31, 2025[207] - Demand response revenue contributed $507 million to total revenue in Q1 2025[209] - Segment operating income for Data Center Hosting was $543 million, while Cryptocurrency Mining reported an operating loss of $67 million[209] Future Outlook - The Company plans to continue evaluating different financing strategies to support operations in fiscal year 2025[50] - Future growth may be driven by the integration of new technologies and market expansion strategies[208]

Exhibit 99.1 Soluna Reports Revenue Growth of 80.5% to $38 million for 2024 Project pipeline growth, cash growth, and capital structure simplification highlight the focus and execution in core business. ALBANY, NY, April 1, 2025 - Soluna Holdings, Inc. ("Soluna Holdings" or the "Company"), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and AI, announced financial results for the full year ended December 31, 2024. "Our 2024 results reflect cont ...

Financial Performance - Revenue for the last quarter reached $150 million, a 15% increase compared to the previous quarter, driven by higher Bitcoin prices and increased mining efficiency [30]. - Future guidance estimates an annual revenue growth rate of 25% over the next three years, supported by market expansion and technological advancements [30]. Operational Efficiency - The company reported a significant increase in computational power, achieving a hashrate of 5 Exahash per second (EH/s), representing a 25% increase year-over-year [19]. - The Power Usage Effectiveness (PUE) ratio improved to 1.1, indicating a 10% increase in energy efficiency compared to the previous year [28]. - The Bitcoin mining operation's profitability improved by 30% due to reduced energy costs and optimized mining strategies [15]. Growth and Expansion - The company plans to expand its data center capacity by 30% over the next year, which is expected to enhance operational efficiency and support future growth [35]. - The company anticipates a 20% growth in hosted customer contracts, reflecting increased demand for data center colocation services [17]. - New product offerings in AI and high-performance computing are projected to contribute an additional $20 million in revenue by the end of the fiscal year [12]. - The company is exploring strategic acquisitions to enhance its capabilities in generative AI, which could potentially add $50 million in revenue over the next two years [20]. Additional Revenue Streams - The company is actively engaging in grid demand response services, which are expected to generate an additional $5 million in revenue annually [22].

Revenue Growth - Year-to-date revenue for 2024 reached $29.7 million, a $18.8 million increase or 172% compared to $10.9 million in 2023[2][8] - Third quarter revenue increased by 30% to $7.5 million, up from $5.8 million in the same quarter of 2023[8][13] Financial Performance - Adjusted EBITDA for year-to-date 2024 is $3.5 million, an increase of $8.0 million compared to a loss of $4.5 million in 2023[8] - Unrestricted cash increased by 38% from the end of 2023, reaching $8.8 million[8] Development and Expansion - The development pipeline has expanded to over 2.6 GW, with 1.2 GW currently in active Term Sheet negotiations[5][19] - Project Dorothy 2 has secured $30 million in funding for a 48 MW expansion, with groundbreaking held on August 28, 2024[8] - Project Rosa has signed term sheets for power and land for a new 187 MW data center, marking a significant step in expansion efforts[8][19] Strategic Focus - Soluna's digital infrastructure is strategically co-located with renewable energy sources to support high-performance computing applications[3][18] - The company is focused on transforming surplus renewable energy into scalable computing resources, positioning itself as a leader in renewable computing[4][18] Funding and Investment - Soluna Cloud secured $13.75 million in total funding, with an additional $1.25 million raised to enhance AI offerings[8][19]

Financial Performance - Cryptocurrency mining revenue for Q3 2024 was $2,811,000, a 57.3% increase from $1,786,000 in Q3 2023[33] - Total revenue for the nine months ended September 30, 2024, reached $29,749,000, compared to $10,948,000 for the same period in 2023, representing a 171.5% increase[33] - Operating loss for Q3 2024 was $9,016,000, compared to a loss of $3,736,000 in Q3 2023, indicating a worsening of 141.5%[33] - Net loss attributable to Soluna Holdings, Inc. for Q3 2024 was $7,190,000, compared to $6,662,000 in Q3 2023, reflecting a 7.9% increase in losses[33] - Net loss for the nine months ended September 30, 2024, was $19,782,000, an improvement from a net loss of $22,705,000 in the same period of 2023[43] - The company reported a basic and diluted loss per share of $1.29 for Q3 2024, compared to a loss of $5.96 per share in Q3 2023[33] Assets and Liabilities - Total current assets increased to $18,515,000 as of September 30, 2024, up from $14,284,000 at the end of 2023, a growth of 29.5%[30] - Total assets rose to $97,349,000 as of September 30, 2024, compared to $91,276,000 at the end of 2023, marking a 6.5% increase[31] - Total liabilities increased to $45,754,000 as of September 30, 2024, up from $37,917,000 at the end of 2023, a rise of 20.5%[31] - Cash and restricted cash totaled $10,747,000 as of September 30, 2024, compared to $9,367,000 at the end of 2023, an increase of 14.7%[30] - The total accumulated deficit as of December 31, 2023, was $250,970,000, reflecting the cumulative losses over the years[37] Equity and Stock - The company’s additional paid-in capital increased to $308,947,000 as of September 30, 2024, up from $291,276,000 at the end of 2023, a growth of 6.1%[30] - For the year ended December 31, 2023, the total equity increased to $53,359,000, up from $46,272,000 at the beginning of the year, reflecting a growth of approximately 15.5%[36] - The Company issued secured convertible notes totaling $16.3 million, convertible into 1,776,073 shares at a price of $9.18 per share[88] - The Company has 4,953,545 shares of Series A Preferred Stock and 62,500 shares of Series B Preferred Stock outstanding as of September 30, 2024[121] - The conversion price for Series B Preferred Stock was reduced to $5.00, subject to stockholder approval, from an initial price of $135.25 per share[122] Cash Flow and Financing Activities - Cash used in operating activities for the nine months ended September 30, 2024, was $3,412,000, an improvement from $4,404,000 in 2023[43] - The company reported a net cash provided by financing activities of $12,943,000 for the nine months ended September 30, 2024[43] - The company had approximately $8.8 million in cash on hand as of September 30, 2024, and is seeking additional capital raising activities, including a Standby Equity Purchase Agreement for up to $25 million[54] Operational Changes and Projects - Project Sophie has transitioned from proprietary Bitcoin mining to hosting customers' Bitcoin mining operations, with all 25 MW now performing data hosting services[47] - The company is committed to leveraging its modular data centers and renewable energy partnerships to support the growing demands of Bitcoin mining and AI[50] - The company divested specific mining assets at its Wenatchee, Washington facility in September 2022 and ceased management of operational contracts in August 2024[47] Legal and Regulatory Matters - The Company has been named in a legal proceeding regarding the Malta Rocket Fuel Area Superfund Site, with the EPA seeking approximately $358,000 plus interest for response costs[140] - NYDIG filed a complaint against the Company regarding a series of loans, with a potential judgment amount of approximately $10.3 million for principal, interest, and penalties[141] - In September 2023, Atlas Technology Group LLC filed a complaint against the company, alleging breach of a co-location services agreement, seeking approximately $464 thousand in pre-paid fees and at least $7.9 million in additional damages[145] Stock-Based Compensation - Stock-based compensation for the nine months ended September 30, 2023, totaled $602,000, reflecting the company's ongoing investment in employee incentives[37] - Total stock-based compensation for the nine months ended September 30, 2024, was $3,286,000, slightly down from $3,709,000 in 2023[43] - The Company awarded 542,896 restricted stock awards under the 2021 Plan, valued at $3.96 per share[172] Segment Performance - ComputeCo has three reportable segments: Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing Services, with the latter being a new business line initiated in Q3 2024[207] - The new High-Performance Computing services utilize NVIDIA H100 GPUs and are powered by 100% carbon-free renewable energy sources[207] Future Commitments and Contributions - The Company committed to a capital contribution of up to approximately $26.3 million to DVSL, with $8.1 million contributed prior to August 5, 2022[184] - The Company closed financing for the Dorothy 2 project with a capital contribution of up to $29.98 million from Spring Lane Capital[202]

Financial Performance - Cryptocurrency mining revenue for Q2 2024 reached $4.484 million, a significant increase from $0.915 million in Q2 2023, representing a growth of 388%[33] - Total revenue for the first half of 2024 was $22.224 million, compared to $5.150 million in the same period of 2023, marking a year-over-year increase of 331%[33] - Operating loss for Q2 2024 was $3.675 million, an improvement from a loss of $7.074 million in Q2 2023[33] - Net loss attributable to Soluna Holdings, Inc. for Q2 2024 was $10.873 million, compared to a loss of $8.775 million in Q2 2023[33] - The company reported a basic and diluted loss per share of $2.97 for Q2 2024, compared to $9.54 for Q2 2023[33] - The net loss for the six months ended June 30, 2024, was $11.689 million, compared to a net loss of $16.689 million for the same period in 2023, indicating a 30% improvement in losses year-over-year[41] - The net loss for the three months ended September 30, 2023, was $6.702 million, with stock-based compensation expenses amounting to $602,000[37] Assets and Liabilities - Total current assets increased to $27.480 million as of June 30, 2024, up from $14.284 million at the end of 2023, reflecting an increase of 92%[30] - Total assets as of June 30, 2024, were $98.675 million, compared to $91.276 million at the end of 2023, indicating a growth of 8%[31] - The company’s total liabilities rose to $48.742 million as of June 30, 2024, compared to $37.917 million at the end of 2023, an increase of 28%[31] - The total accounts receivable increased to $3,434 thousand as of June 30, 2024, compared to $2,948 thousand as of December 31, 2023, with a provision for credit loss of approximately $244 thousand due to a borrower's financial difficulties[73] Cash Flow and Reserves - Cash reserves increased to $9.558 million as of June 30, 2024, up from $6.368 million at the end of 2023, representing a growth of 50%[30] - The company reported total cash and restricted cash of $12.509 million at the end of June 30, 2024, up from $10.244 million at the end of June 30, 2023, reflecting a 12.4% increase[41] - Operating cash flow for the six months ended June 30, 2024, resulted in a net cash used of $3.473 million, slightly better than the $3.836 million used in the same period of 2023[41] Stock and Equity - As of June 30, 2023, the company reported a total of 1,230,650 common shares outstanding, with an accumulated deficit of $237.606 million[37] - The company issued 113,502 shares in a securities purchase offering, raising $770,000 during the second quarter of 2023[37] - The company reported a total of 2,546,361 common shares outstanding as of December 31, 2023, following a reverse stock split at a ratio of 1-for-25 effective October 13, 2023[37] - The Company had approximately $2.7 million in note conversions and $4.0 million in revaluation losses related to fair value assessments of convertible debt for the three months ended June 30, 2024[100] Strategic Initiatives - The company formed two new wholly-owned subsidiaries, Soluna Cloud, Inc. and Soluna Energy, Inc., in 2024 to expand its cloud and renewable energy services[45] - The company continues to focus on transforming surplus renewable energy into computing resources, supporting applications like Bitcoin mining and AI[46] - The Company entered into an agreement with Hewlett Packard Enterprise for datacenter and cloud services valued at $34.0 million, with an initial pre-payment of $10.3 million[48] - The Company anticipates significant amortization expenses for intangible assets, with $9,488 thousand expected in 2025, highlighting future financial impacts[90] Legal and Regulatory Matters - The Company is involved in legal proceedings related to an EPA Demand Letter, with potential costs estimated at approximately $358,000[159] - NYDIG filed a Motion for Summary Judgment against the Company for approximately $10.3 million for principal, interest, and penalties related to the MEFA[201] - The Court dismissed three of the four counts in the complaint filed by Atlas against the Company, with one count remaining[164] Tax and Deferred Tax - The effective income tax rate for the three months ended June 30, 2024, was 7.1%, compared to 4.5% for the same period in 2023, reflecting changes in valuation allowance and estimated taxable income[91] - The company recorded a deferred tax liability of approximately $10.9 million related to the strategic contract pipeline, which will be amortized over the asset's life[92] - The company has a full valuation allowance for deferred tax assets totaling $37.2 million as of June 30, 2024, indicating ongoing evaluation of realizability[94] Impairments and Write-offs - The Company performed an impairment analysis and determined that approximately $2.4 million of equipment and leasehold improvements associated with Project Marie were impaired as of December 31, 2022[202] - The Company fully impaired its equity investment in HEL, writing it down from $750 thousand to $0 as of December 31, 2022[178] Future Outlook - The Company believes the closure of Project Marie does not represent a strategic shift, as it intends to continue operations through data hosting and proprietary mining arrangements[205] - The Company anticipates that capital contributions from Spring Lane Capital, up to $35 million, will help develop green data centers co-located with renewable energy assets[208]

Revenue Growth - Cryptocurrency mining revenue increased to $6,396,000 for Q1 2024, up 129% from $2,796,000 in Q1 2023[33] - Data hosting revenue surged to $5,278,000 in Q1 2024, compared to $286,000 in Q1 2023, representing a growth of 1,748%[33] - Total revenue for Q1 2024 reached $12,549,000, a significant increase of 307% from $3,082,000 in Q1 2023[33] Operating Performance - Operating income for Q1 2024 was $407,000, a turnaround from an operating loss of $7,012,000 in Q1 2023[33] - Net loss attributable to Soluna Holdings, Inc. narrowed to $5,254,000 in Q1 2024 from $7,062,000 in Q1 2023[33] - Basic and diluted loss per share improved to $2.62 in Q1 2024, compared to $10.30 in Q1 2023[33] Financial Position - Total current assets increased to $16,996,000 as of March 31, 2024, up from $14,284,000 at the end of 2023[30] - Total liabilities rose to $41,786,000 as of March 31, 2024, compared to $37,917,000 at the end of 2023[31] - Total stockholders' equity decreased to $48,851,000 as of March 31, 2024, down from $53,359,000 at the end of 2023[31] Cash Flow and Liquidity - The company reported a cash balance of $8,438,000 as of March 31, 2024, an increase from $6,368,000 at the end of 2023[30] - Cash and restricted cash at the end of the period increased to $11,394,000 from $5,046,000, marking a 126.5% increase year-over-year[41] - The company reported net cash provided by operating activities of $3,850,000 for the three months ended March 31, 2024, compared to net cash used in operating activities of $3,053,000 in the same period of 2023[41] Stock and Equity - The company issued 87,144 shares in a securities purchase offering, raising $439,000 during Q1 2023[36] - The total amount of common stock increased to $286,799,000 by September 30, 2023, up from $280,010,000 at the end of Q2 2023, reflecting a 2.8% increase[37] - The company has reserved a total of 3,194,141 common shares for future issuance as of March 31, 2024, including 2,165,010 outstanding warrants[131] Debt and Financing - The company has an outstanding principal balance of approximately $9.2 million and accrued interest and penalties of approximately $1.2 million related to the NYDIG loan[49] - The company entered into a $2.05 million Term Loan with an interest rate of 15%, with debt service payments beginning after the In-Service Date[120] - The NYDIG financing total outstanding debt was $9.2 million as of February 13, 2024, with a penalty fee of approximately $1.0 million applied to repossessed collateralized assets[118] Legal and Regulatory Matters - The company is involved in legal proceedings related to a complaint filed by NYDIG against a subsidiary, with ongoing litigation regarding loan agreements and collateral[141] - Atlas Technology Group filed a complaint against Soluna MC for breach of contract, seeking the return of pre-paid fees of approximately $464 thousand and additional damages of not less than $7.9 million[143] Strategic Initiatives - The company is exploring various financing strategies, including stock issuances and debt borrowings, to support its operations and growth[50] - The Company plans to concentrate its personnel and capital on the Dorothy Facility following the shutdown of the Marie facility[172] Project Performance - For the three months ended March 31, 2024, Project Marie reported total revenue of $3,000, a significant decrease from $1,045,000 for the same period in 2023, reflecting a decline in cryptocurrency mining and data hosting revenues[178] - The impairment analysis for Project Marie identified approximately $2.4 million of equipment and leasehold improvements as impaired as of December 31, 2022, due to the closure of operations[173] Management Changes - The company appointed John Tunison as Chief Financial Officer effective April 8, 2024, indicating a strategic move to strengthen its financial leadership[201]