Soluna (US:SLNH)2025-05-16 11:30Financial 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]