Soluna (US:SLNH)2025-11-17 12:31Revenue Performance - Revenue for Q3 2025 increased by 37% or $2.3 million from Q2 2025, driven by new customers at Dorothy [8] - Total revenue for the three months ended September 30, 2025, was $8,415,000, a 11.8% increase from $7,525,000 in the same period of 2024 [30] - Data hosting revenue increased by 23.1% to $5,257,000 in Q3 2025 compared to $4,271,000 in Q3 2024 [30] - For the nine months ended September 30, 2025, total consolidated revenue reached $20,510 million, compared to $19,453 million in 2024, reflecting an increase of approximately 5.4% [38] - Demand response service revenue for the three months ended September 30, 2025, was $389 million, contributing to the total consolidated revenue [34] Profitability and Loss - Gross profit for Q3 2025 rose to 28%, compared to 19% in Q2 2025, reflecting strong cost discipline and $400k in one-time electricity credits [9] - Adjusted EBITDA for Q3 2025 improved to a positive $0.1 million, compared to a loss in Q3 2024 [12] - Operating loss for the nine months ended September 30, 2025, was $21,580,000, compared to a loss of $12,283,000 for the same period in 2024 [30] - Net loss attributable to Soluna Holdings, Inc. for the three months ended September 30, 2025, was $23,956,000, compared to $7,190,000 in 2024 [30] - For the three months ended September 30, 2025, the net loss was $25,787 thousand, compared to a net loss of $8,093 thousand for the same period in 2024, representing an increase of 218% [41] Cash and Assets - Cash reserves increased by $45 million to a record $60.5 million, strengthening the company's balance sheet for future investments [8] - Cash and restricted cash at the end of the period increased to $60,461,000 from $12,207,000 year-over-year [32] - Total assets as of September 30, 2025, were $152,035,000, up from $88,040,000 at the end of 2024 [27] - Total liabilities increased to $78,570,000 as of September 30, 2025, compared to $60,678,000 at the end of 2024 [27] Operational Growth - Soluna surpassed 4 EH/s of hash rate under management, marking significant operational growth [5] - Soluna's renewable-powered computing projects exceeded 1 GW, with ongoing developments in wind and solar energy [5] - Project Kati 1, a wind-powered data center, commenced construction with $20 million secured from Spring Lane Capital [4] Financing and Capital - The company secured a $100 million credit facility from Generate Capital to support its data center projects and expansion plans [4] - The company raised over $64 million in Q3 2025 through a mix of equity and debt sources to fund growth and operations [14] - The company reported a significant increase in additional paid-in capital, rising to $381,399,000 from $315,607,000 [27] Cost Management - The total segment cost of revenue for the three months ended September 30, 2025, was $6,347 million, compared to $9,078 million in 2024, indicating a reduction of approximately 30% [34] - The company reported utility costs of $2,545 million for the three months ended September 30, 2025, down from $2,918 million in 2024, a decrease of approximately 12.8% [34] - General and administrative expenses for the three months ended September 30, 2025, totaled $877 million, compared to $944 million in 2024, showing a reduction of approximately 7.1% [34] Shareholder Information - The weighted average shares outstanding increased to 26,983,023 for the three months ended September 30, 2025, compared to 6,388,335 in 2024 [30]