Revenue 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] - For the three months ended September 30, 2025, total consolidated revenue was $8,415 million, a decrease from $8,415 million in the same period of 2024 [34] - For the nine months ended September 30, 2025, total revenue reached $20,510, with cryptocurrency mining revenue at $8,630 and data hosting revenue at $10,795 [40] 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 of $1.4 million in Q1 2025 [12] - The net loss for Q3 2025 increased by $17.7 million, primarily due to fair value adjustments related to exercised warrants [12] - Net loss attributable to Soluna Holdings, Inc. for the three months ended September 30, 2025, was $23,956,000, compared to a loss of $7,190,000 in Q3 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] - The company reported a net loss before taxes of $42,618 million for the nine months ended September 30, 2025, compared to a loss of $21,525 million in 2024 [38] Cash and Liquidity - Cash reserves increased by $45 million to a record $60.5 million, strengthening the 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, indicating improved liquidity [32] - The company generated net cash provided by financing activities of $71,615,000 for the nine months ended September 30, 2025, compared to $12,943,000 in the same period of 2024, highlighting strong financing activity [32] Capital and Financing - The company secured a $100 million credit facility from Generate Capital, with an initial draw of $12.6 million for refinancing and construction [4] - Capital raised in Q3 2025 totaled over $64 million, supporting growth and operational development [14] - The company reported a significant increase in additional paid-in capital, rising to $381,399,000 from $315,607,000, reflecting successful capital raising efforts [27] Operational Metrics - Soluna surpassed 4 EH/s of hash rate under management, with significant fleet upgrades across all sites [5] - Soluna's renewable-powered computing projects exceeded 1 GW, marking a major step toward a long-term roadmap of 2.8 GW [5] - Cryptocurrency mining revenue decreased to $2,769,000 in Q3 2025 from $2,811,000 in Q3 2024, while data hosting revenue increased to $5,257,000 from $4,271,000 [30] - Data Center Hosting Services revenue was $5,257 million for the three months ended September 30, 2025, compared to $4,271 million in 2024, reflecting an increase of 23.1% [34] Expenses - The company incurred interest expenses of $3,246,000 for the nine months ended September 30, 2025, compared to $1,694,000 for the same period in 2024, indicating higher borrowing costs [30] - The company incurred total general and administrative expenses of $1,669 million for the nine months ended September 30, 2025, compared to $1,669 million in 2024 [38] - Interest expense for the three months ended September 30, 2025, was $1,212 thousand, up from $821 thousand in the same period of 2024, indicating a 47.7% increase [41] - Depreciation and amortization expenses for the three months ended September 30, 2025, were $4,119 thousand, compared to $3,916 thousand for the same period in 2024, reflecting a 5.2% increase [41] Asset and Liability Management - Total assets as of September 30, 2025, were $152,035,000, up from $88,040,000 as of December 31, 2024, showing substantial growth in the asset base [27] - Total current liabilities increased to $56,190,000 as of September 30, 2025, compared to $47,873,000 at the end of 2024, indicating rising obligations [27] - The total cost of revenue for the three months ended September 30, 2025, was $6,086, leading to a gross profit margin of approximately 27.6% [39] - The total cost of revenue for the nine months ended September 30, 2025, was $15,818, with a notable increase in operational efficiency reflected in the gross profit [40]
SOLUNA HOLDINGS(SLNHP) - 2025 Q3 - Quarterly Results