Soluna (US:SLNH)2026-03-30 11:00Financial Performance - The company's revenue for 2025 decreased by 21.8% year-over-year to $29.7 million, primarily due to a 30.8% decline in hashprice from $54.45 to $37.68[16] - Gross profit for 2025 was $6.5 million, with a gross margin decline from 25% in 2024 to 22% in 2025, attributed to weaker hashprice[16] - The net loss for 2025 was $57.0 million, slightly improved from a net loss of $58.3 million in 2024[21] - Adjusted EBITDA for 2025 decreased to -$13.2 million, down from a positive $942k in 2024, due to revenue declines and increased expenses[21] - Total revenue for Soluna Holdings in 2025 was $29.717 million, a decrease of 21.8% from $38.021 million in 2024[29] - Cryptocurrency mining revenue decreased to $11.406 million in 2025, down 32.9% from $17.027 million in 2024[29] - Data hosting revenue also declined to $16.998 million, a decrease of 10.0% from $18.838 million in 2024[29] - The operating loss for 2025 was $33.681 million, an improvement from a loss of $47.523 million in 2024[29] - Net loss attributable to Soluna Holdings was $53.411 million in 2025, compared to a net loss of $63.334 million in 2024[29] - Basic and diluted loss per share improved to $2.38 in 2025 from $14.94 in 2024[29] - For the year ended December 31, 2025, the net loss before taxes was $(59,307) million, slightly improved from $(60,787) million in 2024[36] - Adjusted EBITDA for the year ended December 31, 2025, was $(13,229) million, compared to $942 million in 2024, indicating a significant decline in operational performance[39] Cash and Liquidity - Soluna's total cash position increased by 750% to $88.8 million, with approximately $142 million raised in capital during 2025[5] - The company entered 2026 with a current ratio of 1.9x, indicating a strong liquidity position to support future growth initiatives[8] - Cash and cash equivalents rose significantly to $76.423 million in 2025 from $7.843 million in 2024[26] - The company ended the period with cash and restricted cash totaling $88,843 thousand, a significant increase from $10,453 thousand at the beginning of the period[31] - Net cash used in operating activities was $9,149 thousand for 2025, an increase from $5,069 thousand in 2024, reflecting higher operational expenditures[31] - Net cash provided by financing activities reached $119,392 thousand in 2025, a substantial increase from $18,318 thousand in 2024, driven by various stock issuances[31] Operational Capacity and Projects - The operational capacity doubled in 2025, with the power pipeline expanding to over 4.3 GW, driven by new project developments[2] - Project Dorothy 2, with a capacity of 48 MW, was completed and fully operational in November 2025, enhancing profitability and customer satisfaction[6] - The construction of Project Kati 1 (83 MW) commenced in Q3 2025, with revenue generation expected in the first half of 2026[6] Expenses and Costs - SG&A expenses increased by $11.9 million year-over-year, driven by strategic investments in growth initiatives[16] - The company incurred total segment costs of revenue amounting to $24,255 thousand, with utility costs contributing $8,910 thousand and wages, benefits, and employee-related costs at $3,733 thousand[33] - The total segment cost of revenue for the year ended December 31, 2025, was $23,259 million, reflecting increased operational costs[37] - The company recognized stock-based compensation expenses of $10,566 thousand in 2025, up from $5,311 thousand in 2024, indicating increased employee incentives[31] Assets and Liabilities - Total assets increased to $187.944 million as of December 31, 2025, compared to $88.040 million in 2024[26] - Total liabilities increased to $75.698 million in 2025, up from $60.678 million in 2024[26] Fair Value Adjustments - The company reported a fair value adjustment of $23,680 thousand, which contributed positively to the cash flow from operating activities[31] - The company experienced a fair value adjustment loss of $23,681 million in 2025, significantly impacting the financial results[39] - The company reported a fair value adjustment loss of $118,000 in Q3 2025, compared to a significant loss of $22,047,000 in Q2 2025, suggesting improved asset valuation management[41]