SOLUNA HOLDINGS(US:SLNHP)2026-03-30 11:00Financial Performance - Revenue for 2025 decreased by 21.8% year-over-year to $29.7 million, primarily due to a 30.8% decline in hashprice[16][21] - Gross profit for 2025 was $6.5 million, with a gross margin drop from 25% in 2024 to 22% in 2025[16][21] - Adjusted EBITDA for 2025 declined to -$13.2 million, a decrease of $14.2 million from the previous year[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] - 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 in 2025 was $53.411 million, 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] - Net loss for the year ended December 31, 2025, was $56,991, compared to a loss of $58,300 in 2024, representing a decrease of 2.2%[31] 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][16] - The current ratio improved to 1.9x, indicating a stronger liquidity position heading into 2026[8] - Cash and cash equivalents rose significantly to $76.423 million in 2025, compared to $7.843 million in 2024[26] - Cash and restricted cash at the end of the period rose to $88,843 from $10,453 at the beginning of the period, reflecting a significant increase[31] - Net cash used in operating activities increased to $9,149 in 2025 from $5,069 in 2024, indicating a higher cash outflow[31] Assets and Liabilities - Total assets increased to $187.944 million as of December 31, 2025, up from $88.040 million in 2024[26] - Total liabilities increased to $75.698 million in 2025, compared to $60.678 million in 2024[26] Project Developments - The power pipeline expanded to over 4.3 GW, driven by new project developments and partnerships[2][6] - The completion of Project Dorothy 2 (48 MW) in November 2025 enhanced operational efficiency and customer satisfaction[6][21] - Construction of Project Kati 1 (83 MW) commenced in Q3 2025, with revenue generation expected in the first half of 2026[6][21] - Soluna signed an MOU with Metrobloks for Project Kati 2, planning to develop over 300 MW of AI and HPC data center capacity[6] Operating Expenses - SG&A expenses increased by $11.9 million year-over-year, reflecting strategic investments in growth initiatives[16] - The company incurred depreciation expenses of $6,852, up from $6,152 in 2024, indicating increased asset utilization[31] - The company made significant investments in property, plant, and equipment totaling $28,065, compared to $8,853 in 2024, reflecting a focus on expansion[31] Segment Performance - Total segment cost of revenue was $24,255, with the highest costs attributed to utility expenses at $8,910 and wages at $3,733[33] - The company reported a segment operating income of $1,798, with a loss in Cryptocurrency Mining of $630 and a profit in Data Center Hosting Services of $2,677[33] - For the year ended December 31, 2025, the projected segment operating income is $1,798 million, indicating a potential recovery from the previous year's losses[36] Interest and Fair Value Adjustments - Interest expense, net for Q3 2025 was $838,000, compared to $1,196,000 in Q2 2025, with a total of $4,835,000 for the year ended December 31, 2025[41] - Fair value adjustment loss for Q3 2025 was $118,000, while the total for the year ended December 31, 2025 was $23,681,000[41] Non-controlling Interests - Contributions from non-controlling interest increased to $29,559 from $14,735, indicating stronger financial backing from minority stakeholders[31]