Soluna (NASDAQ: SLNH) boosts cash to $88.8M despite revenue fall
Rhea-AI Filing Summary
Soluna Holdings reported full-year 2025 results showing heavy investment-led growth alongside continued losses. Revenue was $29.7 million, down 21.8% from $38.0 million in 2024 as Bitcoin “hashprice” fell 30.8% and coins mined dropped from 274 to 113.2. Net loss was $57.0 million, slightly better than the $58.3 million loss in 2024, while Adjusted EBITDA swung to -$13.2 million from +$0.9 million.
The company raised about $142 million in 2025 and lifted total cash and restricted cash to $88.8 million, a 750% increase, supporting project build-out. Property, plant and equipment grew 58% to $74.8 million as Soluna completed the 48MW Dorothy 2 site, advanced the 83MW Kati 1 facility, and began planning the Kati 2 AI and high‑performance computing campus. Its long-term power pipeline expanded to over 4.3 GW, positioning the business for AI and data hosting growth despite near-term Bitcoin-driven margin pressure.
Positive
- Balance sheet strengthened significantly: Cash and restricted cash rose to $88.8 million (up 750% from $10.5 million), supported by about $142 million of 2025 capital raises and a scalable Generate Capital facility of up to $100 million.
- Strategic growth and pipeline expansion: Property, plant and equipment increased 58% to $74.8 million, Dorothy 2 (48MW) became operational, Kati 1 (83MW) moved into commissioning, and the long-term power pipeline exceeded 4.3 GW including a planned AI-focused Kati 2 campus.
Negative
- Profitability deteriorated materially: 2025 Adjusted EBITDA fell to -$13.2 million from +$0.9 million and revenue declined 21.8% to $29.7 million, driven by weaker Bitcoin hashprice and lower mining volumes despite capacity growth.
- Large ongoing net losses: Net loss remained substantial at $57.0 million in 2025 (vs. $58.3 million in 2024), reflecting elevated SG&A spending for growth, fair value adjustment losses, and other financing-related expenses.
Insights
Soluna boosts cash and capacity but remains deeply loss-making amid Bitcoin pressure.
Soluna Holdings combined aggressive growth with sizeable losses in 2025. Revenue declined to $29.7M from $38.0M as Bitcoin hashprice fell 30.8% and mined coins dropped from 274 to 113.2. Yet the company expanded its pipeline past 4.3GW and completed or advanced several major projects, including 48MW Dorothy 2 and 83MW Kati 1.
Capital formation was substantial: Soluna raised roughly $142M, pushing cash and restricted cash to $88.8M versus $10.5M a year earlier and improving its current ratio to 1.9x. However, profitability deteriorated, with $57.0M net loss and Adjusted EBITDA of -$13.2M versus a small positive in 2024, mainly from lower Bitcoin-linked revenue and sharply higher SG&A tied to growth initiatives.
The business mix continues to shift toward data hosting and planned AI/HPC services, supported by the Generate Capital facility of up to $100M. Actual financial outcomes will depend on execution at Kati 1 and Kati 2 and future Bitcoin economics, which influenced 2025 results but whose future path is not detailed here.
8-K Event Classification
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Item 2.02. Results of Operations and Financial Condition.
On March 30, 2026, Soluna Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three months and fiscal year ended December 31, 2025.
A copy of such press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.
The information in this Item 2.02 of Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing.
Item 7.01 Regulation FD Disclosure.
On March 30, 2026, the Company posted an updated investor presentation to its investor relations website, which can be found at https://www.solunacomputing.com/investors/updates/. The information on our web site is not incorporated by reference into this Form 8-K and should not be considered to be a part of this Form 8-K. The Company’s web site address is included in this document as an inactive textual reference only.
The information in this Item 7.01 of Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
EXHIBIT INDEX
| Exhibit No. | Description | |
| 99.1 | Press Release, dated March 30, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOLUNA HOLDINGS, INC. | ||
| Date: March 30, 2026 | By: | /s/ David C. Michaels |
| David C. Michaels | ||
| Chief Financial Officer | ||
| (principal financial officer) | ||
Exhibit 99.1
Soluna Reports Record 2025 Growth: Pipeline Hits 4.3GW, Raises $142 Million, and Launches AI Infrastructure
Strong Capital Formation, Expanded Operations Position Company for an Accelerated 2026 Despite Q4 Hashprice Headwinds
ALBANY, NY, March 30, 2026 – Soluna Holdings, Inc. (“Soluna Holdings” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced financial results for the full year ended December 31, 2025.
“2025 was a transformational year for Soluna. We doubled our operating capacity, grew our power pipeline to 4.3GW, added two new project-level capital partners, and launched our AI infrastructure initiative — all while building a strong balance sheet to fund our next phase of growth,” said John Belizaire, CEO of Soluna Holdings.
“The completion of Dorothy 2, the commissioning of Kati 1, and our co-development partnership for Kati 2 are clear proof points of our ability to execute. We enter 2026 as Soluna 2.0 with significant momentum and a platform built to scale,” continued John Belizaire.
2025 Operational and Corporate Highlights:
| ● | Surpassed 1 GW of Renewable-Powered Computing – With the addition of Projects Gladys and Fei in August, Soluna crossed 1 GW of renewable-powered computing in operation, construction, and development, a notable milestone reflecting the scalability of its behind-the-meter model. | |
| ● | Dorothy 2 Completed, Powered Up, and Operational – We completed and fully energized Project Dorothy 2 (48MW) in November 2025, enhancing the profitability and operational efficiency of our operating data centers, while diversifying our customer mix and improving overall customer satisfaction. Dorothy 2 is now fully marketed and contracted. | |
| ● | Construction of Kati 1 started in the third quarter of 2025 – In February 2026, we received approval from ERCOT to commence the initial energization and phased commissioning of Project Kati 1. We expect to begin generating revenue from this 83MW facility as capacity is ramped up throughout the first half of 2026. | |
| ● | Kati 2 AI Development Underway — Soluna is advancing Project Kati 2 in Texas as a planned AI and HPC data center campus. In 2025, the Company signed an MOU with Metrobloks for an initial 100+ MW critical IT development, with a roadmap to expand to over 300 MW. | |
| ● | Power Pipeline Grows to 4.3+ GW — The long-term power pipeline expanded to 4.3+ GW, driven by new curtailment assessments, active term sheet discussions, and launches of six new development-stage projects, positioning Soluna as a scalable infrastructure platform. |
“Our 2025 financial results reflect the significant investment we made in building the foundation for long-term growth. We raised approximately $142 million in capital, grew our total cash position by 750% to $88.8 million, and added two new project-level financing partners,” said David Michaels, interim CFO of Soluna Holdings.
“While Bitcoin headwinds negatively impacted revenue, our balance sheet strengthened. Our current ratio improved to 1.9x, and we are well-capitalized to execute on our pipeline development and AI infrastructure initiatives heading into 2026,” continued David Michaels.
Fourth Quarter 2025 Financial Results
| ● | Revenue in Q4 2025 grew sequentially from Q3 – it grew by 9% from $8.4 million to $9.2 million on volume growth from operational expansion, offset by headwinds on lower hashprice. |
| ● | Q4 2025 gross profit decreased sequentially from $2.3 million to $1.8 million – driven by a softening of hashprice due to the challenging Bitcoin environment offset, in part, by an increase in volume from completing Dorothy 2. | |
| ● | Stronger liquidity position in Q4 2025 – Total cash grew $28.4 million (47%) from $60.5 million in Q3 to $88.8 million in Q4 from equity raises, further bolstering our reserves for future investment opportunities. |
Fiscal Year 2025 Financial Results:
| ● | Significant Capital Formation in 2025 – totaling ~$142 million from debt issuances, SEPA draws, RDOs, and ATM transactions. We added two new project-level financing partners: Generate Capital ($17M) and Galaxy Digital, LLC ($5M). Spring Lane Capital ($30M) continues its support of our data center projects. The Generate Credit Facility is Soluna’s largest and most strategically significant financing arrangement to date, providing up to $100M of scalable, project-level capital to fund construction across the pipeline. | |
| ● | Outstanding Unrestricted Cash Growth – Unrestricted cash reached $76 million at the end of FY 2025. Total cash increased 750% from $10.5 million to $88.8 million. The significant cash infusion enabled us to expand our pipeline, optimize our current Bitcoin assets, and initiate a launch into AI. | |
| ● | PP&E growth reflects project investments – Our net PP&E increased from $47.3 million to $74.8 million (+58%) in 2025, echoing the current development of our pipeline projects. For example, the energization of D2 has doubled the capacity at our Dorothy campus, and construction of Kati 1 is currently underway. | |
| ● | Revenue negatively impacted by Bitcoin hashprice – 2025 Revenue declined by -21.8%, to $29.7 million, compared to $38.0 million in 2024 (~$6 million was directly related to hash price impacting prop mining; with ~$2 million indirectly related to hashprice from contract mix). Hashprice declined 30.8% in 2025, from $54.45 at the start of the year to $37.68 at the end. | |
| ● | 2025 Cost of Revenue, including electricity, overhead, and depreciation, decreased by $5.4 million from $28.6 million to $23.3 million – driven by the termination of the HPE contract, which accounted for $5.7 million in year-over-year savings. Power costs decreased by approximately $2 million. These savings were partially offset by an $0.8 million increase in personnel and overhead expenses, reflecting our ongoing operational expansion. | |
| ● | 2025 Gross Profit declined – The $2.9 million decline in gross profit in 2025 was primarily driven by weaker hashprice. Capacity expanded significantly following the completion of the Dorothy 2 facility. While gross margin dropped from 25% in 2024 to 22% in 2025, primarily due to a softening of hashprice in late 2025, our core operations continued to generate positive gross margins despite the hashprice environment, resulting in gross profit of $6.5 million and maintaining positive profitability throughout the year. | |
| ● | SG&A Spend for Growth – SG&A increased $11.9 million year-over-year, with spending strategically directed toward future growth. The increase was driven by $5.2 million in stock-based compensation, $4.3 million in people costs, $1.7 million in legal fees related to Project Kati financing, and $0.7 million for enhancing our investor relations engagement and business development. |
FY 2025 Revenue & Cost of Revenue by Project Site
| Soluna Digital | Soluna Cloud | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | ||||||||||||||||||||||||
| Cryptocurrency mining revenue | $ | 11,406 | – | – | – | – | $ | 11,406 | – | $ | 11,406 | |||||||||||||||||||||
| Data hosting revenue | – | 6,176 | 5,662 | 5,160 | - | 16,998 | - | 16,998 | ||||||||||||||||||||||||
| High-performance computing services | – | – | – | – | – | – | 28 | 28 | ||||||||||||||||||||||||
| Demand response services | 561 | 579 | 145 | – | – | 1,285 | – | 1,285 | ||||||||||||||||||||||||
| Total revenue | $ | 11,967 | $ | 6,755 | $ | 5,807 | $ | 5,160 | - | $ | 29,689 | $ | 28 | $ | 29,717 | |||||||||||||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 7,411 | – | – | – | – | $ | 7,411 | – | $ | 7,411 | |||||||||||||||||||||
| Cost of data hosting revenue, exclusive of depreciation | – | 3,064 | 3,852 | 1,629 | 559 | 9,104 | – | 9,104 | ||||||||||||||||||||||||
| Cost of high-performance computing service revenue | – | – | – | – | – | – | 7 | 7 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining revenue- depreciation | 4,304 | – | – | – | – | 4,304 | – | 4,304 | ||||||||||||||||||||||||
| Cost of data hosting revenue- depreciation | – | 1,099 | 864 | 470 | – | 2,433 | – | 2,433 | ||||||||||||||||||||||||
| Total cost of revenue | 11,715 | 4,163 | 4,716 | 2,099 | 559 | 23,252 | 7 | 23,259 | ||||||||||||||||||||||||
| Gross profit (loss) | $ | 252 | $ | 2,592 | $ | 1,091 | $ | 3,061 | ($ | 559 | ) | $ | 6,437 | $ | 21 | $ | 6,458 | |||||||||||||||
FY 2024 Revenue & Cost of Revenue by Project Site
| Soluna Digital | Soluna Cloud | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | ||||||||||||||||||||||||
| Cryptocurrency mining revenue | $ | 17,027 | - | - | - | - | $ | 17,027 | - | $ | 17,027 | |||||||||||||||||||||
| Data hosting revenue | - | 13,742 | - | 5,096 | - | 18,838 | - | 18,838 | ||||||||||||||||||||||||
| High-performance computing services | - | - | - | - | - | - | 16 | 16 | ||||||||||||||||||||||||
| Demand response services | 152 | 139 | - | - | 1,849 | 2,140 | - | 2,140 | ||||||||||||||||||||||||
| Total revenue | $ | 17,179 | $ | 13,881 | - | $ | 5,096 | $ | 1,849 | $ | 38,005 | $ | 16 | $ | 38,021 | |||||||||||||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 7,499 | - | - | - | - | $ | 7,499 | - | $ | 7,499 | |||||||||||||||||||||
| Cost of data hosting revenue, exclusive of depreciation | - | 7,252 | - | 2,059 | 66 | 9,377 | - | 9,377 | ||||||||||||||||||||||||
| Cost of high-performance computing service revenue | - | - | - | - | - | - | 5,724 | 5,724 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining revenue- depreciation | 4,292 | - | - | - | - | 4,292 | - | 4,292 | ||||||||||||||||||||||||
| Cost of data hosting revenue- depreciation | - | 1,162 | - | 573 | - | 1,735 | - | 1,735 | ||||||||||||||||||||||||
| Total cost of revenue | 11,791 | 8,414 | - | 2,632 | 66 | 22,903 | 5,724 | 28,627 | ||||||||||||||||||||||||
| Gross profit (loss) | $ | 5,388 | $ | 5,467 | - | $ | 2,464 | $ | 1,783 | $ | 15,102 | ($ | 5,708 | ) | $ | 9,394 | ||||||||||||||||
| ● | Revenue decreased by $8.3 million YoY – Hashprice declined 21.5% year-over-year, and Bitcoin mined fell sharply from 274 in 2024 to 113.2 in 2025. A 20MW client exit in December 2024 added further headwinds, as the replacement with profit-sharing clients generated lower baseline yields than the prior fixed-fee contracts. These impacts were partially offset by the energization and ramp-up of Dorothy 2 throughout 2025. | |
| ● | Net loss in 2025 was $57.0 million compared to net loss
in 2024 of $58.3 million. | |
| ● | Adjusted EBITDA declined – 2025 EBITDA decreased $14.2 million from +$942k to -$13.2 million. The decrease was driven by a $8.3 million year-over-year drop in revenue due to the challenging Bitcoin hashprice. In addition, increases in SG&A expenses due to higher personnel costs, professional/legal fees, and investor relations costs. |
The audited financial statements and 10K are available online. A narrative overview of our 2025 highlights is available on our website.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the completion and commissioning of Project Kati 1 and Project Kati 2, our expectations regarding the timing and amount of revenue generation from these projects, the expected amount of renewable energy capacity Projects Kati 1 and Kati 2 will deliver, the development and growth of our AI data center business, and our business strategy with respect to Bitcoin mining and AI infrastructure, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements about the Company or its business. Soluna Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings undertakes no duty to update such information, except as required under applicable law.
Non-GAAP Measures
In addition to figures prepared in accordance with GAAP, Soluna Holdings from time to time presents alternative non-GAAP performance measures, e.g., EBITDA and Adjusted EBITDA. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, loss on sale of fixed assets and credit on equipment deposit, loss on debt extinguishment and revaluation, fair value adjustment losses, placement agent release expense, fair value on placement agent warrant, loss on contract, provision for credit losses, convertible note inducement expense and impairment on fixed assets. Management believes EBITDA and Adjusted EBITDA are useful to investors because they provide a supplemental measure of operating performance that excludes non-cash charges and items that are not indicative of the Company’s core recurring operations, facilitating period-over-period comparisons. EBITDA and Adjusted EBITDA are provided in addition to and should not be considered to be substitutes for, or superior to net income, the comparable measure calculated in accordance with GAAP. Further, EBITDA and Adjusted EBITDA should not be considered as alternatives to revenue growth, net income, or any other performance measure calculated in accordance with GAAP, or as alternatives to cash flow from operating activities as a measure of our liquidity. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principle. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2025, for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliations provided below and not rely on any single financial measure to evaluate the Company’s business.
About Soluna Holdings, Inc (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The Company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:
| ● | LinkedIn: https://www.linkedin.com/company/solunaholdings/ | |
| ● | X (formerly Twitter): com/solunaholdings | |
| ● | YouTube: com/c/solunacomputing | |
| ● | Newsletter: ly/solunasubscribe | |
| ● | Resource Center: com/resources |
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
Contact Information
Investor Relations
Soluna Holdings, Inc.
ir@soluna.io
Soluna Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2025, and December 31, 2024
| (Dollars in thousands, except per share) | December 31, 2025 | December 31, 2024 | ||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash | $ | 76,423 | $ | 7,843 | ||||
| Restricted cash | 4,500 | 1,150 | ||||||
| Accounts receivable, net (allowance for expected credit losses $244 as of December 31, 2025 and December 31, 2024) | 5,522 | 2,693 | ||||||
| Loan commitment assets | 3,018 | — | ||||||
| Prepaid expenses and other current assets | 2,664 | 1,781 | ||||||
| Equipment held for sale | — | 28 | ||||||
| Total Current Assets | 92,127 | 13,495 | ||||||
| Restricted cash, noncurrent | 7,920 | 1,460 | ||||||
| Other assets | 978 | 2,724 | ||||||
| Deposits and credits on equipment | 1,377 | 5,145 | ||||||
| Property, plant and equipment, net | 74,783 | 47,283 | ||||||
| Intangible assets, net | 8,261 | 17,620 | ||||||
| Operating lease right-of-use assets | 252 | 313 | ||||||
| Financing lease right-of-use assets | 2,246 | — | ||||||
| Total Assets | $ | 187,944 | $ | 88,040 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | $ | 4,859 | $ | 2,840 | ||||
| Accrued liabilities | 13,182 | 6,785 | ||||||
| Accrued interest | 303 | 2,275 | ||||||
| Contract liability | 19,348 | 20,015 | ||||||
| Current portion of debt | 8,858 | 14,444 | ||||||
| Income tax payable | 123 | 37 | ||||||
| Customer deposits-current | 1,913 | 1,416 | ||||||
| Deferred revenue | 518 | — | ||||||
| Operating lease liability | 65 | 61 | ||||||
| Financing lease liability | 20 | — | ||||||
| Total Current Liabilities | 49,189 | 47,873 | ||||||
| Other liabilities | 743 | 235 | ||||||
| Customer deposits- long-term | 2,533 | - | ||||||
| Long-term debt | 17,899 | 7,061 | ||||||
| Operating lease liability | 187 | 252 | ||||||
| Financing lease liability | 2,236 | — | ||||||
| Deferred tax liability, net | 2,911 | 5,257 | ||||||
| Total Liabilities | 75,698 | 60,678 | ||||||
| Commitments and Contingencies (Note 13) | ||||||||
| Mezzanine equity: | ||||||||
| Placement agent warrants | 1,313 | — | ||||||
| Stockholders’ Equity: | ||||||||
| 9.00% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,928,545 and 4,953,545 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | 5 | 5 | ||||||
| Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | ||||||
| Common stock, par value $0.001 per share, authorized 375,000,000; 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024 | 103 | 11 | ||||||
| Additional paid-in capital | 435,030 | 315,607 | ||||||
| Accumulated deficit | (367,715 | ) | (314,304 | ) | ||||
| Common stock in treasury, at cost, 86,595 shares at December 31, 2025 and 40,741 shares at December 31, 2024 | (13,873 | ) | (13,798 | ) | ||||
| Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit) | 53,550 | (12,479 | ) | |||||
| Non-Controlling Interest | 57,383 | 39,841 | ||||||
| Total Stockholders’ Equity | 110,933 | 27,362 | ||||||
| Total Liabilities, Mezzanine Equity, and Stockholders’ Equity | $ | 187,944 | $ | 88,040 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
Soluna Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
As of December 31, 2025 and December 31, 2024
Year Ended December 31, | ||||||||
| (Dollars in thousands, except per share) | 2025 | 2024 | ||||||
| Cryptocurrency mining revenue | $ | 11,406 | $ | 17,027 | ||||
| Data hosting revenue | 16,998 | 18,838 | ||||||
| High-performance computing service revenue | 28 | 16 | ||||||
| Demand response service revenue | 1,285 | 2,140 | ||||||
| Total revenue | 29,717 | 38,021 | ||||||
| Operating costs: | ||||||||
| Cost of cryptocurrency mining revenue, exclusive of depreciation | 7,411 | 7,499 | ||||||
| Cost of data hosting revenue, exclusive of depreciation | 9,104 | 9,377 | ||||||
| Cost of high-performance computing services | 7 | 5,724 | ||||||
| Cost of cryptocurrency mining revenue- depreciation | 4,304 | 4,292 | ||||||
| Cost of data hosting revenue- depreciation | 2,433 | 1,735 | ||||||
| Total cost of revenue | 23,259 | 28,627 | ||||||
| Operating expenses: | ||||||||
| General and administrative expenses, exclusive of depreciation and amortization | 30,519 | 18,581 | ||||||
| Depreciation and amortization associated with general and administrative expenses | 9,608 | 9,613 | ||||||
| Total general and administrative expenses | 40,127 | 28,194 | ||||||
| Loss on contract | — | 28,593 | ||||||
| Impairment on fixed assets | 12 | 130 | ||||||
| Operating loss | (33,681 | ) | (47,523 | ) | ||||
| Interest expense | (4,835 | ) | (2,527 | ) | ||||
| Gain (loss) on debt extinguishment and revaluation, net | 10,658 | (1,644 | ) | |||||
| Fair value adjustment loss | (23,681 | ) | (5,705 | ) | ||||
| Loss on sale of fixed assets and credit on equipment deposit | (1,151 | ) | (31 | ) | ||||
| Other financing expense | (5,917 | ) | (3,661 | ) | ||||
| Other (expense) income, net | (700 | ) | 304 | |||||
| Loss before income taxes | (59,307 | ) | (60,787 | ) | ||||
| Income tax benefit, net | 2,316 | 2,487 | ||||||
| Net loss | (56,991 | ) | (58,300 | ) | ||||
| (Less) Net loss (income) attributable to non-controlling interest, net | 3,580 | (5,034 | ) | |||||
| Net loss attributable to Soluna Holdings, Inc. | $ | (53,411 | ) | $ | (63,334 | ) | ||
| Basic and Diluted loss per common share: | ||||||||
| Basic & Diluted loss per share | $ | (2.38 | ) | $ | (14.94 | ) | ||
| Weighted average shares outstanding (Basic and Diluted) | 29,048,848 | 5,109,339 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
Soluna Holdings, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the Year Ended December 31, 2025 and 2024
(Dollars in thousands)
| Year Ended December 31, | ||||||||
| (Dollars in thousands) | 2025 | 2024 | ||||||
| Operating Activities | ||||||||
| Net loss | $ | (56,991 | ) | $ | (58,300 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation expense | 6,852 | 6,152 | ||||||
| Amortization expense | 9,493 | 9,488 | ||||||
| Stock-based compensation | 10,566 | 5,311 | ||||||
| Deferred income taxes | (2,339 | ) | (2,522 | ) | ||||
| Impairment on fixed assets | 12 | 130 | ||||||
| Provision for credit losses | — | 760 | ||||||
| Amortization of operating lease asset and financing lease | 189 | 133 | ||||||
| Debt issuance costs | — | 2,011 | ||||||
| (Gain) loss on debt extinguishment and revaluation, net | (10,658 | ) | 1,644 | |||||
| Loss on contract | — | 28,593 | ||||||
| Amortization on deferred financing costs and discount on notes | 1,114 | 351 | ||||||
| Fair value adjustments, including SEPA | 23,680 | 5,705 | ||||||
| Fair value on placement agent warrant financing cost | 146 | — | ||||||
| Loss on sale of fixed assets and credit on equipment deposit | 1,151 | 31 | ||||||
| Conversion inducement expense | — | 388 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (2,829 | ) | (505 | ) | ||||
| Prepaid expenses and other current assets | (884 | ) | (3,296 | ) | ||||
| Other long-term assets | 1,704 | (4,842 | ) | |||||
| Accounts payable | 2,012 | 741 | ||||||
| Contract liability | (667 | ) | — | |||||
| Deferred revenue | 1,012 | — | ||||||
| Operating lease liabilities | (61 | ) | (138 | ) | ||||
| Other liabilities and customer deposits | 3,044 | (1,671 | ) | |||||
| Accrued liabilities and accrued interest payable | 4,305 | 4,767 | ||||||
| Net cash used in operating activities | (9,149 | ) | (5,069 | ) | ||||
| Investing Activities | ||||||||
| Purchases of property, plant, and equipment | (28,065 | ) | (8,853 | ) | ||||
| Purchases of intangible assets | (134 | ) | (101 | ) | ||||
| Proceeds from disposal on property, plant, and equipment | — | 215 | ||||||
| Deposits of equipment | (3,654 | ) | (4,424 | ) | ||||
| Net cash used in investing activities | (31,853 | ) | (13,163 | ) | ||||
| Financing Activities | ||||||||
| Proceeds from common stock warrant exercises | 10,272 | 2,332 | ||||||
| Proceeds from sale of common stock on SEPA | 6,176 | — | ||||||
| Proceeds from notes and debt issuance | 23,885 | 14,470 | ||||||
| Net proceeds from sale of common stock on ATM | 34,153 | — | ||||||
| Net proceeds from July equity issuance | 4,364 | — | ||||||
| Net proceeds from December equity issuance | 29,748 | — | ||||||
| Payments on notes | (6,676 | ) | (2,675 | ) | ||||
| Payments on debt issuance costs | (2,790 | ) | (899 | ) | ||||
| Payments on other financing costs | — | (1,375 | ) | |||||
| Payments on warrant redemptions | (452 | ) | — | |||||
| Payments on financing lease liabilities | (118 | ) | — | |||||
| Costs on treasury stock | (75 | ) | — | |||||
| Contributions from non-controlling interest | 29,559 | 14,735 | ||||||
| Distributions to non-controlling interest | (8,654 | ) | (8,270 | ) | ||||
| Net cash provided by financing activities | 119,392 | 18,318 | ||||||
| Increase in cash & restricted cash | 78,390 | 86 | ||||||
| Cash & restricted cash – beginning of period | 10,453 | 10,367 | ||||||
| Cash & restricted cash – end of period | $ | 88,843 | $ | 10,453 | ||||
| Supplemental Disclosure of Cash Flow Information | ||||||||
| Cash paid during the period for: | ||||||||
| Interest paid on debt | 1,976 | 527 | ||||||
| Non-cash investing and financing activities: | ||||||||
| Fair value consideration for Green Cloud issuance of shares | 810 | — | ||||||
| Noncash financing cost accrual | 766 | — | ||||||
| Noncash deferred financing cost accrual | 828 | — | ||||||
| Warrant consideration in relation to Generate Common Warrant | 2,635 | — | ||||||
| Warrant consideration in relation to convertible notes, Cloud notes, and revaluation of warrant liability | — | 6,362 | ||||||
| Notes converted to common stock | — | 9,001 | ||||||
| Noncash membership distribution accrual | 3,637 | 1,179 | ||||||
| SEPA commitment payment | — | 275 | ||||||
| Placement agent release payment | — | 1,000 | ||||||
| Fair value consideration on placement agent warrants | 1,313 | — | ||||||
| Noncash non-controlling interest contributions | 2,675 | 2,160 | ||||||
| Noncash activity right-of-use assets obtained in exchange for lease obligations | 2,303 | 146 | ||||||
The accompanying notes are an integral part of these consolidated financial statements.
Segment Information
The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for years ended December 31, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations:
For the year ended December 31, 2025
| Cryptocurrency Mining | Data Center Hosting | High-Performance Computing Services | Total | |||||||||||||
| Segment Revenue: Revenue from external customers | $ | 11,406 | $ | 16,998 | $ | 28 | $ | 28,432 | ||||||||
| Reconciliation of revenue | ||||||||||||||||
| Demand response revenue (a) | 1,285 | |||||||||||||||
| Total consolidated revenue | 29,717 | |||||||||||||||
| Less: Segment cost of revenue | ||||||||||||||||
| Utility costs | 5,418 | 3,492 | — | 8,910 | ||||||||||||
| Wages, benefits, and employee related costs | 873 | 2,853 | 7 | 3,733 | ||||||||||||
| Facilities and Equipment costs | 862 | 2,141 | — | 3,003 | ||||||||||||
| Cost of revenue- depreciation | 4,304 | 2,433 | — | 6,737 | ||||||||||||
| Other cost of revenue* | 517 | 1,355 | — | 1,872 | ||||||||||||
| Total segment cost of revenue | 11,974 | 12,274 | 7 | 24,255 | ||||||||||||
| General and administrative expenses | 62 | 2,035 | 270 | 2,367 | ||||||||||||
| Loss on contract | — | — | — | — | ||||||||||||
| Impairment on fixed assets | — | 12 | — | 12 | ||||||||||||
| Segment operating (loss) income | $ | (630 | ) | $ | 2,677 | $ | (249 | ) | $ | 1,798 | ||||||
For the year ended December 31, 2024
| Cryptocurrency Mining | Data Center Hosting | High-Performance Computing Services | Total | |||||||||||||
| Segment Revenue: Revenue from external customers | $ | 17,027 | $ | 18,838 | $ | 16 | $ | 35,881 | ||||||||
| Reconciliation of revenue | ||||||||||||||||
| Demand response revenue (a) | 2,140 | |||||||||||||||
| 38,021 | ||||||||||||||||
| Less: Segment cost of revenue | ||||||||||||||||
| Utility costs | 5,381 | 5,437 | — | 10,818 | ||||||||||||
| Wages, benefits, and employee related costs | 849 | 2,087 | 6 | 2,942 | ||||||||||||
| Facilities and Equipment costs | 944 | 1,406 | 5,718 | 8,068 | ||||||||||||
| Cost of revenue- depreciation | 4,292 | 1,735 | — | 6,027 | ||||||||||||
| Other cost of revenue* | 623 | 779 | — | 1,402 | ||||||||||||
| Total segment cost of revenue | 12,089 | 11,444 | 5,724 | 29,257 | ||||||||||||
| General and administrative expenses | 169 | 1,058 | 410 | 1,637 | ||||||||||||
| Loss on contract | — | — | 28,593 | 28,593 | ||||||||||||
| Impairment on fixed assets | 130 | — | — | 130 | ||||||||||||
| Segment operating income (loss) | $ | 4,639 | $ | 6,336 | $ | (34,711 | ) | $ | (23,736 | ) | ||||||
| (a) | Demand service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. |
| * | Other cost of revenue includes Insurance, outside service costs and margins, and general costs. |
The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes:
| Year ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Segment operating income (loss) | $ | 1,798 | $ | (23,736 | ) | |||
| Reconciling Items: | ||||||||
| Elimination of intercompany costs | 996 | 630 | ||||||
| Other revenue (a) | 1,285 | 2,140 | ||||||
| General and administrative, exclusive of depreciation and amortization (b) | (28,152 | ) | (16,944 | ) | ||||
| General and administrative, depreciation and amortization | (9,608 | ) | (9,613 | ) | ||||
| Interest expense | (4,835 | ) | (2,527 | ) | ||||
| Gain (loss) on debt extinguishment and revaluation, net | 10,658 | (1,644 | ) | |||||
| Loss on sale of fixed assets and credit on equipment deposit | (1,151 | ) | (31 | ) | ||||
| Fair value adjustment loss | (23,681 | ) | (5705 | ) | ||||
| Other financing expense | (5,917 | ) | (3,661 | ) | ||||
| Other (expense) income, net | (700 | ) | 304 | |||||
| Net loss before taxes | $ | (59,307 | ) | $ | (60,787 | ) | ||
| (a) | Demand service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss |
| (b) | The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the year. |
Gross Profit Breakout:
The following table summarizes the balances for the Project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the year ended December 31, 2025:
| Soluna Digital | Soluna Cloud | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | ||||||||||||||||||||||||
| Cryptocurrency mining revenue | $ | 11,406 | $ | — | $ | — | $ | — | $ | — | $ | 11,406 | $ | — | $ | 11,406 | ||||||||||||||||
| Data hosting revenue | — | 6,176 | 5,662 | 5,160 | — | 16,998 | — | 16,998 | ||||||||||||||||||||||||
| High-performance computing services | — | — | — | — | — | — | 28 | 28 | ||||||||||||||||||||||||
| Demand response services | 561 | 579 | 145 | — | — | 1,285 | — | 1,285 | ||||||||||||||||||||||||
| Total revenue | 11,967 | 6,755 | 5,807 | 5,160 | — | 29,689 | 28 | 29,717 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 7,411 | $ | — | $ | — | $ | — | $ | — | $ | 7,411 | $ | — | $ | 7,411 | ||||||||||||||||
| Cost of data hosting revenue, exclusive of depreciation | — | 3,064 | 3,852 | 1,629 | 559 | 9,104 | — | 9,104 | ||||||||||||||||||||||||
| Cost of high-performance computing service revenue | — | — | — | — | — | — | 7 | 7 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining revenue- depreciation | 4,304 | — | — | — | — | 4,304 | — | 4,304 | ||||||||||||||||||||||||
| Cost of data hosting revenue- depreciation | — | 1,099 | 864 | 470 | — | 2,433 | — | 2,433 | ||||||||||||||||||||||||
| Total cost of revenue | 11,715 | 4,163 | 4,716 | 2,099 | 559 | 23,252 | 7 | 23,259 | ||||||||||||||||||||||||
| Gross profit (loss) | $ | 252 | $ | 2,592 | $ | 1,091 | $ | 3,061 | $ | (559 | ) | $ | 6,437 | $ | 21 | $ | 6,458 | |||||||||||||||
The following table summarizes the balances for the Project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the year ended December 31, 2024:
| Soluna Digital | Soluna Cloud | |||||||||||||||||||||||||||||||
| (Dollars in thousands) | Project Dorothy 1B | Project Dorothy 1A | Project Dorothy 2 | Project Sophie | Other | Soluna Digital Subtotal | Project Ada | Total | ||||||||||||||||||||||||
| Cryptocurrency mining revenue | $ | 17,027 | $ | — | $ | — | $ | — | $ | — | $ | 17,027 | $ | — | $ | 17,027 | ||||||||||||||||
| Data hosting revenue | — | 13,742 | — | 5,096 | — | 18,838 | — | 18,838 | ||||||||||||||||||||||||
| High-performance computing services | — | — | — | — | — | — | 16 | 16 | ||||||||||||||||||||||||
| Demand response services | 152 | 139 | — | — | 1,849 | 2,140 | — | 2,140 | ||||||||||||||||||||||||
| Total revenue | 17,179 | 13,881 | — | 5,096 | 1,849 | 38,005 | 16 | 38,021 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining, exclusive of depreciation | $ | 7,499 | $ | — | $ | — | $ | — | $ | — | $ | 7,499 | $ | — | $ | 7,499 | ||||||||||||||||
| Cost of data hosting revenue, exclusive of depreciation | — | 7,252 | — | 2,059 | 66 | 9,377 | — | 9,377 | ||||||||||||||||||||||||
| Cost of high-performance computing service revenue | — | — | — | — | — | — | 5,724 | 5,724 | ||||||||||||||||||||||||
| Cost of cryptocurrency mining revenue- depreciation | 4,292 | — | — | — | — | 4,292 | — | 4,292 | ||||||||||||||||||||||||
| Cost of data hosting revenue- depreciation | — | 1,162 | — | 573 | — | 1,735 | — | 1,735 | ||||||||||||||||||||||||
| Total cost of revenue | 11,791 | 8,414 | — | 2,632 | 66 | 22,903 | 5,724 | 28,627 | ||||||||||||||||||||||||
| Gross profit (loss) | $ | 5,388 | $ | 5,467 | $ | — | $ | 2,464 | $ | 1,783 | $ | 15,102 | $ | (5,708 | ) | $ | 9,394 | |||||||||||||||
EBITDA and Adjusted EBITDA Tables:
Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below:
| (Dollars in thousands) | Years Ended December 31, | |||||||
| 2025 | 2024 | |||||||
| Net loss from continuing operations | $ | (56,991 | ) | $ | (58,300 | ) | ||
| Interest expense | 4,835 | 2,527 | ||||||
| Income tax (benefit) expense | (2,316 | ) | (2,487 | ) | ||||
| Depreciation and amortization | 16,345 | 15,640 | ||||||
| EBITDA | (38,127 | ) | (42,620 | ) | ||||
| Adjustments: Non-cash items | ||||||||
| Stock-based compensation costs | 10,566 | 5,311 | ||||||
| Loss on sale of fixed assets and credit on equipment deposit | 1,151 | 31 | ||||||
| (Gain) loss on debt extinguishment and revaluation, net | (10,658 | ) | 1,644 | |||||
| Placement agent release expense | — | 1,000 | ||||||
| Fair value on placement agent warrant | 146 | — | ||||||
| Fair value adjustment loss | 23,681 | 5,705 | ||||||
| Loss on contract | — | 28,593 | ||||||
| Provision for credit losses | — | 760 | ||||||
| Convertible note inducement expense | — | 388 | ||||||
| Impairment on fixed assets | 12 | 130 | ||||||
| Adjusted EBITDA | $ | (13,229 | ) | $ | 942 | |||
The following table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2025 through December 31, 2025.
| (Dollars in thousands) | Three months ended March 31, 2025 | Three months ended June 30, 2025 | Three months ended September 30, 2025 | Three months ended December 31, 2025 | Year ended December 31, 2025 | |||||||||||||||
| Net loss from continuing operations | $ | (7,354 | ) | $ | (7,780 | ) | $ | (25,787 | ) | $ | (16,070 | ) | $ | (56,991 | ) | |||||
| Interest expense, net | 838 | 1,196 | 1,212 | 1,589 | 4,835 | |||||||||||||||
| Income tax (benefit) expense from continuing operations | (425 | ) | (608 | ) | (666 | ) | (617 | ) | (2,316 | ) | ||||||||||
| Depreciation and amortization | 3,879 | 3,989 | 4,119 | 4,358 | 16,345 | |||||||||||||||
| EBITDA | (3,062 | ) | (3,203 | ) | (21,122 | ) | (10,740 | ) | (38,127 | ) | ||||||||||
| Adjustments: Non-cash items | ||||||||||||||||||||
| Stock-based compensation costs | 1,847 | 1,942 | 1,882 | 4,895 | 10,566 | |||||||||||||||
| Loss on sale of fixed assets and credit on equipment deposits | — | 22 | 780 | 349 | 1,151 | |||||||||||||||
| Fair value on placement agent warrant and financing fees | — | — | 146 | — | 146 | |||||||||||||||
| Fair value adjustment loss | 118 | — | 22,047 | 1,516 | 23,681 | |||||||||||||||
| Impairment on fixed assets | — | 12 | — | — | 12 | |||||||||||||||
| Gain on debt extinguishment and revaluation, net | (551 | ) | — | (10,107 | ) | — | (10,658 | ) | ||||||||||||
| Adjusted EBITDA | $ | (1,648 | ) | $ | (1,227 | ) | $ | (6,374 | ) | $ | (3,980 | ) | $ | (13,229 | ) | |||||
The following table represents the EBITDA and Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.
| (Dollars in thousands) | Three months ended March 31, 2024 | Three months ended June 30, 2024 | Three months ended September 30, 2024 | Three months ended December 31, 2024 | Year ended December 31, 2024 | |||||||||||||||
| Net loss from continuing operations | $ | (2,544 | ) | $ | (9,145 | ) | $ | (8,093 | ) | $ | (38,518 | ) | $ | (58,300 | ) | |||||
| Interest expense, net | 424 | 449 | 821 | 833 | 2,527 | |||||||||||||||
| Income tax (benefit) expense from continuing operations | (548 | ) | (649 | ) | (547 | ) | (743 | ) | (2,487 | ) | ||||||||||
| Depreciation and amortization | 3,926 | 3,909 | 3,916 | 3,889 | 15,640 | |||||||||||||||
| EBITDA | 1,258 | (5,436 | ) | (3,903 | ) | (34,539 | ) | (42,620 | ) | |||||||||||
| Adjustments: Non-cash items | ||||||||||||||||||||
| Stock-based compensation costs | 661 | 1,368 | 1,257 | 2,025 | 5,311 | |||||||||||||||
| Loss on sale of fixed assets | 1 | 21 | — | 9 | 31 | |||||||||||||||
| Provision for credit losses | — | 244 | 367 | 149 | 760 | |||||||||||||||
| Convertible note inducement expense | — | — | — | 388 | 388 | |||||||||||||||
| Placement agent release expense | — | — | — | 1,000 | 1,000 | |||||||||||||||
| Loss on contract | — | — | — | 28,593 | 28,593 | |||||||||||||||
| Impairment on fixed assets | 130 | — | — | — | 130 | |||||||||||||||
| Fair value loss (gain) adjustment | 4,333 | 1,600 | (328 | ) | 100 | 5,705 | ||||||||||||||
| (Gain) loss on debt extinguishment and revaluation, net | (1,236 | ) | 4,000 | (875 | ) | (245 | ) | 1,644 | ||||||||||||
| Adjusted EBITDA | $ | 5,147 | $ | 1,797 | $ | (3,482 | ) | $ | (2,520 | ) | $ | 942 | ||||||||