Soluna Holdings Inc (SLNH)

SLNH...............................https://stockcharts.com/sc3/ui/?s=SLNH&p=w&b=5&g=0&id=p86431144783

Soluna Announces Monthly Business UpdateJune 9, 2026 7:30 AM
Business Wire Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its May 2026 project site-level operations, developments, and updates. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260609770692/en/Soluna's Pipeline of Data Center Projects in Development, Construction, and Operation The Company has provided the following Corporate and Site Updates. Key Company Metrics: The monthly metrics are now available here. Corporate Highlights: Q1 2026 Earnings: Revenue Up 58% Year-Over-Year, Fourth Consecutive Quarter of Growth. Record hash rate, 147 MW under management, and Bitcoin hosting revenue up 178% YoY. Full results and presentation available at the Investor Center. Soluna Acquires Full Ownership of Project Dorothy 1B, Completing Equity Consolidation of Dorothy 1 Campus. Soluna now holds 100% ownership of the Dorothy 1 campus, strengthening our position to advance the development of Dorothy 3 AI. Soluna Regains Compliance with Nasdaq Listing Requirements Soluna has engaged a top-tier investment bank experienced in financing AI infrastructure projects to lead capital raising for Kati 2. Speed-to-Power: Who Can Actually Deliver It? Learn why speed-to-power has become the defining constraint in AI infrastructure, and how Soluna's behind-the-meter model changes the math. AMA: Answering Investors' Most Recent Questions: CFO Mike Picchi answers the questions investors are asking most about Q1 results, capital strategy, the AI pipeline, and more. Data Centre Magazine — May Cover Story: CEO John Belizaire joins the May cover story on speed to power and why behind-the-meter infrastructure is redefining how AI campuses get built. Seeking Alpha — Miletus Research: Soluna's 4.3 GW Pipeline: Independent research coverage on the scale and structure of Soluna's power pipeline and what it means for the AI infrastructure opportunity. Conversations in Cleantech: CEO John Belizaire joins Brightsmith's podcast to walk through Soluna's Renewable Computing platform, the AI energy bottleneck, and what's next for the business. See more recent press and media coverage here. Disruptor Investing on X Spaces Live: CEO John Belizaire discussed Soluna’s latest earnings report, operational milestones, and progress on its AI strategy. Key Project Updates: Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining): D1A - transformer repair work noted in April was completed, and operations returned to full capacity for the month. D1B - hosting deployments are in progress with Blockware and Saz Mining, with proprietary mining being consolidated. D1B now has 6 MDCs planned for hosting and 16 MDCs for prop mining. Prop mining will remain operational in the designated hosting MDCs until the balance of hosted miners are received. Project Dorothy 2 (48 MW, Bitcoin Hosting): Operations remained strong for the month, with all customers at full capacity. Project Sophie (25 MW, Bitcoin Hosting): Operations remained strong for the month, with all customers at full capacity. Project Kati 1 (83 MW Under Construction, Bitcoin Hosting): Operations at K1A Galaxy (48 MW) have remained steady this month. Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Substantial completion was achieved for Phase 1 Cormint Containers (12 MW). Mechanical completion was achieved, and power commissioning was completed for the Phase 2 Soluna MDCs (9 MW). Construction on Phase 3 Soluna MDCs (14 MW) is ongoing and ahead of schedule. Project Kati 2 (350+ MW, Under Development, AI/HPC Hosting): Definitive joint venture agreement was signed with Metrobloks, replacing the previously announced non-binding Memorandum of Understanding (MOU). The design team completed the initial design package. A Request for Proposal (RFP) for the design-development and construction phase has been launched for Phase I – the first 100MW+ CIT. Tenant due diligence continues with Hyperscalers and Neoclouds. Formal commercial negotiations have started with at least one potential tenant. Project Dorothy 3 (300+ MW, Under Development, AI/HPC Hosting): A definitive purchase agreement was signed with a landowner for 300 acres. Environmental due diligence and survey work underway. Fiber studies launched. Ongoing coordination with utilities to expand load and convert current BTC load to AI. Local stakeholders continue to support project development and readiness for the planned Dorothy 3 expansion. Project Grace (2 MW Under Development, AI/HPC Hosting): PSSE/PSCAD modeling is in progress in collaboration with the Siemens PTI team. Pipeline Highlights: Project Annie, a 74MW Bitcoin hosting site, is being developed for a potential new customer. Capital formation and modular construction design activities have commenced, and ERCOT interconnection studies are nearing completion. Projects Ellen, Hedy, and Rosa are advancing through the interconnection and transmission process. Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S. Customer Success: Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2. Briscoe Wind Farm (150 MW, Co-located to Project Dorothy): Successfully integrated Briscoe Wind into Soluna's operations, marking an important milestone following the acquisition. Completed scheduled gearbox maintenance on select turbines during May. These repairs were expected, consistent with pre-acquisition assessments, and support the asset's long-term reliability. View Soluna’s recent AMA here. Soluna’s updated glossary of terms is available here. 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1, Project Kati 2, Project Grace, Project Dorothy 1B, Project Dorothy 3, Project Annie, Project Ellen, Project Hedy, and Project Rosa , and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 30, 2026. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. 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/
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Resource Center: solunacomputing.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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609770692/en/ Public Relations
West of Fairfax for Soluna
Soluna@westof.co Original: Soluna Announces Monthly Business Update

Soluna Reports Q1'26 Results; Revenue Grows 58% Year-Over-Year and 4th Consecutive Quarter SequentiallyMay 18, 2026 7:30 AM
Business Wire Completes Kati 1A Ahead of Schedule, Advances Kati 2 AI JV Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its financial results for the first quarter ended March 31, 2026. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518023353/en/Soluna Holdings, Inc. Reports Q1 2026 Revenue by Quarter “Our fourth consecutive quarter of sequential revenue growth and 58% year-over-year increase reflects the operating leverage we're building across the portfolio. With Kati 1 now contributing, Dorothy 1A back at full capacity, and Dorothy 2 fully ramped, we're entering the next phase of Soluna's growth from a position of operational strength,” said John Belizaire, CEO of Soluna Holdings. “Our AI expansion at Kati 2 is well underway, while Briscoe Wind now vertically integrates the power layer supporting Dorothy 3. Together with the full acquisition of Dorothy 1A, these milestones position Soluna for sustained growth and accelerating momentum,” Belizaire continued. Q1 2026 Operational and Corporate Highlights: Project Kati 1A Reaches Completion Ahead of Schedule – All three phases of Project Kati 1A, totaling 48 MW, reached completion ahead of schedule, supported by $10.9 million in project-level financing from Spring Lane Capital. Project Kati 2 Advances with AI Partnership – Soluna partnered with Metrobloks to unlock 100+ MW of AI and HPC capacity, secured 500+ acres of additional land, advanced Phase 1 to 30% schematic design, and began procurement of long-lead equipment for the up to 300 MW+ site. Project Dorothy 1A Fleet Upgrade Completed – Soluna completed a 20 MW fleet upgrade at Dorothy 1A, returning the site to full capacity and improving fleet-wide efficiency. Expanded Blockware Partnership at Project Dorothy 1A – Soluna expanded its hosting relationship with Blockware, adding 6 MW at Project Dorothy 1A, strengthening utilization at the site. Development Pipeline Surpasses 4.3 GW – Soluna's pipeline grew to 4.3 GW through new and expanded IPP partnerships, anchored by an AI-focused pipeline including Kati 2 (300 MW+), Dorothy 3 (300 MW+), and early-stage greenfield sites across the U.S. Michael Picchi Appointed Chief Financial Officer – Soluna appointed Michael Picchi as CFO, effective April 1, 2026. First Quarter Financial Highlights: Revenue increased sequentially for the fourth consecutive quarter from $9.2 million to $9.4 million. On a year-over-year basis, revenue increased 58%, driven by Dorothy 2 energization, Dorothy 1A revenue growth, and Kati 1 going live, partially offset by hashprice compression at Dorothy 1B. Net loss increased ($10.5 million) YoY to ($17.9 million), driven by higher equity compensation, interest, and financing expenses, partially offset by site-level operating improvement. EBITDA loss declined ($9.4 million) YoY to ($12.4 million) on the same drivers. After adjusting for stock-based compensation, SEPA commitment fees, and minor asset sale gains, Adjusted EBITDA loss fell modestly ($444 thousand) YoY to ($2.1 million). Revenue for the three months increased by 2% or $186 thousand from Q4 2025 to Q1 2026 – driven by Project Kati 1 going live in February and new Dorothy 1A customer additions, partially offset by an -18% hashprice decline ($42 to $34) on proprietary mining and profit share revenue. Q1 2026 Gross Profit increased sequentially from $1.8 million to $1.9 million, driven by higher hosting revenue, partially offset by higher site-level depreciation as Kati 1 assets were placed in service. Dorothy 1A, Dorothy 2, and Sophie delivered strong gross margins of 36%, 41%, and 37%, respectively. Dorothy 1B generated a (15%) gross margin loss, driven by hashprice compression. Kati 1 reported a $262 thousand loss in its first quarter of operations, reflecting ramp-up costs ahead of meaningful revenue. (Dollars in thousands)   Three Months Ended
March 31,     2026   2025           Net loss   $ (17,902 )   $ (7,354 ) Interest expense     1,481       838   Income tax benefit     (624 )     (425 ) Depreciation and amortization     4,603       3,879   EBITDA     (12,442 )     (3,062 )           Adjustments: Non-cash items                   Stock-based compensation costs     10,222       1,847   Gain on sale of fixed assets     (32 )     —   Right of first refusal amortization gain     (90 )     —   SEPA commitment fee     250       —   Fair value adjustment loss     —       118   Gain on debt extinguishment and revaluation, net     —       (551 ) Adjusted EBITDA   $ (2,092 )   $ (1,648 ) Net loss for Q1 2026 increased $1 million sequentially to $17.9 million. However, adjusted EBITDA loss improved from Q4 2025 to Q1 2026 to ($2.1 million) – increased by $1.9M (47%) sequentially, driven by lower compensation and professional fee expenses alongside stable gross profit from Dorothy 2 and Kati 1. Adjusted EBITDA loss declined from Q1 2025 to Q1 2026 by ($444 thousand) – primarily due to non-recurring costs associated with legal and transaction costs from the Briscoe acquisition. Q1 2026 Revenue & Cost of Revenue by Project Site     Soluna Digital         (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Dorothy 2   Project Sophie   Project Kati 1   Other   Total                               Cryptocurrency mining revenue   $ 2,169     $ —   $ —   $ —   $ —     $ —     $ 2,169 Data hosting revenue     11       2,044     3,171     1,237     225       —       6,688 Demand response services     144       130     263     —     —       —       537 Total revenue     2,324       2,174     3,434     1,237     225       —       9,394                               Cost of cryptocurrency mining, exclusive of depreciation     1,658       —     —     —     —       —       1,658 Cost of data hosting revenue, exclusive of depreciation     4       1,107     1,423     581     394       110       3,619 Cost of cryptocurrency mining revenue- depreciation     1,011       —     —     —     —       —       1,011 Cost of data hosting revenue- depreciation     —       288     606     204     93       —       1,191 Total cost of revenue     2,673       1,395     2,029     785     487       110       7,479 Gross profit   $ (349 )   $ 779   $ 1,405   $ 452   $ (262 )   $ (110 )   $ 1,915 Q1 2025 Revenue & Cost of Revenue by Project Site     Soluna Digital   Soluna Cloud     (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Sophie   Other   Soluna Digital Subtotal   Project Ada   Total                               Cryptocurrency mining revenue   $ 2,999   $ —   $ —   $ —     $ 2,999   $ —   $ 2,999 Data hosting revenue     —     1,371     1,031     —       2,402     —     2,402 Demand response services     269     238     —     —       507     —     507 High-performance computing services     —     —     —     —       —     28     28 Total revenue     3,268     1,609     1,031     —       5,908     28     5,936                               Cost of cryptocurrency mining, exclusive of depreciation     1,954     —     —     —       1,954     —     1,954 Cost of data hosting revenue, exclusive of depreciation     —     885     372     70       1,327     —     1,327 Cost of high-performance computing service revenue     —     —     —     —       —     7     7 Cost of cryptocurrency mining revenue- depreciation     1,074     —     —     —       1,074     —     1,074 Cost of data hosting revenue- depreciation     —     295     106     —       401     —     401 Total cost of revenue     3,028     1,180     478     70       4,756     7     4,763 Gross (loss) profit   $ 240   $ 429   $ 553   $ (70 )   $ 1,152   $ 21   $ 1,173 Subsequent Events: Acquired 150 MW Briscoe Wind Farm for $53 Million – Soluna acquired the Briscoe Wind Farm, achieving full vertical integration at Project Dorothy and securing the energy foundation for the planned 300 MW Dorothy 3 AI campus. Financed through $12.5 million from Generate Capital and cash on hand, the acquisition is projected to generate $6 million to $11 million in Year-One Adjusted EBITDA and $20.0 million to $24.4 million in annualized revenue. Acquired Full Equity of Project Dorothy 1A – On April 15, 2026, Soluna purchased 85.4% of the issued and outstanding Class B Membership Interests in the Dorothy 1A bitcoin mining project for $16.5 million, paid in two installments and partially funded by $12 million in unsecured debt. With this acquisition, Soluna now wholly owns Project Dorothy 1A. Project Kati 1B Underway – Cormint containers have arrived on-site with the first 12 MW phase installation now underway, advancing the buildout at the Kati complex. Launched Development for Dorothy 3 AI Campus – Soluna began marketing Project Dorothy 3, a planned 300+ MW AI/HPC campus adjacent to its Dorothy 1, Dorothy 2, and Briscoe Wind Farm assets near Silverton, Texas. The project represents the next phase of Soluna's vertically integrated renewable computing strategy. KPMG Named as Independent Auditor – Soluna appointed KPMG as its new independent registered public accounting firm. The unaudited financial statements and Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed with the U.S. Securities and Exchange Commission (“SEC”) on May 15, 2026, are available online. Our current Investor Presentation is available here. Soluna’s glossary of terms is available here. 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's plans and objectives, including the deployment at Kati 2, (ii) statements of future economic performance, (iii) statements regarding financial projections of the Company, and (iv) statements of assumptions underlying other statements about the Company or its business. Soluna may also make written or oral forward-looking statements in its periodic reports to the 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. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. 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 undertakes no duty to update such information, except as required under applicable law. Non-GAAP Measures In addition to figures prepared in accordance with generally accepted accounting principles (“GAAP”), Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, gain on sale of fixed assets and right of first refusal amortization, SEPA commitment fee, fair value adjustment loss, and gain on debt extinguishment and revaluation, net. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principles. 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 above 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/
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Resource Center: solunacomputing.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. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of March 31, 2026 (Unaudited) and December 31, 2025   (Dollars in thousands, except per share) March 31, 2026   December 31, 2025 Assets       Current Assets:       Cash $ 68,572     $ 76,423   Restricted cash   9,493       4,500   Accounts receivable, net (allowance for expected credit losses of $0 at March 31, 2026 and $244 at December 31, 2025)   5,456       5,522   Prepaid expenses and other current assets   4,178       2,664   Loan commitment assets   3,018       3,018   Total Current Assets   90,717       92,127   Restricted cash, noncurrent   7,920       7,920   Other assets   963       978   Deposits and credits on equipment   3,333       1,377   Property, plant and equipment, net   79,516       74,783   Intangible assets, net   5,932       8,261   Operating lease right-of-use assets   244       252   Financing lease right-of-use assets   1,795       2,246   Total Assets $ 190,420     $ 187,944           Liabilities and Equity       Current Liabilities:       Accounts payable $ 4,218     $ 4,859   Accrued liabilities   15,568       13,182   Accrued interest payable   346       303   Contract termination liability   19,348       19,348   Current portion of debt   10,041       8,858   Income tax payable   129       123   Deferred revenue   537       518   Customer deposits- current   1,640       1,913   Operating lease liability   62       65   Financing lease liability   22       20   Total Current Liabilities   51,911       49,189           Other liabilities   946       743   Customer deposits- long-term   3,061       2,533   Long-term debt   15,910       17,899   Operating lease liability   182       187   Financing lease liability   1,775       2,236   Deferred tax liability, net   2,279       2,911   Total Liabilities   76,064       75,698           Commitments and Contingencies (Note 10)               Mezzanine Equity:       Placement agent warrants   1,313       1,313           Equity:       9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,920,045 shares issued and outstanding as of March 31, 2026 and 4,928,545 shares issued and outstanding as of December 31, 2025   5       5   Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 57,190 shares issued and outstanding as of March 31, 2026 and 62,500 shares issued and outstanding as of December 31, 2025   —       —   Common stock, par value $0.001 per share, authorized 375,000,000; 111,803,635 shares issued and 111,717,040 shares outstanding as of March 31, 2026 and 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025   112       103   Additional paid-in capital   446,183       435,030   Accumulated deficit   (385,181 )     (367,715 ) Common stock in treasury, at cost, 86,595 shares at March 31, 2026 and December 31, 2025   (13,873 )     (13,873 ) Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)   47,246       53,550   Non-Controlling Interest   65,797       57,383   Total Equity   113,043       110,933   Total Liabilities, Mezzanine Equity, and Equity $ 190,420     $ 187,944   The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2026 and 2025   (Dollars in thousands, except per share) Three Months Ended
March 31,   2026   2025         Cryptocurrency mining revenue $ 2,169     $ 2,999   Data hosting revenue   6,688       2,402   Demand response service revenue   537       507   High-performance computing service revenue   —       28   Total revenue   9,394       5,936   Operating costs:       Cost of cryptocurrency mining revenue, exclusive of depreciation   1,658       1,954   Cost of data hosting revenue, exclusive of depreciation   3,619       1,327   Cost of high-performance computing services   —       7   Cost of cryptocurrency mining revenue- depreciation   1,011       1,074   Cost of data hosting revenue- depreciation   1,191       401   Total costs of revenue   7,479       4,763   Operating expenses:       General and administrative expenses, exclusive of depreciation and amortization   16,140       5,946   Depreciation and amortization associated with general and administrative expenses   2,401       2,404   Total general and administrative expenses   18,541       8,350   Operating loss   (16,626 )     (7,177 ) Interest expense   (1,481 )     (838 ) Gain on debt extinguishment and revaluation, net   —       551   Gain on sale of fixed assets   32       —   Fair value adjustment loss   —       (118 ) Other financing expense   (564 )     (201 ) Other income, net   113       4   Loss before income taxes   (18,526 )     (7,779 ) Income tax benefit, net   624       425   Net loss   (17,902 )     (7,354 ) (Less) Net loss (income) attributable to non-controlling interest   436       (202 ) Net loss attributable to Soluna Holdings, Inc. $ (17,466 )   $ (7,556 )         Basic and Diluted loss per common share:       Basic & Diluted loss per share $ (0.24 )   $ (1.21 )         Weighted average shares outstanding (Basic and Diluted)   84,101,320       8,719,351   The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2026 and 2025     Three Months Ended March 31, (Dollars in thousands) 2026   2025 Operating Activities       Net loss $ (17,902 )   $ (7,354 )         Adjustments to reconcile net loss to net cash used in operating activities:       Depreciation expense   2,229       1,506   Amortization expense   2,374       2,373   Stock-based compensation   10,222       1,847   Deferred income taxes   (632 )     (437 ) Right of first refusal amortization gain   (90 )     —   Amortization of operating and finance lease asset   56       15   Gain on debt extinguishment and revaluation, net   —       (551 ) Amortization of deferred financing costs and discount on notes   436       153   Fair value adjustments, including SEPA   —       118   SEPA commitment cost   250       —   Gain on sale of fixed assets   (32 )     —   Changes in operating assets and liabilities:       Accounts receivable   66       329   Prepaid expenses and other current assets   (1,514 )     (197 ) Other long-term assets   —       1,606   Accounts payable   (2,085 )     481   Contract termination liability   —       (667 ) Deferred revenue   161       —   Operating lease liabilities   (8 )     (15 ) Other liabilities and customer deposits   406       374   Accrued liabilities and interest payable   (309 )     242   Net cash used in operating activities   (6,372 )     (177 ) Investing Activities       Purchases of property, plant, and equipment   (2,565 )     (3,534 ) Purchases of intangible assets   (45 )     (45 ) Proceeds from sale of property, plant, and equipment   32       —   Deposits on equipment   (3,646 )     (61 ) Net cash used in investing activities   (6,224 )     (3,640 ) Financing Activities       Proceeds from common stock warrant exercises   8       —   Proceeds from sale of common stock on SEPA   —       2,005   Proceeds from notes   —       5,000   Payments on notes and deferred financing costs   (1,001 )     (1,978 ) Payments on financing lease liabilities   (56 )     —   Contributions from non-controlling interest   10,918       4,310   Distributions to non-controlling interest   (131 )     (1,525 ) Net cash provided by financing activities   9,738       7,812           (Decrease) increase in cash & restricted cash   (2,858 )     3,995   Cash & restricted cash – beginning of period   88,843       10,453   Cash & restricted cash – end of period $ 85,985     $ 14,448           Supplemental Disclosure of Cash Flow Information       Interest paid on debt   892       285   Construction in progress included in accounts payable and accrued liabilities   2,707       —   Noncash deferred financing cost accrual   —       97   Noncash membership distribution accrual   1,937       949   Warrant adjustment   682       —   Noncash activity right-of-use assets adjustment   430       —   The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Segments: The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for three months ended March 31, 2026 and 2025, and reconciles to net loss on the consolidated statements of operations: For the three months ended March 31, 2026   Cryptocurrency Mining   Data Center Hosting   High- Performance Computing Services   Total Segment Revenue: Revenue from external customers $ 2,169     $ 6,688   $ —   $ 8,857 Reconciliation of revenue               Demand response service revenue (a)               537 Total consolidated revenue               9,394 Less: Segment cost of revenue               Utility costs   1,132       1,792     —     2,924 Wages, benefits, and employee related costs   243       962     —     1,205 Facilities and Equipment costs   228       674     —     902 Cost of revenue- depreciation   1,011       1,191     —     2,202 Other cost of revenue*   119       508     —     627 Total segment cost of revenue   2,733       5,127     —     7,860 General and administrative expenses   44       462         506 Segment operating (loss) income $ (608 )   $ 1,099   $ —   $ 491 For the three months ended March 31, 2025   Cryptocurrency Mining   Data Center Hosting   High- Performance Computing Services   Total Segment Revenue: Revenue from external customers $ 2,999       2,402   $ 28     $ 5,429 Reconciliation of revenue               Demand response service revenue (a)               507                 5,936 Less: Segment cost of revenue               Utility costs   1,412       389     —       1,801 Wages, benefits, and employee related costs   219       470     7       696 Facilities and Equipment costs   207       365     —       572 Cost of revenue- depreciation   1,074       401     —       1,475 Other cost of revenue*   140       144     —       284 Total segment cost of revenue   3,052       1,769     7       4,828 General and administrative expenses   14       90     159       263 Segment operating (loss) income $ (67 )   $ 543   $ (138 )   $ 338 (a) Demand response 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 to net loss before taxes:   For the three months ended March 31,   2026   2025 Segment operating income (loss) $ 491     $ 338           Reconciling Items:       Elimination of intercompany costs   381       65   Other revenue (a)   537       507   General and administrative, exclusive of depreciation and amortization (b)   (15,634 )     (5,683 ) General and administrative, depreciation and amortization   (2,401 )     (2,404 ) Interest expense   (1,481 )     (838 ) Gain on debt extinguishment and revaluation, net   —       551   Other financing expense   (564 )     (201 ) Gain on sale of fixed assets   32       —   Fair value adjustment loss   —       (118 ) Other income, net   113       4   Net loss before taxes $ (18,526 )   $ (7,779 ) (a) Demand response 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 three months ended March 31, 2026 and 2025. 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 three months ended March 31, 2026:     Soluna Digital         (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Dorothy 2   Project Sophie   Project Kati 1   Other   Total                               Cryptocurrency mining revenue   $ 2,169     $ —   $ —   $ —   $ —     $ —     $ 2,169 Data hosting revenue     11       2,044     3,171     1,237     225       —       6,688 Demand response services     144       130     263     —     —       —       537 Total revenue     2,324       2,174     3,434     1,237     225       —       9,394                               Cost of cryptocurrency mining, exclusive of depreciation     1,658       —     —     —     —       —       1,658 Cost of data hosting revenue, exclusive of depreciation     4       1,107     1,423     581     394       110       3,619 Cost of cryptocurrency mining revenue- depreciation     1,011       —     —     —     —       —       1,011 Cost of data hosting revenue- depreciation     —       288     606     204     93       —       1,191 Total cost of revenue     2,673       1,395     2,029     785     487       110       7,479 Gross profit   $ (349 )   $ 779   $ 1,405   $ 452   $ (262 )   $ (110 )   $ 1,915 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 three months ended March 31, 2025:     Soluna Digital   Soluna Cloud     (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Sophie   Other   Soluna Digital Subtotal   Project Ada   Total                               Cryptocurrency mining revenue   $ 2,999   $ —   $ —   $ —     $ 2,999   $ —   $ 2,999 Data hosting revenue     —     1,371     1,031     —       2,402     —     2,402 Demand response services     269     238     —     —       507     —     507 High-performance computing services     —     —     —     —       —     28     28 Total revenue     3,268     1,609     1,031     —       5,908     28     5,936                               Cost of cryptocurrency mining, exclusive of depreciation     1,954     —     —     —       1,954     —     1,954 Cost of data hosting revenue, exclusive of depreciation     —     885     372     70       1,327     —     1,327 Cost of high-performance computing service revenue     —     —     —     —       —     7     7 Cost of cryptocurrency mining revenue- depreciation     1,074     —     —     —       1,074     —     1,074 Cost of data hosting revenue- depreciation     —     295     106     —       401     —     401 Total cost of revenue     3,028     1,180     478     70       4,756     7     4,763 Gross (loss) profit   $ 240   $ 429   $ 553   $ (70 )   $ 1,152   $ 21   $ 1,173 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)   Three Months Ended
March 31,     2026   2025           Net loss   $ (17,902 )   $ (7,354 ) Interest expense     1,481       838   Income tax benefit     (624 )     (425 ) Depreciation and amortization     4,603       3,879   EBITDA     (12,442 )     (3,062 )           Adjustments: Non-cash items                   Stock-based compensation costs     10,222       1,847   Gain on sale of fixed assets     (32 )     —   Right of first refusal amortization gain     (90 )     —   SEPA commitment fee     250       —   Fair value adjustment loss     —       118   Gain on debt extinguishment and revaluation, net     —       (551 ) Adjusted EBITDA   $ (2,092 )   $ (1,648 ) The following table represents the 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                   Net loss   $ (7,354 )   $ (7,780 )   $ (25,787 )   $ (16,070 ) Interest expense, net     838       1,196       1,212       1,589   Income tax benefit     (425 )     (608 )     (666 )     (617 ) Depreciation and amortization     3,879       3,989       4,119       4,358   EBITDA     (3,062 )     (3,203 )     (21,122 )     (10,740 )                   Adjustments: Non-cash items                                   Stock-based compensation costs     1,847       1,942       1,882       4,895   Loss on sale of fixed assets and credit on equipment deposits     —       22       780       349   Fair value on placement agent warrant and financing fees     —       —       146       —   Fair value adjustment loss     118       —       22,047       1,516   Impairment on fixed assets     —       12       —       —   Gain on debt extinguishment and revaluation, net     (551 )     —       (10,107 )     —   Adjusted EBITDA   $ (1,648 )   $ (1,227 )   $ (6,374 )   $ (3,980 )   View source version on businesswire.com: https://www.businesswire.com/news/home/20260518023353/en/ Contact Information
Investor Relations
Soluna Holdings, Inc.
ir@soluna.io Original: Soluna Reports Q1'26 Results; Revenue Grows 58% Year-Over-Year and 4th Consecutive Quarter Sequentially

Me too, second largest position in the OTC after NLST.

Betting big here

Re-rating soon..

I’m in. 

Nice action today! Hoping for a good close into the weekend! 

Soluna Announces Monthly Business UpdateMay 7, 2026 7:30 AM
Business Wire Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its April 2026 project site-level operations, developments, and updates. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260507466082/en/Soluna's Project Dorothy Campus The Company has provided the following Corporate and Site Updates. Key Company Metrics: The monthly metrics are now available here. Corporate Highlights: Soluna closed its $53M acquisition of the Briscoe Wind Farm, achieving full vertical integration and direct ownership of a renewable generation asset for the first time. Read more Soluna acquired full ownership of Project Dorothy 1A, accelerating the site's development toward an AI-ready campus and deepening our vertical integration strategy. Read more Soluna and Sazmining launched a 3 MW Bitcoin mining operation at Project Dorothy 1B, adding a new hosting partner to our growing Dorothy campus. Read more Soluna announced its fourth expansion with Blockware, surpassing 17 MW of total hosting capacity and reinforcing the depth of our long-term partner relationships. Read more Soluna regained compliance with Nasdaq listing requirements. Read more CEO John Belizaire participated in the Water Tower Research Insights Conference, speaking to our infrastructure model and the AI energy opportunity. Read more CEO John Belizaire joined Disruptor Investor for an X Spaces conversation on Soluna's positioning at the intersection of renewable energy and AI infrastructure. Listen here Soluna was featured in Power Mining Analysis' Deep Dive series, highlighting our behind-the-meter model and pipeline advantage. Watch here Luxor published a case study on Soluna, spotlighting our operational approach and execution track record. Learn more Key Project Updates: Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining): Transformer repair work impacted the availability of two MDCs at D1A. We expect the MDCs to return to service in early May, at which point D1A will return to full capacity. Prop mining at D1B has been further consolidated following the execution of the hosting agreement with Saz Mining, with two MDCs of S21XP units deployed. D1B now has 6 MDCs planned for hosting and 16 MDCs for prop mining. Deployments for hosting customers to reach full capacity are ongoing, and prop mining will remain operational in the designated hosting MDCs until hosted miners are received. Project Dorothy 2 (48 MW, Bitcoin Hosting): Operations remained strong for the month, with all customers at full capacity. Project Sophie (25 MW, Bitcoin Hosting): Operations remained strong for the month, with all customers at full capacity. Project Kati 1 (83 MW Under Construction, Bitcoin Hosting): Operations for K1A Galaxy (48 MW) have remained steady for the month. Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Cormint containers have been installed, and mechanical completion for the phase has been achieved. Power commissioning has commenced, and the phase is on track to complete the substation ahead of schedule. Construction of the remaining phases of Soluna MDCs remains on schedule. Project Kati 2 (300+ MW, Under Development, AI/HPC Hosting): The data center design process is now underway, with leading architectural and engineering firms selected from a competitive RFP process. Both are award-winning firms with deep experience in AI data center projects. Soluna expects to provide additional information on these engagements once contracts are finalized. Hyperscaler and neocloud interest, due diligence, and discussions remain active. Additional parties have joined the process. Geotechnical work was completed on the land parcel for the expansion. The tax abatement process has begun. Drafting of construction RFP underway. Negotiations are underway on the initial gas engine purchase. Project Dorothy 3 (300+ MW, Under Development, AI/HPC Hosting): Initial 50 MW expansion interconnection load study underway with Goldenspread Electric Cooperative and ONCOR ~400 acres of land to support expansion under LOI; purchase agreement expected to close in the coming weeks Fiber studies underway with leading fiber providers Community relations task force established to proactively engage Briscoe County residents ahead of data center construction Project Grace (2 MW Under Development, AI/HPC Hosting): Soluna has partnered with the Siemens PTI team to lead technical modeling efforts. Siemens is conducting high-fidelity simulations to validate system performance under dynamic AI load conditions, including rapid demand fluctuations. This work focuses on ensuring the design supports voltage ride-through and mitigates SSO-related risks. The design process is underway with a focus on ensuring technical readiness for AI/HPC deployment. Pipeline Highlights: Finalizing Power Purchase Agreements (PPAs) and Retail Electric Provider (REP) agreements for Project Annie. Projects Annie and Fei continue to advance outside of the ERCOT Large Flexible Load Batch study process, leveraging the sub-75 MW interconnection pathway to accelerate development timelines. Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S. ISOs. Customer Success: Soluna and Sazmining announced our first 3 MW Bitcoin Mining Operation at Project Dorothy 1B. Soluna announces fourth expansion with Blockware Solutions, surpassing 17 MW of Total Capacity. Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2. View Soluna’s recent AMA here. Soluna’s updated glossary of terms is available here. 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1, Project Kati 2, Project Grace, the expansion of hosting arrangements at Project Dorothy 1B, [the expected return to service of equipment at Project Dorothy 1A], and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 30, 2026. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law. 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/
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Resource Center: solunacomputing.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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507466082/en/ Public Relations
West of Fairfax for Soluna
Soluna@westof.co Original: Soluna Announces Monthly Business Update

SLNH.............................https://stockcharts.com/sc3/ui/?s=SLNH&p=w&b=5&g=0&id=p86431144783

Soluna Regains Compliance with Nasdaq Listing RequirementsMay 1, 2026 7:30 AM
Business Wire
Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications such as AI and Bitcoin mining, today announced that it has received notice from The Nasdaq Stock Market LLC (“Nasdaq”) that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).


In regaining compliance with the Listing Rule, the Company’s shares maintained a minimum closing bid price of $1.00 per share or greater from April 14, 2026, to April 29, 2026. As a result, Nasdaq has closed the matter.


“We’ve done the work to meet Nasdaq’s requirements, and more importantly, to strengthen the business underneath it,” said John Belizaire, CEO of Soluna Holdings. “Our focus remains on disciplined execution, scaling our Renewable Computing platform, and creating durable value for shareholders.”


Soluna is now in full compliance with all Nasdaq continued listing requirements, and the Company’s stock remains listed and traded on the Nasdaq Capital Market under the ticker “SLNH.”


Safe Harbor Statement by Soluna

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, statements of the Company’s plans and objectives. The Company 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. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. 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 press release date, and the Company undertakes no duty to update such information, except as required under applicable law.


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/

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Resource Center: solunacomputing.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260501500268/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna Regains Compliance with Nasdaq Listing Requirements

Soluna and Sazmining Announce 3 MW Bitcoin Mining Operation at Project Dorothy 1BApril 28, 2026 7:30 AM
Business Wire
Marks Sazmining’s second U.S. deployment, with potential to scale subject to customer demand and capacity availability


Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced a partnership with Sazmining, a pioneer in Bitcoin Mining as a Service (BMaaS). The collaboration will support Sazmining’s second U.S.-based mining operation with an initial 3 MW deployment at Soluna’s Project Dorothy 1B. The partnership has the potential to scale over time, subject to customer demand and facility availability.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260428629129/en/
“We’re excited to welcome Sazmining to Project Dorothy and support their continued U.S. expansion,” said John Belizaire, CEO of Soluna. “As Project Dorothy evolves to support both Bitcoin mining and AI workloads, partnerships like this highlight our ability to convert stranded renewable energy into high-performance computing across multiple use cases.”


Project Dorothy, located in West Texas, is powered by the 150 MW Briscoe Wind Farm, which Soluna recently acquired as part of its strategy to vertically integrate power generation and computing infrastructure. With full ownership of the energy source, the company is advancing development across the broader Dorothy campus, including a planned third phase that the Company expects could deliver up to 300 MW of compute capacity for AI workloads.


“This is exactly the kind of partnership that proves Bitcoin mining is a net positive for energy grids,” said Kent Halliburton, CEO and Co-Founder of Sazmining. “We're not just showing up in Texas and plugging in; we're maximizing the value of a carbon-free energy asset. That unique alignment between Bitcoin miners and energy producers is what this industry should look like moving forward.”


For more on Soluna’s data center projects, please visit www.solunacomputing.com. To learn more about Sazmining’s Bitcoin Mining as a Service offering, visit www.sazmining.com


Safe Harbor Statement by Soluna


This press release 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to Sazmining’s initial 3 MW deployment, the potential demand for additional capacity at Project Dorothy 1B, the planned development and capacity of the third phase of Project Dorothy, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna 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. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. 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 undertakes no duty to update such information, except as required under applicable law.


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): x.com/solunaholdings



YouTube: youtube.com/c/solunacomputing



Newsletter: bit.ly/solunasubscribe



Resource Center: solunacomputing.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.


About Sazmining


Sazmining is pioneering a new era of Bitcoin Mining as a Service (BMaaS), where customers fully own their miners, rigs run on renewable energy, and incentives are perfectly aligned. Clients mine "wild sats" with direct-to-wallet payouts independent of exchanges, middlemen, or custodians. Sazmining operates data centers across North America, South America, Europe, and Africa, and is the only BMaaS provider to offer an annual rig performance guarantee. For media inquiries, contact media(at)sazmining(dot)com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428629129/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna and Sazmining Announce 3 MW Bitcoin Mining Operation at Project Dorothy 1B

20 Growth Stocks in 20 minutes | Quantum Stocks Checkin



Nice turn up in OBV
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Soluna Announces Fourth Expansion with Blockware, Surpassing 17 MW of Total CapacityApril 21, 2026 7:30 AM
Business Wire
New 3.3 MW deployment marks Blockware’s first presence at Project Dorothy 1B


Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced a new expansion of its partnership with Blockware. The agreement adds 3.3 MW of capacity at Soluna’s Project Dorothy 1B site in West Texas. This marks Blockware’s fourth expansion with Soluna and its first deployment at Project Dorothy 1B.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421426186/en/
With this latest addition, Blockware becomes the first customer signed at Dorothy 1B, a 25 MW data center co-located with and powered by the Briscoe Wind Farm. Soluna recently acquired the Briscoe Wind Farm in a $53 million transaction, enabling full vertical integration between its energy generation and data center operations. Across all sites, Blockware’s total deployed capacity with Soluna now exceeds 17 MW.


“We’re excited to expand our partnership with Blockware for the fourth time and bring them to a new site,” said John Belizaire, CEO of Soluna. “As we scale, we remain focused on delivering reliable, renewable-powered infrastructure for AI and Bitcoin mining.”


This announcement follows a February expansion in which Soluna added 6 MW of capacity for Blockware at its Dorothy 1A site in West Texas. Deployment for this most recent project began in March and supports Soluna’s model of delivering behind-the-meter digital infrastructure that converts surplus renewable energy into high-performance computing.


“As Blockware’s capacity needs continue to grow, Soluna has consistently delivered,” said Mason Jappa, CEO of Blockware. “Their ability to launch new sites allows us to deepen our partnership and scale alongside them.”


Following its acquisition of the Briscoe Wind Farm, which powers all Project Dorothy sites, Soluna has also announced plans to develop Project Dorothy 3 at the same campus. The Company expects to share additional updates as development progresses.


For more information about Soluna and its projects, visit solunacomputing.com.


Safe Harbor Statement by Soluna


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 include all statements, other than statements of historical fact, regarding Soluna’s expectations with respect to the deployment timeline of the additional capacity at Project Dorothy 1B, development of Project Dorothy 3, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna 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. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. 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 undertakes no duty to update such information, except as required under applicable law.


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: linkedin.com/company/solunaholdings/



X (formerly Twitter): x.com/solunaholdings



YouTube: youtube.com/c/solunacomputing



Newsletter: bit.ly/solunasubscribe



Resource Center: solunacomputing.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.


About Blockware


Blockware Solutions, LLC (“BWS”) is an American company specializing in blockchain infrastructure and cryptocurrency mining services. Founded in 2017 and headquartered in Houston, Texas, Blockware Solutions provides comprehensive solutions, including mining hardware sales, secure data center hosting, and blockchain investment advisory services. The company also operates a large-scale network of mining farms and contributes to the decentralization of the Bitcoin network. Leveraging its technical expertise and commitment to transparency, Blockware helps individuals and institutions grow their digital asset businesses. For more information, visit www.blockwaresolutions.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421426186/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna Announces Fourth Expansion with Blockware, Surpassing 17 MW of Total Capacity

SLNH..........................https://stockcharts.com/sc3/ui/?s=SLNH&p=w&b=5&g=0&id=p86431144783

Soluna Acquires Full Ownership of Project Dorothy 1A, Accelerating Vertical Integration and AI Campus DevelopmentApril 16, 2026 7:30 AM
Business Wire
$16.5M acquisition consolidates Dorothy campus control; positions Soluna to convert existing infrastructure to AI and market Dorothy 3 to prospective customers


Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, today announced the acquisition of Spring Lane Capital’s equity interest in Project Dorothy 1A (“D1A”) for $16.5 million. The transaction gives Soluna complete equity ownership of D1A, located in Silverton, Texas, and marks the second major step in the Company’s vertical integration of the Dorothy campus, following the $53 million acquisition of the Briscoe Wind Farm earlier this month.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260416878589/en/Soluna Acquires Full Ownership of Project Dorothy 1A, Accelerating Vertical Integration and AI Campus Development
With full ownership of D1A and Briscoe providing 150 megawatts of owned renewable power, Soluna is positioning itself to convert the Dorothy campus to AI computing as Dorothy 3 development advances and opens the door to bringing new equity partners onto the site on terms aligned with the Company’s AI-first strategy.


The acquisition represents a natural conclusion to Soluna’s partnership with Spring Lane Capital on the D1A project. SpringLane’s Fund I receives cash liquidity for its ownership interest, while Soluna gains the full equity control necessary to change the business plan of its Dorothy projects to support AI workloads and accelerate the development of Dorothy 3.


“Spring Lane Capital was the right partner for the first chapter of Dorothy,” said John Belizaire, CEO of Soluna. “With Briscoe secured and Dorothy 1A now fully owned, we have the foundation for what comes next: a vertically integrated AI campus, from energy generation to compute infrastructure, that we control end to end. That control is what gives us an accelerated path to power for AI customers.”


Transaction Details


The $16.5 million acquisition will be paid in cash in two installments: $6 million at closing, with the balance due in July 2026. Soluna previously held 14.6% interest in the Class B Membership Interests of D1A; this acquisition of the remaining 85.4% brings Soluna’s ownership of D1A to 100%, as it already owns 100% of the Class A Membership Interests. To finance a portion of the transaction, Soluna signed an unsecured promissory note with a lender in the principal amount of $12 million, maturing on May 15, 2027, which closed concurrently with the acquisition. Additional details regarding the transaction and the promissory note will be described in the Company's Current Report on Form 8-K to be filed with the Securities and Exchange Commission (“SEC”).




Term






Detail








Total Purchase Price






$16,500,000








Financing






Promissory note with a lender plus balance sheet cash








Seller






Spring Lane Capital (SLC Fund I)








Interests Acquired






85.4% Class B Membership Interests








Post-Closing Ownership






100% of Project Dorothy 1A








Closing Date






April 15, 2026







Path to Full Campus Ownership


Soluna intends to pursue full ownership of the entire Project Dorothy campus. Discussions regarding Dorothy 1B and Dorothy 2 are underway. For Dorothy 3, the Company’s plan is to obtain significant ownership with the option to bring in new equity partners aligned with the AI infrastructure buildout. In the medium term, as Dorothy 3 development matures, the campus will transition to AI as its primary workload. Soluna expects to provide updates on campus ownership consolidation and Dorothy 3 development in its regular SEC filings and investor communications.


The D1A acquisition follows a series of strategic actions in 2026, including the Briscoe Wind Farm acquisition, the achievement of substantial completion at Kati 1 ahead of schedule, and the advancement of AI-focused development at Kati 2 and Grace. Soluna’s development pipeline now exceeds 4.3 gigawatts across multiple sites.


For more information on the acquisition, including an investor presentation, visit Soluna’s Investor Center at www.solunacomputing.com/investors. More on Project Dorothy and Soluna’s data center projects is available at www.solunacomputing.com.


Safe Harbor Statement by Soluna


This press release 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to the conversion of the Dorothy campus infrastructure to AI workloads, the development of Project Dorothy 3, the Company’s plan to acquire full ownership of the entire Project Dorothy campus and the potential to bring in new equity partners for future projects; and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna may also make written or oral forward-looking statements in its periodic reports to the 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. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. 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 undertakes no duty to update such information, except as required under applicable law.


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): x.com/solunaholdings



YouTube: youtube.com/c/solunacomputing



Newsletter: bit.ly/solunasubscribe



Resource Center: solunacomputing.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260416878589/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna Acquires Full Ownership of Project Dorothy 1A, Accelerating Vertical Integration and AI Campus Development

SLNH.....................................https://stockcharts.com/sc3/ui/?s=SLNH&p=w&b=5&g=0&id=p86431144783

Soluna to Participate in Water Tower Research Insights ConferenceApril 10, 2026 7:30 AM
NewsfileVirtual fireside chat to discuss Renewable Computing and Soluna's growth strategyAlbany, New York--(Newsfile Corp. - April 10, 2026) - Soluna Holdings, Inc. (NASDAQ: SLNH) ("Soluna" or the "Company"), a developer of green data centers that converts renewable energy into computing power, today announced that John Belizaire, Chief Executive Officer of Soluna, will participate in the Water Tower Research Insights Conference taking place April 14-15, 2026.Belizaire will participate in a virtual fireside chat hosted by Water Tower Research Managing Director John Roy, Ph.D., where he will discuss Soluna's Renewable Computing strategy, including its pipeline of renewable-powered data center projects and the growing demand for flexible compute infrastructure aligned with energy markets. He will also focus on how the Company is converting its power pipeline into energized compute capacity, demonstrating execution through key project milestones, and advancing long-term value creation.The Water Tower Research Insights Conference is a virtual event designed to provide investors with direct access to company management teams and differentiated insights across innovative businesses. The conference will feature fireside chats and curated post-event engagement opportunities with participating companies.Investors can register for the event and access the webcast at: https://event.webcasts.com/starthere.jsp?ei=1756893&tp_key=9887b91f93More information on Soluna's data center projects is available at www.solunacomputing.com.Safe Harbor Statement by SolunaThis 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to the Company's pipeline of data center projects, demand for flexible compute infrastructure, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," and similar statements. Soluna 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. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. 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 undertakes no duty to update such information, except as required under applicable law.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/solunaholdingsYouTube: com/c/solunacomputingNewsletter: ly/solunasubscribeResource Center: com/resourcesSoluna 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.About WTR. Modernizing Investor Engagement Through Research-Driven Communications.At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor engagement platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is open for everyone to access and distributed across traditional research aggregators like Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients' businesses, industries, and the investment opportunities they present.ContactPublic RelationsWest of Fairfax for SolunaSoluna@westof.coTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/291780
Original: Soluna to Participate in Water Tower Research Insights Conference

Soluna Announces Monthly Business UpdateApril 9, 2026 7:30 AM
Business Wire
Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its March 2026 project site-level operations, developments, and updates.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260409232555/en/Soluna's Project Kati 1 (83 MW Under Construction, Bitcoin Hosting)
The Company has provided the following Corporate and Site Updates.


Key Company Metrics:


The monthly metrics are now available here.


Corporate Highlights:



Soluna Reports Record 2025 Growth: Pipeline Hits 4.3GW, Raises $142 Million, and Launches AI Infrastructure.



CEO John Belizaire hosts Metrobloks CEO Ernest Popescu on Soluna’s Clean Integration Podcast to discuss AI infrastructure and Project Kati 2.



New AMA answers investors’ and community questions about Soluna’s financing strategy and project pipeline.



Soluna names KPMG, LLP as the new independent registered public accounting firm for the fiscal year ended December 31, 2026. See Form 8-K for more information.



Key Project Updates:


Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):



Operations at D1A remained at capacity throughout the month following the completion of the 20MW Blockware and Canaan deployments.



Transformer repair work impacted the availability of two MDCs at D1A. We expect the MDCs to return to service in April.



ERCOT ERS period successfully completed.



Project Dorothy 2 (48 MW, Bitcoin Hosting):



Operations remained strong for the month, with all customers at full capacity and minimal curtailment.



ERCOT ERS period successfully completed.



Project Sophie (25 MW, Bitcoin Hosting):



Operations remained strong for the month, with all customers at full capacity.



Project Kati 1 (83 MW Under Construction, Bitcoin Hosting):



Substantial completion of all phases (1-3) of K1A Galaxy (48 MW) has been achieved ahead of schedule. The facility has been fully commissioned and is transitioning to steady-state operations.



Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Cormint containers have been received at the site and are being installed (12 MW). Construction on the remaining phases of Soluna MDCs (23MW) continues to progress as planned.



Project Kati 2 (Under Development, AI/HPC Hosting):



Hyperscaler and neocloud interest, due diligence, and discussions remain active.



Additional on-site generation options, including solar and gas, are under evaluation. An LOI for long-lead gas generation equipment has been signed.



A campus expansion roadmap targeting a materially larger scale is under development.



An Architectural and Engineering firm has been selected following a competitive design RFP. Design activity is expected to commence in mid-April 2026.



Procurement workstreams for long-lead data center equipment are underway.



Project Grace (2 MW Under Development, AI/HPC Hosting):



Finalizing technical simulations with our OEM partner, confirming that the selected technology solution meets ERCOT grid stability and low-voltage ride-through requirements for AI load integration.



Pipeline Highlights:



The development pipeline surpassed 4.3 GW, driven by existing and new Independent Power Producer (IPP) partnerships and asset opportunities across several U.S. Independent (Grid) System Operators (ISOs).



Finalizing Power Purchase Agreements (PPAs) and Retail Electric Provider (REP) agreements for Project Rosa; Ellen and Hedy agreements now finalized, pending signatures.



Advancing land due diligence activities and PPA negotiations for Projects Annie, Gladys, and Fei.



Projects Annie, Gladys, and Fei are now being advanced outside of the ERCOT Large Flexible Load Batch study process, leveraging the sub-75 MW interconnection pathway to accelerate development timelines.



Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S. ISOs.



Executed a Letter of Intent (LOI) for land acquisition supporting the Dorothy campus expansion, and are currently negotiating the definitive Purchase and Sale Agreement (PSA).



Customer Success:



Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2.



View Soluna’s recent AMA here.


Soluna’s updated glossary of terms is available here.


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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1 and Project Kati 2, the development of Project Grace, the expansion of hosting arrangements at Project Dorothy 1B, the expected return to service of equipment at Project Dorothy 1A, our ability to develop and deploy AI and high-performance computing infrastructure, the growth and conversion of our project pipeline, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2025. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.


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): x.com/solunaholdings

YouTube: youtube.com/c/solunacomputing

Newsletter: bit.ly/solunasubscribe

Resource Center: solunacomputing.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260409232555/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna Announces Monthly Business Update

SLNH...........................https://stockcharts.com/sc3/ui/?s=SLNH&p=w&b=5&g=0&id=p86431144783

Soluna Closes $53M Briscoe Wind Farm Acquisition; Achieves Vertical IntegrationApril 2, 2026 7:30 AM
Business Wire
$6–$11M Year-One Projected EBITDA | 300 MW AI Campus Expansion at Project Dorothy


Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers that converts renewable energy into computing power, today announced that it has closed the acquisition of the 150 MW Briscoe Wind Farm in West Texas for a total purchase price of $53.0 million. The transaction was financed through cash on the balance sheet and debt.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260402681640/en/Soluna’s acquisition of the Briscoe Wind Farm marks a structural milestone in Soluna's evolution from co-location to full vertical integration of renewable energy and compute infrastructure at Project Dorothy.
The acquisition is expected to be immediately accretive, with projected Year-One Adjusted EBITDA of $6 million to $11 million and annualized revenue of $20 million to $24.4 million. With this acquisition, Soluna achieves full vertical integration for Project Dorothy, owning both the renewable energy source and the data center infrastructure it powers. The closing positions the Company to unlock development of Project Dorothy 3, a planned renewable-powered AI campus expansion on 300 new acres adjacent to the existing site with potential capacity of up to 300 MW+.




TRANSACTION HIGHLIGHTS








Asset Acquired






150 MW Briscoe Wind Farm, West Texas (GE Vernova Turbines, ERCOT Interconnection)








Purchase Price






$53.0 Million








Financing Structure






$12.5M Debt (Generate Capital) + Cash (balance sheet)








Year-One Adj. EBITDA






$6 Million – $11 Million








Annualized Revenue






$20.0 Million – $24.4 Million








Strategic Outcome






Full Vertical Integration — Soluna now owns the power, land, and compute at Project Dorothy








Growth Catalyst






Dorothy 3: potential 300 MW+ Renewable-Powered AI Campus on 300 New Acres Adjacent to Dorothy 1 & 2







Immediate Financial Accretion


The acquisition is expected to provide immediate and significant cash flow. For the first twelve months of ownership, the wind farm is projected to have an earnings power of between $6 million and $11 million in Adjusted EBITDA, depending on prevailing power market conditions. Annualized revenue contribution is projected at $20.0 million to $24.4 million.


“This closing is a transformative step in Soluna’s evolution,” said John Belizaire, CEO of Soluna.


“Energy sovereignty is the key durable moat in the AI infrastructure race. By owning the Briscoe Wind Farm, we have secured the cornerstone infrastructure needed to build an AI campus with up to 300 MW of capacity. This acquisition delivers on our founding vision: building a utility-scale digital infrastructure company powered by its own renewable energy,” Belizaire continued.


Vertical Integration: From Energy Consumer to Energy Producer


Energy availability remains the primary constraint in scaling AI and high-performance computing infrastructure. By acquiring the dedicated wind-generation asset behind Project Dorothy, Soluna secures long-term energy certainty, eliminates reliance on third-party power purchase agreements (PPAs), and creates a durable cost advantage.


Dorothy 3: 300 MW Renewable-Powered AI Campus


With full ownership of the power source secured, Soluna expects to advance development of Dorothy 3 on a new 300-acre land parcel adjacent to Dorothy 1 and Dorothy 2. Dorothy 3 is planned as a renewable-powered AI compute campus with potential capacity of up to 300 MW and is being designed to serve high-performance computing and generative AI workloads. The 300MW expansion is expected to result from continued development of grid interconnection expansion and onsite generation.


Asset Overview




Attribute






Detail








Capacity






150 MW








Turbine Technology






GE Vernova 1.85-87 Turbines








Grid Connection






ERCOT substation and grid interconnection








Transaction Structure






100% of the equity interests of the wind farm operating entity








Location






West Texas, co-located with the Project Dorothy campus







Generate Capital (“Generate”) continues to support Soluna in connection with this acquisition. Their participation underscores institutional confidence in Soluna’s vertically integrated strategy and long-term growth trajectory.


Following this milestone, Soluna expects to continue pursuing opportunities to vertically integrate additional project sites where appropriate. The Company’s development pipeline exceeds 4.3 GW across multiple sites, including the recently energized 83 MW Project Kati 1, the 300+ MW Project Kati 2 AI campus in its joint venture with Metrobloks, and additional greenfield opportunities.


Soluna was advised by Norton Rose Fulbright (legal), Lowenstein Sandler LLP (legal), O’Melveny & Myers LLP (energy regulatory), Leo Berwick (financial and tax due diligence), Leidos (power market analysis), IMA (insurance), Verdonck Partners (financial advisory), Jed Brawley (strategic consulting), CAMS eSPARC, LLC (environmental), and DNV GL (technical and engineering). Generate was advised by Vinson & Elkins LLP.


Soluna expects to file a Current Report on Form 8 K with the Securities and Exchange Commission that will contain a more complete description of the terms of the acquisition and the related agreements. The summary information in this press release is qualified in its entirety by the full text of such agreements, which will be filed as exhibits to the Form 8 K.


For more information on the acquisition, including an investor presentation and FAQ, visit Soluna’s Investor Center at www.solunacomputing.com/investors. More on Project Dorothy and Soluna's data center projects is available at www.solunacomputing.com.


Safe Harbor Statement by Soluna


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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business, our expectations with respect to the anticipated development of Project Dorothy 3, the expected financial contribution of the Briscoe Wind Farm acquisition, including projected Year-One Adjusted EBITDA and annualized revenue, the expected opportunities to vertically integrate additional project sites, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Soluna 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 this press release, and Soluna undertakes no duty or obligation to update such information, except as required under applicable law.


Non-GAAP Measures


In addition to figures prepared in accordance with generally accepted accounting principles (“GAAP”), Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, provision for credit losses, loss on sale of fixed assets and credit on equipment deposit, provision for credit losses, impairment on fixed assets, fair value adjustment loss (gain), fair value on placement agent warrants financing fee, and loss (gain) on debt extinguishment and revaluation, net. Projected Year-One Adjusted EBITDA is a non-GAAP financial measure; however, Soluna cannot predict with certainty the magnitude or scope of certain items that would be included in the most directly comparable GAAP measure for the relevant future periods, and such items may be significant. Due to these uncertainties, Soluna cannot provide a quantitative reconciliation of projected Year-One Adjusted EBITDA to the most directly comparable GAAP financial measure without unreasonable effort. The impact of differences in projected Year-One Adjusted EBITDA and annualized revenue contributions from those estimates provided in this press release could have a material impact on the business’s overall operating results. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principles. Other companies may define these terms differently. See our annual report on Form 10-K for the year ended December 31, 2024, for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliation included in the Company’s periodic filings with the SEC and should 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): x.com/solunaholdings



YouTube: youtube.com/c/solunacomputing



Newsletter: bit.ly/solunasubscribe



Resource Center: solunacomputing.com/resources



Soluna regularly posts important information on its website and encourages investors and prospective investors to consult the Soluna investor relations and investor resources sections regularly.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402681640/en/
Public Relations

West of Fairfax for Soluna

Soluna@westof.co


Original: Soluna Closes $53M Briscoe Wind Farm Acquisition; Achieves Vertical Integration

SLNH......................p/m

Soluna Reports Record 2025 Growth: Pipeline Hits 4.3GW, Raises $142 Million, and Launches AI InfrastructureMarch 30, 2026 7:30 AM
Business Wire
Strong Capital Formation, Expanded Operations Position Company for an Accelerated 2026 Despite Q4 Hashprice Headwinds


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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260330987013/en/Soluna Reports 2025 Gross Profit by Quarter
“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): x.com/solunaholdings



YouTube: youtube.com/c/solunacomputing



Newsletter: bit.ly/solunasubscribe



Resource Center: solunacomputing.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.




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






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260330987013/en/
Contact Information

Investor Relations

Soluna Holdings, Inc.

ir@soluna.io


Original: Soluna Reports Record 2025 Growth: Pipeline Hits 4.3GW, Raises $142 Million, and Launches AI Infrastructure