Soluna Holdings Pref Share SLNHP 9 Perp 08/23/26 | 10-K: FY2025 Revenue: USD 29.72 M

Revenue: As of FY2025, the actual value is USD 29.72 M.

EPS: As of FY2025, the actual value is USD -2.38.

EBIT: As of FY2025, the actual value is USD -28.85 M.

Segment Revenue

• Cryptocurrency Mining Revenue:
  • In 2025, Cryptocurrency Mining Revenue was $11,406 thousand, a decrease of -33% year-over-year from $17,027 thousand in 2024, primarily due to the April 2024 Bitcoin halving event and a -21.5% decline in average Hashprice, resulting in $5,621 thousand lower revenue.
• Data Hosting Revenue:
  • Data Hosting Revenue decreased by -10% year-over-year to $16,998 thousand in 2025 from $18,838 thousand in 2024, influenced by the Bitcoin halving reducing effective dollar value per Petahash and a shift in contract mix after a major customer exit in December 2024.
• High-Performance Computing Service Revenue:
  • High-Performance Computing Service Revenue increased by 75% year-over-year, reaching $28 thousand in 2025 compared to $16 thousand in 2024.
• Demand Response Service Revenue:
  • Demand Response Service Revenue decreased by -40% year-over-year to $1,285 thousand in 2025 from $2,140 thousand in 2024, due to lower average ERCOT clearing prices and operational constraints from planned outages for Project Dorothy 2 substation interconnection.
• Total Revenue:
  • Total Revenue for 2025 was $29,717 thousand, down from $38,021 thousand in 2024.

Operational Metrics

• Net Loss:
  • Net Loss was - $56,991 thousand in 2025, a slight improvement from - $58,300 thousand in 2024.
• Net Loss Attributable to Soluna Holdings, Inc.:
  • Net Loss Attributable to Soluna Holdings, Inc. was - $53,411 thousand in 2025, compared to - $63,334 thousand in 2024.
• Operating Loss:
  • Operating Loss was - $33,681 thousand in 2025, an improvement from - $47,523 thousand in 2024.
• Gross Profit:
  • Gross Profit was $6,458 thousand in 2025, down from $9,394 thousand in 2024.
• Cost of Cryptocurrency Mining Revenue (exclusive of depreciation):
  • The cost decreased by -1% year-over-year to $7,411 thousand in 2025 from $7,499 thousand in 2024.
• Cost of Data Hosting Revenue (exclusive of depreciation):
  • The cost decreased by -3% year-over-year to $9,104 thousand in 2025 from $9,377 thousand in 2024, driven by a transition from fixed-rate to electricity pass-through contracts, partially offset by D2 energization.
• Cost of High-Performance Computing Service Revenue:
  • The cost decreased by -100% year-over-year to $7 thousand in 2025 from $5,724 thousand in 2024, due to the termination of the HPE contract.
• Cost of Cryptocurrency Mining Revenue (depreciation):
  • This cost was $4,304 thousand in 2025, nearly flat from $4,292 thousand in 2024.
• Cost of Data Hosting Revenue (depreciation):
  • This cost increased by 40% year-over-year to $2,433 thousand in 2025 from $1,735 thousand in 2024, mainly due to Project Dorothy 2 becoming energized in fiscal year 2025.
• General and Administrative Expenses (exclusive of depreciation and amortization):
  • These expenses increased by 64% year-over-year to $30,519 thousand in 2025 from $18,581 thousand in 2024, due to higher stock-based compensation, salaries and benefits, legal fees, professional and consulting fees, and investor relations expenses.
• Interest Expense:
  • Interest Expense increased by 91% year-over-year to - $4,835 thousand in 2025 from - $2,527 thousand in 2024, primarily from new debt facilities and amortization of deferred financing costs.
• Fair Value Adjustment Loss:
  • Fair Value Adjustment Loss was - $23,681 thousand in 2025, significantly higher than - $5,705 thousand in 2024.
• Gain (loss) on Debt Extinguishment and Revaluation, net:
  • The company recorded a gain of $10,658 thousand in 2025, compared to a loss of - $1,644 thousand in 2024.

Cash Flow

• Net cash used in operating activities:
  • Net cash used in operating activities was - $9,149 thousand in 2025, an increase from - $5,069 thousand in 2024.

Unique Metrics

• Unrestricted Cash Position:
  • At the end of 2025, the unrestricted cash position was $76 million.
• Total MW Capacity Operated:
  • As of December 31, 2025, Soluna Holdings, Inc. operated approximately 123 MW across two active sites.
• Additional MW Under Construction:
  • As of December 31, 2025, an additional 83 MW were under construction.
• Additional MW in Development (Project Kati):
  • As of December 31, 2025, over 100 MW were in development for Project Kati.
• Total Project Pipeline:
  • The total project pipeline includes approximately 4.3 GW+ of renewable energy-powered data center developments.
• Hash Rate Under Management:
  • The hash rate under management surpassed 4 EH/s in September 2025.
• Bitcoin Earned:
  • Soluna Holdings, Inc. earned 113.2 Bitcoins in 2025, down from 274 Bitcoins in 2024.

Outlook / Guidance

Soluna Holdings, Inc. plans to expand its Renewable Computing™ pipeline by developing over 300 MW of new digital infrastructure annually for the next six to eight years. The company will focus on advancing Project Kati 2 for AI/HPC with Metrobloks and energizing Project Kati 1, while also optimizing existing projects for profitability. Furthermore, Soluna Holdings, Inc. intends to pursue capital formation through project-level financing and strategic partnerships.