--- title: "Soluna Holdings Pref Share SLNHP 9 Perp 08/23/26 | 10-K: FY2025 Revenue: USD 29.72 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/280997104.md" datetime: "2026-03-30T10:12:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/280997104.md) - [en](https://longbridge.com/en/news/280997104.md) - [zh-HK](https://longbridge.com/zh-HK/news/280997104.md) --- # 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. ### Related Stocks - [SLNHP.US](https://longbridge.com/en/quote/SLNHP.US.md) ## Related News & Research - [Brera Holdings (NASDAQ: SLMT) (“Solmate Infrastructure”) Accelerates SOL Accumulation | SLMT Stock News](https://longbridge.com/en/news/295146913.md) - [Onespan’s Latest Filing Flags No New Risks, Keeping Existing 10-K Vulnerabilities in Focus](https://longbridge.com/en/news/295061823.md) - [Sally Beauty Holdings Highlights Ongoing and Emerging Risk Exposure Beyond Its 2025 Form 10-K Disclosures](https://longbridge.com/en/news/294940760.md) - [UL Solutions Inc. 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