Soluna Reports Q3’25 Results
ALBANY, N.Y.--( 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 financial results for the third quarter ended September 30, 2025.
“This is a new Soluna,” said John Belizaire, CEO of Soluna Holdings. “What we achieved in the third quarter reflects the exceptional execution of our small but mighty team. We’ve proven that our business model works and scales, strengthened our position as a leading Bitcoin hosting provider, and attracted new, world-class capital partners.”
Belizaire continued: “We’ve also strengthened our capital structure to be more flexible and growth-oriented. With this foundation, we now have more firepower to accelerate the growth of our existing business and expand into the fast-growing AI market.”
Q3 2025 Operational and Corporate Highlights:
Third Quarter Finance and Operations Highlights:
Q3 2025 Revenue & Cost of Revenue by Project Site
2,769
$
-
$
-
$
-
$
-
$
2,769
-
1,650
2,203
1,404
-
5,257
-
-
-
-
389
389
2,769
1,650
2,203
1,404
389
8,415
1,708
$
-
$
-
$
-
$
-
$
1,708
-
669
1,558
345
88
2,660
1,053
-
-
-
-
1,053
-
261
306
98
-
665
2,761
$
930
$
1,864
$
443
$
88
$
6,086
8
$
720
$
339
$
961
$
301
$
2,329
0%
44%
15%
68%
77%
28%
Q3 2024 Revenue & Cost of Revenue by Project Site
$
2,811
$
-
$
-
$
-
$
-
$
2,811
$
-
$
2,811
-
3,515
-
756
-
4,271
-
4,271
-
-
-
-
-
-
-
-
-
-
-
-
443
443
-
443
2,811
3,515
-
756
443
7,525
-
7,525
$
1,963
$
-
$
-
$
-
$
-
$
1,963
$
-
$
1,963
-
2,025
-
521
9
2,555
-
2,555
-
-
-
-
-
-
2,859
2,859
1,076
284
-
152
-
1,512
-
1,512
-
$
3,039
$
2,309
$
-
$
673
$
9
$
6,030
$
2,859
$
8,889
$
(228)
$
1,206
$
-
$
83
$
434
$
1,495
$
(2,859)
$
(1,364)
The audited financial statements and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2025, are available online.
Our current Investor Presentation can be found here.
Our 2025 Earnings Power Presentation can be found here.
Soluna’s glossary of terms can be found 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 plans and objectives, including the deployments at Project Kati 1, (ii) statements of future economic performance, and (iii) 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, 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. 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, 2024, 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/
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
Condensed Consolidated Balance Sheets
As of September 30, 2025 (Unaudited) and December 31, 2024
(Dollars in thousands, except per share)
September 30, 2025
December 31, 2024
Assets
Current Assets:
Cash
$
51,371
$
7,843
Restricted cash
3,630
1,150
Accounts receivable, net (allowance for expected credit losses of $244 at September 30, 2025 and December 31, 2024)
4,408
2,693
Prepaid expenses and other current assets
3,522
1,781
Loan commitment assets
3,474
-
Equipment held for sale
-
28
Total Current Assets
66,405
13,495
Restricted cash, noncurrent
5,460
1,460
Other assets
1,090
2,724
Deposits and credits on equipment
813
5,145
Property, plant and equipment, net
63,999
47,283
Intangible assets, net
10,593
17,620
Operating lease right-of-use assets
3,675
313
Total Assets
$
152,035
$
88,040
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable
$
4,860
$
2,840
Accrued liabilities
12,426
6,785
Accrued interest payable
342
2,275
Contract liability
19,348
20,015
Current portion of debt
9,999
14,444
Income tax payable
71
37
Warrant liability
7,225
-
Customer deposits
1,823
1,416
Operating lease liability
96
61
Total Current Liabilities
56,190
47,873
Other liabilities
2,001
235
Long-term debt
13,254
7,061
Operating lease liability
3,583
252
Deferred tax liability, net
3,542
5,257
Total Liabilities
78,570
60,678
Commitments and Contingencies (Note 10)
Stockholders’ Equity:
9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,928,545 shares issued and outstanding as of September 30, 2025 and 4,953,545 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 September 30, 2025 and December 31, 2024
—
—
Common stock, par value $0.001 per share, authorized 75,000,000; 64,092,531 shares issued and 64,051,790 shares outstanding as of September 30, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024
64
11
Additional paid-in capital
381,399
315,607
Accumulated deficit
(353,198
)
(314,304
)
Common stock in treasury, at cost, 40,741 shares at September 30, 2025 and December 31, 2024
(13,798
)
(13,798
)
Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)
14,472
(12,479
)
Non-Controlling Interest
58,993
39,841
Total Stockholders’ Equity
73,465
27,362
Total Liabilities and Stockholders’ Equity
$
152,035
$
88,040
Soluna Holdings, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
For the Three and Nine Months Ended September 30, 2025 and 2024
(Dollars in thousands, except per share)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
2025
2024
Cryptocurrency mining revenue
$
2,769
$
2,811
$
8,630
$
13,691
Data hosting revenue
5,257
4,271
10,795
14,446
Demand response service revenue
389
443
1,057
1,612
High-performance computing service revenue
-
-
28
-
Total revenue
8,415
7,525
20,510
29,749
Operating costs:
Cost of cryptocurrency mining revenue, exclusive of depreciation
1,708
1,963
5,428
5,687
Cost of data hosting revenue, exclusive of depreciation
2,660
2,555
5,605
6,982
Cost of high-performance computing services
-
2,859
7
2,859
Cost of cryptocurrency mining revenue- depreciation
1,053
1,068
3,200
3,220
Cost of data hosting revenue- depreciation
665
444
1,578
1,320
Total costs of revenue
6,086
8,889
15,818
20,068
Operating expenses:
General and administrative expenses, exclusive of depreciation and amortization
7,708
5,248
19,053
14,625
Depreciation and amortization associated with general and administrative expenses
2,401
2,404
7,207
7,209
Total general and administrative expenses
10,109
7,652
26,260
21,834
Impairment on fixed assets
-
-
12
130
Operating loss
(7,780
)
(9,016
)
(21,580
)
(12,283
)
Interest expense
(1,212
)
(821
)
(3,246
)
(1,694
)
Gain (loss) on debt extinguishment and revaluation, net
10,107
875
10,658
(1,888
)
Loss on sale of fixed assets and credit on equipment deposit
(780
)
-
(802
)
(21
)
Fair value adjustment (loss) gain
(22,047
)
328
(22,165
)
(5,607
)
Other financing expense
(4,746
)
-
(5,203
)
-
Other income (expense), net
5
(6
)
(280
)
(32
)
Loss before income taxes
(26,453
)
(8,640
)
(42,618
)
(21,525
)
Income tax benefit, net
666
547
1,697
1,743
Net loss
(25,787
)
(8,093
)
(40,921
)
(19,782
)
(Less) Net loss (income) attributable to non-controlling interest
1,831
903
2,027
(3,535
)
Net loss attributable to Soluna Holdings, Inc.
$
(23,956
)
$
(7,190
)
$
(38,894
)
$
(23,317
)
Basic and Diluted loss per common share:
Basic & Diluted loss per share
$
(1.14
)
$
(1.56
)
$
(3.29
)
$
(7.15
)
Weighted average shares outstanding (Basic and Diluted)
26,983,023
6,388,335
15,683,072
4,320,546
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 Nine Months Ended September 30, 2025 and 2024
Nine Months Ended September 30,
(Dollars in thousands)
2025
2024
Operating Activities
Net loss
$
(40,921
)
$
(19,782
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense
4,866
4,634
Amortization expense
7,119
7,116
Stock-based compensation
5,671
3,286
Deferred income taxes
(1,716
)
(1,806
)
Impairment on fixed assets
12
130
Provision for credit losses
-
611
Amortization of operating lease asset
79
139
(Gain) loss on debt extinguishment and revaluation, net
(10,658
)
1,888
Amortization of deferred financing costs and discount on notes
561
179
Fair value adjustments, including SEPA
22,165
5,607
Fair value on placement warrant financing cost
146
-
Loss on sale of fixed assets and credit on equipment deposit
802
21
Changes in operating assets and liabilities:
Accounts receivable
(1,715
)
536
Prepaid expenses and other current assets
(1,741
)
(3,429
)
Other long-term assets
1,608
(5,771
)
Accounts payable
2,020
1,159
Contract liability
(667
)
-
Operating lease liabilities
(75
)
(141
)
Other liabilities and customer deposits
2,173
(811
)
Accrued liabilities and interest payable
6,792
3,022
Net cash used in operating activities
(3,479
)
(3,412
)
Investing Activities
Purchases of property, plant, and equipment
(17,008
)
(3,712
)
Purchases of intangible assets
(92
)
(95
)
Proceeds from sale of property, plant, and equipment
-
215
Deposits on equipment
(1,028
)
(4,099
)
Net cash used in investing activities
(18,128
)
(7,691
)
Financing Activities
Proceeds from common stock warrant exercises
9,455
2,330
Proceeds from sale of common stock on SEPA
6,176
-
Proceeds from notes
18,434
14,470
Proceeds from sale of common stock on ATM
22,961
-
Proceeds from July equity issuance
4,509
-
Costs associated with July equity issuance
(145
)
-
Payments on notes and deferred financing costs
(6,938
)
(2,261
)
Payments on ATM
(162
)
-
Contributions from non-controlling interest
22,078
5,098
Distributions to non-controlling interest
(4,753
)
(6,694
)
Net cash provided by financing activities
71,615
12,943
Increase in cash & restricted cash
50,008
1,840
Cash & restricted cash – beginning of period
10,453
10,367
Cash & restricted cash – end of period
$
60,461
$
12,207
Supplemental Disclosure of Cash Flow Information
Interest paid on debt
1,081
218
Fair value consideration for Green Cloud issuance of shares
810
-
Noncash financing cost accrual
647
-
Noncash deferred financing cost accrual
1,078
-
Warrant consideration in relation to Generate Common Warrant
2,635
-
Warrant consideration in relation to convertible notes and revaluation of warrant liability
-
5,606
Notes converted to common stock
-
5,877
Noncash membership distribution accrual
-
741
Warrant consideration in relation to Soluna Cloud
-
1,440
Noncash non-controlling interest contributions
2,675
250
Noncash activity right-of-use assets obtained in exchange for lease obligations
3,441
-
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Segment Information
The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for three months ended September 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations:
For the three months ended September 30, 2025
Cryptocurrency
Mining
Data Center
Hosting
High- Performance
Computing Services
Total
Segment Revenue: Revenue from external customers
$
2,769
$
5,257
$
-
$
8,026
Reconciliation of revenue
Demand response service revenue (a)
389
Total consolidated revenue
8,415
Less: Segment cost of revenue
Utility costs
1,237
1,308
-
2,545
Wages, benefits, and employee related costs
167
665
-
832
Facilities and Equipment costs
243
556
-
799
Cost of revenue- depreciation
1,053
665
-
1,718
Other cost of revenue*
123
330
-
453
Total segment cost of revenue
2,823
3,524
-
6,347
General and administrative expenses
3
874
-
877
Impairment on fixed assets
-
-
-
-
Segment operating income (loss)
$
(57
)
$
859
$
-
$
802
For the three months ended September 30, 2024
Cryptocurrency
Mining
Data Center
Hosting
High- Performance
Computing Services
Total
Segment Revenue: Revenue from external customers
$
2,811
4,271
$
-
$
7,082
Reconciliation of revenue
Demand response service revenue (a)
-
-
-
443
7,525
Less: Segment cost of revenue
Utility costs
1,395
1,523
-
2,918
Wages, benefits, and employee related costs
212
516
-
728
Facilities and Equipment costs
268
389
2,859
3,516
Cost of revenue- depreciation
1,068
444
-
1,512
Other cost of revenue*
183
221
-
404
Total segment cost of revenue
3,126
3,093
2,859
9,078
General and administrative expenses
57
804
83
944
Impairment on fixed assets
-
-
-
-
Segment operating income (loss)
$
(372
)
$
374
$
(2,942
)
$
(2,940
)
(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 (loss) to net income (loss) before taxes:
For the three months ended September 30,
2025
2024
Segment operating income (loss)
$
802
$
(2,940
)
Reconciling Items:
Elimination of intercompany costs
261
189
Other revenue (a)
389
443
General and administrative, exclusive of depreciation and amortization (b)
(6,831
)
(4,304
)
General and administrative, depreciation and amortization
(2,401
)
(2,404
)
Interest expense
(1,212
)
(821
)
(Loss) gain on debt extinguishment and revaluation, net
10,107
875
Other financing expense
(4,746
)
-
Loss on sale of fixed assets and credit on equipment deposit
(780
)
-
Fair value adjustment (loss) gain
(22,047
)
328
Other income (expense), net
5
(6
)
Net loss before taxes
$
(26,453
)
$
(8,640
)
(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 September 30, 2025 and 2024.
The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for nine months ended September 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations:
For the nine months ended September 30, 2025
Cryptocurrency
Mining
Data Center
Hosting
High-
Performance
Computing
Services
Total
Segment Revenue: Revenue from external customers
$
8,630
$
10,795
$
28
$
19,453
Reconciliation of revenue
Demand response service revenue (a)
1,057
Total consolidated revenue
20,510
Less: Segment cost of revenue
Utility costs
3,927
2,160
-
6,087
Wages, benefits, and employee related costs
588
1,668
7
2,263
Facilities and Equipment costs
701
1,448
-
2,149
Cost of revenue- depreciation
3,200
1,578
-
4,778
Other cost of revenue*
410
839
-
1,249
Total segment cost of revenue
8,826
7,693
7
16,526
General and administrative expenses
62
1,337
270
1,669
Impairment on fixed assets
-
12
-
12
Segment operating income (loss)
$
(258
)
$
1,753
$
(249
)
$
1,246
For the nine months ended September 30, 2024
Cryptocurrency
Mining
Data Center
Hosting
High-
Performance
Computing
Services
Total
Segment Revenue: Revenue from external customers
$
13,691
$
14,446
$
-
$
28,137
Reconciliation of revenue
Demand response service revenue (a)
-
-
-
1,612
29,749
Less: Segment cost of revenue
Utility costs
4,093
4,243
-
8,336
Wages, benefits, and employee related costs
594
1,443
-
2,037
Facilities and Equipment costs
780
1,011
2,859
4,650
Cost of revenue- depreciation
3,220
1,320
-
4,540
Other cost of revenue*
488
530
-
1,018
Total segment cost of revenue
9,175
8,547
2,859
20,581
General and administrative expenses
193
994
141
1,328
Impairment on fixed assets
130
-
-
130
Segment operating income (loss)
$
4,193
$
4,905
$
(3,000
)
$
6,098
(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 (loss) to net income (loss) before taxes:
For the nine months ended September 30,
2025
2024
Segment operating income
$
1,246
$
6,098
Reconciling Items:
Elimination of intercompany costs
708
513
Other revenue (a)
1,057
1,612
General and administrative, exclusive of depreciation and amortization (b)
(17,384
)
(13,297
)
General and administrative, depreciation and amortization
(7,207
)
(7,209
)
Interest expense
(3,246
)
(1,694
)
Gain (loss) on debt extinguishment and revaluation, net
10,658
(1,888
)
Loss on sale of fixed assets and credit on equipment deposit
(802
)
(21
)
Fair value adjustment loss
(22,165
)
(5,607
)
Other financing expense
(5,203
)
-
Other expense, net
(280
)
(32
)
Net loss before taxes
$
(42,618
)
$
(21,525
)
(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 nine months ended September 30, 2025 and 2024.
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 September 30, 2025:
Soluna Digital
(Dollars in thousands)
Project
Dorothy 1B
Project
Dorothy 1A
Project
Dorothy 2
Project
Sophie
Other
Total
Cryptocurrency mining revenue
$
2,769
$
-
$
-
$
-
$
-
$
2,769
Data hosting revenue
-
1,650
2,203
1,404
-
5,257
Demand response services
-
-
-
-
389
389
Total revenue
2,769
1,650
2,203
1,404
389
8,415
Cost of cryptocurrency mining, exclusive of depreciation
1,708
-
-
-
-
1,708
Cost of data hosting revenue, exclusive of depreciation
-
669
1,558
345
88
2,660
Cost of cryptocurrency mining revenue- depreciation
1,053
-
-
-
-
1,053
Cost of data hosting revenue- depreciation
-
261
306
98
-
665
Total cost of revenue
2,761
930
1,864
443
88
6,086
Gross profit
$
8
$
720
$
339
$
961
$
301
$
2,329
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 September 30, 2024:
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
$
2,811
$
-
$
-
$
-
$
2,811
$
-
$
2,811
Data hosting revenue
-
3,515
756
-
4,271
-
4,271
Demand response services
-
-
-
443
443
-
443
High-performance computing services
-
-
-
-
-
-
-
Total revenue
2,811
3,515
756
443
7,525
-
7,525
Cost of cryptocurrency mining, exclusive of depreciation
1,963
-
-
-
1,963
-
1,963
Cost of data hosting revenue, exclusive of depreciation
-
2,025
521
9
2,555
-
2,555
Cost of high-performance computing service revenue
-
-
-
-
-
2,859
2,859
Cost of cryptocurrency mining revenue- depreciation
1,068
-
-
-
1,068
-
1,068
Cost of data hosting revenue- depreciation
-
292
152
-
444
-
444
Total cost of revenue
3,031
2,317
673
9
6,030
2,859
8,889
Gross (loss) profit
$
(220
)
$
1,198
$
83
$
434
$
1,495
$
(2,859
)
$
(1,364
)
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 nine months ended September 30, 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
$
8,630
$
-
$
-
$
-
$
-
$
8,630
$
-
$
8,630
Data hosting revenue
-
4,674
2,412
3,709
-
10,795
-
10,795
Demand response services
-
-
-
-
1,057
1,057
-
1,057
High-performance computing services
-
-
-
-
-
-
28
28
Total revenue
8,630
4,674
2,412
3,709
1,057
20,482
28
20,510
Cost of cryptocurrency mining, exclusive of depreciation
5,428
-
-
-
-
5,428
-
5,428
Cost of data hosting revenue, exclusive of depreciation
-
2,405
1,974
1,138
88
5,605
-
5,605
Cost of high-performance computing service revenue
-
-
-
-
-
-
7
7
Cost of cryptocurrency mining revenue- depreciation
3,200
-
-
-
-
3,200
-
3,200
Cost of data hosting revenue- depreciation
-
830
442
306
-
1,578
-
1,578
Total cost of revenue
8,628
3,235
2,416
1,444
88
15,811
7
15,818
Gross (loss) profit
$
2
$
1,439
$
(4
)
$
2,265
$
969
$
4,671
$
21
$
4,692
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 nine months ended September 30, 2024:
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
$
13,691
$
-
$
-
$
-
$
13,691
$
-
$
13,691
Data hosting revenue
-
10,623
3,823
-
14,446
-
14,446
Demand response services
-
-
-
1,612
1,612
-
1,612
High-performance computing services
-
-
-
-
-
-
-
Total revenue
13,691
10,623
3,823
1,612
29,749
-
29,749
Cost of cryptocurrency mining, exclusive of depreciation
$
5,687
-
-
-
5,687
-
5,687
Cost of data hosting revenue, exclusive of depreciation
-
5,520
1,452
10
6,982
-
6,982
Cost of high-performance computing service revenue
-
-
-
-
-
2,859
2,859
Cost of cryptocurrency mining revenue- depreciation
3,220
-
-
-
3,220
-
3,220
Cost of data hosting revenue- depreciation
-
867
453
-
1,320
-
1,320
Total cost of revenue
8,907
6,387
1,905
10
17,209
2,859
20,068
Gross profit
$
4,784
$
4,236
$
1,918
$
1,602
$
12,540
$
(2,859)
$
9,681
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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
2024
Net loss
$
(25,787
)
$
(8,093
)
$
(40,921
)
$
(19,782
)
Interest expense
1,212
821
3,246
1,694
Income tax benefit
(666
)
(547
)
(1,697
)
(1,743
)
Depreciation and amortization
4,119
3,916
11,985
11,749
EBITDA
(21,122
)
(3,903
)
(27,387
)
(8,082
)
Adjustments: Non-cash items
Stock-based compensation costs
1,882
1,257
5,671
3,286
Loss on sale of fixed assets and credit on equipment deposit
780
-
802
21
Provision for credit losses
-
367
-
611
Impairment on fixed assets
-
-
12
130
Fair value adjustment loss (gain)
22,047
(328
)
22,165
5,607
Fair value on placement agent warrants financing fee
146
-
146
-
(Gain) loss on debt extinguishment and revaluation, net
(10,107
)
(875
)
(10,658
)
1,888
Adjusted EBITDA
$
(6,374
)
$
(3,482
)
$
(9,249
)
$
3,461
The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through September 30, 2025.
(Dollars in thousands)
Three months ended
March 31, 2025
Three months ended
June 30, 2025
Three months ended
September 30, 2025
Net loss
$
(7,354
)
$
(7,780
)
$
(25,787
)
Interest expense, net
838
1,196
1,212
Income tax (benefit) expense
(425
)
(608
)
(666
)
Depreciation and amortization
3,879
3,989
4,119
EBITDA
(3,062
)
(3,203
)
(21,122
)
Adjustments: Non-cash items
Stock-based compensation costs
1,847
1,942
1,882
Loss (gain) on sale of fixed assets and credit on equipment deposit
-
22
780
Impairment on fixed assets
-
12
-
Fair value adjustment loss
118
-
22,047
Fair value on placement agent warrant financing fees
-
-
146
(Gain) loss on debt extinguishment and revaluation, net
(551
)
-
(10,107
)
Adjusted EBITDA
$
(1,648
)
$
(1,227
)
$
(6,374
)
The following table represents the 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
Net loss from continuing operations
$
(2,544
)
$
(9,145
)
$
(8,093
)
$
(38,518
)
Interest expense, net
424
449
821
833
Income tax benefit from continuing operations
(548
)
(649
)
(547
)
(743
)
Depreciation and amortization
3,926
3,909
3,916
3,889
EBITDA
1,258
(5,436
)
(3,903
)
(34,539
)
Adjustments: Non-cash items
Stock-based compensation costs
661
1,368
1,257
2,025
Loss on sale of fixed assets
1
21
-
9
Provision for credit losses
-
244
367
149
Convertible note inducement expense
-
-
-
388
Placement agent release expense
-
-
-
1,000
Loss on contract
-
-
-
28,593
Impairment on fixed assets
130
-
-
-
Fair value loss (gain) adjustment
4,333
1,600
(328
)
100
(Gain) loss) on debt extinguishment and revaluation, net
(1,236
)
4,000
(875
)
(245
)
Adjusted EBITDA
$
5,147
$
1,797
$
(3,482
)
$
(2,520
)