Soluna Holdings, Inc. (SLNH) reported a net loss attributable to Soluna Holdings, Inc. of $53.4 million for the year ended December 31, 2025, compared to a net loss of $63.3 million for the year ended December 31, 2024. The company's total revenue decreased to $29.7 million in 2025 from $38.0 million in 2024. Basic and diluted loss per share was $2.38 in 2025, compared to $14.94 in 2024. As of December 31, 2025, the company had $76.4 million in cash and $42.9 million in working capital.
The decrease in revenue was primarily due to a $5.6 million decrease in cryptocurrency mining revenue, driven by the Bitcoin halving event in April 2024 and a 21.5% decline in average hashprice. Data hosting revenue also decreased by $1.8 million due to the Bitcoin halving and a shift in customer contract mix, partially offset by revenue from the newly commissioned Project Dorothy 2 (D2) facility. Demand response service revenue decreased by $0.9 million due to unfavorable market conditions and operational constraints. General and administrative expenses, excluding depreciation and amortization, increased by $11.9 million, primarily due to higher stock-based compensation, salaries, legal fees, and investor relations expenses.
Key operational developments included the energization of Project Dorothy 2, which began contributing to revenue in the third quarter of 2025, and the commencement of construction on Project Kati 1, an 83 MW wind-powered data center in South Texas. The company also secured Galaxy Digital as the initial customer for Project Kati 1. As of December 31, 2025, Soluna operated approximately 123 MW of capacity across two active sites and had over 900 MW of facilities in advanced development or near shovel-ready status. The company's project pipeline includes approximately 4.3 gigawatts (GW) of renewable energy-powered data center developments.
Strategic developments included the termination of the agreement with Hewlett Packard Enterprise Company (HPE) and a refocused HPC strategy on dedicated data center infrastructure for third-party leasing and hosting. The company also entered into a joint venture with Metrobloks to develop Project Kati 2, focused on supporting AI and high-performance computing workloads. As of December 31, 2025, Soluna had 55 employees, including 51 full-time employees, one part-time employee, and three full-time consultants.
Looking ahead, Soluna is focused on growing its renewable computing pipeline, developing AI-ready campuses, optimizing existing projects, and executing a disciplined capital strategy. The company aims to advance projects in its 4.3 GW+ power pipeline to shovel-ready status and secure behind-the-meter access to curtailed energy resources. Soluna also plans to advance Project Kati 2 with Metrobloks and enhance profitability across operating data centers through higher uptime, operational efficiency, and disciplined cost management. On March 24, 2026, the company entered into a Standby Equity Purchase Agreement with YA II PN, LTD., for up to $250.0 million of shares of common stock.
About Soluna Holdings, Inc
Soluna Holdings develops renewable energy-powered data centers for high-performance computing, AI, Bitcoin mining, and demand response services. Co-locating with wind, solar, and hydro assets, it leverages proprietary software MaestroOS for optimization. The company focuses on sustainable digital infrastructure, utilizing stranded renewable energy, and serving markets in cryptocurrency, AI, and grid stability, with a strategic pipeline of large-scale projects worldwide.
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