Soluna Holdings, Inc. reported a significant decline in financial performance for the second quarter of 2025, with total revenue of $6.2 million, down 36% from $9.7 million in the same period last year. The decrease was primarily driven by a 36% drop in both cryptocurrency mining and data hosting revenues, which fell to $2.9 million and $3.1 million, respectively. The company's net loss for the quarter was approximately $7.8 million, an improvement from a net loss of $9.1 million in the prior year, attributed to reduced operational costs and a gain on debt extinguishment.
In terms of operational metrics, Soluna's cryptocurrency mining revenue was adversely affected by the Bitcoin halving event in April 2024, which reduced block rewards and impacted profitability. The company also experienced a shift in its customer base, with one of its largest clients exiting a fixed-fee contract, leading to a reliance on profit-sharing agreements that generated lower revenue. The demand response service revenue also decreased, reflecting reduced capacity due to outages in the Texas area.
Strategically, Soluna has been focusing on expanding its project pipeline, which includes over 2.8 gigawatts of renewable energy-powered data center developments. The company is currently developing Project Kati, a 166 MW facility in Texas, and has secured $20 million in financing for its construction. Additionally, Soluna has entered into a Standby Equity Purchase Agreement (SEPA) to raise up to $25 million, drawing approximately $2 million to support its operations and project developments.
As of June 30, 2025, Soluna's total debt stood at approximately $23.3 million, with a working capital deficit of $30.9 million. The company reported cash and restricted cash of $15.2 million, indicating a need for ongoing capital to support its operational and developmental activities. Looking ahead, management is evaluating various financing strategies to ensure liquidity and support growth initiatives, while also addressing the challenges posed by market conditions and operational costs.
About Soluna Holdings, Inc
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