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Soluna Holdings
(NASDAQ:SLNH)
Soluna Holdings (SLNH) vs. SPDR S&P 500 ETF (SPY)
Soluna Holdings Business Overview & Revenue Model
Soluna Holdings Financial Statement Overview
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 38.02M | 21.07M | 28.55M | 14.35M | 9.60M |
| Gross Profit | 30.52M | 14.70M | -7.96M | 6.28M | 6.53M |
| EBITDA | -42.49M | -12.41M | -71.77M | -762.00K | -1.46M |
| Net Income | -63.33M | -29.20M | -107.02M | -6.39M | 1.95M |
Balance Sheet | |||||
| Total Assets | 88.04M | 91.28M | 84.96M | 117.69M | 8.65M |
| Cash, Cash Equivalents and Short-Term Investments | 7.84M | 6.37M | 1.14M | 10.26M | 2.63M |
| Total Debt | 21.82M | 19.77M | 22.88M | 8.54M | 1.21M |
| Total Liabilities | 60.68M | 37.92M | 38.69M | 26.71M | 2.73M |
| Stockholders Equity | -12.48M | 26.51M | 41.87M | 90.99M | 5.92M |
Cash Flow | |||||
| Free Cash Flow | -18.45M | -15.69M | -69.51M | -51.72M | 787.00K |
| Operating Cash Flow | -5.07M | -2.99M | -5.75M | 5.55M | 1.62M |
| Investing Cash Flow | -13.16M | -10.33M | -45.63M | -57.30M | -1.58M |
| Financing Cash Flow | 18.32M | 21.86M | 38.16M | 59.38M | 83.00K |
Soluna Holdings Technical Analysis
Soluna Holdings Risk Analysis
Soluna Holdings Peers Comparison
Soluna Holdings Corporate Events
On July 22, 2025, Soluna Holdings announced the closure of a $20 million financing round from Spring Lane Capital to fund a 35 MW expansion of Project Kati in Texas. This investment will enable Soluna to begin construction of Project Kati 1 in Q3 2025, with initial energization expected by Q1 2026. The project aims to accommodate approximately 12,000 next-generation Bitcoin mining rigs, enhancing Soluna’s capacity for Bitcoin hosting. This expansion is part of Soluna’s broader strategy to grow its data center pipeline for Bitcoin and AI, supported by Spring Lane Capital’s commitment to provide up to $100 million in additional project-level capital.
On July 15, 2025, Soluna Holdings announced a public offering of 9,090,909 shares of common stock and accompanying warrants, raising approximately $4.3 million in net proceeds. The offering, which closed on July 17, 2025, aims to support working capital, project-level equity, and general corporate purposes. The company agreed to certain restrictions on issuing additional shares or convertible securities for a specified period post-offering, impacting its short-term financing strategies.
On July 14, 2025, Soluna Holdings released its annual shareholder letter, highlighting significant growth in 2024 with an 80% revenue increase and the successful operation of Project Dorothy 1A and 1B. The company announced plans to expand its renewable computing capacity, including the development of several large-scale projects like Project Kati and Project Rosa, aiming to exceed 2.8 GW of AI and Bitcoin hosting capacity. Soluna’s strategic moves, such as exiting the HPE contract and securing flexible funding, position it to lead in renewable energy and computing, promising strong returns for shareholders.
On July 10, 2025, Soluna Holdings announced several key updates, including securing $20 million from Spring Lane Capital to launch Project Kati 1, with construction starting in Q3 2025. The company also expanded its partnerships at Project Dorothy 2, increasing its sustainable hosting capacity to 8 MW. Soluna’s long-term power pipeline has grown to 2.8 GW, with developments in projects like Dorothy 1A, 1B, and Sophie showing significant progress. These expansions and partnerships highlight Soluna’s strategic growth in the green data center industry, enhancing its market position and operational capabilities.
Soluna Holdings, Inc. has rescheduled the record date for its 2025 annual meeting of stockholders to July 9, 2025. This change affects which stockholders are entitled to attend and vote at the meeting on August 18, 2025.
On July 8, 2025, Soluna Holdings announced a significant expansion at its flagship site, Project Dorothy 2, in Texas. The company has entered into its third expansion deal with a leading Bitcoin miner, adding 30 megawatts (MW) to the project, which is now fully marketed and contracted. This development marks a major milestone for Soluna, as it brings all active facilities to full capacity and highlights the growing demand for renewable-powered infrastructure in the post-halving era. The expansion will add 1,462.03 PH/s of hashrate powered by renewable energy, reinforcing Soluna’s commitment to sustainable blockchain infrastructure.
Soluna Holdings has scheduled its 2025 annual meeting of stockholders for August 18, 2025, with a record date of June 30, 2025, for determining eligible voters. The company has adjusted the deadline for stockholder proposals to July 15, 2025, due to a change in the meeting date, and emphasizes compliance with Nevada law and SEC regulations for inclusion in proxy materials.
On June 24, 2025, Soluna Holdings announced the renewal and expansion of its partnership with Compass Mining, involving a contract renewal at Project Dorothy 1 and a significant expansion into Project Dorothy 2. This expansion will result in a total deployment of approximately 13 megawatts of computing capacity across the two sites. The move underscores Soluna’s commitment to leveraging excess wind energy in West Texas and reflects the trust and strategic alignment between Soluna and Compass Mining, enhancing their industry positioning and operational capacity.
On June 18, 2025, Soluna Holdings announced a significant expansion of its partnership with Blockware, a leading crypto mining infrastructure provider, at its Project Dorothy 2 data center in Texas. Blockware increased its hosting capacity from 5 MW to 8 MW, highlighting the strong partnership and the demand for Soluna’s renewable-powered infrastructure. This expansion is expected to enhance both companies’ commitment to sustainable blockchain infrastructure and improve the supply of next-generation ASICs, making Bitcoin mining more accessible.
On June 11, 2025, Soluna Holdings announced a financing agreement with Spring Lane Capital for Project Kati 1A, securing at least $20 million to support the construction of a 35 MW phase of the project. This partnership marks a significant step in Soluna’s expansion of its Texas fleet for Bitcoin hosting, with construction set to begin in Q3 2025. The collaboration also includes an agreement to extend up to $100 million for Soluna’s data center pipeline, reflecting Spring Lane Capital’s ongoing support for Soluna’s mission to convert curtailed renewable energy into high-performance computing solutions.
On June 5, 2025, Soluna Holdings announced several updates regarding its operations and projects. The company reported a Q1 revenue of $5.9 million and is developing 220MW of new projects. Soluna has begun customer deployments at Project Dorothy 2 and achieved a record 1.0 EH/s at Project Sophie. The company is also expanding its development pipeline with a new solar-powered data center, Project Annie, and continues to receive positive feedback from the market for its Bitcoin Hosting services.
On May 29, 2025, Soluna Holdings conducted an ‘Ask Me Anything’ session addressing investor inquiries about its financial strategies and project pipeline. The company discussed the use of a $12.5 million financing for Soluna Cloud, its NASDAQ compliance challenges, and its strategic focus on a 2.6 GW project pipeline. Soluna aims to enhance shareholder value by prioritizing project development over buybacks and is exploring various financing options to support its growth. The session highlighted Soluna’s commitment to expanding its clean energy footprint and improving its market positioning.
On May 22, 2025, Soluna Holdings announced the signing of a term sheet for Project Annie, a 75 MW data center co-located with a 114 MW solar farm in northeast Texas. This marks Soluna’s first solar-powered deployment, expanding its modular computing platform into solar-rich markets. Developed in partnership with a leading U.S. renewable energy operator, Project Annie aims to convert underutilized solar energy into high-performance computing, aligning with Soluna’s mission to create scalable, cost-effective digital infrastructure. The project is named in honor of Annie Easley, a pioneering African American computer scientist and mathematician at NASA.
On May 8, 2025, Soluna Holdings, Inc. received a notice from Nasdaq indicating that the company’s common stock had been trading below $1.00 per share for 30 consecutive business days, thus failing to meet the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The notice does not immediately affect the stock’s listing or trading, and Soluna has until November 4, 2025, to regain compliance by ensuring the stock price meets or exceeds $1.00 per share for at least ten consecutive business days. If compliance is not achieved by then, the company may qualify for an additional 180-day period to meet the requirement or face potential delisting, with an option to appeal the decision.
On May 8, 2025, Soluna Holdings announced updates on its April 2025 operations, highlighting significant developments in its renewable-powered data centers. The company signed term sheets for new wind-powered projects in Texas, secured land for a major renewable computing site, and expanded its Bitcoin hosting capacity through a new agreement. Key projects like Project Dorothy and Project Sophie saw progress, with construction and customer deployments advancing. These developments are expected to strengthen Soluna’s presence in sustainable computing and meet the rising demand for clean, high-performance infrastructure.