Soluna Reports Q3’25 Results

ALBANY, N.Y.--(BUSINESS WIRE)--Nov 17, 2025--

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 press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251117209594/en/

“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

Q3 2024 Revenue & Cost of Revenue by Project Site

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.

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:

The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes:

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:

The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes:

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:

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:

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:

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:

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:

The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through September 30, 2025.

The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.

 

Soluna Reports Q3-2025 Adjusted EBITDA by Quarter, Excluding Special Charges

Soluna Reports Q3-2025 Gross Profit by Quarter

Soluna Reports Q3-2025 Revenue by Quarter

BALTIMORE (AP) — Isaiah Likely clasped his hands around the football in the end zone and took a couple of steps forward. The referee signaled a touchdown, and the Baltimore Ravens and their fans began to celebrate the go-ahead score in the fourth quarter of a pivotal game against the Pittsburgh Steelers.

An instant later, the touchdown call was overturned. A replay review showed Likely lost control of the ball before taking a third step with it, and the incomplete pass turned out to be a significant factor in Baltimore's 27-22 defeat Sunday.

In a season that hasn't remotely met expectations, the Ravens were dealt another devastating blow by a very close and controversial call.

At first glance, it appeared as if Likely held the ball long enough before Pittsburgh cornerback Joey Porter Jr. knocked if from the tight end's grasp. That's certainly how Ravens quarterback Lamar Jackson saw it.

“If you were on the field with us, I believe you’d have thought it was a touchdown, too,” Jackson said afterward. “But I can’t do the ref’s job. So, it is what it is.”

Heck, even Pittsburgh quarterback Aaron Rodgers was getting ready to get on the field in comeback mode.

“I was thinking, we got to put a drive together," Rodgers said. “And then they moved the ball back, and they’re lining up for the next play.”

The definition of a catch is not common knowledge, but the refs were on top of it.

NFL Vice President of Instant Replay Mark Butterworth said: “The receiver controlled the ball in the air, had his right foot down, then his left foot down. The third step is an act common to the game, and before he could get his third foot down, the ball was ripped out. Therefore, it was an incomplete pass.”

The call came on a first down play from the Pittsburgh 13 with 2:43 remaining and the score 27-22. Jackson still had three more chances to get the ball in the end zone, but his fourth down pass from the 8 fell incomplete.

“We wanted it to be a touchdown, but unfortunately it wasn’t,” Jackson said. “So we just tried to do what we could to drive the ball down the field and put points on the board.”

Baltimore got the ball back one more time just after the two-minute warning, but the game ended with Jackson being sacked at the Pittsburgh 38. With the defeat, the Ravens (6-7) fell a game behind the rival Steelers for first place in the AFC North.

Things might have been different had Likely maintained his grip on the ball.

“You’ve got to live with the ref’s call,” Likely said.

That wasn't the only call that failed to go Baltimore's way. Earlier in the fourth quarter, Rodgers was seemingly intercepted on a batted ball that went high in the air and was grabbed by Rodgers and Ravens linebacker Teddye Buchanan. Officials called it an interception, then decided that Rodgers had possession when his knee hit the ground.

“The offense had initial control of the ball and ended up being down by contact,” Butterworth said.

Two close calls, both of which did not work out for Baltimore, contributed heavily to dropping the Ravens below .500 and a game out of first place.

“We still have four games left. We can still turn it around, I believe,” Jackson said.

But when asked his level of frustration at this point in a disappointing season, he quickly replied, “Through the roof!”

AP NFL: https://apnews.com/hub/nfl

Pittsburgh Steelers cornerback Brandin Echols (26) tackles Baltimore Ravens quarterback Lamar Jackson (8) during the first half of an NFL football game, Sunday, Dec. 7, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

Baltimore Ravens tight end Isaiah Likely (80) celebrates after a touchdown during the second half of an NFL football game against the Pittsburgh Steelers, Sunday, Dec. 7, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)

Baltimore Ravens tight end Isaiah Likely scores a touchdown during the second half of an NFL football game against the Pittsburgh Steelers, Sunday, Dec. 7, 2025, in Baltimore. (AP Photo/Nick Wass)

Pittsburgh Steelers cornerback Joey Porter Jr. (24) breaks up a pass intended for Baltimore Ravens tight end Isaiah Likely (80) during the second half of an NFL football game, Sunday, Dec. 7, 2025, in Baltimore. (AP Photo/Stephanie Scarbrough)