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:

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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

WASHINGTON (AP) — A Smithsonian museum exhibit about the maritime journey that millions of Africans were forced to take across the Atlantic to slavery in the Americas will change later this month, when a remnant from one of the first sunken slave ships ever recovered is taken off display in Washington.

The National Museum of African American History and Culture says a timber piece of the slave ship, the São José-Paquete de Africa, on display in its “Slavery and Freedom” exhibit, will soon be prepared for a trip back to its home museum in South Africa.

The 33-pound (15-kilogram) timber piece has been prominently displayed — seemingly suspended over a dark void, a ballast at its side — as part of a loan agreement to the museum since it opened in 2016. The agreement, examined by The Associated Press, was initially five years and then was extended another five in 2021, ending July 1.

The ship remnant will be among several items sent back to the Iziko Museums of South Africa later this year. Because of its delicate nature, a special crate has to be built for its transport.

Other items from the ship, including the ballasts that served as counterweights for the human cargo, are remaining on display and will be returned to South Africa in two years. A manifesto of the cargo on the ship will replace the timber piece.

The last day for museum visitors to see the timber piece on display is March 22.

The São José, a Portuguese vessel bound for Brazil with more than 400 captives from Mozambique, struck a rock and sank in December 1794 off the coast of Cape Town, South Africa. Half of the people aboard perished. Survivors were resold into slavery in the Western Cape, according to the Smithsonian.

Recovered in 2015, the ship was identified and studied through the Slave Wrecks Project, an international network of institutions that confirmed it was associated with the trans-Atlantic slave trade. The ship is among the first known wreckage of such a ship that was recovered, in which enslaved Africans died.

The São José piece is in the lowest public level of the museum and is part of the larger “Slavery and Freedom” exhibit, which focuses on the slave trade, including the ships and conditions of transport, as well as artifacts, such as shackles.

The exhibit addresses the Middle Passage, an especially fraught part of the Atlantic Ocean crossing where many of the captives died. While there is no exact count, the number of people who perished during the journey is in the millions, according to Paul Gardullo, the assistant director of history at the National Museum of African American History and Culture.

The alteration of the slavery exhibit comes at a time when any changes related to history and the American story at federal parks, museums or other public spaces are being scrutinized. President Donald Trump's administration has focused on putting the U.S. in a good light as the country prepares to celebrate the 250th anniversary of the signing of the Declaration of Independence.

The displays, exhibits and programming of several Smithsonian museums are under review as part of an executive order signed in March 2025 by the Republican president, titled “Restoring Truth and Sanity to American History.” The National Museum of African American History and Culture is one of the institutions named in the order.

Michelle Commander, the museum's deputy director, told the AP the exhibit change is entirely related to the loan agreement but understood the timing might raise questions.

“That’s why we’re being transparent in this moment, because we are aware that there are those kinds of questions,” Commander said. “But, as we’ve said, this is really about the conservation needs of that item.”

As part of the loan, Gardullo said, the South African government has a robust cultural patrimony law that dictates how its artifacts and historical materials are treated and how long they can be loaned out.

“The wooden materials are more fragile, and they need a little more close care,” he said.

Recent visitors to the National Museum of African American History and Culture spoke of the power of the display with the slave ship timber, unaware that it would be altered shortly.

Lines wait to enter the darkened gallery, entitled the Middle Passage, where there is a solemnity as people study the dark space where the timber sits next to a ship's ballast. The tangible nature of the exhibit takes it out of textbooks and into reality, said Krystina Hernandez, who was there chaperoning her 7-year-old son’s schoolmates.

Anehtra Reynolds, from northern Virginia, was emotional as she exited the area. She said the presentation, including the artifacts and the darkness of the gallery, gave her a “piece of what they felt in terms of their misery.”

“I think there was a sign in there that mentioned there were some slaves who starved themselves to death in hopes that they would, when they died, they would be returned to their land,” Reynolds said.

Jim Carnes, who was in Washington visiting family from Birmingham, Alabama, said he was familiar with much of the information because he has worked in civil rights education in Birmingham and Montgomery, two places central to the nation's civil rights history.

“The artifacts are extraordinarily powerful,” he said, adding that he's left feeling sadness and anger, not just at the conditions of the enslaved people but at the current push by the federal government to “deny this ever happened.”

Jorge Carvajal, who is originally from Colombia but lives with his wife in south Florida, said seeing the exhibit silenced the stereotypes, especially that Black people are unreasonably angry.

“Empathy is what I’m trying to say. This will help people empathize a lot more. I mean, at least you would hope,” he said.

Commander said the staff at the museum will work to make sure that the exhibit continues to have the same impact with the remaining artifacts and displays.

“The story does not leave the museum because this timber is going to be returned to its owners,” she said.

School children visit the National Museum of African American History and Culture's Middle Passage exhibit, including a wooden timber, the artifact at back left, from the slave ship, the São José-Paquete de Africa, Friday, March 6, 2026, in Washington. (AP Photo/Jacquelyn Martin)

Jim Cairnes of Birmingham, Ala., speaks to a reporter while visiting the National Museum of African American History and Culture, Friday, March 6, 2026, in Washington. (AP Photo/Jacquelyn Martin)

Anehtra Richmond of Woodbridge, Va., speaks to a reporter while visiting the National Museum of African American History and Culture, Friday, March 6, 2026, in Washington. (AP Photo/Jacquelyn Martin)

People visit the National Museum of African American History and Culture's Middle Passage exhibit, including a wooden timber, the artifact at left, from the slave ship, the São José-Paquete de Africa, Friday, March 6, 2026, in Washington. (AP Photo/Jacquelyn Martin)

School children visit the National Museum of African American History and Culture's Middle Passage exhibit, behind a wooden timber, the artifact at right, from the slave ship, the São José-Paquete de Africa, Friday, March 6, 2026, in Washington. (AP Photo/Jacquelyn Martin)