Soluna Holdings Reports $29.7M Revenue for 2025
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy SLNH?
Reports revenue $29.7M vs. $38M last year. "2025 was a transformational year for Soluna. We doubled our operating capacity, grew our power pipeline to 4.3GW, added two new project-level capital partners, and launched our AI infrastructure initiative - all while building a strong balance sheet to fund our next phase of growth," said John Belizaire, CEO of Soluna Holdings. "The completion of Dorothy 2, the commissioning of Kati 1, and our co-development partnership for Kati 2 are clear proof points of our ability to execute. We enter 2026 as Soluna 2.0 with significant momentum and a platform built to scale."
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Analyst Views on SLNH
Wall Street analysts forecast SLNH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 0.607
Low
5.00
Averages
5.00
High
5.00
Current: 0.607
Low
5.00
Averages
5.00
High
5.00
About SLNH
Soluna Holdings, Inc. is a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. It operates modular data centers co-located with wind, solar, and hydroelectric power plants, supporting compute-intensive applications, including bitcoin mining, generative artificial intelligence (AI), and scientific computing. Its segments include Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing (HPC). Its Soluna Cloud Services business provides HPC services to support generative AI workstreams and proprietary software MaestroOS helps to energize a greener grid while delivering computing solutions and superior returns. It offers colocation and hosting services for companies seeking to train large language models (LLMs), fine-tune existing artificial intelligence models, and deploy other compute-intensive AI or HPC workloads. It also provides hosting services to third-party Bitcoin mining customers at its data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Soluna Holdings Reports Transformational 2025 Financial Results
- Operational Capacity Doubling: In 2025, Soluna Holdings doubled its operational capacity and expanded its power pipeline to 4.3GW, adding two new project-level capital partners, indicating significant growth and sustainability in the green data center sector.
- Project Milestones Achieved: The completion and commissioning of the 48MW Dorothy 2 project enhanced profitability and operational efficiency of data centers while diversifying the customer mix, which is expected to drive future revenue growth.
- Improved Financial Position: Total cash grew to $88.8 million in 2025, a 750% increase from 2024, providing robust funding for future investment opportunities, despite revenue pressures from declining Bitcoin prices.
- Strategic Investments and Expansion: The company raised approximately $142 million in 2025 through debt issuances and other financing methods, strengthening its financial foundation to support further development of AI infrastructure and power pipeline, showcasing strong growth potential.
See More
Soluna Holdings Reports Q4 Revenue Growth of 9.5%
- Revenue Growth: Soluna Holdings reported Q4 revenue of $9.2 million, reflecting a 9.5% year-over-year increase, indicating the company's robust performance and ongoing growth potential in the market.
- Cash Reserves Increase: Total cash grew from $60.5 million in Q3 to $88.8 million in Q4, a 47% increase, which significantly strengthens the company's financial position for future investment opportunities.
- Executive Appointment: The appointment of Michael Picchi as CFO aims to leverage his extensive financial management experience to optimize the company's financial strategy and resource allocation, further driving growth.
- Project Updates: Soluna provided project updates in December and successfully closed a $32 million direct offering, enhancing its capital base to support future project development and expansion.
See More
Soluna Holdings Reports February Bitcoin Mining Results
- Bitcoin Mining Achievement: Soluna Holdings mined 9.5 bitcoins in February, demonstrating its ongoing activity in the cryptocurrency market, which is expected to positively impact future revenues.
- Stock Price Increase: Following the announcement, the company's shares rose by 3.99% to $0.78, reflecting market recognition of its mining capabilities and future potential, likely attracting more investor interest.
- Hashrate Performance: Soluna reported an average self-mining hashrate of 760 PH/s and a hosted hashrate of 3,883 PH/s, with this strong performance enhancing its position in the competitive cryptocurrency market.
- Market Reaction: Given the volatility of bitcoin prices, Soluna's mining data may influence shareholder confidence and market expectations, further driving the company's strategic development in the cryptocurrency sector.
See More
Soluna Holdings Announces Project Updates and Expansion
- Project Expansion: Soluna expands its partnership with Blockware by adding 6MW of capacity, marking ongoing growth at Project Dorothy 1, which is expected to enhance the company's market competitiveness and customer service capabilities.
- Project Progress: The first phase (24MW) of Project Kati 1 has achieved substantial completion and is now in steady-state operations, with subsequent phases (12MW) on track for completion by March, demonstrating the company's ability to rapidly advance project construction.
- New Project Development: Project Kati 2 is refining its design and procurement strategy, with a new RFP for design services expected to be issued in the coming weeks to support 100MW of critical IT capacity, addressing the growing demands of the AI market.
- Customer Success Case: The completion of Blockware's 6MW expansion further solidifies Soluna's position in the Bitcoin hosting market while laying a foundation for future customer collaborations.
See More
Soluna Expands Partnership with Blockware for Additional Capacity
- Partnership Expansion: Soluna's partnership with Blockware expands with an additional six megawatts of capacity, marking the third expansion at the Dorothy 1 site in Texas, reflecting Blockware's ongoing business growth.
- Flexible Infrastructure: This expansion is made possible by Soluna's provision of flexible and capital-efficient infrastructure at renewable-powered sites, with deployment expected to be completed by the end of February, effectively supporting customer growth needs.
- Operational Reliability: Soluna's infrastructure is described as 'reliable' by Blockware CEO Mason Jappa, indicating Soluna's capability in rapid deployment and maintaining high uptime, which strengthens the long-term partnership between the two companies.
- Renewable Energy Utilization: The Dorothy project is part of Soluna's pipeline of over 1 GW of renewable-first data centers designed to support high-performance computing workloads while utilizing energy that might otherwise be curtailed, thus helping to stabilize the grid.
See More
Soluna Launches 350MW AI Campus Project
- Project Update: Soluna collaborates with Metrobloks to engineer a 350MW AI campus at Project Kati 2, spanning seven buildings, which is expected to significantly enhance the company's competitive position in the AI and high-performance computing sectors.
- Land Expansion: The company has secured over 500 acres of additional land to support a larger campus plan, a strategic move that will provide ample space for future expansion and customer demand.
- Customer Deployment: A 20MW customer expansion deployment is underway at Project Dorothy 1A, expected to be completed by the end of February, which will further strengthen the company's revenue streams and market position.
- Executive Appointment: Michael Picchi has been appointed as Chief Financial Officer, effective April 1, 2026, aimed at enhancing the company's financial management capabilities to support future growth strategies.
See More
Soluna Holdings Reports Transformational 2025 Financial Results
- Operational Capacity Doubling: In 2025, Soluna Holdings doubled its operational capacity and expanded its power pipeline to 4.3GW, adding two new project-level capital partners, indicating significant growth and sustainability in the green data center sector.
- Project Milestones Achieved: The completion and commissioning of the 48MW Dorothy 2 project enhanced profitability and operational efficiency of data centers while diversifying the customer mix, which is expected to drive future revenue growth.
- Improved Financial Position: Total cash grew to $88.8 million in 2025, a 750% increase from 2024, providing robust funding for future investment opportunities, despite revenue pressures from declining Bitcoin prices.
- Strategic Investments and Expansion: The company raised approximately $142 million in 2025 through debt issuances and other financing methods, strengthening its financial foundation to support further development of AI infrastructure and power pipeline, showcasing strong growth potential.
See More
Soluna Holdings Reports Q4 Revenue Growth of 9.5%
- Revenue Growth: Soluna Holdings reported Q4 revenue of $9.2 million, reflecting a 9.5% year-over-year increase, indicating the company's robust performance and ongoing growth potential in the market.
- Cash Reserves Increase: Total cash grew from $60.5 million in Q3 to $88.8 million in Q4, a 47% increase, which significantly strengthens the company's financial position for future investment opportunities.
- Executive Appointment: The appointment of Michael Picchi as CFO aims to leverage his extensive financial management experience to optimize the company's financial strategy and resource allocation, further driving growth.
- Project Updates: Soluna provided project updates in December and successfully closed a $32 million direct offering, enhancing its capital base to support future project development and expansion.
See More
Soluna Holdings Reports February Bitcoin Mining Results
- Bitcoin Mining Achievement: Soluna Holdings mined 9.5 bitcoins in February, demonstrating its ongoing activity in the cryptocurrency market, which is expected to positively impact future revenues.
- Stock Price Increase: Following the announcement, the company's shares rose by 3.99% to $0.78, reflecting market recognition of its mining capabilities and future potential, likely attracting more investor interest.
- Hashrate Performance: Soluna reported an average self-mining hashrate of 760 PH/s and a hosted hashrate of 3,883 PH/s, with this strong performance enhancing its position in the competitive cryptocurrency market.
- Market Reaction: Given the volatility of bitcoin prices, Soluna's mining data may influence shareholder confidence and market expectations, further driving the company's strategic development in the cryptocurrency sector.
See More
Soluna Holdings Announces Project Updates and Expansion
- Project Expansion: Soluna expands its partnership with Blockware by adding 6MW of capacity, marking ongoing growth at Project Dorothy 1, which is expected to enhance the company's market competitiveness and customer service capabilities.
- Project Progress: The first phase (24MW) of Project Kati 1 has achieved substantial completion and is now in steady-state operations, with subsequent phases (12MW) on track for completion by March, demonstrating the company's ability to rapidly advance project construction.
- New Project Development: Project Kati 2 is refining its design and procurement strategy, with a new RFP for design services expected to be issued in the coming weeks to support 100MW of critical IT capacity, addressing the growing demands of the AI market.
- Customer Success Case: The completion of Blockware's 6MW expansion further solidifies Soluna's position in the Bitcoin hosting market while laying a foundation for future customer collaborations.
See More
Soluna Expands Partnership with Blockware for Additional Capacity
- Partnership Expansion: Soluna's partnership with Blockware expands with an additional six megawatts of capacity, marking the third expansion at the Dorothy 1 site in Texas, reflecting Blockware's ongoing business growth.
- Flexible Infrastructure: This expansion is made possible by Soluna's provision of flexible and capital-efficient infrastructure at renewable-powered sites, with deployment expected to be completed by the end of February, effectively supporting customer growth needs.
- Operational Reliability: Soluna's infrastructure is described as 'reliable' by Blockware CEO Mason Jappa, indicating Soluna's capability in rapid deployment and maintaining high uptime, which strengthens the long-term partnership between the two companies.
- Renewable Energy Utilization: The Dorothy project is part of Soluna's pipeline of over 1 GW of renewable-first data centers designed to support high-performance computing workloads while utilizing energy that might otherwise be curtailed, thus helping to stabilize the grid.
See More
Soluna Launches 350MW AI Campus Project
- Project Update: Soluna collaborates with Metrobloks to engineer a 350MW AI campus at Project Kati 2, spanning seven buildings, which is expected to significantly enhance the company's competitive position in the AI and high-performance computing sectors.
- Land Expansion: The company has secured over 500 acres of additional land to support a larger campus plan, a strategic move that will provide ample space for future expansion and customer demand.
- Customer Deployment: A 20MW customer expansion deployment is underway at Project Dorothy 1A, expected to be completed by the end of February, which will further strengthen the company's revenue streams and market position.
- Executive Appointment: Michael Picchi has been appointed as Chief Financial Officer, effective April 1, 2026, aimed at enhancing the company's financial management capabilities to support future growth strategies.
See More
