Earnings release
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Exhibit 99.1 Soluna Reports Q3’25 Results 37% Increase in Revenue Sequentially, Gross Profit Increased to 28%, Cash Swells to a Record $60 Million ALBANY, NY, November 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 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: ● $100 Million Credit Facility from Generate Capital – Soluna announced the close of a scalable credit facility up to $100 million from Generate Capital. The initial $12.6 million draw in September funded refinancing and construction of active data center projects, with additional capital support for Soluna’s 1 gigawatt and expanding pipeline. ● $20M Secured to Launch Project Kati 1 and Broke Ground – Spring Lane Capital expands its investment in Soluna to fund the first 35 MW of Project Kati, a wind-powered data center site in Texas. Construction began on September 18, 2025.
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● Settlement with NYDIG – As disclosed in our Form 8-K filed September 30, 2025, Soluna reached a settlement with NYDIG, resolving all outstanding matters and clearing the path for future growth and partnership. ● Regained Nasdaq Compliance – Soluna has regained compliance with Nasdaq’s continued listing requirements, strengthening our position on the public markets, preserving access to the capital markets, and liquidity for our shareholders. ● Surpassed 4 EH/s of Hash Rate Under Management – With the commissioning of Dorothy 2 and fleet upgrades deployed across all sites, Soluna surpassed 4 EH/s of hash rate under management. ● Surpassed One Gigawatt of Clean Computing Projects – With the addition of Project Gladys (150 MW under development, wind) and Project Fei (100 MW under development, solar), Soluna’s now exceeds 1 GW of renewable-powered computing in operation, construction, and development. This milestone reflects the scalability of Soluna’s behind-the-meter model and marks a major step toward our 2.8 GW long-term roadmap. ● Expanded Partnership with Galaxy Digital – Galaxy is expected to deploy 48 MW at Project Kati 1, bringing the site’s total to 83 MW. This marks Soluna’s largest hosting deployment to date and deepens our institutional partnerships. ● Dorothy 2 Reaches Full Capacity – A 30 MW expansion with a top-tier Bitcoin miner marked the third deployment with this long-standing customer, bringing Project Dorothy 2 to full hosting capacity. Learn more about this milestone here. ● Strong Capital Formation in Q3 – Soluna strengthened its balance sheet with successful capital raises totaling approximately $64 million gross through a combination of equity raises, warrant exercises, project-level equity and debt.
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Third Quarter Finance and Operations Highlights: ● Record Level Cash Reserves Strengthen Balance Sheet – Cash increased by $45 million to $60.5 million, bolstering our reserves for future investment opportunities. ● Revenue for the three months increased by 37% or $2.3 million from Q2 2025 to Q3 2025 – driven by new Dorothy 2 customers. Other sites maintained marginal growth in hosting revenue, except for Dorothy 1B, which remained steady. ● Q3 2025 Gross profit increased to 28%, compared to 19% in Q2 2025 – reflecting strong cost discipline and margin stability, in addition to $400k in one-time electricity credits. ○ Dorothy 1A and Sophie delivered strong gross margins of 43.6% and 68.4%, respectively. ○ Dorothy 1B began a site-level miner fleet upgrade to help improve gross profit. ○ Dorothy 2 commenced customer deployments in Q2, with labor costs ramping ahead of revenue, consistent with planned early-stage operations. Q3 saw a major increase in revenue (+$2M) from Q2.
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● Net loss for the three months increased from Q3 2024 to Q3 2025 by ($17.7 million) – driven by the fair value adjustment of exercised warrants, related to July equity offering, ($22.0 million), and other financing expenses ($4.7 million), offset by the loss on SLC equipment loan and gain on NYDIG debt agreement reported as a net $10.1 million Gain on debt extinguishment and revaluation. ● Adjusted EBITDA decreased from Q3 2024 to Q3 2025 to ($6.4M) – decreased by $2.9 million from Q3 2024, due to compensation related to 2024 of $1.3 million, and approximately $1.0 million increase in professional fees in Q3 2025. ● Adjusted EBITDA increased from Q3 2024 to Q3 2025 – excluding special charges from Cloudco HPE costs, bonus, and Preferred B consent fees and broker fees - by $0.1 million to a positive adjusted EBITDA of $0.1 million, compared to Q3 2024. Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Adj EBITDA as reported (3,482) (2,520) (1,648) (1,227) (6,374) HPE Cloudco costs 2,859 2,859 0 0 0 Bonus expense 554 (1,090) 0 1 1,686 Other financing expenses 9 1,940 201 255 4,746 Adj EBITDA excluding special charges (60) 1,189 (1,447) (971) 58
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● Q3 2025 capital raised over $64 million gross– from a mix of public market and project-level equity and debt sources to fund our growth, development, and operations.
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Q3 2025 Revenue & Cost of Revenue by Project Site
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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.
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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. Contact Information Investor Relations Soluna Holdings, Inc. ir@soluna.io
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Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of September 30, 2025 (Unaudited) and December 31, 2024 (Dollars in thousands, except per share) September 30, 2025 December 31, 2024 Assets Current Assets: Cash $ 51,371 $ 7,843 Restricted cash 3,630 1,150 Accounts receivable, net (allowance for expected credit losses of $244 at September 30, 2025 and December 31, 2024) 4,408 2,693 Prepaid expenses and other current assets 3,522 1,781 Loan commitment assets 3,474 - Equipment held for sale - 28 Total Current Assets 66,405 13,495 Restricted cash, noncurrent 5,460 1,460 Other assets 1,090 2,724 Deposits and credits on equipment 813 5,145 Property, plant and equipment, net 63,999 47,283 Intangible assets, net 10,593 17,620 Operating lease right-of-use assets 3,675 313 Total Assets $ 152,035 $ 88,040 Liabilities and Stockholders’ Equity Current Liabilities: Accounts payable $ 4,860 $ 2,840 Accrued liabilities 12,426 6,785 Accrued interest payable 342 2,275 Contract liability 19,348 20,015 Current portion of debt 9,999 14,444 Income tax payable 71 37 Warrant liability 7,225 - Customer deposits 1,823 1,416 Operating lease liability 96 61 Total Current Liabilities 56,190 47,873 Other liabilities 2,001 235 Long-term debt 13,254 7,061 Operating lease liability 3,583 252 Deferred tax liability, net 3,542 5,257 Total Liabilities 78,570 60,678 Commitments and Contingencies (Note 10) Stockholders’ Equity: 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,928,545 shares issued and outstanding as of September 30, 2025 and 4,953,545 December 31, 2024 5 5 Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of September 30, 2025 and December 31, 2024 — — Common stock, par value $0.001 per share, authorized 75,000,000; 64,092,531 shares issued and 64,051,790 shares outstanding as of September 30, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024 64 11 Additional paid-in capital 381,399 315,607 Accumulated deficit (353,198) (314,304) Common stock in treasury, at cost, 40,741 shares at September 30, 2025 and December 31, 2024 (13,798) (13,798) Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit) 14,472 (12,479) Non-Controlling Interest 58,993 39,841 Total Stockholders’ Equity 73,465 27,362
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Total Liabilities and Stockholders’ Equity $ 152,035 $ 88,040
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Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three and Nine Months Ended September 30, 2025 and 2024 Three Months Ended Nine Months Ended September 30, September 30, (Dollars in thousands, except per share) 2025 2024 2025 2024 Cryptocurrency mining revenue $ 2,769 $ 2,811 $ 8,630 $ 13,691 Data hosting revenue 5,257 4,271 10,795 14,446 Demand response service revenue 389 443 1,057 1,612 High-performance computing service revenue - - 28 - Total revenue 8,415 7,525 20,510 29,749 Operating costs: Cost of cryptocurrency mining revenue, exclusive of depreciation 1,708 1,963 5,428 5,687 Cost of data hosting revenue, exclusive of depreciation 2,660 2,555 5,605 6,982 Cost of high-performance computing services - 2,859 7 2,859 Cost of cryptocurrency mining revenue- depreciation 1,053 1,068 3,200 3,220 Cost of data hosting revenue- depreciation 665 444 1,578 1,320 Total costs of revenue 6,086 8,889 15,818 20,068 Operating expenses: General and administrative expenses, exclusive of depreciation and amortization 7,708 5,248 19,053 14,625 Depreciation and amortization associated with general and administrative expenses 2,401 2,404 7,207 7,209 Total general and administrative expenses 10,109 7,652 26,260 21,834 Impairment on fixed assets - - 12 130 Operating loss (7,780) (9,016) (21,580) (12,283) Interest expense (1,212) (821) (3,246) (1,694) Gain (loss) on debt extinguishment and revaluation, net 10,107 875 10,658 (1,888) Loss on sale of fixed assets and credit on equipment deposit (780) - (802) (21) Fair value adjustment (loss) gain (22,047) 328 (22,165) (5,607) Other financing expense (4,746) - (5,203) - Other income (expense), net 5 (6) (280) (32) Loss before income taxes (26,453) (8,640) (42,618) (21,525) Income tax benefit, net 666 547 1,697 1,743 Net loss (25,787) (8,093) (40,921) (19,782) (Less) Net loss (income) attributable to non-controlling interest 1,831 903 2,027 (3,535) Net loss attributable to Soluna Holdings, Inc. $ (23,956) $ (7,190) $ (38,894) $ (23,317) Basic and Diluted loss per common share: Basic & Diluted loss per share $ (1.14) $ (1.56) $ (3.29) $ (7.15) Weighted average shares outstanding (Basic and Diluted) 26,983,023 6,388,335 15,683,072 4,320,546 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Nine Months Ended September 30, 2025 and 2024 Nine Months Ended September 30, (Dollars in thousands) 2025 2024 Operating Activities Net loss $ (40,921) $ (19,782) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 4,866 4,634 Amortization expense 7,119 7,116 Stock-based compensation 5,671 3,286 Deferred income taxes (1,716) (1,806) Impairment on fixed assets 12 130 Provision for credit losses - 611 Amortization of operating lease asset 79 139 (Gain) loss on debt extinguishment and revaluation, net (10,658) 1,888 Amortization of deferred financing costs and discount on notes 561 179 Fair value adjustments, including SEPA 22,165 5,607 Fair value on placement warrant financing cost 146 - Loss on sale of fixed assets and credit on equipment deposit 802 21 Changes in operating assets and liabilities: Accounts receivable (1,715) 536 Prepaid expenses and other current assets (1,741) (3,429) Other long-term assets 1,608 (5,771) Accounts payable 2,020 1,159 Contract liability (667) - Operating lease liabilities (75) (141) Other liabilities and customer deposits 2,173 (811) Accrued liabilities and interest payable 6,792 3,022 Net cash used in operating activities (3,479) (3,412) Investing Activities Purchases of property, plant, and equipment (17,008) (3,712) Purchases of intangible assets (92) (95) Proceeds from sale of property, plant, and equipment - 215 Deposits on equipment (1,028) (4,099) Net cash used in investing activities (18,128) (7,691) Financing Activities Proceeds from common stock warrant exercises 9,455 2,330 Proceeds from sale of common stock on SEPA 6,176 - Proceeds from notes 18,434 14,470 Proceeds from sale of common stock on ATM 22,961 - Proceeds from July equity issuance 4,509 - Costs associated with July equity issuance (145) - Payments on notes and deferred financing costs (6,938) (2,261) Payments on ATM (162) - Contributions from non-controlling interest 22,078 5,098 Distributions to non-controlling interest (4,753) (6,694) Net cash provided by financing activities 71,615 12,943 Increase in cash & restricted cash 50,008 1,840 Cash & restricted cash – beginning of period 10,453 10,367 Cash & restricted cash – end of period $ 60,461 $ 12,207 Supplemental Disclosure of Cash Flow Information Interest paid on debt 1,081 218 Fair value consideration for Green Cloud issuance of shares 810 - Noncash financing cost accrual 647 - Noncash deferred financing cost accrual 1,078 - Warrant consideration in relation to Generate Common Warrant 2,635 - Warrant consideration in relation to convertible notes and revaluation of warrant liability - 5,606 Notes converted to common stock - 5,877
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Noncash membership distribution accrual - 741 Warrant consideration in relation to Soluna Cloud - 1,440 Noncash non-controlling interest contributions 2,675 250 Noncash activity right-of-use assets obtained in exchange for lease obligations 3,441 - The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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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: For the three months ended September 30, 2025 Cryptocurrency Mining Data Center Hosting High- Performance Computing Services Total Segment Revenue: Revenue from external customers $ 2,769 $ 5,257 $ - $ 8,026 Reconciliation of revenue Demand response service revenue (a) 389 Total consolidated revenue 8,415 Less: Segment cost of revenue Utility costs 1,237 1,308 - 2,545 Wages, benefits, and employee related costs 167 665 - 832 Facilities and Equipment costs 243 556 - 799 Cost of revenue- depreciation 1,053 665 - 1,718 Other cost of revenue* 123 330 - 453 Total segment cost of revenue 2,823 3,524 - 6,347 General and administrative expenses 3 874 - 877 Impairment on fixed assets - - - - Segment operating income (loss) $ (57) $ 859 $ - $ 802 For the three months ended September 30, 2024 Cryptocurrency Mining Data Center Hosting High- Performance Computing Services Total Segment Revenue: Revenue from external customers $ 2,811 4,271 $ - $ 7,082 Reconciliation of revenue Demand response service revenue (a) - - - 443 7,525 Less: Segment cost of revenue Utility costs 1,395 1,523 - 2,918 Wages, benefits, and employee related costs 212 516 - 728 Facilities and Equipment costs 268 389 2,859 3,516 Cost of revenue- depreciation 1,068 444 - 1,512 Other cost of revenue* 183 221 - 404 Total segment cost of revenue 3,126 3,093 2,859 9,078 General and administrative expenses 57 804 83 944 Impairment on fixed assets - - - - Segment operating income (loss) $ (372) $ 374 $ (2,942) $ (2,940) (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs.
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The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: For the three months ended September 30, 2025 2024 Segment operating income (loss) $ 802 $ (2,940) Reconciling Items: Elimination of intercompany costs 261 189 Other revenue (a) 389 443 General and administrative, exclusive of depreciation and amortization (b) (6,831) (4,304) General and administrative, depreciation and amortization (2,401) (2,404) Interest expense (1,212) (821) (Loss) gain on debt extinguishment and revaluation, net 10,107 875 Other financing expense (4,746) - Loss on sale of fixed assets and credit on equipment deposit (780) - Fair value adjustment (loss) gain (22,047) 328 Other income (expense), net 5 (6) Net loss before taxes $ (26,453) $ (8,640) (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the three months ended September 30, 2025 and 2024. 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: For the nine months ended September 30, 2025 Cryptocurrency Mining Data Center Hosting High- Performance Computing Services Total Segment Revenue: Revenue from external customers $ 8,630 $ 10,795 $ 28 $ 19,453 Reconciliation of revenue Demand response service revenue (a) 1,057 Total consolidated revenue 20,510 Less: Segment cost of revenue Utility costs 3,927 2,160 - 6,087 Wages, benefits, and employee related costs 588 1,668 7 2,263 Facilities and Equipment costs 701 1,448 - 2,149 Cost of revenue- depreciation 3,200 1,578 - 4,778 Other cost of revenue* 410 839 - 1,249 Total segment cost of revenue 8,826 7,693 7 16,526 General and administrative expenses 62 1,337 270 1,669 Impairment on fixed assets - 12 - 12 Segment operating income (loss) $ (258) $ 1,753 $ (249) $ 1,246
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For the nine months ended September 30, 2024 Cryptocurrency Mining Data Center Hosting High- Performance Computing Services Total Segment Revenue: Revenue from external customers $ 13,691 $ 14,446 $ - $ 28,137 Reconciliation of revenue Demand response service revenue (a) - - - 1,612 29,749 Less: Segment cost of revenue Utility costs 4,093 4,243 - 8,336 Wages, benefits, and employee related costs 594 1,443 - 2,037 Facilities and Equipment costs 780 1,011 2,859 4,650 Cost of revenue- depreciation 3,220 1,320 - 4,540 Other cost of revenue* 488 530 - 1,018 Total segment cost of revenue 9,175 8,547 2,859 20,581 General and administrative expenses 193 994 141 1,328 Impairment on fixed assets 130 - - 130 Segment operating income (loss) $ 4,193 $ 4,905 $ (3,000) $ 6,098 (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: For the nine months ended September 30, 2025 2024 Segment operating income $ 1,246 $ 6,098 Reconciling Items: Elimination of intercompany costs 708 513 Other revenue (a) 1,057 1,612 General and administrative, exclusive of depreciation and amortization (b) (17,384) (13,297) General and administrative, depreciation and amortization (7,207) (7,209) Interest expense (3,246) (1,694) Gain (loss) on debt extinguishment and revaluation, net 10,658 (1,888) Loss on sale of fixed assets and credit on equipment deposit (802) (21) Fair value adjustment loss (22,165) (5,607) Other financing expense (5,203) - Other expense, net (280) (32) Net loss before taxes $ (42,618) $ (21,525) (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the nine months ended September 30, 2025 and 2024.
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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: Soluna Digital (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Dorothy 2 Project Sophie Other Total Cryptocurrency mining revenue $ 2,769 $ - $ - $ - $ - $ 2,769 Data hosting revenue - 1,650 2,203 1,404 - 5,257 Demand response services - - - - 389 389 Total revenue 2,769 1,650 2,203 1,404 389 8,415 Cost of cryptocurrency mining, exclusive of depreciation 1,708 - - - - 1,708 Cost of data hosting revenue, exclusive of depreciation - 669 1,558 345 88 2,660 Cost of cryptocurrency mining revenue- depreciation 1,053 - - - - 1,053 Cost of data hosting revenue- depreciation - 261 306 98 - 665 Total cost of revenue 2,761 930 1,864 443 88 6,086 Gross profit $ 8 $ 720 $ 339 $ 961 $ 301 $ 2,329 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: Soluna Digital Soluna Cloud (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Sophie Other Soluna Digital Subtotal Project Ada Total Cryptocurrency mining revenue $ 2,811 $ - $ - $ - $ 2,811 $ - $ 2,811 Data hosting revenue - 3,515 756 - 4,271 - 4,271 Demand response services - - - 443 443 - 443 High-performance computing services - - - - - - - Total revenue 2,811 3,515 756 443 7,525 - 7,525 Cost of cryptocurrency mining, exclusive of depreciation 1,963 - - - 1,963 - 1,963 Cost of data hosting revenue, exclusive of depreciation - 2,025 521 9 2,555 - 2,555 Cost of high-performance computing service revenue - - - - - 2,859 2,859 Cost of cryptocurrency mining revenue- depreciation 1,068 - - - 1,068 - 1,068 Cost of data hosting revenue- depreciation - 292 152 - 444 - 444 Total cost of revenue 3,031 2,317 673 9 6,030 2,859 8,889 Gross (loss) profit $ (220) $ 1,198 $ 83 $ 434 $ 1,495 $(2,859) $(1,364)
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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: Soluna Digital Soluna Cloud (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Dorothy 2 Project Sophie Other Soluna Digital Subtotal Project Ada Total Cryptocurrency mining revenue $ 8,630 $ - $ - $ - $ - $ 8,630 $ - $ 8,630 Data hosting revenue - 4,674 2,412 3,709 - 10,795 - 10,795 Demand response services - - - - 1,057 1,057 - 1,057 High-performance computing services - - - - - - 28 28 Total revenue 8,630 4,674 2,412 3,709 1,057 20,482 28 20,510 Cost of cryptocurrency mining, exclusive of depreciation 5,428 - - - - 5,428 - 5,428 Cost of data hosting revenue, exclusive of depreciation - 2,405 1,974 1,138 88 5,605 - 5,605 Cost of high-performance computing service revenue - - - - - - 7 7 Cost of cryptocurrency mining revenue- depreciation 3,200 - - - - 3,200 - 3,200 Cost of data hosting revenue- depreciation - 830 442 306 - 1,578 - 1,578 Total cost of revenue 8,628 3,235 2,416 1,444 88 15,811 7 15,818 Gross (loss) profit $ 2 $ 1,439 $ (4) $ 2,265 $ 969 $ 4,671 $ 21 $ 4,692 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: Soluna Digital Soluna Cloud (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Sophie Other Soluna Digital Subtotal Project Ada Total Cryptocurrency mining revenue $13,691 $ - $ - $ - $ 13,691 $ - $13,691 Data hosting revenue - 10,623 3,823 - 14,446 - 14,446 Demand response services - - - 1,612 1,612 - 1,612 High-performance computing services - - - - - - - Total revenue 13,691 10,623 3,823 1,612 29,749 - 29,749 Cost of cryptocurrency mining, exclusive of depreciation $ 5,687 - - - 5,687 - 5,687 Cost of data hosting revenue, exclusive of depreciation - 5,520 1,452 10 6,982 - 6,982 Cost of high-performance computing service revenue - - - - - 2,859 2,859 Cost of cryptocurrency mining revenue- depreciation 3,220 - - - 3,220 - 3,220 Cost of data hosting revenue- depreciation - 867 453 - 1,320 - 1,320 Total cost of revenue 8,907 6,387 1,905 10 17,209 2,859 20,068 Gross profit $ 4,784 $ 4,236 $ 1,918 $ 1,602 $ 12,540 $(2,859) $ 9,681
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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: Three Months Ended September 30, Nine Months Ended September 30, (Dollars in thousands) 2025 2024 2025 2024 Net loss $ (25,787) $ (8,093) $ (40,921) $ (19,782) Interest expense 1,212 821 3,246 1,694 Income tax benefit (666) (547) (1,697) (1,743) Depreciation and amortization 4,119 3,916 11,985 11,749 EBITDA (21,122) (3,903) (27,387) (8,082) Adjustments: Non-cash items Stock-based compensation costs 1,882 1,257 5,671 3,286 Loss on sale of fixed assets and credit on equipment deposit 780 - 802 21 Provision for credit losses - 367 - 611 Impairment on fixed assets - - 12 130 Fair value adjustment loss (gain) 22,047 (328) 22,165 5,607 Fair value on placement agent warrants financing fee 146 - 146 - (Gain) loss on debt extinguishment and revaluation, net (10,107) (875) (10,658) 1,888 Adjusted EBITDA $ (6,374) $ (3,482) $ (9,249) $ 3,461 The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through September 30, 2025. (Dollars in thousands) Three months ended March 31, 2025 Three months ended June 30, 2025 Three months ended September 30, 2025 Net loss $ (7,354) $ (7,780) $ (25,787) Interest expense, net 838 1,196 1,212 Income tax (benefit) expense (425) (608) (666) Depreciation and amortization 3,879 3,989 4,119 EBITDA (3,062) (3,203) (21,122) Adjustments: Non-cash items Stock-based compensation costs 1,847 1,942 1,882 Loss (gain) on sale of fixed assets and credit on equipment deposit - 22 780 Impairment on fixed assets - 12 - Fair value adjustment loss 118 - 22,047 Fair value on placement agent warrant financing fees - - 146 (Gain) loss on debt extinguishment and revaluation, net (551) - (10,107) Adjusted EBITDA $ (1,648) $ (1,227) $ (6,374) The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024. (Dollars in thousands) Three months ended March 31, 2024 Three months ended June 30, 2024 Three months ended September 30, 2024 Three months ended December 31, 2024 Net loss from continuing operations $ (2,544) $ (9,145) $ (8,093) $ (38,518) Interest expense, net 424 449 821 833 Income tax benefit from continuing operations (548) (649) (547) (743) Depreciation and amortization 3,926 3,909 3,916 3,889
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EBITDA 1,258 (5,436) (3,903) (34,539) Adjustments: Non-cash items Stock-based compensation costs 661 1,368 1,257 2,025 Loss on sale of fixed assets 1 21 - 9 Provision for credit losses - 244 367 149 Convertible note inducement expense - - - 388 Placement agent release expense - - - 1,000 Loss on contract - - - 28,593 Impairment on fixed assets 130 - - - Fair value loss (gain) adjustment 4,333 1,600 (328) 100 (Gain) loss) on debt extinguishment and revaluation, net (1,236) 4,000 (875) (245) Adjusted EBITDA $ 5,147 $ 1,797 $ (3,482) $ (2,520)