Business
Soluna Reports Q1’25 Results
Q1 Revenue of $5.9 Million and 220MW of New Projects in Development ALBANY, N.Y.--(BUSINESS WIRE)-- Soluna Holdings, Inc. (“Soluna” or the “Company”)
About this update from Soluna Holdings, Inc.
[{"type":"text","content":"\nQ1 Revenue of $5.9 Million and 220MW of New Projects in Development\n\n ALBANY, N.Y.--(BUSINESS WIRE)--\nSoluna 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 quarter year ended March 31, 2025.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250516201088/en/Soluna's Pipeline Now Exceeds 698 MW of Data Center Capacity in Operation, Construction, or Development.\n“Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy. First quarter results reflect operational stamina amidst challenges from market headwinds, commercial model shifts, weather events, and customer deployment delays,” said John Belizaire, CEO of Soluna.\n\n“During the first quarter of 2025, we continued construction of Project Dorothy 2, which is expected to increase our Bitcoin Hosting capacity to 123MW. We also expanded our project pipeline in South Texas to meet future demand for sustainable AI compute and Bitcoin Hosting. We believe these milestones continue to demonstrate our growth potential.”\n\n“We are focused on the growth of our substantial pipeline of projects into AI/HPC data centers during 2025, beginning with Project Kati,” said John Tunison, CFO of Soluna.\n\n“Additionally, in recent months, we have made substantial progress towards simplifying our capital structure, including fully converting the outstanding convertible loan notes in Q4 2024, paying off the Navitas loan at Project Dorothy 1B and securing modifications to the terms of our Series B Preferred Stock, all of which we believe has strengthened our ability to raise the growth capital needed to execute on our strategic plan,” continued John Tunison.\n\n2025 Operational and Corporate Highlights:\n\n\nWe simplified our capital structure by fully converting Convertible Loan Notes last year, significantly restructuring the Preferred B equity, and paying off the Navitas loan at Project Dorothy 1B.\n\n\nWe have continued construction of Project Dorothy 2, and the initial phase of powering up that facility is underway, which is expected to increase our Bitcoin hosting capacity by 64%, reaching a total of 123 MW (with an expected completion tim...