Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Q2 2025 Earnings Presentation
74 slides from Soluna's earnings presentation, August 2025
Slide 1: Q2 2025 Results & Business Update
Q2 2025 Results HOLDINGS & Business Update NASDAQ:SLNH August 2025 1
Slide 2: Preamble
Preamble The following content is Our goal is to share with you The content is in line with our completely qualified by the some of our strategic thinking and principles of being legal disclosures on the slide financial analysis we are using to accountable and transparent following this one. guide the
Slide 3: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that reflect our current views with respect to, among other things, our operations, business strategy, interpretation of prior development activities,
Slide 4: Company Overview
EXECUTIVE SUMMARY Company Overview AI is the fastest growing Bitcoin mining is Clean energy goes to waste Co-locating data centers technology today, with consolidating into fewer, due to curtailment and there’s behind the meter at exponentially growing larger, mining companies a critical shortage of
Slide 5: Operational Highlights Q2 2025
Operational Highlights Q2 2025
Slide 6: Soluna Highlights
Soluna Highlights 1 INSTALLED HASHRATE MW MANAGED 2025 Q2 REVENUE 3.1 EH/s 2 89 MW ~773 MW 3 $6.2 Million AVERAGE POWER COST CURTAILED ENERGY MONETIZED CAPITAL RAISED $33 / MWh 4 164,330 MWh $53.7 Million 5 EMPLOYEES POWER DEVELOPMENT PIPELINE AVERAGE J / TH/s 48 ~2.8 GW <27 J / TH/s 4 (1) As of Jun
Slide 7: 2025 Corporate Focus
2025 Corporate Focus Grow Optimize Capital Develop Pipeline Projects Formation AI Increasing the number of Energize Project Dorothy 2. Pursuing financing Form partnerships to curtailment assessments And enhancing the opportunities to support harness the value of our completed with power profitability,
Slide 8: Sophie Highlights
Sophie Highlights 1 2 Completed 3.3 MW Achieved record peak fleet changeout with hashrate of 1.05 EH/s an industry leading with 25MW. customer. 3 4 Improved Q2 uptime Improved hashrate by 9% from Q1 +19% PH/S vs Q1 ‘25 substation outage, +38% PH/S vs Q1 ‘24. despite unpredictable weather conditions.
Slide 9: Dorothy 1A Highlights
Dorothy 1A Highlights 1 2 Renewed 5 MW Upgraded fleet for hosting contract with Bitmine and Compass, Compass Mining. driving hashrate improvements +20% vs Q1 ‘25. 3 Completed PDU software upgrades to improve site curtailment response and electrical equipment life. 9 | Nasdaq: SLNH
Slide 10: Dorothy 1B Highlights
Dorothy 1B Highlights 1 2 Completed action plan Procured electrical for Q3 consolidation PDU infrastructure to to renew miners. support new generation miners. 3 Completed PDU software upgrades to improve site curtailment response and electrical equipment lifespan. 10 | Nasdaq: SLNH
Slide 11: Dorothy 2 Highlights
Dorothy 2 Highlights 1 2 Phase 1 construction Expanded Hosting achieved substantial Contracts with completion in May; Industry Leaders Progress on Phases 2 Blockware, Compass and 3 continued. Mining, and more. 3 4 Progressed with Phase Onboarded Phase 1 1 customer machine team to support deployments
Slide 12: Kati 1 Highlights
Kati 1 Highlights 1 2 Signed $20M Completed 50 MW investment substation commitment from installation, and Spring Lane Capital to completed ERCOT launch construction. load modeling. 3 4 Finalized EPC contract Negotiated hosting and planned agreement for mobilization. Phase 1 (48 MW) with a leading pa
Slide 13: Our Accomplishments in Q2 2025
Our Accomplishments in Q2 2025 Business Project Milestones Milestones ● 166 MW Project Kati Land Secured and ● Secured $20M investment from Spring Lane Capital into Project Kati, with up to Shovel-Ready $100M investment in future projects. ● 187 MW Project Rosa land secured ● Maintained 19% gross pr
Slide 14: Q3-Q4 Roadmap of Upcoming Catalysts
Energize Phase 2 (14 MW) Project-level Capital Energize Phase 3(18 MW) Perform Initial Site of Dorothy 2 Formation Progress of Dorothy 2 Energization at Project Kati 1 Financing and Break Development work Energize Phase 1 (12 MW) New project Ground on Project Kati 1 kickoffs on Projects Rosa, of Kat
Slide 15: Financial Highlights
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Slide 16: YoY Revenue and Gross Profit Drivers
YoY Revenue and Gross Profit Drivers BTC Halving and Hash price Customer ramping BTC halving and -24% hash price lowered Revenue Customer changeouts at Sophie in April, Compass and Gross Profit. renewed 5MW at D1A in June, and Blockware and Compass ramped into new MDCs at Dorothy 2. Outages Demand Res
Slide 17: Bitcoin Hosting Contract Models
Bitcoin Hosting Contract Models Financial Driver Fixed Profit Share Profit Share -- Power pass-through + Opex Fee/Volumetric passthrough fee + BTC profit share + service fees Hash price up no impact gross profit up Hash price down no impact gross profit down Electricity up gross profit down gross profit do
Slide 18: Bitcoin Hosting Contract Mix Shift
Bitcoin Hosting Contract Mix Shift Volumetric contracts at Dorothy more than doubled in Q2, up from 5MW in Q1 2025. 25MW Q2 2025 45MW 11.8 MW Profit Share Volumetric Revenue / Profit Potential 18 | Nasdaq: SLNH 18
Slide 19: BTC Halving and Hash Price Effect on Gross Profit
BTC Halving and Hash Price Effect on Gross Profit Q2 Revenue improved, steady Gross Profit, $5,000 $120 despite pricing headwinds from two key BTC drivers: 1 2 $4,000 $100 $3,000 Gross profit held steady Versus year ago quarter, $80 despite QoQ softness in BTC halving sharply hash price drove a -5% red
Slide 20: Revenue by Quarter
Revenue by Quarter (Consolidated) $ in 000’s $14,000 $12,000 $10,000 $9,675 Solid IncreaseThird Quarter from Prior Quarter of $0.2M $8,272 driven by Dorothy 2’s first customers. $8,000 $7,525 Revenue Other sites maintained marginal $5,936 $6,158 $6,000 growth in hosting revenue. Revenue increased by
Slide 21: Q2 QoQ Revenue Bridge
Q2 QoQ Revenue Bridge (Consolidated) $7,000 $734 $ in 000’s $5,936 ($346) $6,158 $6,000 ($28) ($138) $5,000 Solid Q2 2025 Third Quarter Revenue is $6.2 million - an increase over Q1 2025 due to: Revenue $4,000 1. New hosting customer ramp up (all sites) increased Revenue (+$0.7 million) by 30% to $3
Slide 22: Q2 YoY Revenue Bridge
Q2 YoY Revenue Bridge (Consolidated) $12,000 $ in 000’s $10,000 $9,675 Q2 2025 Revenue is $6.2 million, a net decline due to four factors: $8,000 ($1,956) 1. BTC halving and subsequent hash price ($884) $37 $6,158 volatility ($2.0 million). $6,000 ($582) ($132) 2. Change in commercial model mix to m
Slide 23: Gross Profit by Quarter
Gross Profit by Quarter (Soluna Digital) $ in 000’s $12,000 $10,000 $9,675 Q2 2025 Gross profit $8,256 remained resilient at $8,000 $7,525 19%, consistent with Q1, reflecting strong cost $6,030 $5,908 $6,158 $6,000 $5,565 $5,694 discipline and margin $4,970 stability, despite a $4,110 $4,756 ($0.3M) de
Slide 24: General & Administrative Q2 25 vs. Q2 24
General & Administrative Q2 25 vs. Q2 24 $7 $ in 000’s $0.1 $6 $0.5 $5.4 $5.4 ($0.2) ($0.2) ($0.2) Stock-based compensation of $1.9M $5 had a $500K increase vs. Q2 2024 primarily related to additional grants issued to directors and officers in 2025, $4 and reduction of forfeiture rate. $3 Salaries an
Slide 25: Adjusted EBITDA by Quarter
Adjusted EBITDA by Quarter (Consolidated) $4,000 $ in 000’s $1,797 $2,000 Compared to Q2 of prior year, Q2 2025 adjusted EBITDA of ($1.2M) decreased by $3.0M driven by -24% avg hash price, Bitcoin halving, lower $0 DRS revenue and higher professional fees from fundraising. ($1,227) Compared to prior
Slide 26: Q2 YoY Adj EBITDA Bridge
Q2 YoY Adj EBITDA Bridge (Consolidated) $2,000 $1,797 $ in 000’s $1,500 $1,000 Q2 2025 Adj EBITDA is ($1.2 million) $500 Compared to $1.8 million in Q2 2024, driven primarily by Bitcoin halving in $0 April 2024 and hash price volatility, ($1,956) ($0) D1B fewer machines working and ($500) lower effic
Slide 27: Revenue & Cost of Revenue by Project Site Q2 2025
Revenue & Cost of Revenue by Project Site Q2 2025 (in 000’s) Dorothy 1A and Sophie delivered strong gross margins of 31.9% and 59.0%, respectively. Dorothy 2 commenced customer onboarding in Q2, with labor costs ramping ahead of revenue, consistent with planned early-stage operations. 27 | Nasdaq: S
Slide 28: Revenue & Cost of Revenue by Project Site Q2 2024
Revenue & Cost of Revenue by Project Site Q2 2024 (in 000’s) 28 | Nasdaq: SLNH
Slide 29: Summary of Existing Debt
Summary of Existing Debt 1 $14.1m subsidiary debt (no Soluna Holdings guarantee); $9.1m GreenCloud debt (with Soluna Holdings guarantee)2 Amort Debt Tranche (Entity) / (Guarantor) Total Remaining GreenCloud (Cloud) / (Holdings)3 $9,094 ~2 years Spring Lane Equipment (Dorothy 2) / (None)4 $519 n/a Ga
Slide 30: Existing Debt By Entity
Existing Debt 1 By Entity $14.1m subsidiary debt (no Soluna Holdings guarantee); Soluna Holdings, Inc. $9.1m GreenCloud debt (with Soluna Holdings guarantee) (SLNH) Soluna Digital (SDI) Soluna Cloud (SCI) Project Sophie Project Marie2 SDI SL Borrowing Soluna AL CloudCo3 HoldCo Project Marie Spring L
Slide 31: Energized Data Center Capacity and Growth
Energized Data Center Capacity and Growth We are building the largest clean-energy-powered Bitcoin Energy Capacity (MW) Compute Power (EH/s) infrastructure platform. 700 70 600 60 500 50 Year Energy (MW) 1 Hashrate (EH/s2) 1 400 40 2023 25 1.0 2024 75 2.9 300 30 2025 129 5.8 200 20 2026 368 19.8 100
Slide 32: Illustrative Earnings Potential - Base case
Illustrative Earnings Potential Base case - $55 hash price 3 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Non-GAAP Financials $140,000 $70,000 $132,808 Substantial potential ramp of $117,539 Consolidated Total Revenue and Adj. $120,000 $60,000 $54,646 EBITDA1,2 driven by c
Slide 33: Illustrative Earnings Potential - Upside case
Illustrative Earnings Potential 3 Upside case - $75 hash price 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Non-GAAP Financials $167,078 $160,000 $100,000 Additional $20 of hash price vs. base $88,572 $148,297 case adds approximately $35 million to $77,016 annual Consolida
Slide 34: Company Overview
Company Overview
Slide 35: We unlock wasted renewable power and lighten the burden on the grid
We unlock wasted renewable power, meet compute and energy demand and lighten the burden on the grid Energy Grid is Exploding Supply-Demand Constrained Compute is Imbalanced Demand Rising energy costs, slow interconnection timelines, and 30-40% of Renewable energy BTC and AI/HPC workloads are limited
Slide 36: Soluna operates data centers co-located with renewable power
Soluna operates data centers co-located with renewable power plants, turning their wasted energy into sustainable computing resources. 36 | Nasdaq: SLNH
Slide 37: All forms of renewable energy are growing faster
GW All forms of 12,000 renewable energy are growing faster than ever. 6,000 0 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Source: IEA data - https://www.iea.org/reports/renewables-2024/executive-summary 37 | Nasdaq: SLNH
Slide 38: Renewable energy has a wasted energy problem
RENEWABLE ENERGY HAS A WASTED ENERGY PROBLEM 30 40 of energy produced by renewable plants % goes unused. Source: Soluna Curtailment Assessments of IPPs in Pipeline. Curtailment estimates from ISO/RTO websites. Wood Mackenzie. 38 | Nasdaq: SLNH
Slide 39: Computing is ready now
Storage is not Transmission Computing is yet sufficiently upgrades face too ready now. scalable… many challenges & take too long… 39 | Nasdaq: SLNH
Slide 40: AI is requiring more and more power
Dennard-Scaling Era Multicore Era Deep Learning Era Deep 1010 Learning AI IS REQUIRING MORE AND MORE POWER 108 The energy required to run AI tasks is already accelerating with an annual 106 growth rate between 26% and 36% This means by 2028, AI could be using more power Hardware 104 than the entire
Slide 41: The Lifecycle of AI
The Lifecycle of AI Gen AI is batchable: Parts of the Generative AI lifecycle are perfect computing applications for co-location with renewable Batchable process power plants, because they are inherently batchable. Real-time process Training Fine Inferencing Tuning A new model is created from scratc
Slide 42: Unique Interconnection Strategy
Unique Interconnection Strategy Behind-the-Meter Structure Allows Our Data Centers to Remain Flexible, Drawing Power from the Grid or Renewable Power Plant and Provide Ancillary Services. Rapid Time to Interconnection. EXISTING RENEWABLE POWER PROJECT ASSETS GRID OPERATOR TELEMETRY PROJECT METER HV
Slide 43: How We Source Power for Our Data Centers
How We Source Economic/Technical Power for CURTAILED curtailment from negative LMP. ENERGY Our Data Centers DC * Energy that would have gone to grid SUBTRACTIVE GRID Energy that is sourced from the grid in excess without the load. ENERGY ENERGY of plant production. * Soluna BTC or AI Data Center. 43
Slide 44: Texas Wind Farm Curtailment
CASE STUDY Texas Wind Farm Curtailment 150 MW Wind Generation Generation Curtailed 80% 60% 73% 66% 57.3% 59.7% 40% 42.7% 40.3% 34% 20% 27% 0% 2021 2022 2023 2024 Source: Soluna Data Analysis, Wind Farm Data 44 | Nasdaq: SLNH
Slide 45: Soluna Consumes ~50% of Curtailed Energy
CASE STUDY Soluna Consumes ~50% of Curtailed Energy 50 MW Data Center – Project Dorothy 1 Consumed by Soluna Curtailed 80% 60% 40% 42.7% 40.3% 34% 20% 27% 22.6% 20.6% 16.9% 14% 0% 2021 2022 2023 2024 Source: Soluna Data Analysis, Wind Farm Data 45 | Nasdaq: SLNH
Slide 46: How We Achieve Tier-3 Uptime Behind the Meter
How We Achieve Grid Energy 39.200% Tier-3 Uptime Behind the Meter Energy is sourced from DATA Resiliency the grid, the renewable power plant, and a CENTER Other Backup 2.000% resiliency solution. UPTIME 1.982% 99.982% Downtime 0.018% Wind Energy 58.800% 46 | Nasdaq: SLNH
Slide 47: Our Power Cost Is Among the Lowest In the Industry
Our Power Cost $80 Is Among the $80 Lowest In the $70 Industry $60 $50 $50 $40 $40 $30 $30 $20 $10 $0 Bitcoin 1 AI 2 (1) Luxor Research; Public filings from various miners Industry (2) EIA.gov | https://www.eia.gov/electricity/monthly/epm_table_grapher.php?t=epmt_5_6_a Soluna 47 | Nasdaq: SLNH
Slide 48: Why Soluna, Why Now
Why Soluna, We have Why Now a proven behind-the-meter 2.8GW 18% greener approach to source pipeline of wasted renewable energy to than traditional data power, track record of power our data centers, ready to drive execution, a business centers. sustainable AI. model that works. We have Our (BTC) dat
Slide 49: The Soluna Way
Source The low-cost curtailed Soluna power from IPPs Way Grow Build, own, pipeline operate data centers We tackle wasted energy through digital infrastructure. As we optimize the grid and serve our customers, we fuel our growth, funding further expansion to make renewable energy a superpower. Grow A
Slide 50: Soluna's solution for grid and data center decarbonization
Soluna’s solution for grid and data center -25% decarbonization As new data-heavy applications drive massive energy demand, most data centers rely on carbon-intensive grids to power these workloads. While RECs are widely used to offset emissions, they often fail to reflect real-time energy usage and
Slide 51: Emissions displaced by AI data center projects
Soluna empowers renewable energy producers to inject renewable energy that would have otherwise been curtailed into the grid. This injection displaces output from dirtier resources, such as coal plants, resulting in a high carbon impact. 48M = MTCO₂e 11M passenger cars removed* Data from our current
Slide 52: Business Segments
Business Segments Prop Bitcoin Mining Grid Ancillary Services Diversified Revenue • Soluna or JV owned Bitcoin mining • Compensation to act as behind-the-meter Streams (and Potential machines flexible load for the grid Revenue Streams) • Bitcoin sold daily • Paid on $ / MWh basis by Utility or Grid Op
Slide 53: Our Customers by the Numbers
71.8 54 Our Customers by the Numbers 1 Total EH/s2 Total No. Facilities 21.3 8 We service some of the Bitcoin industry’s largest, most successful miners. % Average J/TH Percentage of Bitcoin Network (1) Source: Public filings, Luxor Research, Bitcoin Network, and Customer Surveys (2) Total EH/s is fo
Slide 54: We have a growing pipeline of projects
PROJECTS MW We have a Total Long-Term Pipeline 22 2,801 growing Total Curtailment Assessment Completed (YTD) Active Term Sheet Negotiations 22 5 2,801 850 pipeline of Shovel Ready, PPA, or Signed Term Sheets 6 698 projects Average Data Center Project Size 150 Total Power Partners 13 Average Projects
Slide 55: Our Data Center Projects
Our Data Center Projects We have over 773 MW of data center capacity in operation, construction or development Project Location Power Source Size (MW) Model Status Power Cost Partner Dorothy 1A TX Wind 25 BTC Hosting Operating $35 Spring Lane Dorothy 1B TX Wind 25 BTC Mining Operating $35 Navitas So
Slide 56: Meet the Soluna Leadership Team
Meet the Soluna Leadership Team 150 years of combined experience in starting, managing, and leading companies John Belizaire Michael Toporek John Tunison Dipul Patel Mary O’Reilly Chief Executive Officer Executive Chairman Chief Financial Officer Chief Technology Officer Chief People Officer Jessica Tho
Slide 57: Soluna Organizational Structure
Soluna Organizational Structure Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna Energy, Inc. Soluna Digital, Inc. Soluna Cloud, Inc. The development platform that The Bitcoin Hosting business The AI business that builds and identifies and acquires that builds and operates Bitcoin operates data centers to
Slide 58: Learn more at solunacomputing.com
Learn more at solunacomputing.com 58 | Nasdaq: SLNH
Slide 59: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 59
Slide 60: Appendix
Appendix 60
Slide 61: Media & Press in Q2
Media & Press in Q2 • Compensation to act as behind-the-meter flexible load for the grid • Paid on $ / MWh basis by Utility or Grid Operator See all of Soluna’s latest press and media coverage at solunacomputing.com/press 61 | Nasdaq: SLNH
Slide 62: Project Cash Flows Bitcoin Hosting Pre Flip
Project Cash Flows Bitcoin Hosting Pre Flip 1,2,3 We make money from services fees, developer profit and our share of owner profit. PROFIT SLNH JV Partner 3rd Party $21.26 $35.06 $43.68 (1) “Pre Flip” refers to project timeline prior to reaching the JV partner target economics, at which time the % of
Slide 63: Project Cash Flows Bitcoin Hosting Post Flip
Project Cash Flows Bitcoin Hosting Post Flip 1,2,3 After the “Flip” our developer profit increases significantly. PROFIT SLNH JV Partner 3rd Party $37.37 $18.95 $43.68 (1) “Post Flip” refers to project timeline after reaching the JV partner target economics, at which time the % of developer profit incr
Slide 64: Project Cash Flows Bitcoin Prop Mining
Project Cash Flows Bitcoin Prop Mining 1,2 We make money from services fees and our share of owner profit. PROFIT SLNH JV Partner 3rd Party $24.72 $20.58 $54.70 (1) All values are indicative based on certain key assumptions which may vary from any actual project specifically (2) Key assumptions: a) 20
Slide 65: Non-GAAP Measure Management Definitions
Non-GAAP Measure Management Definitions This presentation contains various non-GAAP financial measures which are defined on the following slide, each of which is not calculated in accordance with GAAP. Presentations of these non-GAAP financial measures are intended to aid investors in better understandi
Slide 66: Non-GAAP Measure Management Definitions
Non-GAAP Measure Management Definitions Consolidated Adjusted EBITDA: total EBITDA, as adjusted by management for certain one-time impacts, on a fully consolidated basis, regardless of actual Soluna ownership percentage. Developer Profit: profit and cash paid to project developer from Project Profit/Cas
Slide 67: Bitcoin Halving & hash price by Quarter
Bitcoin Halving & hash price by Quarter After the April 2024 halving of hash price, averaging $67 in Q2 2024, hash price slumped then jumped in 2024, declining gradually through June 30, 2025. (1) hash price in $/PH (2) BTC price in $000’s (3) Gross Profit in $000’s 67 | Nasdaq: SLNH
Slide 68: Consolidated Balance Sheet
Consolidated Balance Sheet 68 | Nasdaq: SLNH
Slide 69: Consolidated Balance Sheet
Consolidated Balance Sheet 69 | Nasdaq: SLNH
Slide 70: Consolidated Statement of Operations
Consolidated Statement of Operations 70 | Nasdaq: SLNH
Slide 71: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows 71 | Nasdaq: SLNH
Slide 72: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliatio n of Net loss to Adjusted EBITDA 72 | Nasdaq: SLNH
Slide 73: FY 2024-25 by Quarter Adjusted EBITDA
FY 2024-25 by Quarter Adjusted EBITDA 73 | Nasdaq: SLNH
Slide 74: FY 2024-25 Debt
FY 2024-25 Debt 74 | Nasdaq: SLNH