Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Q1 2025 Earnings Presentation
60 slides from Soluna's earnings presentation, May 19, 2025
Slide 1: Q1 2025 Results & Business Update
Q1 2025 Results S LUN | & Business Update NASDAQ:SLNH May 2025
Slide 2: Preamble
Preamble The following content is completely qualified by the legal disclosures on the slide following this one. Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business. We operate in a hyper dynamic economic environment. T
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 activites,
Slide 4: Executive Summary
EXECUTIVE SUMMARY Company & Opportunity Overview Alis the fastest growing technology today, with exponentially growing demand for compute and a corresponding insatiable demand for power and data center availability. bL Our mission is to make r Clean energy goes to waste due to curtailment and there'
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Slide 6: Soluna Highlights
Soluna Highlights + INSTALLED HASHRATE MW MANAGED 2025 Q1 REVENUE 2.9 EH/s 2 75 MW > ~698 MW > $5.9 Million AVERAGE POWER COST CURTAILED ENERGY MONETIZED GROWTH EQUITY LINE $35 /MWh* 140,812 MWh $25 Million EMPLOYEES POWER DEVELOPMENT PIPELINE AVERAGE J / TH/s 54 ~2.6 GW <23 J / TH/s* to 2.9 EH, 2.9
Slide 7: 2025 Corporate Focus
2025 Corporate Focus Develop Al Form partnerships to harness the value of our considerable and growing pipeline by developing A\/HPC data center joint ventures. Building governance, advisory and employee Al/HPC expertise in support of expected growth strategy. 7 | Nasdaq: SLNH Optimize Projects Ener
Slide 8: Sophie Highlights
Sophie Highlights 1 Achieved +16% Hashrate improvement from 1Q24 to 1Q25. 3 Three-week unplanned partial outage due to weather impact to substation. 8 | Nasdaq: SLNH 2 Changed mix of customers to achieve better performance and profitability. 4 Project refinanced with Galaxy Debt to invest in new pro
Slide 9: Dorothy 1A Highlights
Dorothy 1A Highlights 1 Migrated 20 MW (of 25 MW) of customers from a volumetric pricing model to a profit share model. 2 3 Changed mix of One week shutdown to customers to achieve facilitate better performance interconnection of and long term Dorothy 2 electrical profitability. infrastructure. 9 |
Slide 10: Dorothy 1B Highlights
Dorothy 1B Highlights 1 2 Paid off, on time, in One week shutdown to full, Navitas facilitate project-level term interconnection of loan. Dorothy 2 electrical infrastructure. Resilient miner performance following winter storm. 10 | Nasdaq: SLNH
Slide 11: Dorothy Highlights
Dorothy 2 Highlights 1 2 On track for About one-third (7%) commissioning of the | of site capacity sold first of 3 phases (16 or under signed term MW) during May sheet. 2025. 3 Initial customer machine deployments are in progress. 11 | Nasdaq: SLNH
Slide 12: Our Accomplishments in Q1 2025
Our Accomplishments in Q1 2025 © Business Project Milestones Milestones © Secured $5 Million in Non-Dilutive Debt O UGS IMA FrrejetNeuillemel save Financing from Galaxy Digital e 48 MW Dorothy 2 began steps to energize and ramp e Full conversion of Convertible Notes e 187 MW Project Rosa land secure
Slide 13: Our Data Center Projects
Our Data Center Projects We have over 698 MW of data center capacity in operation, construction or development Project Location Power Source Size (MW) Model Status Partner Dorothy 14 ™ Wind 25 BTC Hosting Operating Spring Lane Dorothy 1B ™ Wind 25 BTC Mining Operating Navitas Sophie KY Grid 25 BTC H
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14 | Nasdaq: SLNH
Slide 15: Financial Update
Financial | ate cal ae
Slide 16: YoY Revenue and Gross Profit Drivers
YoY Revenue and Gross Profit Drivers BTC Halving and Hashprice BTC halving and hashprice lowered Revenue and Gross Profit. x Outages Strong operating performance was partially offset by an unplanned outage at Project Sophie and planned outages related to Project Dorothy 2 energization and customer c
Slide 17: Bitcoin Hosting
Bitcoin Hosting Contract Models Profit Share -- Power pass-through + Opex passthrough + BTC profit share + service fees Volumetric -- Fixed price on $/kWh + services fees. 17 | Nasdaq: SLNH Financial Driver Hashprice up Volume no impact Profit Share gross profit up Hashprice down no impact gross pro
Slide 18: Bitcoin Hosting
Bitcoin Hosting Contract Mix Shift 2024 25MW 25MW Q1 2025 45MW SMW @ Profit Share & Volumetric Revenue / Profit Potential 18 | Nasdaq: SLNH wo D
Slide 19: BTC Halving and Hashprice
BTC Halving and Hashprice Revenue and Gross Profit were negatively impacted by two key BTC drivers: 1 2 BTC halving sharply Hashprice volatility reduced hashprice in dipped to $45/PH April 2024, as during 1Q25. Starting expected. to recover in 2Q25. Our exposure to hashprice movements is partially m
Slide 20: Planned and Unplanned Outages Offset by Strong Operations
Planned and Unplanned Outages Offset by Strong Operations: and Dorothy continued to deliver strong results that resulted in increased hash rate at both sites, partially offset by 3 key drivers: ch Sophie Unplanned Outage 3-week partial outage due weather damage to its substation. The Ops team at Sop
Slide 21: Revenue by Quarter
Revenue by Quarter (Consolidated) 2024-25 (in 000’s) Decrease in YoY Revenue in Q11 25 of $6.6 million, to $5.9M vs $12.5M in Q1 24, primarily due to BTC halving, decrease in hashrate. Decrease in QoQ Revenue in Q1 25 of $2.3 million vs. Q4 24. This is mainly due to a D1A contract change from fixed
Slide 22: Q1 YoY Revenue Bridge
Q1 YoY Revenue Bridge $ in 000’s Q1 2025 Revenue is $5.9 million - a decline due to four factors: 1. BTC halving and subsequent hashprice volatility ($3.9 million) Change in commercial model mix to more Profit Sharing (fully offset in cost of revenue for no Gross Profit impact; one-time impact ($1.1
Slide 23: Gross Profit by Quarter
Gross Profit by Quarter (Excluding Project ADA / Cloud) 2024-25 (in 000’s) Q1 2025 Gross Profit declined by $5.7 million, driven by the following factors: 1. BTC halving and subsequent hashprice volatility ($3.9 million). 2. Data center downtime related to weather and customer change out, partially
Slide 24: Q1 YoY Gross Profit Bridge
Q1 YoY Gross Profit Bridge (Excluding Project ADA / Cloud) $ in 000’s $7,000 $6,934 — $6,000 Q1 2025 Gross Profit is $1.2 See $5,000 $3,914 million, compared to the $6.9 million in Q1 2024. Variables that impacted Q1 revenue include $4,000 Bitcoin halving, increased variable costs, site inefficienci
Slide 25: General & Administrative Q1 vs. Q1
General & Administrative Q1 24 vs. Q1 25 2024-25 (in 000's) Stock Based Compensation had an increase of approximately $1.1 million. Professional fees increased approximately $0.8 million in relation to legal fees associated with registration of the SEPA and other SEC regulatory and compliance matter
Slide 26: Adjusted EBITDA by Quarter
Adjusted EBITDA by Quarter 2024-25 (in 000’s) Q1 2025 adjusted EBITDA of ($1.6 million) compared to the Q1 2024 adjusted EBITDA of $5.1 million, decreased by $6.6 million driven by Bitcoin halving, hashprice, site outages, lower DRS revenue and higher professional fees expenses. Q1 2025 adjusted EBI
Slide 27: Q1 YoY Adj EBITDA Bridge
Q1 YoY Adj EBITDA Bridge $ in 000’s Q1 2025 Adj EBITDA is ($1.7 million), compared to the $5.2 million in Q1 2024, driven primarily by Bitcoin halving in April 2024 and hashprice volatility, unplanned outage at Project Sophie, planned outages related to Project Dorothy 2 energization and customer ch
Slide 28: Revenue & Cost of Revenue by Project Site Q1 2025
Revenue & Cost of Revenue by Project Site Q1 2025 (in 000’s) 28 | Nasdaq: SLNH (Dollars in thousands) Cryptocurrency mining revenue Data hosting revenue High-performance computing service revenue Demand response services Total revenue Cost of cryptocurrency mining, exclusive of depreciation Cost of
Slide 29: Revenue & Cost of Revenue by Project Site Q1 2024
Revenue & Cost of Revenue by Project Site Q1 2024 (in 000’s) 29 | Nasdaq: SLNH (Dollars in thousands) Cryptocurrency mining revenue Data hosting revenue High-performance computing service revenue Demand response services Total revenue Cost of cryptocurrency mining, exclusive of depreciation Cost of
Slide 30: Illustrative Hosting MW and Revenue Ramps
Illustrative Hosting MW and Revenue Ramps MW Hosting Revenue 200 Capacity - - — $20M . = historical } projected = historical_|-projected a 150 $15M 100 $10M 50 $5M 0 ot Es £3 bd $o Ly Ly oy bd 1Q24 2924 3924 4Q24 1925 2925 3925 4Q25 1926 2925 3Q26 4926 1924 2Q24 3924 4924 1925 2925 3Q25 4925 1926 29
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Slide 32: Driving the convergence of renewable energy & advanced computing
We are driving the convergence of renewable energy & advanced computing infrastructure. Up to 40% of generated energy goes unused. Soluna aims to convert this excess unused energy if into high performance computing, ' REN EWABLE turning wasted power into value. COMPUTING Source: Soluna Curtailment A
Slide 33: All forms of renewable energy are growing faster than ever
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:/Avww.iea.org/reports/renewables-2024/executive-summary 33 | Nasdaq: SLNH D\
Slide 34: Renewable Energy Has a Wasted Energy Problem
RENEWABLE ENERGY HAS A WASTED ENERGY PROBLEM 30-40" of energy produced by renewable plants goes unused.
Slide 35: Computing is ready now
Sees - . - x s Computing is ready now. 4 } ) 35 | Nasdaq: SLNH ike J NERY Y | YT} j 4. @
Slide 36: AI Has an Energy Consumption Challenge
Al HAS AN ENERGY CONSUMPTION CHALLENGE Al energy demand is growing exponentially Each step increase in the power of Al models requires an exponential increase in energy consumption just for training. = ChatGPT-3 GPT-4 2 Aa ; 36° | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY Training Time (ON
Slide 37: AI Is Requiring More and More Power
Dennard-Scaling Era Al IS REQUIRING MORE AND MORE POWER The energy required to run Al tasks is already accelerating with an annual growth rate between 26% and 36% _IL__ This means by 2028, Al could be using more power “|[-_ than the entire country of Iceland used in 2021 1985 1990 1995 37 | Nasdaq:
Slide 38: The Lifecycle of AI
The Lifecycle of Al Gen Al is batchable: Parts of the Generative Al lifecycle are perfect computing applications for co-location with renewable power plants, because they are inherently batchable. Training Fine os Tuning Anew model is created from scratch by learning from a large corpus of text. The
Slide 39: Soluna operates data centers co-located with renewable power plants
Soluna operates data centers co-located with renewable power plants, turning their wasted energy into sustainable computing resources. 39 | Nasdaq: SLNH
Slide 40: 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 I I GRID OPERATOR TELEMETRY PROJECT M
Slide 41: How We Source Power for Our Data Centers
How We Source Power for CURTAILED [Riyariieivsiiies ENERGY negative LMP. Our Data ° Energy that would . have cone to arid SUBTRACTIVE Energy that is sourced g g from the grid in excess without the load. ENERGY of plant production * Soluna Al Data Center. 41 | Nasdaq: SLNH
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42 | Nasdaq: SLNH
Slide 43: Why Soluna, Why Now
Why Soluna, We have 18% a proven (6) Why Now 2.6GW aeCneE behind-the-meter approach to source pipeline of wasted a than traditional data centers, ready to drive power, track record of sustainable Al. execution, a busines We have ™ ta center an experienced team troOS with deep expertise in rietary pr
Slide 44: The Soluna Way
The Soluna Way 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. 44 | Nasdaq: SLNH Source low-cost curtailed power from IPPs Grow Build, own, pipeline operate d
Slide 45: Soluna's solution for grid and data center decarbonization
Soluna’s solution for grid and data center 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 carb
Slide 46: Renewable energy injection displaces dirtier resources
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. @@ = 50,000 cars iy. Rs Ry. Rn. Pn Fy... Fy. 48M = ff 11M remo
Slide 47: Business Segments
Business Segments Diversified Revenue Streams Soluna Cloud dag: SLNF = High Performance Computing * Colocation and hosting services for companies that need Al-ready data centers, + Soluna develops data centers with JV partners and provides Managed Infrastructure Services. i
Slide 48: Projects: A growing pipeline
PROJECTS We have a growing pipeline of projects Total Power Partners Average Projects per Power Partner 2 2GW+ long-term States 2 pipeline with large IPPs and infrastructure funds in the US and beyond eo ® 3 x & of oo OP Se ow oo a ae as as oe «i 3 > so . et a % <a woe" CO™ vk ne Ho IS) se) ot sh os
Slide 49: Our Data Center Projects
Our Data Center Projects We have over 698 MW of data center capacity in operation, construction or development Project Location Power Source Size (MW) Model Status Partner Dorothy 14 ™ Wind 25 BTC Hosting Operating Spring Lane Dorothy 1B ™ Wind 25 BTC Mining Operating Navitas Sophie KY Grid 25 BTC H
Slide 50: Meet the Soluna Leadership Team
Meet the Soluna Leadership Team 150 years of combined experience in starting, managing, and leading companies @ @ QO @ : _ SLOAN SCHOOL LOCKHEED MARTIN 4 John Belizaire Michael Toporek John Tunison Dipul Patel Mary O'Reilly @ Pregis VIACOMCBS Chief Executive Officer Executive Chairman Chief Financia
Slide 51: Soluna Organizational Structure
Soluna Organizational Structure Soluna Holdings, Inc. (Nasdaq: SLNH) Soluna Energy, Inc. The development platform that identifies and acquires co-located sites with renewables to construct data center assets. 51 | Nasdaq: SLNH Soluna Digital, Inc. Soluna Cloud, Inc. The Bitcoin Hosting business The
Slide 52: Welcome to Renewable Computing
SOLUNA WELCOME TO ~ COMPUTING Learn more at solunacomputing.com
Slide 53: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe
Slide 54: Appendix
D Appendix
Slide 55: Consolidated Balance Sheet
Consolidated Balance Sheet /e been adjusted to verse Stock Split ofthe jock ata ratio of 1 for-26 that pecame effective October 13, 2 55 | Nasdaq: SLNH (Dollars in thousands, except per share) Assets Current Assets: Restricted cash Accounts receivable, net (allowance for expected credit losses of $2
Slide 56: Consolidated Balance Sheet
Consolidated Balance Sheet {a}Prior period results have been adjusted to reflec Split of the Garmmontitoceata rib of for-26 that became effective October 13, 56 | Nasdaq: SLNH (Dollars in thousands, except per share) Commitments and Contingencies (Note 10) Stockholders’ Equity: 9.0% Series A Cumulat
Slide 57: Consolidated Statement of Operations
Consolidated Statement of Operations (1)Prior period results have been adjusted to reflect the Reverse Stock Split of the Common Stock at a ratio of 1-for-25 that became effective October 13, 2023 57 | Nasdaq: SLNH (Dollars in thousands, except per share) Cryptocurrency mining revenue Data hosting r
Slide 58: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows 58 | Nasdaq: SLNH oltars in oma Operating Activities Net loss Adjustments to reconcile net loss to net cash provided by (used in) by operating activities: Depreciation expense Amortization expense ‘Stock-based compensation Deferred income taxes Impairment on fixe
Slide 59: Prior Year Comparison Adjusted EBITDA
Prior Year Comparison Adjusted EBITDA 59 | Nasdaq: SLNH (Dollars in thousands) Three months ended Net loss from continuing operations Interest expense Income tax benefit Depreciation and amortization EBITDA Adjustments: Non-cash items Stock-based compensation costs Loss on sale of fixed assets (Gain
Slide 60: FY 2024-25 Adjusted EBITDA by Quarter
FY 2024-25 by Quarter Adjusted EBITDA 60 | Nasdaq: SLNH Dollars in thousands’ Net loss from continuing operations Interest expense, net Income tax benefit from continuing Three Three months months ended ended September December 30, 31, 2024 2024 $ (2,544) $ (145) $ (8,093) $ (38,518) 424 449 821 833