Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Q3 2025 Earnings Presentation
64 slides from Soluna's earnings presentation, Nov 17, 2025
Slide 1: Q3 2025 Results & Business Update
Q3 2025 Results SOLUNA & Business Update — INNS) BY-N@ Hs) NT | November 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 inctudes forward:-lnokng statements within the meaning ofthe Private Secures Litigation Reform Act that reflect our current views wit respect o, among other things, our operations, busines stratagy interpretation of ‘The forward-looking statements con
Slide 4: Executive Summary: Company Overview
EXECUTIVE SUMMARY Company Overview es + (6) ——— ()\\ H—— Alis driving exponentially growing demand for compute 4 | Nasdaq: SLNH Miners prefer scalable, well- managed, and cost-advantaged hosting partners. Soluna bridges this gap A 200k Co-locating data centers behind the meter at renewable power gen
Slide 5: Q3 Soluna Highlights
Q3 Soluna Highlights’ INSTALLED HASHRATE MW MANAGED 2025 Q3 REVENUE 4.5 EH/s? 105 MW) ~1.0GW* $8.4 Million AVERAGE POWER COST CURTAILED ENERGY MONETIZED CAPITAL RAISED in Q3 $32.5 / 166,151 MWh $64 Million 4 MWh®> EMPLOYEES POWER DEVELOPMENT PIPELINE AVERAGE J/ TH/s 50 ~2.8 GW <26 J / TH/s® (1) As o
Slide 6: Our Strategy
Our Strategy Transform stranded clean energy into high-performance computing infrastructure. ~2.8GW Power Pipeline We sign PPAs and acquire land co-located with Renewable Energy projects with high curtailment. 6 | Nasdaq: SLNH Bitcoin Al We develop Al data center projects and form JVs with data cent
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Slide 8: 2025 Corporate Focus
2025 Corporate Focus Qo Grow Pipeline Increasing the number of curtailment assessments completed with power partners, advancing more projects to shovel-ready status, and executing additional project term sheets. 8 | Nasdaq: SLNH [lp Optimize Projects Energize Project Dorothy 2. ‘And enhancing the pr
Slide 9: Our Accomplishments in Q3 2025
Our Accomplishments in Q3 2025 AY Business Milestones S100M Credit Facility with Generate Capital $20M Secured from Spring Lane Capital Reached agreement with NYDIG Regained Nasdaq listing compliance Surpassed 4 EH/s of Hash Rate Under Management ‘ Added Project Gladys and Fei to surpass 1 Gigawatt
Slide 10: Generate Highlights
( GENERATE Highlights e@ $12.6 million 5-year term initial loan e Amortization — fixed (7-year mortgage style) + sweep (75% of excess cash flow until principal paid down to 50%, then dropping to 25%) e Warrants to purchase up to 4.0 million shares: © 2.0 million pre-funded, and © 2.0 million at a st
Slide 11: About Generate Capital
A specialized investment platform that builds, owns, and operates critical infrastructure. Focused on affordable, resilient solutions that deliver essential resources to customers and communities. ABOUT (S GENERATE Since 2014: S14B 2000+ 50+ Raised Assets in operation Partnerships with leading techn
Slide 12: Our Capital Partners
Our Capital Partners i) galaxy (§ GENERATE We're honored to be backed by some of the best investment firms in crypto and sustainability. 03.0 SPRING LANE Oon0 CAPITAL Navitas YA Yorkville Advisors 02:0 12 | Nasdea: SLNH Q1IGwW+
Slide 13: We serve some of Bitcoin's most successful miners
We serve some of Bitcoin’s most successful miners Here's a snapshot of our customers’ total mining portfolios.>? (2) Source: Public lings, Luxor Research, Biteoin Network, and ‘Customer Surveys {2} Total EH is for our customers’ total mining portolo - nt the ‘tal installed in Soluna hosting data cen
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Slide 15: Highlights: Project Sophie
HIGHLIGHTS, Project Sophie 1 2 Completed 3.3 MW fleet Completed annual changeout with an preventative maintenance on industry leading customer critical electrical equipment 3 4 Upgraded network Maintained >90% operational architecture to enhance availability despite high security and reliability sum
Slide 16: Highlights: Project Dorothy 1A
HIGHLIGHTS, Project Dorothy 1A 1 2 Two customers completed Completed intake filter and deployed fleet replacements to help upgrades during the optimize airflow month 3 Continued strong operational stability with reduced curtailment as Maestro OSTM optimized 4CP performance 16 | Nasdaq: SLNH
Slide 17: Highlights: Project Dorothy 1B
HIGHLIGHTS, Project Dorothy 1B 1 2 Consolidated miners in Upgraded fleet by deploying existing fleet to improve 1,800+ S19XP miners into utilization and free up rack — available space space 3 dh Operational Replaced intake filters to improvements drove optimize airflow and miner measurable performan
Slide 18: Highlights: Project Dorothy 2
HIGHLIGHTS, Project Dorothy 2 1 2 Completed full Phase 2 and 3 are fully construction of the project developed and the site transitioned to steady state operations in October 3 dh Continued to build out Became the highest team to support performing Soluna site at operations 2 EH/s under management 1
Slide 19: Fundamentals: Project Dorothy
FUNDAMENTALS Project Dorothy 2 CAPACITY POWER SOURCE 48 MW Wind LINE OF BUSINESS AVERAGE 3-MONTH Bitcoin Hostin, meg 3 ~$35 /Mwht CURTAILED ENERGY CONSUMED INSTALLED HASHRATE 3k MWh? 2.1 EH/s? ENERGIZATION CAPITAL PARTNERS Q2 2025 SPRING LANE cos ( CENERATE ofthe total cost of building and operating
Slide 20: Dorothy & Milestones
Dorothy 1 & 2 Milestones (As of November 10th) PROJECT SIZE PURPOSE BTC ALLOCATION HOSTING CUSTOMER DISTRIBUTION 98 MW Bitcoin Mining - operational 2 MW Al - under development 25 MW proprietary 73 MW hosting 5 industry leading partners ~100 MW DEPLOYED MINING RIGS OPERATING HASHRATE FLEET EFFICIENCY
Slide 21: Highlights: Project Grace
HIGHLIGHTS, 1 Completed Conceptual Design for Behind-the-Meter Al Power and Cooling Infrastructure Blueprint 3 Completed initial site layout and building conceptual design, designed to NVIDIA reference design 21 | Nasdaq: SLNH Project Grace 2 Held strategic kick-off meeting with technical partners (
Slide 22: Fundamentals: Project Kati
FUNDAMENTALS Project Kati 1 CAPACITY POWER SOURCE 83 MW Wind LINE OF BUSINESS. AVERAGE 3-MONTH Bitcoin Hostin Poa 3 ~$30 / MWh? CURTAILED ENERGY pert CAPITAL PARTNERS. TBD SPRING LANE ENERGIZATION 2026 (GENERATE PARTNERS (2) Estimated “Lovelized Cost of Energy = Calculates present value ofthe total
Slide 23: Project Kati Groundbreaking
Aom) Project Kati Groundbreaking AS SEEN IN DataCentre. MAGAZINE AR, ni CRANDE CUARDIAN SZ Business Journal THE TEXAS TRIBUNE 23 | Nasdaq: SLNH
Slide 24: Highlights: Project Kati
HIGHLIGHTS, £3 Project Kati 1 1 2 Substation upgraded to Groundbreaking ceremony support 83 MW in Q3 with local community in attendance 3 dh Civil and electrical Long-lead equipment for construction underway, Kati 1B (35 MW) is staged with the installation of for installation Galaxy containers in pr
Slide 25: Fundamentals: Project Kati Technical Overview
FUNDAMENTALS Project Kati 2 § aad 440, Technical Overview 5 83+ MW 1000 & Development 4 a LINE OF BUSINESS UPTIME TIER Timeline ; i HPC TU nce csc aoc CURTAILED ENERGY POWER DENSITY CONSUMED 400 W/SF TBD TOTAL POWER CIT ENERGIZATION 43.5 MW 2026-2027 0 wm 87 MW AVERAGE 3-MONTH many ‘ANNUAL LCOE* SIZ
Slide 26: Highlights: Project Kati 2
HIGHLIGHTS, Substation upgrade to support 83 MW was completed. Long-lead equipment ordered. 3 Site marketing began. Exploring pathways to increase energy capacity to support larger campus. 26 | Nasdaq: SLNH ‘' Project Kati 2 2 Signed MOU with development partner with HPC experience. Design engineeri
Slide 27: The Perfect Storm: Driving Energy Demand
The Perfect Storm: Driving Energy Demand Historic Load Spike* Explosive load growth: U.S. utilities now forecast 50 GW of new generation needed by 2030, Unprecedented scale: Individual campuses now reach 100 MW-5 GW each—comparable to small cities. Infrastructure Bottlenecks *** Interconnection queu
Slide 28: We have a growing pipeline of projects
We have a . growing pipeline of projects Tefal Power Partners Average Projects per Power Partner 2.8GW+ long-term States pipeline with large IPPs and infrastructure funds in the US and beyond (1) Current operating hosting and mining project. 28 | Nasdoa:SLNH Q1GW+
Slide 29: Our Data Center Projects
SOLUNA 1GW-+- Our Data Project Location Power Source Size (MW) Model Status? PowerCost Partnerts) . Dorothy1A TX Wind 25 BTC Hosting Operating $35 Spring Lane, Generate Center Projects Dorothy 1B ™ Wind 25 BTC Mining Operating $35 Navitas ‘We haveover 1GW of ‘Sophie ky Grid 25 BTC Hosting Operating
Slide 30: Project Locations
Project Locations Soluna has 1GW+ of Renewable Computing Projects in Texas. A major location for Bitcoin and Al data centers. The proximity of several projects creates “clusterin his potentially creates opportunities for larger data center campuses at our sites. 30 | Nasdaq: SLNH PROJECT ROSA BROIEC
Slide 31: Energized Data Center Capacity and Growth
Energized Data Center Capacity and Growth We are building the largest clean-energy-powered Bitcoin infrastructure platform. Year Energy (MW) + Hashrate (EH/s2) * 2023 25 10 2024 75 28 2025 129 58 2026 368 198 © 2027 696 46.4 Energy Capacity (MW) 700 600 500 400 300 200 ‘Compute Power (EH/s) “0 2» 20
Slide 32: Roadmap of Upcoming Catalysts
Energize Phase 3 (18 MW) Dorothy 2 Final Energize Phase 1(48MW) _Kickoff Design & Engineering of Dorothy 2 Completion of Kati 1 of Kati 2 Al Project-level Capital PPAs on Projects Rosa, New ProEee Energize Phase 2 (35 MW) Formation Hedy, Ellen, Annie See es of Kati 1 Announcements Q4 - Q1'26 Roadmap
Slide 33: Q3 Capital Formation
Q3 Capital Formation We raised over $64 million from a variety of public market and project $25.0 equity sources to fund our growth, Operating sites balanced the capital facility, drawing $12.6M. development and operations. $20.0 stack using the new Generate credit BEBO — $10.0 (a) galaxy GENERATE =
Slide 34: Q3 Capital Investments
Dorothy 2 14.7% Q3 Capital Investments Debt and equity invested in Project-level Development and Construction totaled $20 million. Capacity 68.7% 34 | Nasdea: SLNH @LGW+
Slide 35: Flexible, Scalable Capital Formation
Flexible, Scalable Capital Formation Capital formation occurs at project-level and at parent-level companies. Bitcoin is separate from Al. Soluna Holdings, Inc. (SLNH) wn | co -— =_—, a : BTC Project Co BTC Project Co Al Project Co Al Project Co QO galaxy GENERATE e SPRING LANE oe0 EquityiDebt Infra
Slide 36: Highlights
D _ Highlights —
Slide 37: Business Segments
Business Segments Diversified Revenue Streams (and Potential Revenue Streams) 37 | Nasdaq: SLNH 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. BD
Slide 38: Balance Sheet Transformation
Balance Sheet Transformation Sin millions Total Assets Q3 25 vs Q4 24 80 hod $64 = i i wo on i — ‘ | — oS Current assets increased by 392%, adding $43.5 million in unrestricted cash for future investments PP&E increased by 36%, growth of the company, nearing construction completion of D2 and the sta
Slide 39: Revenue by Quarter
Revenue by Quarter (Consolidated) $ in 000's Increase from Prior Quarter of $2.3M driven by continued energization of Dorothy 2. Other sites maintained marginal growth in hosting revenue, barring D1B, which stayed steady. Increase in YoY Revenue in Q3 25 of $0.9M, from $7.5M in Q3 24 to $8.4M Q3 25,
Slide 40: Gross Profit by Quarter
Gross Profit by Quarter (Soluna Digital) $ in 000’s Q3 2025 Gross profit increased by $1.6M, and margin increased to 28%, compared to 19% in Q2, reflecting strong cost discipline and margin uplift from $56 Hashprice and volume, in addition to the one-time benefit of $400k in electricity credits. 40
Slide 41: Adjusted EBITDA by Quarter
Adjusted EBITDA by Quarter As reported (Consolidated) S in 000's 500 Compared to Q3 of prior year, [] i (1,227) (1,648) Q3 2025 adjusted EBITDA of ($6.4M) (2,000), decreased by $2.9M driven by Pref B (2,520) consent fees paid (no operating cash impacts), compensation related to 2024 $1.4M, $1.0M inc
Slide 42: Adjusted EBITDA by Quarter (Excluding Special Items)
Adjusted EBITDA by Quarter Excluding HPE costs, equity raise costs and out-of-period expenses (Consolidated) $ in 000’s “ i — 1,000 5a ° “ | | (1,000) (971) (1,447) 9324 qaza 125 9225 9325 324 0424 = Q125 0225 Q325 HPE Cloudco costs 2,859 2,859 oO 0 Bonus expense 554 (1,090) oO 1 ing expenses 9 ‘exc
Slide 43: Revenue & Cost of Revenue by Project Site
Revenue & Cost of Revenue by Project Site Q3 2025 (in 000's) Dorothy 1A and Sophie delivered strong gross margins of 43.6% and 68.4%, respectively. Dorothy 1B observed steady increase in MWh consumption. Gross Profit (+0.3%) shrank from higher depreciation (38% of revenue) compared to other sites an
Slide 44: Welcome to Soluna
SOLUNA WELCOME TO Learn more at solunacomputing.com
Slide 45: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe
Slide 46: Appendix
D Appendix 46 | Nasdoa: SLNH Q1IGwW+
Slide 47: Media & Press in Q3
Media & Press in Q3 North American FINANCIAL TIMES Uae [)) BLOCKSPACE FLANIGAN’S ECO-LOGIC DataCentre Ez The , | Wall Street 4) =Resouree- . Wsonn seuizaine RENEWABLY POWERED ARTIFICIAL INTELLIGENCE “CONV See all of Soluna’s latest press and media coverage at solunacomputing.com/press 47 | Nasdaq: S
Slide 48: Bitcoin Hosting and Lease Operator
Bitcoin Hosting and Lease Operator Contract Models Expanded I Fixed Fee / Volumetric Hosting Gross fixed price ($/kWh) + services fees. I Profit Share Hosting Electricity pass-through + Fixed Opex fee (S/KWh) +BTC profit share + services fees. [| Lease Operator -- cash (deferred revenue) received up
Slide 49: Existing Debt By Entity
= ae 1 . Existing Debt By Entity $15.2m subsidiary debt (no Soluna Holdings guarantee); Soluna ee Inc. $8.1m GreenCloud debt (with Soluna Holdings guarantee) Soluna Digital (SDI) Soluna Cloud (SCI) Project Sophie Dorothy 1A Borrow: neele) eect ae Project Sophie GreenCloud secured Galaxy - $4.4 =—— S
Slide 50: Q3 Revenue Bridge
oQ Revenue Bridge Q3 fated) Sit in 000’s sree $228 — nr a5 Q3 2025 Revenue is $8.4 $7,500 increase over Q2 2025 due to: $92 1. Blockware and Compass ramped $6,158 further at D2 (+$2 million). D2 had a $5,000 partial quarter of revenue in Q2 after initial energization. 2. Demand Response Services inc
Slide 51: Q3 YoY Revenue Bridge
Q3 YoY Revenue Bridge (Consolidated) $ in 000's Q3 2025 Revenue of $8.4 million, increased by $0.9M from two factors: 1. Increase in Profit Share Revenue of $1.1M from a 24% higher hashprice of $56 in Q3 2025 vs $45 in Q3 2024. $600k increase in Sophie, remaining increase split between D1A and D2 wh
Slide 52: Q3 YoY Adj EBITDA Bridge
Q3 YoY Adj EBITDA Bridge (Consolidated) $ in 000's Compared to Q3 of prior year, Q3 2025 adjusted EBITDA of ($6.4M) improved by $1.4M gross profit and not having $2.8M Cloudco lease payments, then decreased by $4.7M costs of equity raises, $1.6M bonus, $520k increase in investor relations, and $540k
Slide 53: General & Administrative Q3 vs. Q3
General & Administrative Q3 24 vs. Q3 25 $ in 000’s Bonus Pay increased $1.4M in a YTD. catch-up after capital raise, paid in October 2025, Stock compensation increased by $600k from new grants for directors and officers. Legal fees increased for $434k from regulatory compliance and Kati 1 formation
Slide 54: Soluna Holdings Summary: Capitalization Table
Soluna Holdings Summary Capitalization Table (As of September 30th) Common Share Class _ Existing/Issued | Shares TOTAL Issued and Outstanding [64,052 UnExercised Warrants | 7,723 Unvested/UnExercised Shares | 202 Total Diluted Issued | 71,977 Preferred A Share Class Existing/lssued | Shares TOTAL I
Slide 55: Non-GAAP Measure
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 underst
Slide 56: 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
Slide 57: Consolidated Balance Sheet: Assets
Consolidated 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) Assets Current Assets: Cash Restricted cash Accounts receivable, net (allowance for expected credit losses of
Slide 58: Consolidated Balance Sheet: Liabilities
Consolidated Balance Sheet Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of September 30, 2025 (Unaudited) and December 31, 2024 September 30, December 31, (Dollars in thousands, except per share) 2025 2024 Liabilities Current Liabilities: Accounts payable s 4,860 $
Slide 59: Consolidated Balance Sheet: Stockholders' Equity
Consolidated Balance Sheet Soluna Holdings, Inc. and Subsidiaries ‘Condensed Consolidated Balance Sheets As of September 30, 2025 (Unaudited) and December 31, 2024 September 30, December 31, (Dollars in thousands, except per share) 2025 2024 Stockholders’ Equity Stockholders’ Equity: 9.0% Series A C
Slide 60: Consolidated Statement of Operations
Consolidated Statement of Operations 60 | Nasdaq: SLNH (Dollars in thousands, except prea) “Three Months Ended ‘Nine Months Ended September 30, September 30, 20s 2 ms EO Ceyplocuency mining reveae s 270 8 2a 3630S Be ‘Dats hosting evenve 5257 aan 10735, 14ais ‘Demand response service revenbe 389 +8
Slide 61: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows ‘Supplement Dear of Cah Fo lformation ‘sa nr contafing inert cette Nema ipaos at al in ccag re 61 | Nasdaq: SLNH (Dots in rss) Operating Actives Nate Aden oon et eo ee en operating ‘tanto of opr ee mt {Gi fron etnies esi nt ‘Norzaton of fered orig ost nd ico es F
Slide 62: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net loss to Adjusted EBITDA 62 | Nasdaq: SLNH ‘Three Months Ended ‘Nine Months Ended (Dollars in thousands) September 30, September 30, 2025, 2024 2025 2024 Net loss $25,787) $ (8903) S$ (40921) $ (19,782) Interest expense 1,212 821 3,246 1,694 Income tax benefit (666) (547) (1,697
Slide 63: Adjusted EBITDA by Quarter FY 2024-25
FY 2024-25 by Quarter Adjusted EBITDA 63 | Nasdaq: SLNH Three months Three months TASS. Three ‘Three months ended ended soled months ended September 30, December 31, yy2vty'5y, ended June September 30, (Dollars in thousands) ave saad 2025 sie ate Net loss S (8093) S$ G@B.518) S$ (7354) S$ (7,780) $
Slide 64: Debt
FY 2024-25 Debt The following table represents total debt outstanding by agreement as of September 30, 2025: Current portion (Dollars in thousands): of debt Long term debt NYDIG financing $ 205 as Green Cloud secured note 3,487 4,589 Equipment loan - : Galaxy loan 636 3,756 Generate credit agreement