Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Earnings Presentation (August 2025)
31 slides from Soluna's earnings presentation, August 2025
Slide 1: 2025 Earnings Power Presentation
HOLDINGS 2025 Earnings Power Presentation Nasdaq: SLNH | Aug 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 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 activities
Slide 4: Earnings Power 2025
Earnings Power 2025 4 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 5: 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 6: 2025 Corporate Focus
2025 Corporate Focus Develop Optimize Capital Grow AI Projects Formation Pipeline Form partnerships to Pursuing financing Energize Project Dorothy 2. Increasing the number of harness the value of our opportunities to support And enhancing the curtailment assessments considerable and growing key grow
Slide 7: 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 Year Energy (MW)1 Hashrate (EH/s2)1 500 50 2023 25 1.0 400 40 2024 75 2.9 300 30 2025 129 5.8 200 20 2026 368 19.8 2027
Slide 8: Illustrative Earnings Potential - Base case $55 Hashprice
Illustrative Earnings Potential Base case - $55 Hashprice3 Consolidated Total Revenue Consolidated Total Adj. EBITDA1,2 $000 $000 Non-GAAP Financials $132,808 Substantial potential ramp of $140,000 $70,000 $117,539 Consolidated Total Revenue and Adj. $54,646 EBITDA1,2 driven by completion of the $12
Slide 9: Illustrative Earnings Potential - Upside case $75 Hashprice
Illustrative Earnings Potential Upside case - $75 Hashprice3 Consolidated Total Revenue Consolidated Total Adj. EBITDA1,2 $000 $000 Non-GAAP Financials $167,078 Additional $20 of Hashprice vs. base $88,572 $148,297 case adds approximately $35 million to $160,000 $100,000 $77,016 annual Consolidated
Slide 10: Illustrative Corporate Earnings Potential
Illustrative Corporate Earnings Potential Base case - $55 Hashprice Non-GAAP Financials Notes: Soluna’s ownership in each of the projects varies. See Appendix for more details. H2 is 2nd half or 3rd and 4th quarters of 2025 See Appendix for management statements on non-GAAP measures. 10 | Nasdaq: SL
Slide 11: Illustrative Corporate Earnings Potential
Illustrative Corporate Earnings Potential Base case - $55 Hashprice Non-GAAP Financials Notes: Soluna’s ownership in each of the projects varies. See Appendix for more details. H2 is 2nd half or 3rd and 4th quarters of 2025 See Appendix for management statements on non-GAAP measures. 11 | Nasdaq: SL
Slide 12: Illustrative Corporate Earnings Potential
Illustrative Corporate Earnings Potential Upside case - $75 Hashprice Non-GAAP Financials Notes: Soluna’s ownership in each of the projects varies. See Appendix for more details. H2 is 2nd half or 3rd and 4th quarters of 2025 See Appendix for management statements on non-GAAP measures. 12 | Nasdaq:
Slide 13: Illustrative Corporate Earnings Potential
Illustrative Corporate Earnings Potential Upside case - $75 Hashprice Non-GAAP Financials Notes: Soluna’s ownership in each of the projects varies. See Appendix for more details. H2 is 2nd half or 3rd and 4th quarters of 2025 See Appendix for management statements on non-GAAP measures. 13 | Nasdaq:
Slide 14: Key Earnings Power Assumptions
Key Earnings Power Assumptions Hashprice Kati 1 Dorothy 2 $55 Base Case / $75 Upside Case Dec 2025: Initial energization June 2026: 100% ramped up May 2025: Initial energization Jan 2026: 100% ramped up Capacity to be a mix of hosting models, Site is fully contracted and hosting including many that
Slide 15: Learn more at solunacomputing.com
Learn more at solunacomputing.com 15 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 16: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 16 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 17: Appendix
Appendix 17 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 18: Project Finance & Unit Economics
Project Finance & Unit Economics 18 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 19: Our Corporate Structure Supports Flexible Capital Formation for Infrastructure
Our Corporate Structure Supports Flexible Capital Formation for Infrastructure Capital formation occurs at project-level and at parent-level companies. Bitcoin is separate Soluna Holdings, Inc. (SLNH) from AI. Soluna Digital, Inc. (SDI) Soluna Cloud, Inc. (SCI) BTC Project Co BTC Project Co AI Proje
Slide 20: Bitcoin Data Center Project Return on Invested Capital
Bitcoin Data Center Project1 Project Return on Invested Capital (ROIC2) CAPEX Net Cash Flow4 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 115 ● 44 months to return capital ● 34.9% IRR3 26,784 ● 225% ROIC2 9,284 9,284 9,314 9,284 9,284 9,284 9,295 9,246 6,686 (25,197) IRR3 — — — 0.1% 14.1% 2
Slide 21: Bitcoin Data Center Project Soluna ROIC (25% ownership)
Bitcoin Data Center Project1 Soluna ROIC2 (25% ownership) CAPEX Net Cash Flow4 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 115 ● 38 months to return capital ● 50.1% IRR3 16,740 ● 755% ROIC2 5,802 5,802 5,821 5,802 3,328 2,843 2,847 2,832 2,048 (6,299) IRR3 — — — 11.2% 24.8% 33.0% 40.6% 44.
Slide 22: We finance our projects using Project Level Equity and Debt
We finance our projects using a combination of Project Level Equity and Debt ProjectCo Soluna Spring Lane Navitas Soluna Developer Soluna Developer Debt Owner Equity Owner Equity Equity Profit “Pre-Flip”5 Profit “Post-Flip”6 Dorothy 1A 14.6% 85.4% - 0% 10%/50%(1) - Dorothy 1B 51% - 49% n/a n/a - Dor
Slide 23: Project Cash Flows Bitcoin Hosting Pre Flip
Project Cash Flows Bitcoin Hosting Pre Flip1,2,3 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 24: Project Cash Flows Bitcoin Hosting Post Flip
Project Cash Flows Bitcoin Hosting Post Flip1,2,3 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 in
Slide 25: Project Cash Flows Bitcoin Prop Mining
Project Cash Flows Bitcoin Prop Mining1,2 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) 2
Slide 26: Summary of Existing Debt
Summary of Existing Debt1 $14.0m subsidiary debt (no Soluna Holdings guarantee); $10.1m GreenCloud debt (with Soluna Holdings guarantee)2 Amort Debt Tranche (Entity) / (Guarantor) Total Remaining GreenCloud (Cloud) / (Holdings)3 $10,055 ~2 years Spring Lane Equipment (Dorothy 2) / (None)4 $250 n/a G
Slide 27: Existing Debt By Entity
Existing Debt1 By Entity $14.0m subsidiary debt (no Soluna Holdings guarantee); Soluna Holdings, Inc. $10.1m 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 SpringLa
Slide 28: AI / HPC Data Center Project ROIC
AI / HPC Data Center Project1 ROIC2 CAPEX Net Cash Flow4 ● Capital is returned at refinance ● 37.7% IRR3 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 75 ● 560% ROIC2 1,759,092 560% ROIC2 37.7% IRR3 (213,333) 10,234 9,290 8,457 7,795 6,391 (106,667) (1) Key assumptions: (a) Assumes 18-month build period and subs
Slide 29: AI / HPC Data Center Soluna ROIC
AI / HPC Data Center1 Soluna ROIC2 CAPEX Net Cash Flow4 ● Significant uplift to both IRR and ROIC, driven by equity uplift of YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 75 delivering power and land to the 194,751 project ● 58.5% IRR3 1,209% ● 1,209% ROIC2 ROIC2 58.5% IRR3 (11,000) 1,135 1,030 938 864 709 (5,5
Slide 30: 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 underst
Slide 31: 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
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