Soluna — Q3 2025 Earnings Presentation

5 slides from Soluna's earnings presentation, Nov 17, 2025

Slide 1: Q3 2025 Gross profit increased to 28%, compared to 19% in Q2 2025
● Q3 2025 Gross profit increased to 28%, compared to 19% in Q2 2025 – reflecting strong cost discipline and margin stability, in addition to $400k in one-time electricity credits. ○ Dorothy 1A and Sophie delivered strong gross margins of 43.6% and 68.4%, respectively. ○ Dorothy 1B began a site-level
Slide 2: Net loss and Adjusted EBITDA Q3 2025 vs Q3 2024
● Net loss for the three months increased from Q3 2024 to Q3 2025 by ($17.7 million) – driven by the fair value adjustment of exercised warrants, related to July equity offering, ($22.0 million), and other financing expenses ($4.7 million), offset by the loss on SLC equipment loan and gain on NYDIG
Slide 3: Q3 2025 capital raised over $64 million gross
● Q3 2025 capital raised over $64 million gross– from a mix of public market and project-level equity and debt sources to fund our growth, development, and operations. Q3 2025 Revenue & Cost of Revenue by Project Site
Slide 4: Q3 2024 Revenue & Cost of Revenue by Project Site
Q3 2024 Revenue & Cost of Revenue by Project Site
Slide 5: Condensed consolidated balance sheet
The audited financial statements and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (“SEC”) on March 31, 2025, are available online . Current Assets: Restricted cash 3,630 1,150 Prepaid expenses and other current assets 3,522 1