Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Investor Presentation (September 2025)
60 slides from Soluna's investor presentation, September 2025
Slide 1: Power AI & Bitcoin, sustain tomorrow: Renewable Computing
Power AI & Bitcoin, sustain tomorrow: Renewable Computing. Nasdaq: SLNH 1
Slide 2: 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 3: Driving the convergence of renewable energy & advanced computing
We are driving the convergence of renewable energy & advanced computing Renewable To reach their full potential AI infrastructure. Energy has a wasted energy & Bitcoin needs a sustainable problem. Up to 40% of generated energy energy source. goes unused. Soluna’s mission is to convert this unused en
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: 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 6: Our Strategy
Our Strategy Bitcoin We develop, own and operate Bitcoin Hosting Data Centers. Transform stranded clean energy into high-performance computing infrastructure. ~2.8GW Renewable Power Pipeline Computing We sign PPAs and acquire We make renewable energy a land co-located with global superpower using Re
Slide 7: 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, operates and leases operates data centers th
Slide 8: 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 machines flexible load for the grid • Bitcoin sold daily • Paid on $ / MWh basis by Utility or Grid Operator • Soluna provides Managed
Slide 9: Our Data Center Projects
ProjectA Location Power Source Size (MW) Model Status Power Cost Partner(s) Our Data Dorothy 1A TX Wind 25 BTC Hosting Operating $35 Spring Lane, Generate Center Projects Dorothy 1B TX Wind 25 BTC Mining Operating $35 Navitas Sophie KY Grid 25 BTC Hosting Operating $33 N/A We have over 1GW of data D
Slide 10: 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 11: Illustrative Earnings Potential - Base case
Illustrative Earnings Potential Base case - $55 Hashprice 3 Non-GAAP Financials 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Substantial potential ramp of Consolidated Total Revenue and Adj. $140,000 $70,000 $132,808 EBITDA1,2 driven by completion of the $117,539 following
Slide 12: Illustrative Earnings Potential - Upside case
Illustrative Earnings Potential 3 Upside case - $75 Hashprice Non-GAAP Financials 1,2 Consolidated Total Revenue Consolidated Total Adj. EBITDA $000 $000 Additional $20 of Hashprice vs. base $167,078 case adds approximately $35 million to $160,000 $100,000 annual Consolidated Total Adj. $148,297 $88
Slide 13: Project Finance & Unit Economics
Project Finance & Unit Economics 13 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 14: Corporate Structure Supports Flexible Capital Formation
Our Corporate Structure Supports Flexible Capital Formation for Infrastructure Capital formation occurs at project-level and at parent-level companies. Bitcoin is separate from AI. Soluna Holdings, Inc. (SLNH) Soluna Digital, Inc. (SDI) Soluna Cloud, Inc. (SCI) BTC Project Co BTC Project Co AI Proje
Slide 15: Bitcoin Data Center Project ROIC
Bitcoin Data Center Project 1 Project Return on Invested Capital (ROIC 2) ● 44 months to return capital CAPEX Net Cash Flow4 ● 34.9% IRR3 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 5 ● 225% ROIC2 26,784 9,284 9,284 9,314 9,284 9,284 9,284 9,295 9,246 6,686 (25,197) IRR 3 — — — 0.1% 14.
Slide 16: Bitcoin Data Center Project Soluna ROIC
Bitcoin Data Center Project 1 Soluna ROIC 2 (25% ownership) CAPEX Net Cash Flow4 ● 38 months to return capital ● 50.1% IRR3 YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YR 11 5 ● 755% ROIC2 16,740 5,802 5,802 5,821 5,802 3,328 2,843 2,847 2,832 2,048 (6,299) IRR 3 — — — 11.2% 24.8% 33.0% 40.6%
Slide 17: Financing projects with 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 - Doroth
Slide 18: 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 19: 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 20: 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 21: Summary of Existing Debt
Summary of Existing Debt 1 $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
Slide 22: Existing Debt By Entity
Existing Debt 1 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 SpringL
Slide 23: AI / HPC Data Center Project ROIC
1 AI / HPC Data Center Project ROIC 2 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 7 5 ● 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
Slide 24: AI / HPC Data Center Soluna ROIC
AI / HPC Data Center 1 Soluna ROIC 2 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 7 5 delivering power and land to 194,751 the project ● 58.5% IRR3 ● 1,209% ROIC2 1,209% ROIC2 58.5% IRR3 (11,000) 1,135 1,030 938 864 709 (5
Slide 25: Pipeline & Distinctives
Pipeline & Distinctives 25 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 26: 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 27: 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 28: Maestro OS Is Our Force Multiplier
Maestro OS Is Our TM Force Multiplier Our proprietary software streamlines site operations with intelligent monitoring, precise data, and full-stack automation—enabling faster decisions, higher uptime, and seamless grid integration. Control Data Collection Operations Power Extend equipment lifespan
Slide 29: Soluna's Distinctiveness
Soluna’s Distinctiveness Behind the Meter (BTM) BTM model enables Flexible power design Proprietary software and model captures accelerated access to with redundant options for proven execution stranded energy and low cost power power eases grid congestion Monetizing stranded power Using existing su
Slide 30: 2025 Focus & Catalysts
2025 Focus & Catalysts 30 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 31: 2025 Corporate Focus
2025 Corporate Focus Develop Optimize Capital Grow AI Projects Formation Pipeline Form partnerships to Energize Project Dorothy 2. Pursuing financing Increasing the number of harness the value of our And enhancing the opportunities to support curtailment assessments considerable and growing profitabil
Slide 32: Our Accomplishments in H1 2025
Our Accomplishments in H1 2025 Business Project Milestones Milestones ● 166 MW Project Kati exited ERCOT planning – land ● Inked $20M Financing from Spring Lane Capital secured and development greenlit ● Secured $5 Million in Non-Dilutive Debt Financing from ● 48 MW Dorothy 2 began steps to energize
Slide 33: Q3-Q4 Roadmap of Upcoming Catalysts
Development work kickoffs Energize Phase 1 (16 MW) Project-level Capital on Projects Rosa, Hedy, Financing and Break Ground of Dorothy 2 Formation Progress Ellen, Annie on Project Kati 1 Pipeline expansions New Dorothy 2 customer Energize Phase 2 (16 MW) Energize Phase 3 of and new project announcem
Slide 34: Company Overview
Company Overview 34 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
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 plants
Soluna operates data centers co-located with renewable power plants, turning their wasted energy into sustainable computing resources. 36 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 37: 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://www.iea.org/reports/renewables-2024/executive-summary 37 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
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 | CONFIDENTIAL & PROPRIETARY
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 | CONFIDENTIAL & PROPRIETARY
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 | CONFIDENTIAL & PROPRIETARY
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 | CONF
Slide 48: 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 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: 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 51: 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 52: 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 52 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 53: | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
53 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY 53
Slide 54: Progress on our Mission
Progress on our Mission JAN 2024 Project Dorothy Outperforms FEB 2022 Traditional Centers with an 18% $20M Debt Financing Lower Carbon Footprint APR 2022 JUN 2024 Sale of MTI Instruments $30M from Spring Lane Capital Subsidiary Business for Project Dorothy 2 Secured MAY 2022 AUG 2024 $35M Raise from
Slide 55: 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 56: Learn more at solunacomputing.com
Learn more at solunacomputing.com 56 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 57: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 57 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 58: Appendix
Appendix 58 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 59: 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 60: 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
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