SOLUNA HOLDINGS INC Stock Price, News & Analysis

Soluna Holdings (NASDAQ: SLNH) provided a January 13, 2026 monthly update on operations, project progress, and corporate actions. Key items: a $32 million registered direct offering closed to strengthen the balance sheet; Project Dorothy 2 (48 MW) operated at full capacity after November construction; Project Kati 1 (83 MW) is under construction with K1A 48 MW substantially installed and on track for substantial completion end of January; D1 and D2 saw short curtailments from a winter demand response program. New PPAs, land purchase agreements, and development activity for AI/HPC hosting were also disclosed.

Soluna (NASDAQ: SLNH) signed an MOU with Siemens to launch a 2 MW pilot at Project Grace in Texas to validate a behind-the-meter power-and-controls approach for managing rapid GPU-driven power swings from AI and high-performance computing workloads. The pilot will integrate Siemens transformers, switchgear, power converters, ancillary systems, and the SICAM SCADA platform to capture performance data under fast load steps and variable compute demand. The goal is to create a repeatable blueprint for behind-the-meter renewable compute that supports grid stability, energy efficiency, and reduced carbon impact.

Soluna (NASDAQ: SLNH) provided its November 2025 monthly business update covering operations, project progress, and Q3 results. Key financials include 37% sequential revenue growth, gross profit of 28%, and a record $60 million cash balance. Operational capacity rose 64% to 123 MW after the completion and energization of the 48 MW Dorothy 2 expansion. Project-level activity: Dorothy deployments and miner replacements, a completed 3.3 MW KULR deployment at Sophie, Kati construction progress across K1A and K1B, and design work for Kati 2 to host AI/HPC GPUs. Multiple PPAs and REP agreements are being finalized across the pipeline.

Soluna Holdings (NASDAQ: SLNH) closed a registered direct offering on December 8, 2025 raising approximately $32 million gross by selling 18,079,144 common shares (or pre-funded warrants) with accompanying Series C warrants at a purchase price of $1.77 per share.

The Series C warrants are exercisable immediately at $1.65 per share and expire in five years. H.C. Wainwright acted as placement agent. Net proceeds are intended for working capital, project-level equity, and general corporate purposes. Securities were offered under the company’s effective Form S-3 registration statement.

Soluna Holdings (NASDAQ: SLNH) entered definitive agreements for a registered direct offering priced at-the-market under Nasdaq rules to sell 18,079,144 shares of common stock (or pre-funded warrants) and accompanying Series C warrants at a purchase price of $1.77 per share.

The Series C warrants carry a $1.65 exercise price, are exercisable immediately, and expire five years after issuance. H.C. Wainwright & Co. is the exclusive placement agent. Gross proceeds are expected to be approximately $32 million before placement agent fees and offering expenses. Net proceeds will be used for working capital, project-level equity, and general corporate purposes. The offering is expected to close on or about December 5, 2025, subject to customary closing conditions.

Soluna Holdings (NASDAQ: SLNH) and Canaan (NASDAQ: CAN) announced a strategic hosting agreement to deploy 20 MW (~1 EH/s) of Avalon A15 XP Bitcoin miners at Soluna’s Project Dorothy in Briscoe County, Texas, with deployment expected in Q1 2026.

The site primarily uses behind-the-meter wind power with grid backup for high uptime. Soluna said the deal advances its plan to monetize a 2.8 GW+ pipeline of renewable computing projects for Bitcoin mining and AI workloads. Canaan described the arrangement as part of its North American self-mining expansion and highlighted cost and sustainability benefits from wind-powered operations.

Soluna (NASDAQ: SLNH) reported Q3 2025 results with sequential revenue up 37% and total Soluna Digital revenue of $8.415 million. Cash rose by $45 million to $60.5 million. Q3 gross profit margin improved to 28% from 19% in Q2, aided by $0.4 million one-time electricity credits. Adjusted EBITDA was ($6.4M), while adjusted EBITDA excluding special charges was a positive $0.1M. Soluna closed a scalable $100M credit facility (initial draw $12.6M), raised ~$64M gross in Q3, surpassed 4 EH/s hash rate and >1 GW renewable computing pipeline.

Notable items: Spring Lane funding $20M for Project Kati 1, Galaxy to deploy 48 MW at Kati, Dorothy 2 at full capacity, Nasdaq compliance regained, and settlement with NYDIG.

Soluna (NASDAQ: SLNH) completed and fully energized Project Dorothy 2, the 48 MW second phase of its West Texas campus, bringing total energized data center capacity to 123 MW and over 5 EH/s of compute as of November 10, 2025.

Project Dorothy (98 MW site) now runs >3.9 EH/s with >94% uptime, fleet efficiency of 24 J/TH, ~30,000 rigs, and uses ~80,000 MWh annually of otherwise curtailed wind energy at a reported power price of $32.5/MWh. Company says Dorothy campus was delivered on time and on budget and supports expansion toward a 1 GW+ project pipeline including 166 MW Project Kati.

Soluna (NASDAQ: SLNH) provided its November 6, 2025 monthly business update covering project progress, partnerships, and corporate milestones.

Key updates include substantial completion of Phase 3 at Project Dorothy 2 with full-site construction on track for mid-November; continued deployments and fleet upgrades at Dorothy 1A/1B; a 3.3 MW hosting partnership at Project Sophie; substation upgrades completed for Project Kati 1 and Kati 2 (each 83 MW); an MOU to develop Kati 2 for AI/HPC; and a $100M credit facility referenced as accelerating renewable-powered computing.