SOLUNA HOLDINGS INC Stock Price, News & Analysis

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.

Soluna (NASDAQ: SLNH) announced the appointment of Agnes Budzyn to its Board of Directors on October 21, 2025. Budzyn brings more than a decade of experience in finance, digital assets, and technology and currently serves as CEO and Managing Partner of Bluedge Ventures.

Her background includes leadership roles at BlackRock and ConsenSys, participation on the London Stock Exchange/FTSE Russell Digital Assets Advisory Committee, and work advising central banks, with a cited role managing over $40 billion in portfolio restructuring. Soluna said the appointment aims to strengthen governance as it scales its Renewable Computing platform.

Canaan (NASDAQ: CAN) released its unaudited September 2025 bitcoin mining update reporting a historic deployed hashrate of 9.30 EH/s and operating hashrate of 7.84 EH/s. The company mined 92 BTC in September and ended the month with a record cryptocurrency treasury of 1,582 BTC and 2,830 ETH. Average all-in power cost was $0.042/kWh and North America miner efficiency improved to 19.7 J/TH. Canaan secured a landmark U.S. purchase order for over 50,000 Avalon A15 Pro miners and announced a 20 MW renewable partnership with Soluna for Q1 2026 deployment.

Soluna (NASDAQ: SLNH) provided a September 2025 business update highlighting corporate and site milestones. Key items: a settlement with NYDIG that resolves outstanding matters; regained Nasdaq compliance; a scalable $100 million credit facility from Generate Capital with an initial $12.6 million draw; and a groundbreaking on Project Kati (166 MW) on September 18, 2025. Operational highlights include surpassing 4 EH/s of managed hash rate, Project Dorothy 2 (48 MW) nearing completion with Phase 3 commissioning and expected November completion, and a 20 MW miner deployment agreement with Canaan.