SOLUNA HOLDINGS INC Stock Price, News & Analysis

Soluna Holdings (NASDAQ: SLNH) has released its March 2025 business update, highlighting significant growth and developments. The company reported an 80.5% revenue increase to $38 million for 2024. Key developments include:

The company secured a $5 million non-dilutive debt financing from Galaxy Digital with a five-year term. Project Dorothy 2 is increasing Soluna's Bitcoin hosting capacity by 60% to 123 MW, with completion expected by Q4 2025. Soluna was awarded its second utility patent (US12250794B2) for modular data center thermal efficiency.

Current projects include:

• Project Dorothy 1A/1B (50 MW total) - completed customer deployments
• Project Dorothy 2 (48 MW) - ongoing commissioning
• Project Sophie (25 MW) - completed 2 MW deployment
• Project Kati (166 MW) - Phase 1 substation upgrade planned for May

Soluna Holdings (NASDAQ: SLNH) has signed a term sheet for Project Hedy, a new 120 MW data center co-located with a 200 MW wind farm in South Texas. The project, developed in partnership with a multinational conglomerate focused on sustainable infrastructure, will be built in two 60 MW phases to power Bitcoin mining, AI, and machine learning workloads.

Project Hedy will support grid stability in ERCOT and is expected to bring Soluna's total data center capacity to 598 MW in operation, construction, or development. The company currently operates multiple facilities including Dorothy 1A and 1B (25 MW each), Sophie (25 MW), with additional projects under construction like Dorothy 2 (48 MW) and others in development including Grace, Kati, and Rosa.

Soluna Holdings (NASDAQ: SLNH) reported significant growth in 2024, with revenue increasing 80.5% to $38.0 million compared to $21.1 million in 2023. The company's core operations include Bitcoin hosting, mining, and demand response services.

Key financial highlights include: Project Dorothy 1A and 1B generated $13.7 million and $17.0 million in Bitcoin hosting and mining revenue respectively. Demand Response Services contributed $2.1 million. The company maintained $10.5 million in current & restricted cash, with unrestricted cash growing 23.2% to $7.8 million.

Notable developments include breaking ground on Project Dorothy 2, which will increase Bitcoin Hosting capacity to 123 MW when completed in Q4 2025. The company also terminated its HPE GPU-as-a-Service contract, resulting in a $28.6 million loss, to focus on Bitcoin and AI data center development. Capital raised exceeded $31.5 million through various initiatives.

Soluna Holdings (NASDAQ: SLNH) has released a case study highlighting its successful partnership with Luxor Technology and BitMine Immersion Technologies in delivering a turnkey mining solution. The collaboration integrates power infrastructure, financial services, and operational support into a single model.

Through this partnership, BitMine achieved significant growth by:

• Scaling its ASIC fleet to 251.056 PH/s in nameplate hashrate
• Securing long-term power stability
• Locking in hashprice terms for consistent revenues
• Streamlining deployment and optimizing fleet performance

Soluna provided renewable power and infrastructure at Project Sophie and Project Dorothy, while Luxor contributed financial and operational expertise, including hashrate hedging, equipment financing, and fleet optimization via LuxOS firmware. The partnership demonstrates how combining power, operations, and financial strategy can drive efficiency and scale in Bitcoin mining operations.

Soluna Holdings (NASDAQ: SLNH) has begun the initial energizing and phased commissioning of Project Dorothy 2, a significant expansion of its Bitcoin Hosting capacity. The project will add 48 MW of renewable-powered capacity through three phases (18, 14, and 16 MW), bringing Soluna's total capacity to 123 MW.

The facility, connected to a 150 MW wind farm in Silverton, Texas, will be fully operational by Q4 2025. The first 18 MW phase will be ramped up in Q2 2025. Project Dorothy 2 is expected to generate annual revenue of $19-25 million with a hashrate capacity of 2.2 EH/s.

The expansion builds upon Project Dorothy 1's success, demonstrating Soluna's scalable approach to curtailment solutions and sustainable computing. The facility is designed to integrate with renewable energy sources and optimize clean energy usage while supporting Bitcoin mining workloads with reduced environmental impact.

Soluna Holdings (NASDAQ: SLNH) has secured a $5 million loan facility from Galaxy Digital (TSX: GLXY), marking a significant non-dilutive debt financing achievement. The loan features a five-year amortizing term and is secured at the project level with recourse to the parent company.

The financing demonstrates investor confidence in Soluna's business model of monetizing energy through AI and Bitcoin mining operations. Key features of the loan include the ability to prepay at any time and security to project-level assets. This strategic funding will support Soluna's continued project development and expansion in green data centers for intensive computing applications.

Soluna Holdings (NASDAQ: SLNH) has released its February 2025 operational update for its green data centers focused on Bitcoin mining and AI computing. The company reported significant progress across multiple projects:

Key developments include: Project Kati's exit from ERCOT planning phase, potentially unlocking 166 MW of Bitcoin hosting and AI opportunities; expanded partnership with Bit Digital exceeding 12 MW in hosting capacity; and securing up to 187 MW of sustainable energy through the Project Rosa land purchase agreement.

Operational updates highlight:

• Project Dorothy 1A/1B (50 MW total) showing minimal curtailments with final 2 MW S21 deployment in progress
• Project Dorothy 2 (48 MW) received ERCOT approval for 50 MW energization
• Project Grace achieved 1.13 PUE efficiency rating
• Project Sophie (25 MW) returned to 100% capacity after substation repair
• Atlas Cloud launched Deepseek offering powered by 128 NVIDIA H100 GPUs

Soluna Holdings (NASDAQ: SLNH) has announced that its subsidiary, Soluna Cloud, is partnering with Atlas Cloud to bring DeepSeek R1's AI capabilities to North America. The service, which went live on February 28, 2025, is powered by 128 NVIDIA H100 SXM Infiniband GPUs.

The partnership, established through a deal signed in January, utilizes Soluna Cloud's data centers to provide superior speed and affordability compared to DeepSeek's native deployment. This North American deployment specifically addresses enterprises seeking alternatives to China-hosted AI solutions, focusing on data sovereignty and performance optimization.

The collaboration aims to deliver reduced latency within secure, strategically located North American sites, offering enterprises a compliant alternative to China-hosted models.

EDF Renewables North America and Masdar have signed a significant power purchase agreement (PPA) with Soluna Holdings (NASDAQ: SLNH) for their Las Majadas Wind Project. Under the agreement, Soluna will purchase up to 166 megawatts (MW) of energy to power their new data center, Project Kati, which will be built near the wind project's substation in Willacy County, Texas.

The innovative PPA structure addresses transmission constraints and curtailment challenges by utilizing behind-the-meter power. Project Kati will adjust operations during peak grid demand periods. The Las Majadas Wind facility, with a total capacity of 273 MW, has been operational since 2021.

This partnership aims to support the growing electricity demands of data centers, particularly driven by AI applications, while advancing renewable energy adoption. The agreement provides an alternative solution to capture under-utilized electricity while powering energy-intensive computing operations with clean energy.