SOLUNA HOLDINGS INC Stock Price, News & Analysis

Soluna Holdings (NASDAQ: SLNH), a green data center developer for Bitcoin mining and AI computing, released its 2025 shareholder letter highlighting significant achievements and future plans. The company reported 80% revenue growth to $38 million in 2024, with positive cash flow from Bitcoin Hosting operations.

Key operational highlights include the full-year operation of Project Dorothy 1A and 1B, launch of Demand Response Services generating $2.1 million in new revenue, and Project Dorothy 2's expansion to 48 MW. The company secured a $25 million SEPA facility and expanded its development pipeline to 773 MW across wind, grid, and solar-powered projects, including Project Annie (75 MW), Project Kati (166 MW), Project Rosa (187 MW), Project Hedy (120 MW), and Project Ellen (100 MW).

For 2025, Soluna plans to scale Project Dorothy 2, break ground on Project Kati, advance Project Rosa, and expand its pipeline to 2.8 GW of AI and Bitcoin hosting capacity.

Soluna Holdings (NASDAQ: SLNH), a green data center developer for Bitcoin mining and AI, has announced significant operational updates for June 2025. The company secured $20M from Spring Lane Capital to launch Project Kati 1, with potential support of up to $100M for future pipeline projects.

Key expansions include Blockware Partnership growing to 8 MW and Compass Mining expanding to 13 MW across the Dorothy campus. The company's long-term power pipeline has increased to 2.8 GW, marking a 200 MW growth. Project Dorothy 2's construction phases (48 MW) are progressing on schedule, while Project Kati (166 MW) has completed ERCOT modeling for Phase 1.

Soluna Holdings (NASDAQ: SLNH) has announced a significant 30 MW expansion at its Project Dorothy 2 facility with a leading Bitcoin miner, marking the third expansion with this customer. The expansion adds 1,462.03 PH/s of hashrate powered by renewable energy.

Project Dorothy 2, a 48 MW data center co-located with a 150 MW wind farm, is now fully marketed and contracted. The facility began operations in Q2 2025 and is expected to reach full capacity in Q4 2025. This expansion brings all of Soluna's active facilities to 100% capacity, highlighting increasing demand for renewable-powered infrastructure in the post-halving era.

Soluna Holdings (NASDAQ: SLNH), a developer of green data centers, has expanded its partnership with Compass Mining, increasing their total computing capacity to 13 megawatts (MW) across Project Dorothy sites. The agreement includes a renewal at Project Dorothy 1 and an 8 MW expansion into Project Dorothy 2, which completes Phase 1 of the latter project.

Located in West Texas to utilize excess wind energy, Project Dorothy represents Soluna's flagship site. Compass Mining, a partner since 2023, will now have the ability to independently staff and operate the new capacity, strengthening their operational control while deepening their relationship with Soluna.

Soluna Holdings (NASDAQ: SLNH) has expanded its hosting partnership with Blockware at Project Dorothy 2 data center in Texas. Following an initial 5 MW deployment in April, Blockware is adding 3 MW of hosting capacity, bringing their total contracted footprint to 8 MW. The expansion represents an estimated 450-550 PH/s of hashrate powered by renewable energy. The partnership growth comes just two months after the initial deployment, highlighting Blockware's confidence in Soluna's vertically integrated, renewable-powered infrastructure. Soluna provides full-stack infrastructure services, including power management, data center operations, and on-site support. The expansion strengthens both companies' commitment to sustainable blockchain infrastructure in the United States.

Soluna Holdings has secured a $20 million financing commitment from Spring Lane Capital (SLC) for Project Kati 1, a 35MW green data center project focused on Bitcoin mining and AI applications. The facility, part of a larger 83MW phase, will accommodate approximately 12,000 next-generation Bitcoin mining rigs. Construction is set to begin in Q3 2025, with operations expected to start by Q1 2026. SLC has also agreed to provide up to $100M in additional project-level capital for Soluna's growing pipeline, plus $4M in Development Expenditure financing. Project Kati 1 has received necessary ERCOT planning approvals and continues Soluna's strategy of converting curtailed renewable energy into clean computing solutions. The project features an enhanced waterfall structure that provides substantial current income during construction and operational phases.

Soluna Holdings (NASDAQ: SLNH), a green data center developer for Bitcoin mining and AI, reported significant progress across multiple projects in May 2025. The company achieved Q1 2025 revenue of $5.9M and expanded its development pipeline to 773 MW. Project Dorothy 2 reached substantial completion of Phase 1 with ongoing customer deployments, while Project Sophie hit a record 1.05 EH/s. Notable developments include the signing of a term sheet for Project Annie, a 75 MW solar-powered data center, and successful deployment of S21+ miners for a new partnership with Blockware. The company's Project Dorothy 2 has secured 48 MW in subscriptions, with both new and existing customers finalizing negotiations for June-September 2025 deployments.

Soluna Holdings (NASDAQ: SLNH) has signed a term sheet for Project Annie, a new 75 MW data center co-located with a 114 MW solar farm in northeast Texas. This marks Soluna's first solar-powered deployment, expanding its modular computing platform into solar-rich markets. The project aims to convert underutilized solar energy into high-performance computing capabilities, including Bitcoin mining and AI applications. Project Annie adds to Soluna's impressive development pipeline, which now exceeds 773 MW across wind, grid, and solar-powered computing projects. The company's portfolio includes multiple operational facilities like Dorothy 1A and 1B (25 MW each) and Sophie (25 MW), with several other projects in various development stages. Named after NASA pioneer Annie Easley, the project represents a strategic expansion into sustainable computing infrastructure.

Soluna Holdings (NASDAQ: SLNH) reported Q1 2025 financial results, with revenue of $5.9 million, down from Q1 2024, primarily due to BTC halving, commercial model changes, and operational challenges. The company expanded its project pipeline to 698MW of data center capacity with two new projects (Hedy and Ellen) totaling 220MW. Key financial metrics show a decline, with gross profit at $1.2 million (down $5.7M YoY) and Adjusted EBITDA loss of $1.6 million. Notable developments include Project Dorothy 2 construction progress, expected to increase Bitcoin hosting capacity to 123MW by Q4 2025, and securing a $5M non-dilutive debt facility with Galaxy Digital. The company strengthened its financial position by simplifying its capital structure through convertible note conversion and loan repayments. Despite short-term revenue decline, management expects growth as additional Bitcoin hosting capacity comes online.