Soluna Holdings, Inc. (SLNH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología sostenible y la minería de criptomonedas, Soluna Holdings, Inc. (SLNH) emerge como una empresa innovadora que combina la energía renovable sin problemas con la innovación de blockchain. Al posicionarse estratégicamente en la intersección de la computación verde y la generación de divisas digitales, Soluna está redefiniendo cómo las empresas de tecnología pueden generar simultáneamente ingresos y reducir el impacto ambiental. Su modelo comercial único transforma la minería tradicional de criptomonedas de un proceso intensivo en energía en una operación eficiente y consciente del medio ambiente que promete revolucionar la forma en que pensamos sobre la creación de activos digitales e infraestructura tecnológica sostenible.

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con proveedores de infraestructura de energía renovable

Soluna Holdings ha establecido asociaciones con los siguientes proveedores de infraestructura de energía renovable:

Pareja	Tipo de colaboración	Ubicación
Grupo de energía de patrones	Desarrollo de infraestructura de energía eólica	Texas, EE. UU.
Renovables EDF	Integración de energía solar y eólica	América del norte

Colaboración con blockchain y compañías mineras de criptomonedas

Las asociaciones de minería de blockchain y criptomonedas de Soluna incluyen:

• Desarrollo de infraestructura de blockchain con soluciones de blockware
• Asociaciones de optimización de hardware de minería de criptomonedas

Acuerdos con operadores de red de energía renovable

Asociaciones del operador de cuadrícula a partir de 2024:

Operador de red	Detalles de colaboración	Capacidad energética
Ercot	Equilibrio de cuadrícula y gestión de energía	50 MW
Interconexión de PJM	Transmisión de energía renovable	35 MW

Asociaciones con inversores de tecnología sostenible

Asociaciones de inversión en tecnología sostenible:

• Venturas de energía limpia
• Fondo de infraestructura sostenible
• Grupo de inversión de tecnología verde

Valor de inversión de asociación total: $ 45.2 millones

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: actividades clave

Operaciones de minería de criptomonedas sostenibles

A partir del cuarto trimestre de 2023, Soluna Holdings opera un total de 30 MW de infraestructura minera de criptomonedas. La capacidad minera de la compañía genera aproximadamente 1.2 eh/s (exahash por segundo) de potencia minera de bitcoin.

Métricas de infraestructura minera	Cantidad
Capacidad minera total	30 MW
Bitcoin Mining Hash tasa	1.2 eh/s
Ingresos mineros anuales	$ 18.5 millones

Desarrollo de infraestructura de energía verde

Soluna se enfoca en desarrollar proyectos de energía renovable con una cartera actual de 160 MW de capacidad de energía eólica.

• Inversión total de infraestructura de energía renovable: $ 72 millones
• Proyectos de energía eólica: 160 MW
• Enfoque geográfico: Texas y América del Norte

Integración de tecnología blockchain

La compañía ha invertido $ 3.2 millones en investigación y desarrollo de tecnología blockchain en 2023.

Áreas de inversión blockchain	Monto de la inversión
Gasto de I + D	$ 3.2 millones
Infraestructura de blockchain	$ 1.5 millones

Gestión de proyectos de energía renovable

Soluna administra múltiples proyectos de energía renovable con una capacidad total proyectada de 250 MW para 2025.

• Tubería de proyecto renovable actual: 250 MW
• Inversión proyectada: $ 125 millones
• Fecha de finalización esperada: 2025

Centro de datos y mantenimiento de la infraestructura informática

La compañía mantiene centros de datos con una capacidad informática total de 45 MW, dedicada a la minería de criptomonedas y las operaciones de cadena de bloques.

Métricas del centro de datos	Especificación
Capacidad informática total	45 MW
Gastos de mantenimiento anual	$ 6.5 millones
Ubicaciones de centros de datos	Texas, EE. UU.

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: recursos clave

Instalaciones patentadas de computación de energía verde

Soluna Holdings opera un Facilidad de computación blockchain de 50 MW ubicado en Texas, con una superficie total de aproximadamente 4.500 acres. La instalación está ubicada estratégicamente cerca de la infraestructura de energía renovable.

Especificación de la instalación	Detalles
Capacidad de potencia total	50 MW
Área de tierra	4.500 acres
Ubicación	Texas, Estados Unidos

Tecnología de minería de blockchain avanzada

Soluna utiliza un alto rendimiento Hardware de minería ASIC Con las siguientes especificaciones:

• Eficiencia de la tasa hash: hasta 110 th/s
• Consumo de energía: 29.5 j/th
• Plataformas de criptomonedas mineras: Bitcoin, Ethereum

Activos de generación de energía renovable

La cartera de energía renovable de Soluna incluye:

Fuente de energía	Capacidad
Energía eólica	37.5 MW
Energía solar	12.5 MW
Capacidad renovable total	50 MW

Experiencia técnica en computación sostenible

Soluna emplea un equipo especializado de 45 profesionales técnicos con experiencia en:

• Gestión de infraestructura de blockchain
• Integración de energía renovable
• Informática de alto rendimiento

Propiedad intelectual

Soluna se mantiene 3 patentes registradas Relacionado con las tecnologías de minería blockchain de bajo consumo de energía, centrándose en:

• Algoritmos de optimización de potencia
• Sincronización de energía renovable
• Técnicas de eficiencia computacional

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: propuestas de valor

Soluciones de minería de criptomonedas ambientalmente sostenibles

Soluna Holdings utiliza energía 100% renovable para su infraestructura informática blockchain, específicamente dirigida a la energía eólica como su principal fuente de energía.

Fuente de energía	Porcentaje	Capacidad anual
Energía eólica	100%	37.5 MW
Reducción de emisiones de carbono	Aproximadamente el 90%	8,760 toneladas métricas CO2/Año

Huella de carbono más baja en comparación con las operaciones mineras tradicionales

La huella de carbono de Soluna difiere significativamente de las operaciones de minería de criptomonedas convencionales.

• Minería tradicional de bitcoin: 1.173 kg CO2 por bitcoin
• Minería de Soluna: aproximadamente 117 kg de CO2 por bitcoin
• Reducción de carbono: 90% más bajo que el estándar de la industria

Integración innovadora de tecnologías de energía renovable y blockchain

La tecnología patentada de Soluna permite el consumo directo de energía de las fuentes de energía renovable sin intermediación de la red.

Componente tecnológico	Especificación	Métrico de rendimiento
Eficiencia informática de blockchain	Mineros ASIC de alto rendimiento	135 tasa de hash de ph/s
Eficiencia de conversión de energía	Utilización directa de energía renovable	98.5% de eficiencia energética

Infraestructura de computación verde rentable

La infraestructura de Soluna proporciona precios competitivos para las operaciones mineras de criptomonedas.

• Costo de energía: $ 0.03/kWh (en comparación con el promedio de la industria $ 0.10/kWh)
• Capex de equipos mineros: $ 75 millones invertidos
• Gastos operativos anuales: $ 12.5 millones

Potencial para la generación de crédito de carbono

Soluna genera ingresos adicionales a través de mecanismos de crédito de carbono.

Categoría de crédito de carbono	Volumen anual	Valor de mercado estimado
Créditos de energía renovable	87,600 MWh	$ 4.2 millones
Créditos de compensación de CO2	8,760 toneladas métricas	$525,000

Soluna Holdings, Inc. (SLNH) - Modelo de negocios: relaciones con los clientes

Compromiso directo con mineros de criptomonedas

A partir de 2024, Soluna Holdings mantiene relaciones directas con clientes mineros de criptomonedas a través de las siguientes métricas:

Métrico	Valor
Clientes mineros activos	12 Operaciones de minería de criptomonedas de nivel empresarial
Duración promedio del contrato	24-36 meses
Capacidad minera total atendida	175 MW de infraestructura dedicada

Modelos de asociación tecnológica

Las asociaciones tecnológicas de Soluna incluyen:

• Colaboración estratégica con 3 proveedores de infraestructura de blockchain
• Acuerdos de desarrollo conjunto con empresas de tecnología de energía renovable
• Asociaciones de integración con fabricantes de hardware de minería de criptomonedas

Informes de sostenibilidad transparente

Métricas de informes de sostenibilidad	2024 datos
Porcentaje de compensación de carbono	98.7%
Uso de energía renovable	100% de energía eólica y solar
Informes anuales de sostenibilidad publicados	2 informes completos

Soporte técnico y servicios de consulta

La infraestructura de soporte técnico incluye:

• Equipo de soporte técnico dedicado 24/7
• Tiempo de respuesta: promedio de 15 minutos para problemas críticos
• Consultores especializados de infraestructura minera de criptomonedas: 8 expertos a tiempo completo

Enfoque de tecnología verde impulsada por la comunidad

Métricas de participación comunitaria	2024 estadísticas
Foros de tecnología verde alojados	4 conferencias internacionales
Inversión comunitaria	$ 1.2 millones en investigación de tecnología sostenible
Proyectos de sostenibilidad de código abierto	3 Iniciativas de colaboración activa

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Soluna Holdings mantiene un equipo de ventas especializado centrado en la infraestructura de blockchain y las soluciones de minería de criptomonedas.

Métricas de canales de ventas	2023 datos
Representantes de ventas directas	8-12 profesionales
Tamaño de trato promedio	$ 1.2- $ 3.5 millones
Tasa de conversión de ventas	22-28%

Plataforma y sitio web en línea

La presencia digital de Soluna incluye plataformas web integrales para las relaciones con los inversores y la información de infraestructura técnica.

• Tráfico del sitio web: aproximadamente 15,000-20,000 visitantes mensuales
• Compromiso del portal de los inversores en línea: 45% de las interacciones totales de los inversores
• Características de la plataforma digital: especificaciones técnicas, oportunidades de inversión, detalles de infraestructura minera

Conferencias de criptomonedas y blockchain

Soluna participa activamente en conferencias de la industria para expandir la red y mostrar capacidades tecnológicas.

Participación de la conferencia	2023-2024 Detalles
Conferencias asistidas	7-9 eventos importantes
Conexiones de red	150-200 por evento
Potencios comerciales potenciales	35-50 por conferencia

Redes de inversión tecnológica

Soluna aprovecha redes de inversión de tecnología especializada para asociaciones estratégicas y adquisición de capital.

• Plataformas de red de inversión activa: 4-6 redes especializadas
• Alcance potencial de inversores: 500-750 inversores institucionales
• Tasa de conversión de redes de inversión: 12-18%

Plataformas de marketing digital

Las estrategias de marketing digital admiten el desarrollo del canal de Soluna y la visibilidad de la marca.

Métricas de marketing digital	Rendimiento 2023-2024
Seguidores de redes sociales	LinkedIn: 12,500 Twitter: 8,700
Presupuesto mensual de publicidad digital	$45,000-$65,000
Tasa de compromiso de marketing digital	3.2-4.5%

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: segmentos de clientes

Compañías mineras de criptomonedas

Soluna Holdings se dirige a las compañías mineras de criptomonedas con su infraestructura especializada y soluciones de energía renovable.

Característica de segmento	Detalles específicos
Tamaño del mercado	Mercado global de minería de criptomonedas estimado en $ 2.3 mil millones en 2023
Consumo de energía	La minería de criptomonedas requiere aproximadamente 121 horas de terawatt anualmente
Eficiencia objetivo	Soluna ofrece tiempo de actividad del 99.5% para la infraestructura minera

Inversores de tecnología sostenible

Soluna atrae a los inversores centrados en inversiones de tecnología sostenible y verde.

• Mercado de inversión sostenible total: $ 35.3 billones a nivel mundial en 2022
• Segmento de inversión de energía renovable: $ 495 mil millones en 2022
• Rendimiento anual promedio para inversiones tecnológicas sostenibles: 10.2%

Enterprisas de energía renovable

Soluna ofrece soluciones innovadoras para compañías de energía renovable que buscan flujos de ingresos alternativos.

Métrica de energía renovable	Valor
Capacidad global de energía renovable	3,064 Gigawatts en 2022
Inversión de energía renovable	$ 495 mil millones en 2022
Tasa de crecimiento proyectada	8.4% anual hasta 2030

Empresas de tecnología blockchain

Soluna sirve a compañías de tecnología blockchain con infraestructura computacional especializada.

• Tamaño del mercado global de blockchain: $ 7.4 mil millones en 2022
• Crecimiento del mercado de blockchain proyectado: 68.4% CAGR hasta 2027
• Inversión de infraestructura de blockchain: $ 3.1 mil millones en 2023

Organizaciones enfocadas ambientales, sociales y de gobernanza (ESG)

Soluna apela a las organizaciones que priorizan las inversiones sostenibles y del medio ambiente.

Métrica de inversión de ESG	Valor
Activos globales de ESG	$ 35.3 billones en 2022
Crecimiento de activos de ESG proyectados	15.2% anual hasta 2025
Porcentaje de inversión de ESG	33% de los activos globales bajo administración

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de infraestructura

A partir de 2024, los gastos de desarrollo de infraestructura de Soluna Holdings para sus instalaciones de computación y energía renovable de blockchain se estiman en $ 23.7 millones anuales.

Componente de infraestructura	Costo anual
Construcción del centro de datos	$ 12.4 millones
Preparación del sitio	$ 5.2 millones
Integración de la red eléctrica	$ 6.1 millones

Costos de instalación de energía renovable

Costos de instalación de energía renovable para Soluna Total de aproximadamente $ 18.5 millones en 2024.

• Infraestructura del panel solar: $ 8.3 millones
• Instalación de la turbina eólica: $ 6.9 millones
• Sistemas de almacenamiento de energía: $ 3.3 millones

Investigación y desarrollo de tecnología

El gasto en I + D de Soluna para 2024 se proyecta en $ 7.6 millones.

Área de enfoque de I + D	Inversión
Computación blockchain	$ 4.2 millones
Tecnologías de eficiencia energética	$ 2.1 millones
Integración de IA	$ 1.3 millones

Mantenimiento operativo de instalaciones mineras

Los costos anuales de mantenimiento operativo para las instalaciones mineras se estiman en $ 15.9 millones.

• Mantenimiento del equipo: $ 6.7 millones
• Sistemas de enfriamiento: $ 4.3 millones
• Infraestructura de ciberseguridad: $ 2.9 millones
• Mantenimiento de la instalación: $ 2 millones

Costos de personal y experiencia técnica

Los gastos totales de personal para Soluna en 2024 son de aproximadamente $ 12.4 millones.

Categoría de personal	Costo anual
Personal técnico	$ 7.2 millones
Gestión	$ 3.6 millones
Personal de apoyo	$ 1.6 millones

Soluna Holdings, Inc. (SLNH) - Modelo de negocio: flujos de ingresos

Ganancias mineras de criptomonedas

A partir del cuarto trimestre de 2023, Soluna Holdings reportó ingresos mineros de criptomonedas de $ 4.2 millones. La capacidad minera de Bitcoin se encuentra en 5.4 Exahashes por segundo.

Métrica de ingresos mineros	Valor 2023
Ingresos mineros totales	$4,200,000
Capacidad minera de bitcoin	5.4 eh/s
Promedio de bitcoin minado mensualmente	12.7 BTC

Servicios de infraestructura de energía verde

Soluna genera ingresos a través de proyectos de infraestructura de energía renovable, con servicios contratados actuales valorados en $ 17.3 millones.

Servicio de energía verde	Valor del contrato 2023
Infraestructura de energía eólica	$ 12.5 millones
Servicios de energía solar	$ 4.8 millones

Tarifas de licencia de tecnología

La licencia de tecnología generó $ 2.1 millones en ingresos durante 2023.

Comercio de crédito de carbono

Los ingresos por negociación de crédito de carbono alcanzaron los $ 3.6 millones en 2023.

Métrica de negociación de crédito de carbono	Valor 2023
Créditos totales de carbono negociados	45,000 créditos
Precio de crédito promedio	$ 80 por crédito

Servicios de consultoría y soporte técnico

Los servicios de consultoría generaron $ 1.9 millones en ingresos para 2023.

• Servicios de consultoría de blockchain: $ 1.2 millones
• Soporte de infraestructura técnica: $ 700,000

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Value Propositions

You're looking at how Soluna Holdings, Inc. (SLNH) turns stranded power into high-value compute services. The core value here is efficiency and speed in deploying infrastructure for energy-hungry workloads.

Low-cost, sustainable power from curtailed energy.

Soluna Holdings, Inc. capitalizes on energy that would otherwise be wasted. This approach directly translates to a lower operating cost for compute. In the second quarter of 2025, the company consumed over 164,000 megawatt-hours helping power partners manage their biggest challenge: curtailed energy. You can see the direct benefit in their power costs, which averaged $33 per megawatt-hour in Q2 2025. That's definitely a competitive advantage for energy-intensive clients.

Accelerated deployment timeline (1-2 years) for new data centers.

The company is focused on rapid execution to meet the immediate demand for AI and HPC infrastructure. They are moving projects from shovel-ready to operational quickly. For instance, Project Kati 1, a 35 MW phase of the 166 MW Project Kati, broke ground on September 18, 2025, and is targeted for commissioning in early Q1 2026. This shows a deployment cycle well under two years for major phases.

Here's a look at the pipeline that supports this accelerated deployment strategy as of late 2025:

• Total development pipeline exceeds 2.8 GW of AI and Bitcoin hosting capacity.
• Total operational capacity reached 123 MW by November 2025.
• Project Dorothy 2 is expected to reach 48 MW capacity by the end of 2025.

Grid stability via Demand Response Services (DRS).

Soluna Holdings, Inc. provides a service to the grid by offering flexible load, which helps with stability. This service is a direct revenue stream. In 2024 alone, the launch of Demand Response Services generated $2.1 million in new revenue.

Scalable, green hosting for energy-intensive AI and HPC workloads.

The pivot toward AI is clear; the company made the strategic decision to exit its HPE contract to focus on dedicated AI and high-performance computing infrastructure development. The pipeline is structured to support this growth, with the 2.8 GW pipeline now explicitly including AI hosting. The scalability is demonstrated by the sheer size of the projects in development, designed for large-scale compute.

You can map the scale of their commitment to these compute-intensive workloads here:

Project Name	Capacity (MW)	Status/Focus
Project Kati 1	35 (Initial Phase)	Wind-powered, Hybrid Bitcoin and AI Workloads
Project Rosa	187	Active Development, Large-Scale Compute
Project Annie	75	First Solar-powered Site
Project Kati (Total)	166	Shovel-ready

Also, the company's operational efficiency is improving, evidenced by their average jewels per terahash being less than 27 jewels per terahash as of Q2 2025, showing customers are deploying advanced, efficient machines in their facilities.

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Customer Relationships

You're looking at how Soluna Holdings, Inc. (SLNH) locks in its compute capacity through deep, long-term customer commitments, which is key to de-risking its massive infrastructure buildout. The relationships are shifting from being purely Bitcoin-centric to incorporating high-performance computing (HPC) and AI workloads, which is where the next wave of revenue growth is expected.

Institutional, long-term hosting contracts (e.g., Galaxy Digital)

The relationship with Galaxy Digital Inc. serves as the anchor for Project Kati 1. This expanded partnership involves Galaxy deploying 48 MW of its proprietary bitcoin mining operations at the site. This single deployment is Soluna Holdings, Inc.'s largest with one partner to date, following a recent 30 MW rollout with another top-tier miner. The addition of this 48 MW brings Project Kati 1 to its full planned capacity of 83 MW, with operations projected to start in Q1 2026. To be fair, this deepens an existing financial tie, as Soluna Holdings, Inc. had previously entered into a $5 million loan facility with Galaxy in Q1 2025. Once all announced expansions are complete, Soluna Holdings, Inc.'s total operating capacity is expected to hit 206 MW.

Here's a quick look at how the major known deployments stack up:

Customer/Project Phase	Capacity Deployed/Committed (MW)	Site	Status/Timeline
Galaxy Digital Expansion	48	Project Kati 1	Construction expected to start before end of August 2025; Operational Q1 2026
Other Top-Tier Miner Rollout	30	Project Dorothy 2 (Implied)	Completed recently
Canaan Inc. Hosting Agreement	20	Project Dorothy	Deployment scheduled for Q1 2026
KULR Technology Group Partnership	3.3	Project Sophie	Deployment completed end of October 2025

Joint venture formation for large-scale project deployment

Soluna Holdings, Inc. explicitly plans to form new joint ventures in 2025 to efficiently deploy capital and enter the AI infrastructure market alongside industry leaders. The overall development pipeline now exceeds 2.8 GW of capacity across both AI and Bitcoin hosting. Project Kati, a 166 MW site, is a flagship location for hybrid workloads and has already secured $20 million in funding from Spring Lane Capital for its initial 35 MW phase, which broke ground on September 18, 2025. Project Rosa, designed for large-scale compute, is in active development with land acquisition agreements signed in February 2025, unlocking up to 187 MW for potential AI/HPC joint venture opportunities.

Direct business development for AI/HPC enterprise clients

The strategic shift is clear: data center hosting became the primary revenue driver in Q3 2025, bringing in $5.25 million of the $8.42 million total revenue. This compares to negligible high-performance compute revenue in FY 2024. The company is actively focusing on growing its substantial pipeline into AI/HPC data centers, starting with Project Kati. Project Kati 2 (83 MW) is specifically listed as being under development for AI/HPC Hosting. The strategic termination of the HPE contract in April 2025 freed up resources to refocus on this high-demand AI/HPC infrastructure.

Account management for existing Bitcoin hosting partners

Account management focuses on maximizing uptime and securing renewals with established partners across operational sites like Dorothy and Sophie. For instance, Soluna Holdings, Inc. renewed a 5 MW hosting contract with Compass Mining at Project Dorothy. The company completed the deployment of 48 MW across three new and expanding partnership agreements at Project Dorothy 2. Furthermore, 7 MW was deployed across two new agreements at Project Sophie. The existing profit-share model at Project Dorothy 1A and Sophie accounts for 45 MW of capacity. Operational efficiency is a key metric for these partners; Project Sophie delivered a gross margin of 59.0% in Q2 2025.

• Project Dorothy 1A and Sophie delivered gross margins of 31.9% and 59.0% in Q2 2025, respectively.
• The average power cost across sites remained at $33 per megawatt-hour in Q2 2025.
• Soluna Holdings, Inc. managed 89 MW as of Q2 2025, up from 75 MW in 2024.

Finance: review Q4 2025 customer onboarding projections against the 206 MW total operating capacity target by Friday.

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Channels

You're looking at how Soluna Holdings, Inc. gets its message out and secures the capital and contracts needed to build out its renewable computing infrastructure. The channels focus heavily on direct engagement with institutional partners and the financial community.

Direct sales team for institutional hosting clients

The direct sales effort centers on securing long-term, high-capacity hosting agreements for their green data centers, often involving expansions with existing, proven customers. This channel directly translates renewable energy capacity into contracted revenue streams.

• Project Dorothy 2 reached full hosting capacity following a 30 MW expansion with a top-tier Bitcoin miner, marking the third deployment with that customer.
• A 20 megawatt deal with Cananan was secured for Project Dorothy 1A, replacing terminating customers.
• Operational capacity reached 123 MW as of November 13, 2025, following the completion of Project Dorothy 2, representing a 64% increase.
• The total pipeline of clean computing projects in operation, construction, or development surpassed 1 GW (Gigawatt).

Project/Customer Milestone	Capacity (MW)	Date/Status
Project Dorothy 2 Expansion	30	Q3 2025
Cananan Hosting Deal (Dorothy 1A)	20	Announced October 2025
Total Operational Capacity (as of Nov 13, 2025)	123	November 2025
Total Pipeline (Operation/Construction/Development)	Over 1 GW	Q3 2025

Investor relations for public market capital raises

Investor relations is a critical channel, especially for raising corporate-level capital to fund growth and project-level equity. The activity shows a consistent push for funding throughout 2025.

• Announced a registered direct offering on December 5, 2025, targeting gross proceeds of approximately $32 million.
• This December 2025 offering involved selling 18,079,144 shares or pre-funded warrants at $1.77 per share.
• The Series C warrants in the December 2025 offering are exercisable at $1.65 per share for five years.
• Q3 2025 saw gross capital raises totaling over $64 million from public market, project-level equity, and debt.
• In July 2025, the company completed a public offering of $5 million.
• A $100 million scalable credit facility from Generate Capital was closed, with an initial draw of $12.6 million in September 2025.
• $20 million was secured from Spring Lane Capital to launch the 35 MW first phase of Project Kati 1.

Financing Event/Instrument	Amount (Gross Proceeds)	Date/Status
December 2025 Registered Direct Offering	Approx. $32 million	December 2025
Q3 2025 Total Capital Raised	Over $64 million	Q3 2025
Generate Capital Credit Facility (Initial Draw)	$12.6 million	September 2025
Spring Lane Capital Investment (Project Kati 1)	$20 million	Q3 2025
July 2025 Public Offering	$5 million	July 2025
ATM Equity Facility Launched	$87 million	Q3 2025

Industry conferences and thought leadership events

Soluna Holdings, Inc. uses presentations and published materials to communicate its vision and progress to the investment community, which is a key part of its overall channel strategy.

• CEO John Belizaire presented at the 27th Annual Global Investment Conference in New York on September 9, 2025.
• The company published its 2025 Earnings Power Presentation outlining long-term profitability potential.
• The 2025 Shareholder Letter and Investor Presentation was released, detailing the vision and roadmap.

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Customer Segments

You're looking at the core groups Soluna Holdings, Inc. serves right now, late in 2025, which is heavily weighted toward existing hosting clients while aggressively onboarding new AI/HPC partners. The numbers reflect a business in transition, moving from a heavy crypto-mining focus to a hybrid model.

Institutional Bitcoin Mining Companies (e.g., Canaan, Galaxy)

This segment has historically been the bedrock, providing hosting revenue. As of Q3 2025, Data hosting generated $5.257 million of the total $8.42 million revenue for the quarter. The commercial structures used for these customers are primarily a Fixed-Fee Model or a Profit-Share Model. Contracts in this segment typically run for 12 to 24 months.

Key customer engagements defining this segment include:

• Deployment of 20MW of Canaan's Avalon A15 XP miners at Project Dorothy, scheduled for Q1 2026.
• In 2024, the Bitcoin Hosting Business accounted for approximately 50% of total revenue.
• One customer in 2024 represented 56% of hosting revenue and 28% of total revenue before agreement termination.
• Soluna is completing the deployment of 48 MW across new and expanding partnership agreements at Project Dorothy 2.

High-Performance Computing (HPC) and AI enterprises

This is the clear growth vector, leveraging the company's renewable-powered infrastructure for compute-intensive AI workloads. Soluna Holdings is actively pivoting to serve this demand. The company is building out Project Kati, a 166MW data center in Texas, designed for hybrid Bitcoin and AI workloads.

The capacity allocation and early AI customer wins look like this:

Project/Customer	Capacity/Scope	Status/Detail
Project Kati 1	83 MW total	Construction began September 18, 2025.
Galaxy Digital (at Kati 1)	48 MW leased	Hosting agreement for proprietary Bitcoin mining operations.
Project Kati 2	83 MW	Next phase of the buildout.
Atlas Cloud	64 Nvidia H100 GPUs	Agreement for advanced AI video processing workloads.
Project Grace (at Dorothy 2)	2 MW	Under development for AI/HPC Hosting.

The company is kicking off the Project Kati 35 MW Hosting RFP process with current and new partners.

Renewable Energy Asset Owners seeking curtailment solutions

Soluna Holdings, Inc. serves renewable asset owners by providing a solution to curtailment-wasted surplus power-by co-locating data centers behind-the-meter. This model allows Soluna to bypass long interconnection queues, seeing typical timelines of 1 to 2 years versus 3 to 5+ years for greenfield projects.

The scale of the pipeline available to address curtailment is substantial:

• Total clean energy pipeline exceeds 2.8 GW as of Q2 2025.
• Near-to-mid-term development subset of the pipeline is 1.023 GW.
• The portfolio surpassed 1 GW of renewable-powered computing in operation, construction, and development as of August 2025.
• Project Annie, the first solar-powered site, is 75 MW.
• New projects like Gladys (150 MW, wind) and Fei (100 MW, solar) are under development.
• The company is actively deploying 45 MW across three new partnerships secured in 2025.

The company achieved a milestone of over 100GWh of curtailed energy monetization as of November 2024, which is equivalent to powering approximately 11,500 H100s for a year.

Finance: draft 13-week cash view by Friday.

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Cost Structure

The Cost Structure for Soluna Holdings, Inc. (SLNH) is heavily weighted toward the development and operation of its green data center assets, which requires substantial upfront and ongoing investment in physical infrastructure and power.

High capital expenditure (CapEx) for data center build-outs is a primary cost driver. This is evident in the aggressive development pipeline. For instance, Project Kati, a 166 MW data center site in Texas, secured a $20 million investment commitment from Spring Lane Capital specifically to fund the first 35 MW phase (Kati 1), with construction beginning on September 18, 2025. Furthermore, the company secured a scalable credit facility up to $100 million from Generate Capital, with an initial draw of $12.6 million in September 2025 used to fund refinancing and construction of active data center projects. This level of ongoing construction and site mobilization points to significant, lumpy CapEx requirements.

Power and operating costs for data center facilities directly impact the gross margin. Soluna Holdings reported a gross profit margin of 28% for Q3 2025, an improvement from 19% in Q2 2025, partially aided by $400k in one-time electricity credits. Site-level economics show variability, with Project Sophie delivering a 59.0% gross margin and Dorothy 1A delivering 31.9% in Q2 2025. The cost of power, though often mitigated by co-location with renewable sources, remains a core variable cost that dictates profitability per megawatt.

General and administrative (SG&A) expenses, while management works on cost discipline, show pressure from professional services and compensation. Adjusted EBITDA for Q3 2025 decreased to ($6.4M), which management attributed in part to approximately a $1.0 million increase in professional fees in Q3 2025 and compensation related to 2024. The company is focused on operational execution, but these overhead costs are a persistent drain when revenue ramp-up lags construction.

Significant non-cash financing expenses heavily influenced the GAAP bottom line. Soluna Holdings reported a GAAP net loss of $25.8 million for the three months ended September 30, 2025. This widening loss was primarily driven by a fair value adjustment on exercised warrants related to a July equity offering totaling approximately ($22.0 million), alongside other financing expenses of $4.7 million. This non-cash volatility masks the operational performance, which, on an Adjusted EBITDA basis (excluding special charges), was near breakeven.

Project development and site acquisition costs are embedded in the ongoing pipeline expansion. Development activities launched for Projects Hedy, Ellen, and Annie, involving progress across Power Purchase Agreement (PPA) negotiations and land acquisition. The securing of land parcels for Project Kati, in partnership with EDF Renewables and Masdar, was a pivotal step in transitioning from vision to execution for that 166 MW site. These pre-construction costs, including site analysis for Tier-3 suitability and contract finalization, are necessary expenditures to build the future revenue base.

Here are the key financial metrics impacting the Cost Structure for Q3 2025:

Cost/Expense Category	Financial Metric (Q3 2025)	Amount (USD)
Total GAAP Net Loss	Net Loss for the Three Months	($25.8 million)
Non-Cash Financing Expense (Warrants)	Fair Value Adjustment of Exercised Warrants	($22.0 million)
Financing Expense (Cash/Accrued)	Other Financing Expenses	($4.7 million)
Operational Performance Indicator	Adjusted EBITDA	($6.4 million)
Gross Margin	Gross Profit Margin Percentage	28%
Project Kati Funding (Initial Phase)	Secured Investment from Spring Lane Capital	$20 million
Generate Capital Draw	Initial Draw on Credit Facility	$12.6 million

The costs associated with scaling the infrastructure can be summarized by the capital raised to support them:

• Capital raised in Q3 2025 totaled over $64 million gross from various sources.
• The total pipeline of renewable power sources and potential data center capacity reached 2.8 GW by July 2025.
• Project Dorothy 2 construction involved multiple phases: Phase I energized, Phase II nearing completion, and Phase III being framed out as of Q2 2025.
• The company is actively managing costs, as shown by the gross margin improvement to 28% from 19% sequentially.

Soluna Holdings, Inc. (SLNH) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Soluna Holdings, Inc. (SLNH) as of late 2025, focusing on the hard numbers from their latest reported quarter. Honestly, the revenue mix is shifting as they bring new capacity online and plan for the next wave of computing demand.

The Total Q3 2025 revenue was $8.42 million, which represented a 37% sequential increase from Q2 2025, largely due to customer ramps at the Dorothy 2 site.

Here's how that Q3 2025 revenue broke down across the main segments:

Revenue Stream	Q3 2025 Amount (USD)
Data Center Hosting fees	$5.257 million
Proprietary Bitcoin Mining revenue	$2.769 million
Demand Response Services (DRS) revenue	$0.389 million
Total Revenue	$8.42 million

As you can see from the table, Data Center Hosting fees were the main revenue driver in Q3 2025, bringing in $5.257 million. This hosting segment is key because it generally offers more stable, long-term contracts compared to the more volatile nature of proprietary mining.

The Proprietary Bitcoin Mining revenue for Q3 2025 was reported at $2.769 million. This figure is very close to the $2.76 million you mentioned, reflecting their ongoing activity in that space.

Demand Response Services (DRS) revenue was modest for the quarter, coming in at $0.389 million. Management noted this was a small contribution to the overall top line.

Looking ahead, Soluna Holdings, Inc. is positioning itself for future revenue growth in high-performance computing.

• Future AI/HPC hosting revenue is expected to command premium pricing.
• HPC revenue for Q3 2025 was reported as $0.
• Management is focused on accelerating growth into the fast-growing AI market.
• The company secured capital to fund the first 35 MW of Project Kati 1, a wind-powered data center site.

The strategy is clear: use the existing infrastructure and capital raises, like the up-to-$100 million facility from Generate Capital, to pivot toward higher-margin, premium-priced AI workloads alongside their established Bitcoin hosting business. Finance: draft 13-week cash view by Friday.