Soluna Holdings, Inc. (SLNH): Business Model Canvas [Dec-2025 Updated]

You're trying to map the actual mechanics of Soluna Holdings, Inc. (SLNH), and honestly, the core engine is a sophisticated play on energy arbitrage: turning curtailed, wasted green power into high-value compute capacity. This isn't just a mining play; it's about rapidly deploying modular data centers-backed by strategic partners like Generate Capital for a $100 million facility-to offer sustainable hosting for AI and HPC workloads, evidenced by their $8.42 million total revenue in Q3 2025. With a pipeline exceeding 1 GW and a clear strategy to monetize through hosting fees and Demand Response Services, the model is compelling, but the high capital expenditure required for build-outs is the near-term risk we need to dissect. Below, we break down the nine essential blocks of the Soluna Holdings, Inc. Business Model Canvas so you can see exactly where their value is created and where the cash is being deployed.

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

You're looking at the core relationships that fuel Soluna Holdings, Inc.'s growth, especially as they scale their green data center fleet. These aren't just vendor relationships; they are capital providers, major customers, and power suppliers that make the whole modular, renewable-powered compute model work. Honestly, the recent financing and customer lock-ins are what give this model its near-term traction.

Capital Generation and Financing Partners

Securing non-recourse capital is key to avoiding shareholder dilution while building out major infrastructure. Soluna Holdings recently locked in a significant financing vehicle that provides the necessary dry powder for their pipeline.

• Generate Capital, PBC provided a scalable credit facility up to $100 million for expansion, refinancing, and construction support.
• The initial draw on this facility was $12.6 million in September 2025, used for refinancing Dorothy 1A and Dorothy 2, which in turn unlocked equity capital.
• Spring Lane Capital (SLC) closed a $20 million funding round specifically to begin construction on Project Kati 1.
• SLC also has an agreement in place to extend up to $100 million of additional project-level capital for Soluna's pipeline, subject to conditions.

Major Hosting Customer Commitments

The partnerships with large-scale miners and treasury companies define the immediate revenue streams and capacity utilization. These agreements secure the power draw for the renewable energy assets.

Galaxy Digital Inc. is a cornerstone partner for the flagship Project Kati 1. Under the expanded agreement, Galaxy will deploy proprietary Bitcoin mining operations, moving hardware from their Helios campus to Soluna's site. This deployment is the largest single-partner commitment to date for Soluna Holdings.

Here's a quick look at the capacity secured through key hosting agreements as of late 2025:

Renewable Energy Access and Infrastructure Development

Soluna Holdings' entire value proposition rests on its ability to co-locate with and utilize curtailed or underutilized renewable energy. These partnerships ensure a low-cost, sustainable power source.

• Project Kati, a massive wind-powered data center in Willacy County, Texas, broke ground on September 18, 2025.
• Project Kati is designed for a total of 166 MW across two phases: Kati 1 (83 MW for Bitcoin Hosting) and Kati 2 (to support AI and HPC).
• The 83 MW for Project Kati 1 includes the 48 MW for Galaxy Digital and 35 MW for Soluna's own Bitcoin Hosting.
• The company is actively finalizing Power Purchase Agreement (PPA) and Retail Electric Provider (REP) agreements for projects like Ellen and Hedy, and working on PPAs for Gladys and Fei.
• Soluna's overall pipeline of renewable computing capacity across operation, construction, and development exceeds 1 gigawatt (GW).

The ability to secure these power sources is what allows Soluna to offer cost-effective infrastructure to its hosting partners. That's the real leverage point.

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

You're looking at the core engine of Soluna Holdings, Inc. as of late 2025; these are the specific actions the company must execute to make the model work.

Develop and construct modular green data centers.

Soluna Holdings, Inc. is actively building out its modular computing capacity, focusing on co-location with renewable assets. The company surpassed a major scale milestone in August 2025, exceeding 1 GW of clean computing projects across operation, construction, and development stages.

The pipeline is substantial, currently estimated to exceed 2.8 GW and growing. Key construction and development activities include:

• Project Kati: A flagship 166 MW wind-powered site in Texas, with groundbreaking on September 18, 2025.
• Project Kati 1: The initial phase, a 35 MW expansion funded by a $20 million SLC investment, targeting Q1 2026 energization.
• Project Annie: Soluna Holdings, Inc.'s first solar-powered facility at 75 MW.
• Project Dorothy 2: Energized during the year, contributing to the operational fleet.

The operational fleet saw capacity growth, with Project Dorothy 2 commissioning leading to a total hash rate under management surpassing 4 EH/s by Q3 2025.

Manage proprietary MaestroOS™ for energy optimization.

The proprietary operating system, MaestroOS™, is central to the firm's ability to manage power consumption and optimize performance. This software helps Soluna Holdings, Inc. manage the dual-source power strategy-drawing from behind-the-meter renewables while retaining grid flexibility for uptime. The operational output is measured in computing power deployed for clients.

Secure project-level financing and strategic capital.

Securing capital is a constant key activity, funding both construction and Soluna Holdings, Inc.'s equity ownership in projects. The company has been active in raising funds through late 2025.

You saw significant capital inflow recently:

• A registered direct offering closed around December 5, 2025, raising approximately $32 million for working capital and project-level equity.
• In September 2025, Soluna Holdings, Inc. closed a scalable credit facility of up to $100 million from Generate Capital, with an initial draw of $12.6 million.
• Q3 2025 saw gross capital raised exceeding $64 million from a mix of sources.
• Earlier in 2025, capital raised included a $20 million SLC investment for Project Kati 1, plus other sources totaling over $30 million before the Generate facility.

The company's cash reserves swelled to a record $60.5 million by the end of Q3 2025.

Source and acquire behind-the-meter renewable energy sites.

The entire model hinges on co-locating data centers directly with renewable generation to bypass interconnection queues and source low-cost power. This involves securing Power Purchase Agreements (PPAs) and land rights.

The pipeline development shows a clear focus on securing large-scale renewable capacity to match the compute load:

• Project Gladys is paired with a 226 MW wind farm.
• Project Fei is co-located with a 240 MW solar farm.
• Project Annie is tied to a 114 MW solar farm.
• PPA agreement drafts were completed for Projects Ellen, Hedy, Annie, Gladys, and Fei, totaling 545 MW of load capacity.

Project Dorothy operates primarily on behind-the-meter wind power.

Optimize existing sites for higher efficiency and uptime.

Optimization is continuous, focusing on maximizing hosting revenue and ensuring operational stability, often through hybrid power arrangements. Project Dorothy uses its behind-the-meter wind power but retains a grid connection to ensure very high uptime. The company is focused on improving existing operations to remain the hosting operator of choice.

The operational performance in Q3 2025 showed sequential revenue growth of 37% or $2.3 million from Q2 2025, driven by new customers at Project Dorothy 2. However, the overall financial picture shows negative margins, with the operating margin at -98.04% for the three months ended September 30, 2025.

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

You're looking at the core assets Soluna Holdings, Inc. (SLNH) is leaning on as of late 2025. These aren't abstract concepts; they are tangible capacities and financial buffers that drive their green computing strategy.

Modular data center design and construction blueprint

Soluna Holdings, Inc. relies on a scalable, modular computing platform to deploy capacity quickly. This blueprint is evident in the active and shovel-ready projects across their portfolio. For instance, Project Kati, their largest project to date, is a 166 MW wind-powered data center in Texas, where construction broke ground on September 18, 2025. The modular approach supports both Bitcoin hosting and the emerging AI/HPC market segments.

The operational and near-term construction capacities showcase this modular execution:

• Project Dorothy 1A: 25 MW, Bitcoin Hosting, Operating
• Project Dorothy 1B: 25 MW, Bitcoin Mining, Operating
• Project Sophie: 25 MW, Bitcoin Hosting, Operating
• Project Dorothy 2: 48 MW deployment completed across three new/expanding partnerships
• Project Kati 1: 166 MW total, with Phase K1A (48 MW) and Phase K1B (35 MW) components

Pipeline of over 1 GW of clean computing projects

Soluna Holdings, Inc. has officially surpassed the 1 GW milestone for clean computing projects in its total development pipeline, which now stands at 2.8 GW long-term. This scale positions the company to displace an estimated 48 million metric tons of CO₂ over the life of these assets. The 1 GW figure includes projects in operation, under construction, and in development, such as the newly announced Project Fei (100 MW solar) and Project Gladys (150 MW wind).

Here's a look at the capacity breakdown across key pipeline projects as of late 2025:

That 2.8 GW long-term roadmap is what management is focused on executing against now.

Cash and restricted cash reserves of roughly $60 million (Q3 2025)

Liquidity strengthened materially at the end of the third quarter of 2025. Soluna Holdings, Inc. ended Q3 2025 with $60.46 million in cash and restricted cash on the balance sheet. Unrestricted cash specifically stood at $51.37 million. This reserve was bolstered by over $64 million in gross capital raised during Q3 2025 from various sources. Also critical is the new scalable credit facility, up to $100 million from Generate Capital, with an initial draw of $12.6 million in September 2025 to fund construction and refinancing.

The Q3 2025 cash position:

• Cash and restricted cash: $60.46 million
• Unrestricted cash: $51.37 million
• Gross capital raised in Q3 2025: Over $64 million
• Generate Capital facility size: Up to $100 million

Long-term Power Purchase Agreements (PPAs) for stable margins

Securing definitive Power Purchase Agreements (PPAs) is a key focus to lock in stable margins for the pipeline projects. As of the October 2025 update, Soluna Holdings, Inc. was finalizing PPA and Retail Electric Provider (REP) agreements for the Ellen and Hedy projects. Furthermore, work was continuing on PPA agreements for Projects Annie, Gladys, Rosa, and Fei. These agreements are defintely necessary to move projects like Fei (100 MW) and Gladys (150 MW) from development into construction.

Technical expertise in energy and compute convergence

The core resource here is the operational capacity and the proprietary technology managing it. Soluna Holdings, Inc. surpassed 4 EH/s of hash rate under management during Q3 2025, driven by the commissioning of Dorothy 2 and fleet upgrades across all sites. The company utilizes its proprietary software, MaestroOS™, which has been instrumental in managing curtailments and optimizing operations, as seen in a successful 4CP period completion at the end of September. The CTO has also been actively involved in industry discussions, such as at the Climate Symposium at Harvard Business School.

Key operational metrics reflecting this expertise include:

• Hash rate under management: Surpassed 4 EH/s as of September 2025
• Site-level margins: Dorothy 1A achieved 43.6% and Sophie achieved 68.4% in Q3 2025
• Proprietary Software: MaestroOS™ used for control systems

Finance: draft 13-week cash view by Friday.

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:

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:

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).

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.

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:

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:

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:

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.