Soluna Holdings Inc
solunacomputing.comWhat Do They Do?
Hosts third-party Bitcoin miners in data centers co-located with renewable power plants, mines Bitcoin through its own operations, and develops data centers for AI and high-performance computing customers.
10-K for FY2025, filed Mar 30, 2026We develop, own, and operate digital infrastructure for energy-intensive computing applications by colocating data centers with renewable…View ↗
Bitcoin Mining Business – We mine Bitcoin through proprietary operations and joint ventures at our data centers.View ↗
Bitcoin Hosting Business – We provide hosting and colocation services to third-party Bitcoin mining customers at our modular data centers.View ↗
HPC Business – Through Soluna HPC, Inc., we are developing AI-ready data center leasing and hosting capabilities for AI and HPC workloads…View ↗
We provide colocation and hosting services to third-party Bitcoin mining customers at our data centers. Customers typically contract for…View ↗
How Do They Make Money?
Data-center hosting (57% of revenue) brings monthly bills for power, connectivity and facility management, with fixed, energy-use-based, profit-share or combined charges. Bitcoin mining earns Bitcoin rewards and transaction fees when pools confirm blocks; demand response pays monthly fees for being ready to reduce power, and HPC income can come from asset sales or leases.
10-K for FY2025, filed Mar 30, 2026The Company has entered customer hosting contracts whereby the Company provides hosting services which include electrical power, other…View ↗
Providing computing power to solve complex cryptographic algorithms in support of the Bitcoin blockchain (in a process known as “solving a…View ↗
Capacity fees are paid to the Company by ERCOT for its stand ready commitment to curtail MWs and are typically based on the Company’s…View ↗
The Cryptocurrency Mining segment generates revenue from the cryptocurrency the Company earns through its Bitcoin mining activities, which…View ↗
$29.7M
-
10-K for FY2025, filed Mar 30, 2026
$29.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Cryptocurrency mining revenue
Sold outright
10-K for FY2025, filed Mar 30, 2026 |
38%
FY2022: 86%
|
Cryptocurrency mining revenue, FY2025
$11.4M Sources
|
Sold outright |
|
Data hosting revenue
|
57%
FY2022: 15%
|
Data hosting revenue, FY2025
$17M Sources
|
|
|
High-performance computing service revenue
|
0.1% |
High-performance computing service revenue, FY2025
$28K Sources
|
|
|
Demand response service revenue
Recurring
|
4.3% |
Demand response service revenue, FY2025
$1.3M Sources
|
Recurring |
Who Are Their Customers?
Bitcoin mining operators contract for hosting, and Soluna also earns mining rewards through pool operators. Planned AI facilities target large and newer cloud companies and businesses; demand-response services go to grid operators and utilities.
10-K for FY2025, filed Mar 30, 2026We provide colocation and hosting services to third-party Bitcoin mining customers at our data centers. Customers typically contract for…View ↗
Providing computing power to solve complex cryptographic algorithms in support of the Bitcoin blockchain (in a process known as “solving a…View ↗
Our HPC business is being developed through Soluna HPC, Inc. and is focused on data center leasing and hosting solutions for AI and other…View ↗
Demand Response Business – We leverage our data center infrastructure to provide demand response services to grid operators and utilities.View ↗
Do Revenues Turn Into Profits?
No. It lost $53.4M in FY2025.
10-K for FY2025, filed Mar 30, 2026
−$33.7MView ↗
10-K for FY2025, filed Mar 30, 2026
−$53.4MView ↗
10-K for FY2025, filed Mar 30, 2026
−$37.2MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$20.7MView ↗
- ▲ +181% (Loss)
- vs −$7.4M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Aug 25, 2026
Agreed to share proceeds from Bitcoin mining at Project Kati 1
Soluna supplies site, power and operations; Bitdeer owns equipment, and both share mining proceeds.
Sources
8-K, filed Aug 25, 2026
ALBANY, NY, August 25, 2026 - Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for…View ↗
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Aug 13, 2026
Acquired Briscoe Wind Farm and consolidated Project Dorothy 1 ownership
Soluna acquired the wind farm and partners' stakes in Dorothy 1A and Dorothy 1B.
Sources
8-K, filed Aug 13, 2026
Acquired 150 MW Briscoe Wind Farm on April 1 for a $53.0 million base price.View ↗
Growing. Revenue grew 2.1x in 4 years, from $14.3M in FY2021 to $29.7M in FY2025, about 20% a year.
Exited instruments
The older report also described aircraft and industrial measurement products and wafer-inspection tools; the latest report says the instruments subsidiary was sold and focuses on computing infrastructure.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 30, 2026Until the Sale (as defined below), we also operated though our wholly-owned subsidiary, MTI Instruments, an instruments business engaged in…View ↗
Soluna Holdings, Inc. (“SHI”), formerly known as Mechanical Technology, Incorporated, which was originally incorporated in the State of New…View ↗
Developed AI and HPC plans
The older report presented AI and machine learning as possible future uses for mining data centers; the latest report describes AI-ready facilities and a dedicated leasing and hosting business for those workloads.
10-K for FY2022, filed Mar 31, 2023 10-K for FY2025, filed Mar 30, 2026SHI currently conducts our business through our wholly-owned subsidiary, Soluna Computing, Inc. (“SCI”). SCI is engaged in the mining of…View ↗
Who Do They Compete With?
Competes with Applied Digital, Digital Realty, Crusoe, CoreWeave, Lambda, FluidStack, Nebius, BitFuFu, Canaan, Cango, Blockstream, Blockware, Foundry, Compass Mining, Hut 8, Bitdeer, Riot Platforms, Marathon Digital Holdings, Cipher Mining, and TeraWulf
10-K for FY2025, filed Mar 30, 2026Our emerging HPC Business competes with leading data center firms such as Applied Digital, Digital Realty, NeoCloud companies such as…View ↗
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