Soluna Holdings Inc (NASDAQ: SLNH) is a digital infrastructure company that develops and operates data centers co-located at renewable energy generation sites. Revenue comes from four streams: cryptocurrency mining, data hosting for third-party compute customers, high-performance computing services, and demand response services sold to grid operators. For FY2025, total revenue was $29.7 million, comprised of cryptocurrency mining revenue of $11.4 million, data hosting revenue of $17.0 million, high-performance computing service revenue of $28 thousand, and demand response service revenue of $1.3 million (per the 10-K filed 2026-03-30). The company operates under two segments, Soluna Digital and Soluna Cloud, across named projects including Dorothy 1A, Dorothy 1B, Dorothy 2, Sophie, and Ada. As of end of FY2025, the company reported $76 million in unrestricted cash and a $100 million credit facility from Generate Capital, with $17.0 million drawn through December 31, 2025.

Revenue model

Transactional and service-based: cryptocurrency mined and sold (self-mining), fixed or usage-based fees for third-party data hosting, high-performance computing service fees, and demand response capacity payments from grid operators.

Products and services

Cryptocurrency mining (self-operated); data hosting for third-party compute customers across Project Dorothy 1A, Dorothy 1B, Dorothy 2, and Sophie; high-performance computing services (Project Ada); demand response grid services.

Customers and end markets

Third-party data hosting customers (specific customer names not disclosed in filing excerpts); grid operators purchasing demand response capacity; end markets include cryptocurrency mining, AI and high-performance compute hosting, and energy grid services.

Value-chain role

Owner-operator of behind-the-meter digital infrastructure co-located at renewable energy sites; provides compute capacity and grid flexibility services.

Geographic exposure

Operations in Texas referenced (Project Grace site); broader geographic breakdown not disclosed in filing excerpts.

Source: SEC 10-K, filed 2026-03-30

Industry: Finance Services Peers: BSQUARE CORP /WA CYNGN Inc MARIN SOFTWARE INC METRO ONE TELECOMMUNICATIONS INC NetSol Technologies Inc REALNETWORKS INC Salesforce Inc