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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>This report corrects an error in our report dated June 18, 2025. In the title, the MW increase was incorrectly shown as 5%. The correct figure is 50%.</li><li>Soluna recently announced it has significantly expanded its partnership with Blockware at Project Dorothy 2.</li><li>Following its initial 5-megawatt (MW) deployment in April, Blockware is adding 3 MW of hosting capacity at Soluna’s Project Dorothy 2 data center in Texas, bringing its total contracted footprint at the site to 8 MW, an estimated 450-550 PH/s of hashrate powered by renewable energy.</li></ul>

This report corrects an error in our report dated June 18, 2025. In the title, the MW increase was incorrectly shown as 5%. The correct figure is 50%.Soluna recently announced it has significantly expanded its partnership with Blockware at Project Dorothy 2.Following its initial 5-megawatt (MW) deployment in April, Blockware is adding 3 MW of hosting capacity at Soluna’s Project Dorothy 2 data center in Texas, bringing its total contracted footprint at the site to 8 MW, an estimated 450-550 PH/s of hashrate powered by renewable energy.

Soluna Holdings, Inc: Blockware Increases MW by 50% at Project Dorothy 2 (Correction)

<ul><li>Soluna recently announced it has secured an initial financing plan for Project Kati 1.</li><li>Kati 1 is a 35-MW Bitcoin hosting facility in Texas, with at least $20 million from Spring Lane Capital Fund II (SLC) covering construction and working capital.</li><li>Construction for Kati 1 is expected to begin in 3Q25, with initial energization by 1Q26. SLC has also agreed to provide up to $100 million in additional project-level capital for Soluna’s future data center pipeline.</li></ul>

Soluna recently announced it has secured an initial financing plan for Project Kati 1.Kati 1 is a 35-MW Bitcoin hosting facility in Texas, with at least $20 million from Spring Lane Capital Fund II (SLC) covering construction and working capital.Construction for Kati 1 is expected to begin in 3Q25, with initial energization by 1Q26. SLC has also agreed to provide up to $100 million in additional project-level capital for Soluna’s future data center pipeline.

Soluna Holdings, Inc: $100 Million from Spring Lane; Construction Starting 3Q25

<ul><li>Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst.</li><li>The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources.</li><li>Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin mining, generative AI, and other compute-intensive applications. </li></ul>

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst.The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources.Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications including Bitcoin mining, generative AI, and other compute-intensive applications. 

Soluna Holdings, Inc: Announces First Solar Project with 75 MW Facility in Texas

<ul><li>Soluna recently announced its 1Q25 earnings an business update, with revenue of $5.9 million, 220 MW of new project development (698 MW total), and a solid cash position.</li><li>The company has also simplified its capital structure by fully converting its notes last year, restructuring its Preferred B equity, paying off it Navitas loan, and securing $5 million in non-dilutive financing from Galaxy Digital.</li><li>CEO John Belizaire said, “Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy.</li></ul>

Soluna recently announced its 1Q25 earnings an business update, with revenue of $5.9 million, 220 MW of new project development (698 MW total), and a solid cash position.The company has also simplified its capital structure by fully converting its notes last year, restructuring its Preferred B equity, paying off it Navitas loan, and securing $5 million in non-dilutive financing from Galaxy Digital.CEO John Belizaire said, “Our outlook shines brighter with expanding project development at Projects Rosa, Ellen, and Hedy.

Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth

<ul><li>Soluna just published its monthly update, which includes signing of term sheets for two new wind- powered data centers (Project Hedy for 120MW and Project Ellen for 100 MW), securing land for 166MW of Project Kati, and a new partnership with Blockware for hosting capacity at Project Dorothy 2.</li><li>For April Soluna’s hosted hashrate was a record 1,727 PH/s, and it mined 10 Bitcoins</li><li>Project Dorothy 1A/1B: Dorothy 1A (25 MW hosting) is fully deployed, and Dorothy 1B (25 MW prop-mining) has achieved strong hashrate growth and met Q1 2025 ancillary service requirements.</li></ul>

Soluna just published its monthly update, which includes signing of term sheets for two new wind- powered data centers (Project Hedy for 120MW and Project Ellen for 100 MW), securing land for 166MW of Project Kati, and a new partnership with Blockware for hosting capacity at Project Dorothy 2.For April Soluna’s hosted hashrate was a record 1,727 PH/s, and it mined 10 BitcoinsProject Dorothy 1A/1B: Dorothy 1A (25 MW hosting) is fully deployed, and Dorothy 1B (25 MW prop-mining) has achieved strong hashrate growth and met Q1 2025 ancillary service requirements.

Soluna Holdings, Inc: Two New Wind-Powered Data Centers

United States

Soluna Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, builds, owns, and operates modular data centers that eliminate wasted energy and deliver revenue to renewable energy producers. Soluna Holdings serves customers worldwide.

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Soluna Holdings (SLNH US)

Soluna Holdings, Inc: Blockware Increases MW by 50% at Project Dorothy 2 (Correction)

This report corrects an error in our report dated June 18, 2025. In the title, the MW increase was incorrectly shown as 5%. The correct figure is 50%.

Water Tower Research

Soluna Holdings, Inc: $100 Million from Spring Lane; Construction Starting 3Q25

Kati 1 is a 35-MW Bitcoin hosting facility in Texas, with at least $20 million from Spring Lane Capital Fund II (SLC) covering construction and...

Water Tower Research

Soluna Holdings, Inc: Announces First Solar Project with 75 MW Facility in Texas

Soluna’s proprietary software Maestro OS™ helps energize a greener grid while delivering cost-effective and sustainable computing solutions, and...

Water Tower Research

Soluna Holdings, Inc: 1Q25 Earnings Highlight Cash Position and Expectations for Growth

Soluna recently announced its 1Q25 earnings an business update, with revenue of $5.9 million, 220 MW of new project development (698 MW total), and...

Water Tower Research

Soluna Holdings, Inc: Two New Wind-Powered Data Centers

Soluna just published its monthly update, which includes signing of term sheets for two new wind- powered data centers (Project Hedy for 120MW and...

Water Tower Research

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