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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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<div><ul><li>Soluna recently announced its 3Q25 earnings, with revenue of $8.4 million (up 37% sequentially), a new $100-million credit facility, and a solid $60-million cash position. </li><li>The company also settled with NYDIG, regained NASDAQ compliance, expanded its partnership with Galaxy Digital, and continues to build and light up projects like Project Dorothy and Project Kati.</li><li>CEO John Belizaire said, “This is a new Soluna.” He highlighted that 3Q25 proved that its business model works and scales, strengthened its position as a leading Bitcoin hosting provider, and attracted new, world-class capital partners.</li></ul></div>

Soluna recently announced its 3Q25 earnings, with revenue of $8.4 million (up 37% sequentially), a new $100-million credit facility, and a solid $60-million cash position. The company also settled with NYDIG, regained NASDAQ compliance, expanded its partnership with Galaxy Digital, and continues to build and light up projects like Project Dorothy and Project Kati.CEO John Belizaire said, “This is a new Soluna.” He highlighted that 3Q25 proved that its business model works and scales, strengthened its position as a leading Bitcoin hosting provider, and attracted new, world-class capital partners.

SLNH: 3Q25 Revenue Up 37% Sequentially; Gross Margin Increased to 28%...

<ul><li>Belizaire discussed a new strategic partnership with Generate Capital, which includes a $100-million credit facility.</li><li>He explained that the funding should enable Soluna to refinance existing projects, accelerate the construction of new data centers like Dorothy 2 and Kati 1, and unlock equity to fund a pipeline of renewable-powered data centers.</li><li>This pipeline has now exceeded one gigawatt of projects under construction, in operation, and in development. </li></ul>

Belizaire discussed a new strategic partnership with Generate Capital, which includes a $100-million credit facility.He explained that the funding should enable Soluna to refinance existing projects, accelerate the construction of new data centers like Dorothy 2 and Kati 1, and unlock equity to fund a pipeline of renewable-powered data centers.This pipeline has now exceeded one gigawatt of projects under construction, in operation, and in development. 

SLNH:  CEO Highlights Partnership with Generate for $100-Million Facility and Project Progress

<ul><li>Soluna recently announced a strategic hosting agreement to deploy 20 megawatts (MW) of Avalon® A15 XP Bitcoin miners at its Project Dorothy in Briscoe County, Texas.</li><li>The parties expect to deploy the miners in 1Q26. Canaan aims to leverage Soluna’s modular and cost-efficient infrastructure to power its Avalon fleet using wind energy, further enhancing the sustainability profile of its mining operations.</li><li>This is yet another significant milestone for Soluna as it continues to scale its pipeline of renewable-powered digital infrastructure.</li></ul>

Soluna recently announced a strategic hosting agreement to deploy 20 megawatts (MW) of Avalon® A15 XP Bitcoin miners at its Project Dorothy in Briscoe County, Texas.The parties expect to deploy the miners in 1Q26. Canaan aims to leverage Soluna’s modular and cost-efficient infrastructure to power its Avalon fleet using wind energy, further enhancing the sustainability profile of its mining operations.This is yet another significant milestone for Soluna as it continues to scale its pipeline of renewable-powered digital infrastructure.

Soluna Holdings, Inc. - Partnership with Canaan for Next-Gen Bitcoin Miners...

<ul><li>Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.</li><li>The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.</li><li>Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys. </li></ul>

Soluna recently announced it has passed the major milestone of 1 GW of clean energy generation.The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW power pipeline.Soluna has reached a 1-GW milestone with the launch of two new projects in Texas: Project Fei and Project Gladys. 

Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW

<ul><li>Soluna recently announced its 2Q25 earnings and business update, with revenue of $6.2 million, 295 MW of new project development (773 MW total), and a solid cash position.</li><li>The YoY decline was driven by four factors that drove the decrease.</li><li>Bitcoin halving and subsequent Hashprice volatility ($2.0 million), the change in commercial model mix to more Profit Sharing (fully offset by decline in cost of revenue by ($0.8 million) for no Gross Profit impact), lower Prop Mining volume related to site availability and miner efficiency ($0.6 million), and lower Demand Response Services driven by increased participation rate within ERCOT ($0.1 million).</li></ul>

Soluna recently announced its 2Q25 earnings and business update, with revenue of $6.2 million, 295 MW of new project development (773 MW total), and a solid cash position.The YoY decline was driven by four factors that drove the decrease.Bitcoin halving and subsequent Hashprice volatility ($2.0 million), the change in commercial model mix to more Profit Sharing (fully offset by decline in cost of revenue by ($0.8 million) for no Gross Profit impact), lower Prop Mining volume related to site availability and miner efficiency ($0.6 million), and lower Demand Response Services driven by increased participation rate within ERCOT ($0.1 million).

Soluna Holdings, Inc: 2Q25 Earnings Show Steady Gross Margin and EBITDA Improvement

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)

SLNH: 3Q25 Revenue Up 37% Sequentially; Gross Margin Increased to 28%...

Soluna recently announced its 3Q25 earnings, with revenue of $8.4 million (up 37% sequentially), a new $100-million credit facility, and a...

Water Tower Research

SLNH: CEO Highlights Partnership with Generate for $100-Million Facility and Project Progress

Belizaire discussed a new strategic partnership with Generate Capital, which includes a $100-million credit facility. He explained that the funding...

Water Tower Research

Soluna Holdings, Inc. - Partnership with Canaan for Next-Gen Bitcoin Miners...

Soluna recently announced a strategic hosting agreement to deploy 20 megawatts (MW) of Avalon® A15 XP Bitcoin miners at its Project Dorothy in...

Water Tower Research

Soluna Holdings, Inc: Two New Sites Push Generation Past 1 GW

The company is accelerating its mission to make clean computing the standard for AI and Bitcoin by expanding its data center platform with a 2.8-GW...

Water Tower Research

Soluna Holdings, Inc: 2Q25 Earnings Show Steady Gross Margin and EBITDA Improvement

Soluna recently announced its 2Q25 earnings and business update, with revenue of $6.2 million, 295 MW of new project development (773 MW total),...

Water Tower Research

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