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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>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

<ul><li>Soluna, a developer of green data centers for intensive computing applications, recently announced an expanded partnership with Galaxy Digital, a global leader in digital assets and data center infrastructure.</li><li>Under the new agreement, Galaxy will deploy proprietary bitcoin mining operations (previously housed at its Helios datacenter campus in the Texas panhandle) at a 48 MW expansion of Soluna’s Project Kati 1 in Texas.</li><li>This expansion brings Project Kati 1 to its full capacity of 83 MW and, having cleared tax  abatement approvals, construction is expected to launch before the end of August.</li></ul>

Soluna, a developer of green data centers for intensive computing applications, recently announced an expanded partnership with Galaxy Digital, a global leader in digital assets and data center infrastructure.Under the new agreement, Galaxy will deploy proprietary bitcoin mining operations (previously housed at its Helios datacenter campus in the Texas panhandle) at a 48 MW expansion of Soluna’s Project Kati 1 in Texas.This expansion brings Project Kati 1 to its full capacity of 83 MW and, having cleared tax  abatement approvals, construction is expected to launch before the end of August.

Soluna Holdings, Inc: Expands Partnership with Galaxy Digital

<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

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: 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

Soluna Holdings, Inc: Expands Partnership with Galaxy Digital

This expansion brings Project Kati 1 to its full capacity of 83 MW and, having cleared tax abatement approvals, construction is expected to launch...

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

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