Research from Water Tower Research, Water Tower Research

Water Tower Research

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.

Equity Research Firm

Equity Bottom-Up

<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

<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: Project Ellen Will Put Another 100 MW Wind- Driven Data Center in Texas

<ul><li>Soluna recently released its March business update, in which the company highlighted a major milestone.</li><li>Soluna was awarded its second US patent, which expands the scope of its modular data center design and is key to transforming wasted energy into sustainable computing.</li><li>Other highlights of the update included Soluna announcing that 2024 revenue was up 80.5% Y/Y to $38 million. </li></ul>

Soluna recently released its March business update, in which the company highlighted a major milestone.Soluna was awarded its second US patent, which expands the scope of its modular data center design and is key to transforming wasted energy into sustainable computing.Other highlights of the update included Soluna announcing that 2024 revenue was up 80.5% Y/Y to $38 million. 

Soluna Holdings, Inc - Warded Patent Points to More Growth After 80% Y/Y Revenue Growth in 2024

<ul><li>Soluna has begun the initial energization and phased commissioning of Project Dorothy 2, a 48- MW green data center in Texas, for Bitcoin hosting.</li><li>The initial 18-MW phase is being powered up and is expected to be fully ramped up in 2Q25.</li><li>The remaining two phases, totaling 30 MW, are scheduled for completion by 4Q25.</li></ul>

Soluna has begun the initial energization and phased commissioning of Project Dorothy 2, a 48- MW green data center in Texas, for Bitcoin hosting.The initial 18-MW phase is being powered up and is expected to be fully ramped up in 2Q25.The remaining two phases, totaling 30 MW, are scheduled for completion by 4Q25.

Soluna Holdings, Inc. - Project Dorothy 2 Powers Up

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Soluna Holdings (SLNH US)

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

Soluna Holdings, Inc: Project Ellen Will Put Another 100 MW Wind- Driven Data Center 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 - Warded Patent Points to More Growth After 80% Y/Y Revenue Growth in 2024

Soluna was awarded its second US patent, which expands the scope of its modular data center design and is key to transforming wasted energy into...

Water Tower Research

Soluna Holdings, Inc. - Project Dorothy 2 Powers Up

Soluna has begun the initial energization and phased commissioning of Project Dorothy 2, a 48- MW green data center in Texas, for Bitcoin hosting.

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)