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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.

Research from Water Tower Research

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Equity Bottom-Up

<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%...

Soluna Holdings

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