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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

<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