Nasdaq-listed company Soluna Holdings, which develops green data centers for intensive computing applications such as bitcoin mining and artificial intelligence, announced financial results for the second quarter ended June 30, 2025.
Net loss decreased by $1.40 million year-on-year and adjusted EBITDA decreased by $3 million year-on-year (2024 Q2 vs. 2025 Q2), primarily due to the April 2024 bitcoin halving and hash price fluctuations (approximately $600,000), while Dorothy 1B launched fewer machines and reduced efficiency. Professional fees increased by $200,000, including legal fees and compliance costs associated with the standby share purchase agreement.
Revenue for the second quarter of 2025 was $6.20 million, down $3.50 million year-over-year. Four main factors contributed to the decline: Bitcoin halving and subsequent hash price volatility ($2 million), business model shift to more profit sharing (fully offset by lower costs 800,000 $with no impact on gross margin), reduced proprietary mining due to reduced availability and efficiency of miners ($600,000), and decreased demand response services ($100,000, mainly due to increased ERCOT participation).
Soluna Holdings Announces Q2 Financial Results: Revenue $6.20 million, Net Loss Down $1.40 million YoY
2025-08-19 00:08:39
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