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SOLUNA HOLDINGS(SLNHP) - 2025 Q1 - Quarterly Results
SLNHPSOLUNA HOLDINGS(SLNHP)2025-05-16 11:30

Financial Performance - Q1 2025 revenue was reported at 5.9million,adeclinecomparedtothesameperiodin2024duetoseveralfactorsincludingBTChalvingandmarketconditions[11]−TotalrevenueforQ12025was5.9 million, a decline compared to the same period in 2024 due to several factors including BTC halving and market conditions[11] - Total revenue for Q1 2025 was 5.936 million, a decrease of 52.7% compared to 12.549millioninQ12024[29]−Cryptocurrencyminingrevenuedecreasedto12.549 million in Q1 2024[29] - Cryptocurrency mining revenue decreased to 2.999 million, down 53.1% from 6.396millioninthesameperiodlastyear[29]−Datahostingrevenuealsodeclinedto6.396 million in the same period last year[29] - Data hosting revenue also declined to 2.402 million, a 54.5% decrease from 5.278millioninQ12024[29]−ThenetlossattributabletoSolunaHoldings,Inc.forQ12025was5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was 7.556 million, compared to a net loss of 5.254millioninQ12024[29]−BasicanddilutedlosspershareforQ12025was5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was 0.88, an improvement from a loss of 2.62pershareinQ12024[29]−ThenetlossfromcontinuingoperationsforthethreemonthsendedMarch31,2025,was2.62 per share in Q1 2024[29] - The net loss from continuing operations for the three months ended March 31, 2025, was 7,354 million, an increase from a loss of 2,544millioninthesameperiodof2024[36]−AdjustedEBITDAdeclinedtoalossof2,544 million in the same period of 2024[36] - Adjusted EBITDA declined to a loss of 1.6 million, down 6.8millionfromQ12024,influencedbyrevenueandcostfactors[15]−AdjustedEBITDAforthethreemonthsendedMarch31,2025,was6.8 million from Q1 2024, influenced by revenue and cost factors[15] - Adjusted EBITDA for the three months ended March 31, 2025, was (1,648) million, down from 5,147millioninthepreviousyear[36]CashandAssets−Unrestrictedcashincreasedto5,147 million in the previous year[36] Cash and Assets - Unrestricted cash increased to 9.2 million, reflecting a 1.4milliongrowthfromDecember31,2024[11]−Totalcurrentassetsincreasedto1.4 million growth from December 31, 2024[11] - Total current assets increased to 15.758 million as of March 31, 2025, up from 13.495millionattheendof2024[26]−CashandrestrictedcashattheendofQ12025totaled13.495 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled 14.448 million, an increase from 11.394millionattheendofQ12024[31]LiabilitiesandExpenses−Totalliabilitiesroseto11.394 million at the end of Q1 2024[31] Liabilities and Expenses - Total liabilities rose to 63.056 million as of March 31, 2025, compared to 60.678millionattheendof2024[26]−OperatingexpensesforQ12025were60.678 million at the end of 2024[26] - Operating expenses for Q1 2025 were 8.350 million, up from 6.397millioninQ12024,reflectingincreasedgeneralandadministrativecosts[29]−Thecompanyreportedasignificantincreaseinstock−basedcompensation,totaling6.397 million in Q1 2024, reflecting increased general and administrative costs[29] - The company reported a significant increase in stock-based compensation, totaling 1.847 million in Q1 2025 compared to 661,000inQ12024[31]−InterestexpenseforthethreemonthsendedMarch31,2025,was661,000 in Q1 2024[31] - Interest expense for the three months ended March 31, 2025, was 838 million, compared to 424millioninthepreviousyear[36]ProjectsandDevelopment−Thecompanyhas220MWofnewprojectsindevelopment,contributingtoatotalprojectpipelineofapproximately698MWacrossoperations,construction,anddevelopment[10]−ProjectDorothy2isexpectedtoincreaseBitcoinhostingcapacityby64424 million in the previous year[36] Projects and Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] - The termination of the HP Enterprises contract allows the company to refocus on crypto-mining and AI data center development[6] - The company anticipates revenue stabilization and growth as additional MW of Bitcoin hosting capacity is commissioned over the next two years[11] Patents and Technology - The second utility patent was awarded in April 2025, expanding the scope of Soluna's Modular Data Center technology[10] Historical Comparison - Total revenue for the three months ended March 31, 2024, was 12,549 million, a decrease from 11,674millioninthepreviousquarter[33]−Cryptocurrencyminingrevenuewas11,674 million in the previous quarter[33] - Cryptocurrency mining revenue was 6,396 million, while data hosting revenue was 5,278millionforthesameperiod[33]−SegmentoperatingincomeforthethreemonthsendedMarch31,2024,was5,278 million for the same period[33] - Segment operating income for the three months ended March 31, 2024, was 5,703 million, compared to 3,229millioninthepreviousyear[33]−TotalcostofrevenueforthethreemonthsendedMarch31,2024,was3,229 million in the previous year[33] - Total cost of revenue for the three months ended March 31, 2024, was 5,615 million, compared to 4,763millioninthepreviousquarter[35]−ThegrossprofitforthethreemonthsendedMarch31,2024,was4,763 million in the previous quarter[35] - The gross profit for the three months ended March 31, 2024, was 6,934 million, a decrease from 1,173millioninthepreviousquarter[35]−DemandresponserevenueforthethreemonthsendedMarch31,2024,was1,173 million in the previous quarter[35] - Demand response revenue for the three months ended March 31, 2024, was 875 million, while it was 507millioninthesameperiodof2025[35]−ThetotalsegmentcostofrevenueforthethreemonthsendedMarch31,2024,was507 million in the same period of 2025[35] - The total segment cost of revenue for the three months ended March 31, 2024, was 5,777 million, an increase from $5,615 million in the previous quarter[33]