Soluna Holdings, Inc
Soluna Holdings, Inc. develops and operates data centers and related infrastructure for Bitcoin mining, Bitcoin hosting, high-performance computing, and demand response services. The company’s facilities are primarily designed to convert access to power and land into compute-oriented operations, with projects and operating sites in the United States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueProprietary mining operations that produce Bitcoin using company-controlled data center infrastructure.
Colocation and hosting services for third-party Bitcoin mining customers based on power requirements.
Colocation and hosting for AI and other compute-intensive workloads, including GPU-based services.
Grid support services that monetize flexible data center power usage during periods of grid stress.
Early-stage development of new data center sites, power access, and infrastructure for future capacity.
Products
Reported · share of revenue- Data Hosting Revenue57.3 %
- Cryptocurrency Mining Revenue38.4 %
- Demand Response Services4.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company serves Bitcoin mining customers that contract for hosted space and power, including larger-scale miners that need dedicated infrastructure. It also targets AI and HPC users that need GPU-enabled colocation capacity, as well as grid operators that purchase demand response services. For its own mining operations, the company is effectively a self-operated customer of its infrastructure platform.
Third-party miners contract for hosting space and power to run ASIC mining equipment at Soluna sites.
The company mines Bitcoin itself through owned or controlled infrastructure and joint ventures.
Startups, enterprises, and compute users seeking GPU hosting and AI-oriented data center capacity.
Operators that pay for demand response services when the company curtails load to support the grid.
Strategy
The company is focused on expanding its pipeline of power-backed data center projects while improving execution at existing sites. It is also building an AI/HPC platform alongside Bitcoin hosting, using partnerships, project development, and financing to add capacity and diversify end markets.
Access to low-cost, scalable power is the core constraint on new data center capacity.
AI workloads can broaden the customer base beyond Bitcoin-related demand.
Improving site-level execution supports customer retention and operating consistency.
Development projects require external capital before they generate stable cash flow.
Geography
Soluna’s operating and development footprint is centered in the United States, with projects disclosed in Texas and other U.S. locations. Geography matters because the business depends on access to power, land, grid interconnection, and local permitting, which are all site-specific and can determine whether a project becomes shovel-ready or operational.
Risks
The business is exposed to customer concentration, Bitcoin price and mining economics, and the execution risk of building power-intensive infrastructure. It also faces financing, liquidity, and listing-compliance risk because development projects require capital before they produce durable revenue, while AI/HPC demand and GPU pricing can shift quickly.
- Financing and going-concern riskImpact: CriticalLikelihood: High
The company needs external funding to support operations and development before projects mature.
Exposure - Nasdaq listing complianceImpact: HighLikelihood: High
Failure to maintain listing standards could impair access to capital and investor confidence.
Exposure: Minimum bid price requirement on Nasdaq.
- Project execution and power accessImpact: HighLikelihood: Low
New capacity requires land, interconnection, permits, and construction to align on schedule.
Exposure - Customer concentration in Bitcoin hostingImpact: High
A small number of customers account for a large share of hosting revenue, increasing churn and pricing risk.
Exposure: Three customers represented about 83% of hosting revenue in Q1 2025.
- Bitcoin mining economicsImpact: High
Mining revenue depends on Bitcoin prices, network difficulty, and halving-related reward changes.
Exposure: Proprietary mining operations and mining-linked hosting contracts.
Accounting
Judgemental itemsFixed-fee hosting, profit-share mining contracts, and demand response services may be recognized differently.
Impact: Affects timing and volatility of reported revenue.
Non-cash gains or losses can arise from remeasurement of liabilities and financing instruments.
Impact: Can materially affect quarterly net income.
Equity awards are a recurring expense for a development-stage company.
Impact: Impacts operating loss and dilution.
Early-stage data center projects require judgment on what costs are capitalized and whether assets remain recoverable.
Impact: Can affect balance sheet carrying values and future depreciation.
Tax benefits and valuation allowances can be sensitive to forecasted profitability.
Impact: Can move reported net income even when operating results are weak.
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Last updated: 24/09/2026