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NEW YORK - Soluna Holdings, Inc. (NASDAQ:SLNH), a developer of green data centers for intensive computing applications, reported an 80% revenue growth to $38 million in 2024 and achieved positive cash flow from its Bitcoin hosting business, according to a shareholder letter released Monday. The company, currently valued at $20.77 million in market capitalization, has shown volatile trading patterns with a beta of 3.69, according to InvestingPro data.
The company has fully operationalized its Project Dorothy 1A and 1B, while Project Dorothy 2, representing a 64% hosting capacity expansion, is now energized and expected to reach 48 MW by the end of 2025. Soluna also launched Demand Response Services, generating $2.1 million in new revenue. Despite these developments, InvestingPro analysis indicates the company faces challenges with its current ratio at 0.33, suggesting potential liquidity concerns. Get access to 10+ additional ProTips and comprehensive financial metrics with InvestingPro.
Soluna secured $25 million in funding through a SEPA facility and made a strategic decision to exit its HPE contract to focus on dedicated AI and high-performance computing infrastructure development.
The company’s development pipeline now exceeds 773 MW across wind, grid, and solar-powered computing projects, including the addition of Project Annie, its first solar-powered site with 75 MW capacity. Project Kati (166 MW) is described as shovel-ready, while Projects Rosa (187 MW), Hedy (120 MW), and Ellen (100 MW) are in active development.
For 2025, Soluna plans to bring Project Dorothy 2 to full capacity, break ground on Project Kati, advance Project Rosa, and expand its pipeline, which the company states now exceeds 2.8 GW of AI and Bitcoin hosting capacity.
The company also aims to form new joint ventures to deploy capital efficiently and strengthen its balance sheet by reducing debt and increasing ownership stakes in high-performing projects.
Soluna’s annual shareholder meeting is scheduled for August 18, 2025.
This article is based on a press release statement from Soluna Holdings, Inc.
In other recent news, Soluna Holdings, Inc. has reported significant developments across its projects and partnerships. The company announced first-quarter revenue of $5.9 million and expanded its development pipeline to over 773 megawatts, including wind, grid, and solar projects. Soluna’s Project Dorothy 2, currently under construction, is advancing with phase 2 commissioning expected to be completed ahead of schedule. Blockware has increased its capacity at this site by more than 50%, reaching a total of 8 megawatts. Additionally, Soluna has renewed and expanded its partnership with Compass Mining, which now includes 13 megawatts of computing capacity across Project Dorothy 1 and 2 sites. The company also secured $20 million in financing from Spring Lane Capital for the 35-megawatt phase of Project Kati, with Spring Lane committing up to $100 million in additional support. Soluna’s Project Kati is scheduled to begin construction in the third quarter of 2025. Recent expansions with existing partners highlight the company’s ongoing commitment to sustainable infrastructure in the data center industry.
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