)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
Soluna Holdings (SLNH) investor relations material
Soluna Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Q3 2025 revenue was $8.4M, up 12% year-over-year and 37% sequentially, driven by new customer contracts, data hosting growth, and expansion of data center projects.
Net loss attributable to shareholders for Q3 2025 was $24.0M, primarily due to higher general and administrative expenses, increased interest expense, and significant fair value losses on warrant liabilities.
Adjusted EBITDA for Q3 2025 was $(6.4)M, with special charges excluded resulting in slightly positive adjusted EBITDA.
Gross profit margin rose to 28% in Q3 2025, reflecting improved cost discipline and one-time electricity credits.
Cash reserves reached $60.5M, up $45M from the previous quarter, strengthening the balance sheet for future investments.
Financial highlights
Q3 2025 revenue: $8.4M (Q3 2024: $7.5M, Q2 2025: $6.2M); 9M 2025 revenue: $20.5M (9M 2024: $29.7M).
Q3 2025 net loss: $24.0M, mainly due to a $22M fair value adjustment on exercised warrants and $4.7M in other financing expenses, partially offset by a $10.1M gain on debt extinguishment.
Q3 2025 Adjusted EBITDA: $(6.4)M (Q3 2024: $(3.5)M); 9M 2025 Adjusted EBITDA: $(9.2)M (9M 2024: $3.5M).
Cash and equivalents at 9/30/25: $60.5M; working capital: $10.2M; total debt: $23.3M.
Gross margin improved to 28% in Q3 2025 from 19% in Q2 2025, due to the absence of high-performance computing service costs.
Outlook and guidance
Management expects continued operating losses in the near term as the business scales, focusing on expanding renewable-powered data center projects and increasing project-level financing.
The company is pursuing additional equity and debt financing, with over $60M available under the ATM agreement and $12.6M drawn from a new $100M Generate Capital facility.
Project Kati and Project Rosa are in development, with Kati 1 construction underway and initial energization targeted for Q1 2026.
Expansion plans include scaling up to 2.8 GW of renewable-powered computing, with over 1 GW already in operation, construction, or development.
Given current cash and financing, how will Soluna meet 12-month needs?
How will HPC/AI colocation generate revenue post-HPE?
Timeline for remediating EPS control weakness?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Soluna Holdings earnings date
Q4 202531 Mar, 2026
Next Soluna Holdings earnings date
Q4 202531 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
Soluna Holdings, Inc. (SLNH) specializes in the development of green data centers that leverage excess renewable energy to power global computing resources. As a pioneering company in this field, Soluna constructs modular and scalable data centers designed for computing-intensive, batchable applications, including cryptocurrency mining, artificial intelligence (AI), and machine learning. These green data centers represent a unique integration of renewable energy sources with high-demand computing tasks, aiming to offer a sustainable solution to the energy consumption challenges faced by the computing industry. The company operates through two main segments: Cryptocurrency Mining and Data Center Hosting, indicating a broad approach to its business model that encompasses both the creation of cryptocurrency through mining operations and the provision of infrastructure for data center services. Soluna Holdings, Inc. is headquartered in Albany, New York, and its shares are listed on the Nasdaq.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage