Soluna (SLNH) Q4 2025 earnings summary

Executive summary

• Focused on transforming stranded clean energy into high-performance computing infrastructure, including Bitcoin hosting and AI data centers, while achieving record growth in 2025 by doubling operating capacity and expanding the power pipeline to 4.3 GW.

• Monetized 105,109 MWh of curtailed energy, surpassed 5 EH/s hash rate under management, and regained Nasdaq listing compliance.

• Launched AI infrastructure initiative and completed major projects, including Dorothy 2 and the start of Kati 1 construction, positioning for accelerated growth in 2026.

• Expanded partnerships with major industry players and onboarded new project-level partners.

Financial highlights

• FY25 revenue declined 22% year-over-year to $29.7M, impacted by a 30.8% drop in Bitcoin hashprice and a client exit, partially offset by new project ramp-ups.

• Quarterly revenue grew sequentially at an average rate of 17%, ending Q4 at $9.2M, with Q4 gross profit at $1.8M.

• Gross profit for 2025 was $6.5M, with gross margin dropping to 19–22% from 25–28% in 2024.

• Adjusted EBITDA for FY25 was $(13.2)M, down from $0.9M in FY24, reflecting higher expenses and margin squeeze.

• Net loss for 2025 was $57.0M, slightly improved from $58.3M in 2024.

Outlook and guidance

• 2026 focus includes advancing AI campus development, energizing Project Kati 1, and expanding the renewable computing pipeline, with revenue generation expected from Kati 1.

• Emphasis on disciplined capital strategy, leveraging project-level financing, and a strong balance sheet with improved current ratio of 1.9x.