Soluna (SLNH) Registration Filing summary

Company overview and business model

• Develops and operates digital infrastructure at the intersection of renewable energy and high-performance computing, termed "Renewable Computing."

• Operates data centers co-located with wind, solar, and hydroelectric plants, supporting applications like Bitcoin mining and, in the future, AI/HPC workloads.

• Revenue streams include proprietary Bitcoin mining, third-party Bitcoin hosting, high-performance computing colocation, and demand response services for grid operators.

• Proprietary MaestroOS system optimizes data center operations based on power pricing, weather, and grid demand.

• Focuses on utilizing underutilized renewable energy and providing demand response to enhance grid resilience.

Financial performance and metrics

• For the six months ended June 30, 2025, Bitcoin Mining represented 48% and Bitcoin Hosting 46% of total revenue; demand response contributed 6%.

• Hosting revenue is highly concentrated, with three customers accounting for 80% of hosting revenue and 37% of total revenue for the six months ended June 30, 2025.

• Minimal revenue from HPC business as of mid-2025, with new projects in development.

• Closed a $20 million financing for a 35 MW expansion of Project Kati in Texas in July 2025.

• July 2025 public offering raised approximately $4.3 million in net proceeds.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of securities by the selling securityholder; all offering expenses are paid by the company.

• Recent capital raised is allocated to data center expansion projects, such as Project Kati.