Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 78

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 78
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Project
Ellen

We
have signed a term sheet for power for Project Ellen, a new 100 MW data center co-located with a 145 MW wind farm in South Texas.
The wind farm is owned by a new power partner—a leader in renewable energy and sustainable infrastructure both in the U.S. and
internationally. Project Ellen will be developed in two 50MW phases, leveraging wind energy to drive sustainable computing at
scale.

Project
Annie

We
have signed a term sheet for power for Project Annie, a new 75 MW data center co-located with a 114 MW solar farm in Northeast
Texas. The solar farm is owned by a new power partner–a leader in renewable energy and sustainable infrastructure both in the
U.S. and internationally.

Consolidated
Results of Operations (unaudited)

Consolidated
Results of Operations (unaudited) for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024.

The
following table summarizes changes in the various components of our net loss during the three months ended June 30, 2025 compared to
the three months ended June 30, 2024.

    (Dollars in thousands) 
    Three months ended 
June 30,
    2025  
    Three months ended 
June 30, 2024  
    $ Change  
    % Change 
  
    Cryptocurrency mining revenue 
    $2,861  
    $4,484  
    $(1,623) 
     (36)%
  
    Data hosting revenue 
     3,136  
     4,898  
     (1,762) 
     (36)%
  
    Demand response service revenue 
     161  
     293  
     (132) 
     (45)%
  
    Operating costs and expenses: 

    Cost of cryptocurrency mining revenue, exclusive of depreciation 
     1,767  
     1,883  
     (116) 
     (6)%
  
    Cost of data hosting revenue, exclusive of depreciation 
     1,617  
     2,176  
     (559) 
     (26)%
  
    Cost of cryptocurrency mining revenue- depreciation 
     1,074  
     1,065  
     9  
     1%