Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 106

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 106
---
 mining revenue- depreciation 
     1,068  
     -  
     -  
     -  
     1,068  
     -  
     1,068 
  
    Cost of data hosting revenue-
    depreciation 
     -  
     292  
     152  
     -  
     444  
     -  
     444 
  
    Total
    cost of revenue 
     3,031  
     2,317  
     673  
     9  
     6,030  
     2,859  
     8,889 
  
    Gross
    (loss) profit 
    $(220) 
    $1,198  
    $83  
    $434  
    $1,495  
    $(2,859) 
    $(1,364)

Cryptocurrency
Mining Revenue: Cryptocurrency mining revenue remained substantially consistent, decreasing minimally for the three months
ended September 30, 2025, compared to the three months ended September 30, 2024. We were awarded 24.6 Bitcoins (BTC) for the
three-month period ended September 30, 2025, compared to 46.1 BTC for the prior-year period, representing a 46.6% decrease in
Bitcoins earned due to decline in operational efficiency of the aging miners. This decrease was substantially offset by an 87.5% increase in the average market price of BTC during the
period.

Data
Hosting Revenue: Hosting revenue increased for the three months ended September 30, 2025, compared to the same period in 2024.
This increase was primarily driven by the ramped-up energization and resulting revenue contribution from the D2 facility during the third
quarter of 2025. This positive impact was partially offset by a shift in the customer contract mix at the D1A and Sophie locations. Specifically,
following the exit of one of our largest fixed-fee customers in December 2024, the Company onboarded replacement customers operating
under a profit-sharing fee structure, thereby impacting the overall revenue contribution model.

53

Demand
Response Service: Demand response service revenue decreased during the three months ended September 30, 2025, compared to the
same period in 2024. This reduction was due to a lower capacity of Megawatts bid into the program, primarily resulting from