Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 117

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 117
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4 and the six months ended June 30, 2025, we generated minimal
revenue from our HPC Business.

Demand
Response Business

We
provide demand response services to grid operators and utilities by leveraging our data centers as dispatchable energy resources. In
select states where we operate, our data centers are enrolled in ancillary services programs that support grid reliability.

Under
these programs, we commit to reducing a facility’s power consumption to a predetermined level when called upon by the grid operator.
In return, we receive compensation for maintaining this dispatch capability, provided we meet specific performance criteria. For example,
to qualify for compensation in a given period—typically monthly—the data center must meet minimum uptime and availability
requirements.

For
the three and six months ended June 30, 2025, our Demand Response Business represented approximately 3% and 6% of total revenue. For
the three and six months ended June 30, 2024, our Demand Response Business represented approximately 3% and 5% of total revenue.

Operations
and Project Pipeline

As
of June 30, 2025, we operate approximately 91 MW of capacity across two active sites located in Murray, Kentucky and Silverton, Texas.
An additional 32 MW is under construction at our D2 project site, and as of June 30, 2025, we had over 650 MW of facilities in advanced
development or near shovel-ready status. In total, our project pipeline includes over 2.8 gigawatts (GW) of renewable energy-powered
data center developments.

42

A
summary of our pipeline, current and anticipated operating locations are as follows (as of June 30, 2025):

    Project
    Name
     
    Location
     
    MW
     
    Status
     
    Line
    of Business
     
    Power
    Source

    Sophie
     
    Murray,
    KY
     
    25
     
    Operating
     
    Bitcoin
    Hosting
     
    Grid
    / Hydro

    Dorothy
    1A
     
    Silverton,
    TX
     
    25
     
    Operating
     
    Bitcoin
    Hosting
     
    Wind

    Dorothy
    1B
     
    Silverton,
    TX
     
    25
     
    Operating
     
    Bitcoin
    Mining
     
    Wind