Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 1494

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1494
---
 of our
flagship Project Dorothy that will be dedicated to Bitcoin Hosting. The site is expected to energize soon in the second quarter of 2025.
This will enable the commencement of the commissioning of the first of 3 phases, each of 16MW, that will occur between May and October
2025 when the site is expected to be fully operational. As each phase is commissioned, it will begin to generate revenue, both due to
Bitcoin Hosting and Demand Response Services.

Project
Rosa

We
are developing Project Rosa which is expected to be a 187MW data center for AI and Bitcoin hosting and other computing-intensive applications,
as well as joint venture potential. It will be co-located with a wind farm in Texas. We have signed term sheets for both power and land
purchase agreements in connection with this project.

Project
Kati

We
are developing Project Kati which is expected to be a 166MW data center for AI, machine learning, Bitcoin hosting and other computing-intensive
applications, as well as joint venture potential. It will be co-located with a wind farm in Texas. We have received final ERCOT approval
for the Reactive Power Study which is the last study required to exit planning. It is also waiting for required amendments to Las Majadas
Wind Farm’s agreement with the transmission service provider to be completed.

Project
Grace

We
continue to develop a 2MW AI/HPC data center to be co-located with the same windfarm as Project Dorothy that will be the first construction
of Soluna’s proprietary Helix design that remains in the concept design phase.

Consolidated
Results of Operations

Results
of Operations for the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023. 

The
following table summarizes changes in the various components of our net loss during the year ended December 31, 2024 compared to the
year ended December 31, 2023.

    (Dollars in thousands) 
    Year Ended December 31, 2024  
    Year Ended December 31, 2023  
    $ Change  
    % Change 
  
    Cryptocurrency mining revenue 
    $17,027  
     10,602  
     6,425  
     61%
  
    Data hosting revenue 
     18,838  
     10,196  
     8,642  
     85%