Company: SLNH
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024045
Chunk: 116

Company: Soluna Holdings, Inc
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 2
Chunk 116
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 future revenue. For the three and six months
ended June 30, 2025, our Bitcoin Mining Business represented approximately 46% and 48% of total revenue. For the three and six months ended June 30, 2024, our Bitcoin Mining Business represented approximately 46% and 49%
of total revenue.

41

Bitcoin
Hosting Business

We
provide colocation and hosting services for third-party Bitcoin mining customers at our data centers. Customers contract space based
on their power requirements. Our current customer base includes several large-scale (“Hyperscale”) Bitcoin miners. Contracts
typically range from 12 to 24 months in duration.

We
offer two primary commercial structures:

    1.
    Fixed-Fee
    Model – Customers pay a fixed fee based on the volume of energy consumed.

    2.
    Profit-Share
    Model – Customers pay a share of the profits from their mining activity, with power costs passed through.

For
the three and six months ended June 30, 2025, our Bitcoin Hosting Business accounted for approximately 51% and 46% of total revenue.
For the three and six months ended June 30, 2024, our Bitcoin Hosting Business accounted for approximately 51% and 46% of total
revenue. Revenue in the Bitcoin Hosting Business was concentrated among a small number of customers. For the three months ended June 30, 2025,
three customers made up approximately 79% of hosting revenue and 40% of total revenue. For the six months ended June 30, 2025, three
customers made up approximately 80% of hosting revenue and 37% of total revenue.

High
Performance Computing (HPC) Business

In
June 2024, we began providing GPU-as-a-Service in partnership with Hewlett Packard Enterprise Company (“HPE”), offering GPU
resources to startups, enterprises, and GPU marketplaces for a fee. As further described in our Annual Report,
we terminated our agreement with HPE.

We
are currently developing new infrastructure projects intended to support AI and HPC workloads. These efforts include engagement with
potential joint venture partners, conducting site and feasibility studies, securing access to power and land, and performing other early-stage
development activities.

Our
first planned AI/HPC colocation project is Project Kati, which is in advanced development. Additional projects, including the
announced Project Rosa, are also in progress. For the fiscal year 202