Company: SLNH
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023503
Chunk: 96

Company: Soluna Holdings, Inc
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 96
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grid. We own 100% of the facility, which was completed in 2021.

Sophie
is focused on Bitcoin Hosting of multiple large customers. The data center generates revenue via a combination of fixed services fees
and profit share, while energy cost is passed through to customers. As of September 30, 2025, there are approximately 9,400 Bitcoin miners
installed or contracted to be installed, resulting in an installed hashrate of approximately 1.23 EH/s.

Project
Kati

We
are developing Project Kati in Willacy County, Texas, which is expected to be developed into 166 MW (broken out in 2 phases) of data
centers for HPC, Bitcoin Hosting and other computing-intensive applications. It is co-located with a 272.6MW wind farm. We have completed
the necessary studies for the ERCOT planning phase, which is the last formal step to secure approvals by regulatory agencies or grid
operators, such as ERCOT in Texas, to proceed with project construction and commissioning. We have completed the necessary amendments
to the interconnection agreements with American Electric Power, the transmission service provider. We have secured land, contingent on
reaching final agreement with local government and schools regarding taxation, for the project and have started capital formation activities.
On July 22, 2025, we finalized a contribution agreement from SLC for the first 35 MW of the 83 MW phase of Kati 1 with the goal of achieving
initial energization by the first quarter of 2026. On September 18, 2025, we held a groundbreaking ceremony and officially began
construction of Project Kati in Willacy County Texas. Project Kati is designed as a two-phase buildout: Kati 1 (83MW) is dedicated to
Bitcoin hosting with Galaxy Digital as the first customer already secured, while Kati 2 (83MW) will expand the site to support AI and
high-performance computing (HPC) infrastructure.

Project
Rosa

We
are developing Project Rosa in Snyder, Texas, which is expected to be up to 187 MW of data center capacity for AI and Bitcoin Hosting
and other computing-intensive applications. It will be co-located with a 242.5 MW wind farm. We have signed term sheets for both power
and land purchase agreements in connection with this project.

48

Project
Hedy

We
have signed a term sheet for power for Project Hedy, a new