Company: SLNH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001756
Chunk: 906

Company: Soluna Holdings, Inc
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 906
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 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%
  
    High-performance computing service revenue 
     16  
     -  
     16  
     100%
  
    Demand response service revenue 
     2,140  
     268  
     1,872  
     699%
  
    Operating costs and expenses: 

    Cost of cryptocurrency mining revenue, exclusive of depreciation 
     7,499  
     6,365  
     1,134  
     18%
  
    Cost of data hosting revenue, exclusive of depreciation