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Here are 1-2 brief analogies to describe Soluna (SLNH):

• Like **Marathon Digital**, but they build and own the green energy plants (wind, solar) that power their Bitcoin mining operations.

• Think of it like **Tesla**, but for energy-intensive computing: Soluna vertically integrates renewable energy production to power its Bitcoin mining data centers.

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• Sustainable Data Center Services: Soluna develops and operates modular data centers co-located with renewable energy projects to provide high-performance computing infrastructure.
• Green Cryptocurrency Mining: The company utilizes its renewable-powered data centers to conduct energy-intensive cryptocurrency mining operations, primarily for Bitcoin.
• Grid Stabilization Services: By strategically consuming excess renewable energy, Soluna's data centers offer a flexible load that helps stabilize local power grids.

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Soluna (SLNH) primarily operates green data centers focused on energy-intensive computing, with its main revenue historically derived from self-mining Bitcoin. When a company self-mines a digital asset like Bitcoin, it produces a commodity that is then sold on the open market via cryptocurrency exchanges. Therefore, Soluna does not have "major customers" in the traditional sense of other companies directly purchasing its services or products in large, identifiable volumes.

Instead, its primary output (Bitcoin) is purchased by a diverse global market. As such, Soluna effectively serves a broad market encompassing both individuals and institutions who buy the digital asset. Here are up to three categories of customers that purchase the digital asset Soluna produces:

• Cryptocurrency Investors (Retail): These are individual investors and traders who purchase Bitcoin for investment, speculative purposes, or transactional use through various cryptocurrency exchanges and platforms globally.

• Institutional Investors and Funds: This category includes investment firms, hedge funds, family offices, and other institutional entities that allocate capital to Bitcoin. They may acquire Bitcoin for portfolio diversification, specific trading strategies, or through dedicated cryptocurrency funds and investment products.

• Businesses and Corporations: These include companies that either hold Bitcoin on their balance sheets as a treasury asset, accept it as payment for goods and services, or utilize it for cross-border transactions and other corporate financial strategies.

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• Dominion Energy, Inc. (NYSE: D)
• American Electric Power Company, Inc. (NASDAQ: AEP)

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John Belizaire, Chief Executive Officer

John Belizaire is a serial entrepreneur who has founded and scaled multiple technology companies over two decades. He is currently the CEO of Soluna. Prior to Soluna, he was the founder and CEO of FirstBest, an insurance software company acquired by Guidewire Software in 2016 for over $40 million. He also co-founded The Theory Center, an e-commerce software company that was sold to BEA Systems for over $160 million.

Michael Toporek, Executive Chairman

Michael Toporek founded Brookstone Partners in 2003 and focuses on managing the firm, originating transactions, and working with portfolio companies. He was an original investor and founder of Soluna Computing. His prior experience includes working with Fortune 100 companies on merger, acquisition, and financing strategies.

David Michaels, Interim Chief Financial Officer

David Michaels assumed the role of Interim CFO in August 2025, having previously served as interim CFO in 2023. He is a longtime board member of Soluna and brings over 30 years of financial leadership experience. His background includes senior roles at Albany International Corp. (NYSE: AIN), the American Institute for Economic Research, Inc., and Starfire Systems, Inc.

Jessica Thomas, Chief Accounting Officer

Jessica Thomas serves as the Chief Accounting Officer for Soluna.

Dipul Patel, Chief Technology Officer

Dipul Patel holds the position of Chief Technology Officer at Soluna.

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The key risks to Soluna Holdings (SLNH) include significant financial challenges, the inherent volatility of the cryptocurrency market and related regulatory changes, and substantial execution risks associated with its project pipeline and competitive landscape.

1. Financial Challenges and Liquidity

   Soluna Holdings faces significant financial challenges, characterized by poor financial strength, consistent operating losses, and negative free cash flow. The company's current ratio of 0.35 indicates potential liquidity issues, and an Altman Z-Score of -5.97 places it in a distress zone with a possibility of bankruptcy within the next two years. Soluna has reported substantial operational inefficiencies, with an operating margin of -105.6% and a net margin of -222.81%, reflecting significant losses. These ongoing losses necessitate continuous capital raises, which pose a risk of diluting existing shareholders and creating further liquidity pressures.

2. Cryptocurrency Market Volatility and Regulatory Changes

   As a company operating in the cryptocurrency mining sector, Soluna is highly susceptible to the extreme volatility of cryptocurrency prices, particularly Bitcoin. Fluctuations in crypto values directly impact the profitability of its mining operations. Additionally, the company faces risks associated with regulatory changes in cryptocurrency mining and energy sourcing, which could make it more difficult to get projects approved and negatively affect revenue.

3. Execution Risk and Competition

   Soluna's ability to achieve consistent, positive cash flow is heavily reliant on the successful and timely execution of its project pipeline, such as Project Kati and Project Dorothy 2. These large-scale projects carry inherent risks of delays or cost overruns, which could negatively impact profits and delay revenue increases. Furthermore, the company operates in a competitive industry where new and existing players are acquiring mining equipment at scale, potentially causing delays in Soluna obtaining new miners. There is also a risk of increased competition from larger cloud and data center companies entering the renewables-powered high-performance computing (HPC) space.

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Increasing regulatory scrutiny and potential for restrictive legislation targeting the energy consumption of cryptocurrency mining operations. Governments and environmental groups globally are intensifying discussions and proposing legislation—including new carbon taxes, specific energy efficiency mandates, or operational restrictions—aimed at high-energy-consuming Proof-of-Work (PoW) activities. While Soluna emphasizes renewable energy sources, these emerging regulations often target the overall scale of energy demand and its impact on grid stability and environmental goals, potentially leading to higher operational costs, limited expansion opportunities, or even direct curtailment of mining activities for all industry participants.

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Soluna (SLNH) operates primarily in three addressable markets related to green data centers, high-performance computing (HPC) and AI cloud services, and cryptocurrency mining.

Renewable-Powered Data Centers

The global market for renewable-powered data centers is projected to grow significantly. In 2025, this market was valued at approximately USD 13.4 billion and is expected to reach USD 34.5 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 24.20% during that period. Another estimate places the global market at USD 8.7 billion in 2024, forecasting a rise to USD 38.5 billion by 2033 with a CAGR of 17.9% from 2025–2033. A separate report valued the global renewable energy powered data center market at USD 5.8 billion in 2024, with a forecast to reach USD 23.4 billion by 2033, at a CAGR of 16.7%.

Green Data Centers (broader category including renewable-powered)

The global green data center market was valued at USD 104.3 billion in 2024 and is estimated to reach USD 526.8 billion by 2033, exhibiting a CAGR of 17.58% between 2025 and 2033. North America holds a significant share, accounting for over 39.0% of the market in 2024. Another source indicates the global green data center market size was USD 81.75 billion in 2024, projected to grow to USD 307.52 billion by 2032 with a CAGR of 18.0%. The U.S. market specifically for green data centers is estimated at USD 17.88 billion in 2025.

Cryptocurrency Mining (including Bitcoin Mining)

The global Bitcoin miner market is anticipated to be worth USD 11.19 billion in 2024, with a projection to reach USD 94.14 billion by 2033, growing at a CAGR of 26.7%. North America is a leading region, with the U.S. contributing over 50% of global annual hardware installations. More broadly, the global cryptocurrency mining market was valued at USD 2.45 billion in 2024 and is predicted to surpass USD 8.24 billion by 2034, expanding at a CAGR of 12.90% between 2024 and 2034. Another estimate for the global cryptocurrency mining market size was USD 1.55 billion in 2024, with an expectation to reach USD 2.83 billion by 2032, growing at a CAGR of 7.8% during 2025 to 2032. North America is identified as the dominant region in this market.

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Soluna (SLNH) is strategically positioned to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of Green Data Center Capacity for Bitcoin Hosting: Soluna anticipates revenue stabilization and growth through the continued commissioning of additional megawatts (MW) of Bitcoin hosting capacity. Key projects, such as Dorothy 2 and Kati 1, are expected to contribute significantly as they become fully operational over the next two years.
2. Growth in High-Performance Computing (HPC) and AI Services: The company is actively expanding its offerings in high-performance computing, particularly through its "Soluna Cloud AI" business. A strategic partnership with Hewlett Packard Enterprise (HPE) for deploying Nvidia H100 GPUs aims to provide colocation and hosting services for AI-ready data centers, tapping into the increasing demand for AI compute.
3. Development and Commissioning of New Renewable Energy-Powered Data Centers: Soluna's core strategy involves developing and operating digital infrastructure that utilizes surplus renewable energy. The company boasts a growing power development pipeline, which currently exceeds 2.8 gigawatts (GW), up from 2.6 GW. This pipeline includes new projects like Project Fei (solar), Project Gladys (wind), Project Rosa, Hedy, and Ellen, which are expected to convert previously curtailed energy into valuable computing resources.
4. Expansion of Demand Response Services (DRS): Soluna has established Demand Response Services as a significant revenue stream. This service, which generated $2.1 million in 2024, monetizes the flexibility of its data centers by providing grid support, particularly during periods of high demand for electricity. The company aims to further leverage this capability for additional revenue.

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Share Issuance

• On September 23, 2025, Soluna filed a prospectus supplement for the potential offer and sale of common stock with an aggregate offering price of up to $87.65 million through an At the Market Offering Agreement, having previously sold 13,680,483 shares for approximately $12.3 million under prior supplements.
• Soluna closed a public offering on July 17, 2025, of 9,090,909 shares of its common stock (or pre-funded warrants) and accompanying Series A and B warrants, generating approximately $5 million in gross proceeds.
• On November 7, 2025, shareholders approved an amendment to increase the authorized common stock from 75,000,000 shares to 375,000,000 shares, expanding the company's capacity for future equity issuance.

Inbound Investments

• Soluna secured a scalable credit facility of up to $100 million from Generate Capital, PBC on September 16, 2025, with an initial $12.6 million drawn to refinance existing projects and support construction, and an additional $22.9 million for Project Dorothy 2 and Project Kati 1.
• On July 22, 2025, the company closed $20 million in funding from Spring Lane Capital for a 35 MW expansion of Project Kati 1 in Texas, building on a previous agreement for up to $100 million in additional project-level capital for Soluna's data center pipeline.
• Earlier in 2025, Soluna raised over $30 million in funding from Galaxy Digital, Spring Lane Capital, and a public offering.

Outbound Investments

• On May 21, 2020, Soluna completed a Corporate Asset Purchase with Giga Watt, acquiring intellectual property and rights of a crypto-mining operation.

Capital Expenditures

• In the last 12 months, Soluna's capital expenditures were approximately $23.27 million.
• The company plans to commence Project Kati 1 construction in Q3 2025, with initial energization and ramp-up expected by Q1 2026, focusing on expanding its data center capacity to accommodate approximately 12,000 next-generation Bitcoin mining rigs.
• Proceeds from a $2 million public offering in October 2022 were designated for the acquisition, development, and growth of data centers, including cryptocurrency mining processors, other computer processing equipment, data storage, electrical infrastructure, software, real property, and for general corporate purposes.