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Soluna Holdings Inc. (SLNH-14.38%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Soluna's business operations, which focus on renewable energy-powered digital infrastructure, including Bitcoin mining, data hosting, high-performance computing, and demand response services.
For the year ended December 31, 2024, Soluna reported cryptocurrency mining revenue of $17.0 million, data hosting revenue of $18.8 million, and demand response service revenue of $2.1 million.
The company incurred a net loss of $58.3 million for the year, compared to a net loss of $27.7 million in the previous year. The increase in net loss is attributed to a $28.6 million loss on contract related to the termination of an agreement with Hewlett Packard Enterprise.
Soluna's operations are concentrated in Texas, with ongoing projects including Project Dorothy 2, a 48 MW expansion for Bitcoin hosting, and Project Kati, a 166 MW data center for AI and Bitcoin hosting.
The company has a working capital deficit of $34.4 million as of December 31, 2024, and plans to fund operations through cash flow from operations and additional financing.
Soluna's management highlights the need for additional capital to support its business objectives and growth, with plans to pursue various financing strategies, including equity offerings and debt financing.
The filing outlines the company's risk factors, including regulatory changes, reliance on a limited number of customers, and the volatility of Bitcoin prices, which could adversely affect its operations.
Soluna's board of directors includes a mix of independent and non-independent members, with committees focused on audit, compensation, and corporate governance.
The company emphasizes its commitment to renewable energy integration and aims to reduce the carbon footprint of its data centers by colocating with renewable resources.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Soluna Holdings Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.