Soluna Holdings, Inc (NASDAQ: SLNH)

Soluna Holdings Inc develops owns and operates digital infrastructure for energy intensive computing applications by colocating data centers with renewable energy power plants. The company calls this approach Renewable Computing and targets Bitcoin mining artificial intelligence and high performance computing workloads. It uses two data center designs a modular design for Bitcoin operations and an AI ready design for higher density compute environments. Its proprietary MaestroOS software analyzes power pricing weather grid demand and market signals to optimize performance and power consumption. By working with renewable developers and accessing power behind the meter the company seeks to convert underutilized energy into productive computing capacity.

The company generates revenue from four primary sources. Bitcoin mining revenue comes from block rewards and transaction fees earned through proprietary mining operations. Bitcoin hosting revenue is derived from colocation and hosting services provided to third party mining customers under fixed fee profit share or fixed fee service agreement models. The high performance computing business will generate revenue from leasing and hosting AI ready data center capacity for AI and other high performance workloads. Demand response revenue is received for providing dispatchable energy resources to grid operators and utilities. In 2025 Bitcoin hosting accounted for about 57 percent of total revenue Bitcoin mining for about 38 percent demand response for about 4 percent and the HPC business contributed a smaller share.

The company operates through the following segments.

• Bitcoin Mining Business involves proprietary Bitcoin mining using specialized computing equipment to validate transactions and secure the blockchain. The company operates data centers with both proprietary and third party hardware and software and uses its MaestroOS platform to optimize performance and power consumption. Revenue comes from block rewards and transaction fees which are converted to U. S. dollars upon receipt.

• Bitcoin Hosting Business provides colocation and hosting services to third party Bitcoin mining customers at modular data centers. Customers contract for capacity based on power requirements and choose among fixed fee profit share or fixed fee service agreement models. Revenue is generated from fees charged for managed hashrate and energy consumption.

• HPC Business focuses on developing AI ready data center leasing and hosting solutions for AI and other high performance computing workloads. The company is advancing projects such as Project Kati 2 which is being engineered for more than 300 MW of capacity in partnership with Metrobloks. The segment aims to serve hyperscalers neoclouds and enterprise customers over time.

• Demand Response Business provides demand response services to grid operators and utilities by using data centers as dispatchable energy resources. Facilities participate in ancillary services programs where they commit to reduce power consumption when called upon and receive compensation for maintaining dispatch capability.

Soluna Holdings Inc positions itself as a differentiated provider of renewable powered digital infrastructure by co locating data centers directly with renewable generation assets. This behind the meter approach gives it access to low cost power and helps avoid long interconnection queues which improves time to market for energy intensive workloads. In the Bitcoin mining and hosting space the company competes with firms such as Riot Platforms Marathon Digital Holdings Core Scientific Hut 8 Bitdeer Compass Mining and Blockware. In the high performance computing arena it faces competition from Applied Digital Digital Realty Crusoe CoreWeave Lambda FluidStack and Nebius. The company believes its competitive advantages stem from its ability to source curtailed or underutilized renewable electricity at favorable prices its proprietary MaestroOS optimization software and its focus on sustainability aligned computing solutions.

The company serves a diverse customer base that includes large scale Bitcoin mining operators hyperscalers neoclouds enterprise customers and grid operators. Specific customers named in the filing are Blockware Compass Mining Metrobloks Siemens and Galaxy Digital.