Soluna Holdings announces Q2 financial results: Revenue of $6.2 million, net loss decreased by $1.4 million year-on-year.

Golden Finance reports that Soluna Holdings, a Nasdaq-listed company developing green data centers for Bitcoin Mining and other intensive computing applications, announced its financial performance for the second quarter ending June 30, 2025: Net loss decreased by 1.4 million USD year-on-year (comparing Q2 2024 to Q2 2025) — mainly driven by improvements in revenue, gross profit, and selling and administrative expenses; however, operating loss increased by 2.9 million USD, and interest, taxes, and other expenses increased by 1.3 million USD, partially offset by the revaluation loss of 5.6 million USD from last year's convertible debt and warrants. Adjusted EBITDA decreased by 3 million USD year-on-year (comparing Q2 2024 to Q2 2025) —— mainly affected by the Bitcoin halving in April 2024 and fluctuations in hash prices (approximately 600,000 USD), as well as a decrease in the number of machines launched for Dorothy 1B and a decline in efficiency. Professional fees increased by 200,000 USD, including legal fees and compliance costs related to the standby equity purchase agreement. Revenue —— The revenue for the second quarter of 2025 was $6.2 million, a decrease of $3.5 million year-on-year. Four main factors contributed to the decline: Bitcoin halving and subsequent hash price fluctuations ($2 million), the shift in business model towards more profit sharing (completely offset by a cost reduction of $800,000, with no impact on gross profit), decreased availability and efficiency of mining machines leading to reduced self-mining ($600,000), and a decline in demand response services ($100,000, mainly due to increased ERCOT participation).