Soluna Q3 revenue up 37% sequentially, cash hits record $60.5M; net loss widens

Soluna Holdings, Inc

2025-Q3 EPS reported -$3.29 revenue$20,510,000

Revenue increased 37% sequentially to $2.3M; gross profit improved to 28% from 19% in Q2.
Cash rose to a record $60.5M, up $45M, from equity and project-level financing.
Net loss widened to ($17.7M) due to $22M fair value adjustment from warrant exercises.
Adjusted EBITDA was ($6.4M); excluding special charges, it was positive $0.1M.
Closed $100M credit facility from Generate Capital; surpassed 1 GW of clean computing projects.

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