secwatch.observer — SEC 8-K summary
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Issuer:     Soluna Holdings, Inc (SLNH)
CIK:        0000064463
Form:       8-K
Filed at:   2026-03-30T23:59:59+00:00
Accession:  0001493152-26-013456
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Soluna Holdings reports FY2025 revenue $29.7M (-22% YoY), net loss $57M, adjusted EBITDA -$13.2M
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- Revenue fell 21.8% to $29.7M; hashprice declined 30.8% in 2025; Bitcoin mined dropped from 274 to 113.2.
- Net loss $57.0M vs $58.3M; adjusted EBITDA swung from +$0.9M to -$13.2M.
- Total cash $88.8M (up 750%); raised ~$142M in capital; current ratio 1.9x.
- Power pipeline grew to 4.3GW; completed Dorothy 2 (48MW); Kati 1 commissioning started.
- Launched AI infrastructure; MOU with Metrobloks for 100+ MW AI campus.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/64463/000149315226013456/0001493152-26-013456-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/64463/000149315226013456/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-013456

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer