Soluna Q2 2025: Adjusted EBITDA up $0.4M QoQ, revenue $6.2M; pipeline grows to 2.8 GW

Soluna Holdings, Inc

2025-Q2 EPS reported -$1.55 revenue$12,094,000

Adjusted EBITDA improved $0.4M (25.5%) QoQ to $2.3M; fourth consecutive quarter of growth.
Revenue $6.2M, down $3.5M YoY due to Bitcoin halving and Hashprice decline; gross margin steady at 19%.
Cash reserves $9.9M at quarter-end, up $2.0M since Dec 2024; total power pipeline 2.8 GW.
Project Kati secured $20M funding from Spring Lane Capital for 35 MW phase; construction starts Q3.
Dorothy 2 expansion on track for full energization in Q4; 295 MW of new projects launched in Q2.

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