---
schema_version: "secwatch.filing_event.v1"
accession: "0001641172-25-024271"
form_type: "8-K"
ticker: "SLNH"
cik: "0000064463"
company_name: "Soluna Holdings, Inc"
filed_at: "2025-08-15T23:59:59+00:00"
generated_at: "2026-05-17T12:39:11.205280+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001641172-25-024271
- form_type: 8-K
- ticker: SLNH
- cik: 0000064463
- company_name: Soluna Holdings, Inc
- filed_at: 2025-08-15T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/64463/000164117225024271/0001641172-25-024271-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/64463/000164117225024271/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001641172-25-024271
- JSON: https://secwatch.observer/filing/0001641172-25-024271.json
- Plain text: https://secwatch.observer/filing/0001641172-25-024271.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.