Soluna Holdings, Inc. (SLNH) reported a net loss attributable to the company of $63.3 million for the year ended December 31, 2024, compared to a net loss of $29.2 million in 2023. Revenue increased to $38.0 million in 2024 from $21.1 million in 2023, driven by increases in both cryptocurrency mining revenue (up 61% to $17.0 million) and data hosting revenue (up 85% to $18.8 million). High-performance computing service revenue contributed a minimal $16,000, while demand response service revenue reached $2.1 million, a significant increase from $268,000 in 2023. The increase in operating costs and expenses, reaching $60.8 million in 2024 compared to $28.8 million in 2023, was largely attributed to a $28.6 million loss on contract resulting from the termination of an agreement with Hewlett Packard Enterprise (HPE) in March 2025.
Significant changes in 2024 included the termination of the HPE agreement, which resulted in the immediate acceleration of remaining payments totaling approximately $20 million. The company also entered into a Standby Equity Purchase Agreement (SEPA) with YA II PN, LTD., potentially allowing for the sale of up to $25 million in common stock. Furthermore, Soluna Holdings completed the initial financing and began construction of its 48 MW Project Dorothy 2 expansion, while advancing other projects such as Project Rosa and Project Kati. The company also terminated its agreement with HPE in March 2025, citing changes in the GPU market that made the agreement less economically viable.
Operational developments included the operation of approximately 75 MW of capacity across two sites, with an additional 48 MW under construction at Project Dorothy 2. The company also reported over 403 MW of facilities in advanced development or near shovel-ready status, with a total project pipeline of approximately 2.6 GW. Soluna Holdings employed 48 people as of December 31, 2024. The company's Bitcoin hosting business experienced a significant shift in 2024, with one customer accounting for 56% of hosting revenue and 28% of total revenue before terminating its agreement. The company replaced the lost hosting capacity by the end of March 2025.
The company's financial performance was significantly impacted by the termination of the HPE agreement and the resulting loss on contract. The company's liquidity and capital resources remain a concern, with a negative working capital of approximately $34.4 million and a consolidated accumulated deficit of approximately $314.3 million as of December 31, 2024. The company plans to continue funding operations through operating cash flows and debt and equity financings. The company's outlook is dependent on its ability to generate profitable operations and secure additional financing. The company's future plans include expanding its operational footprint, developing AI infrastructure, and optimizing existing data centers.
Soluna Holdings' 10-K filing highlights the company's strategic shift towards renewable energy-powered data centers and its expansion into the AI/HPC market. However, the filing also reveals significant financial challenges, including substantial losses and dependence on securing additional funding. The company's success hinges on its ability to execute its growth strategy, manage its debt, and navigate the evolving regulatory landscape of the cryptocurrency and AI industries.
About Soluna Holdings, Inc
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