Filing Flows › Soluna Holdings (SLNH) › Q1 2025
Soluna Holdings (SLNH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 15, 2025
Soluna Holdings (SLNH) reported revenue of $5.9M for the first quarter 2025 (Q1 2025), -53% from a year earlier and -28% from the quarter before. Operating margin was -120.9%, net loss $7.4M (123.9% of revenue).
Soluna Holdings, Q1 2025: revenue $5.9M (-53% year over year), operating margin -120.9%, net loss $7.4M, operating cash flow −$177K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.9M | -28% | -53% |
| Operating profit | −$7.2M | — | — |
| Net earnings | −$7.4M | — | — |
| Operating cash flow | −$177K | — | — |
What changed
Revenue was $5.9M in Q1 2025, down 53% year over year and down 28% from the previous quarter. Cryptocurrency Mining Revenue was the largest line at 51% of revenue. Cryptocurrency Mining Revenue lost $3.4M year over year (down 53%), 51% of the total change.
Gross margin was 5.7%, down 39.8 points from a year earlier. Operating costs exceeded revenue by $7.2M, an operating margin of -120.9%. Operating expenses grew 42% against a revenue fall of 53%. The quarter ended with a net loss of $7.4M, narrower than the previous quarter's $38.5M loss.
Operating cash flow was −$177K. Non-cash charges added back $2.4M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items added $2.9M. Capital expenditures of $3.8M exceeded it, leaving free cash flow of −$4.0M.
Questions
What was Soluna Holdings' revenue in the first quarter 2025?
Soluna Holdings (SLNH) reported revenue of $5.9M for the first quarter 2025 (Q1 2025), -53% from a year earlier and -28% from the quarter before.
Was Soluna Holdings profitable in the first quarter 2025?
Operating loss was $7.2M (-120.9% of revenue) and net loss $7.4M.
Source: Soluna Holdings 10-Q on SEC EDGAR.