Filing Flows › Soluna Holdings (SLNH) › Q2 2025
Soluna Holdings (SLNH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 14, 2025
Soluna Holdings (SLNH) reported revenue of $6.2M for the second quarter 2025 (Q2 2025), -36% from a year earlier and +4% from the quarter before. Operating margin was -107.6%, net loss $7.8M (126.3% of revenue).
Soluna Holdings, Q2 2025: revenue $6.2M (-36% year over year), operating margin -107.6%, net loss $7.8M, operating cash flow −$1.1M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.2M | +4% | -36% |
| Operating profit | −$6.6M | — | — |
| Net earnings | −$7.8M | — | — |
| Operating cash flow | −$1.1M | — | — |
What changed
Revenue was $6.2M in Q2 2025, down 36% year over year and up 4% from the previous quarter. Data Hosting Revenue was the largest line at 51% of revenue. Data Hosting Revenue lost $1.8M year over year (down 36%), 50% of the total change.
Gross margin was 6.3%, down 28.3 points from a year earlier. Operating costs exceeded revenue by $6.6M, an operating margin of -107.6%. Operating expenses fell 0% while revenue fell 36%. The quarter ended with a net loss of $7.8M, wider than the previous quarter's $7.4M loss. Minority interests bore $398K of it: to shareholders the quarter was a loss of $7.4M.
Operating cash flow was −$1.1M. Non-cash charges added back $2.4M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $2.3M. Capital expenditures of $8.6M exceeded it, leaving free cash flow of −$9.7M.
Questions
What was Soluna Holdings' revenue in the second quarter 2025?
Soluna Holdings (SLNH) reported revenue of $6.2M for the second quarter 2025 (Q2 2025), -36% from a year earlier and +4% from the quarter before.
Was Soluna Holdings profitable in the second quarter 2025?
Operating loss was $6.6M (-107.6% of revenue) and net loss $7.8M.
Source: Soluna Holdings 10-Q on SEC EDGAR.