Filing Flows › Soluna Holdings (SLNH) › Q3 2025
Soluna Holdings (SLNH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 14, 2025
Soluna Holdings (SLNH) reported revenue of $8.4M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +37% from the quarter before. Operating margin was -92.5%, net loss $25.8M (306.4% of revenue).
Soluna Holdings, Q3 2025: revenue $8.4M (+12% year over year), operating margin -92.5%, net loss $25.8M, operating cash flow −$2.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.4M | +37% | +12% |
| Operating profit | −$7.8M | — | — |
| Net earnings | −$25.8M | — | — |
| Operating cash flow | −$2.2M | — | — |
What changed
Revenue was $8.4M in Q3 2025, up 12% year over year and up 37% from the previous quarter. Data Hosting Revenue was the largest line at 62% of revenue. Data Hosting Revenue added $1.0M year over year (up 23%), 111% of the total change. Demand Response Services declined 12%.
Gross margin was 9.5%. Operating costs exceeded revenue by $7.8M, an operating margin of -92.5%. The quarter ended with a net loss of $25.8M, wider than the previous quarter's $7.8M loss. Minority interests bore $1.8M of it: to shareholders the quarter was a loss of $24.0M. Net interest and other expense of $18.7M was the main reason.
Operating cash flow was −$2.2M. Non-cash charges added back $2.4M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items added $19.3M. Capital expenditures of $4.6M exceeded it, leaving free cash flow of −$6.8M.
Questions
What was Soluna Holdings' revenue in the third quarter 2025?
Soluna Holdings (SLNH) reported revenue of $8.4M for the third quarter 2025 (Q3 2025), +12% from a year earlier and +37% from the quarter before.
Was Soluna Holdings profitable in the third quarter 2025?
Operating loss was $7.8M (-92.5% of revenue) and net loss $25.8M.
Source: Soluna Holdings 10-Q on SEC EDGAR.