Soluna Holdings, Inc. has reported its financial results for the first quarter of 2025, with a recorded revenue of $5.9 million. The company, known for developing green data centers focused on Bitcoin mining and AI, has expanded its project pipeline to approximately 698 MW of data center capacity in operation, construction, or development. This expansion includes the addition of two new projects, Hedy and Ellen, totaling 220 MW. The company's strategic decisions include the completion of a strategic termination of a contract with HP Enterprises, allowing Soluna to refocus on crypto-mining and the future development of AI data centers. This termination took effect in April 2025. Additionally, Soluna SW LLC secured a $5 million debt facility with Galaxy Digital, backed by the assets of Project Sophie. The company's CEO, John Belizaire, mentioned that the first quarter results highlight the company's operational stamina despite facing challenges such as market headwinds, commercial model shifts, weather events, and customer deployment delays. In terms of intellectual property, Soluna was awarded a second utility patent in April 2025, broadening the scope of its Modular Data Center patent.
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