Soluna Holdings, Inc

Soluna Holdings, Inc (NASDAQ: SLNH) is a digital infrastructure provider that converts excess renewable energy into computational capacity. The company deploys modular data centers located directly alongside wind, solar, and hydro power facilities to utilize otherwise curtailed energy. These centers support high-demand workloads such as bitcoin mining, generative AI processing, and scientific computing. Its operations span three segments: Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing (HPC).

Key Business Updates

• Overview of Quarterly Performance: During the third quarter of 2025, Soluna Holdings delivered continued progress in scaling its renewable-powered computing platform. The company reported quarterly revenue of USD 8.4 million, reflecting the monetization of curtailed renewable energy and expansion of managed computing capacity. Soluna continued to enhance its position as an operator of behind-the-meter data centers aligned with renewable power generation assets.
• Expansion of Managed Power and Hosting Operations: Operational efficiency remained a central focus during the quarter, with Soluna managing approximately 105 MW of capacity and positioning itself toward the longer-term pipeline target of ~1.0 GW under management. The company also advanced its power-development pipeline to nearly 2.8 GW, underscoring its strategic objective of converting stranded or curtailed renewable energy into productive compute workloads.
• Increased Curtailed Energy Monetization: Soluna recorded significant progress in monetizing curtailed energy, reporting 166,151 MWh of curtailed energy converted into computing output during the quarter. This improvement demonstrates the company’s ability to effectively utilize intermittent renewable supply, supported by a maintained average power cost of USD 32.5/MWh, which enhances overall project economics.
• Strengthening of Capital Structure: The company bolstered its liquidity position during the quarter through USD 64 million of capital raised, including progress on a USD 100 million credit facility with Generate Capital. The credit facility supports the recapitalization, construction, and expansion of several key projects—most notably Projects Dorothy and Kati—while offering long-term financing flexibility and project-level security.
• Operational Advancements Across Key Projects: Soluna reported multiple operational milestones across its project portfolio. Project Sophie completed a 3.3 MW fleet changeout, performed critical maintenance, and sustained >90% availability despite challenging summer conditions. At Project Dorothy, several phases achieved equipment upgrades, airflow improvements, enhanced miner performance, and operational stability, culminating in 2 EH/s under management at Dorothy 2, making it Soluna’s strongest-performing site.
• Progress on Large-Scale Development Projects: The company advanced construction and planning for its flagship initiatives. Project Kati 1 reached significant milestones, including substation upgrades to support 83 MW, groundbreaking activities, and ongoing civil and electrical works. Project Kati 2 initiated design engineering and secured land acquisition for future expansion. In parallel, Project Grace completed conceptual design for behind-the-meter AI power and cooling infrastructure and began formal marketing activities.
• Strategic Alignment with Renewable and AI-Driven Compute: Through continued project execution, expanded hosting capacity, and strengthened financial backing, Soluna reinforced its strategic positioning at the intersection of renewable energy and high-performance computing. The company’s integrated model—co-locating data centers with renewable assets—aims to reduce curtailment, accelerate deployment timelines, and support future growth in both AI and Bitcoin-related compute demand.

Technical Observation (on the daily chart):

The stock has shifted into a short-term downtrend after a strong October rally, with price falling below the 20-day average and the 50-day moving averages. Momentum has weakened, volume has cooled, and the RSI near oversold suggests selling pressure may be easing. While the medium-term structure is still constructive, the stock must hold the USD 2.15–USD 1.97 support zone to avoid a deeper pullback.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Speculative Buy’ rating has been given Soluna Holdings, Inc (NASDAQ: SLNH) at the closing market price of USD 1.82 as of Nov 19,2025. 

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario. 

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc. 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is November 19,2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.