8-K
Soluna Holdings, Inc (SLNH)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Dateof Report (Date of earliest event reported): October 7, 2025
SOLUNA
HOLDINGS, INC.
(Exactname of Registrant as Specified in Its Charter)
| Nevada | 001-40261 | 14-1462255 |
|---|---|---|
| (State or Other Jurisdiction<br><br> <br>of Incorporation) | (Commission<br><br> <br>File Number) | (IRS Employer<br><br> <br>Identification No.) |
| 325 Washington Avenue Extension | ||
| --- | --- | |
| Albany, New York | 12205 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’sTelephone Number, Including Area Code: (516) 216-9257
N/A
(FormerName or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications<br> pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant<br> to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications<br> pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common stock, par value<br> $0.001 per share | SLNH | The Nasdaq Stock Market<br> LLC |
| 9.0% Series A Cumulative<br> Perpetual Preferred Stock, par value $0.001 per share | SLNHP | The Nasdaq Stock Market<br> LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item7.01 Regulation FD Disclosure.
On October 7, 2025, Soluna Holdings, Inc. (the “Company”) issued a press release containing certain previously unreported corporate and operational information which the Company publishes regularly to its website. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
Theinformation in Item 7.01 and in Exhibit 99.1 will not be treated as “filed” for the purposes of Section 18 of the SecuritiesExchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This informationwill not be incorporated by reference into any filing under the Securities Act of 1933 or into another filing under the Exchange Act,unless that filing expressly incorporates this information by reference.
Item9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release, dated October 7, 2025 |
|---|---|
| 104 | Cover Page Interactive Date File (embedded with the<br> Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOLUNA HOLDINGS, INC. | ||
|---|---|---|
| Date: October 7, 2025 | By: | /s/ David C. Michaels |
| David C. Michaels | ||
| Chief Financial Officer | ||
| (principal financial officer) |
Exhibit99.1
SolunaAnnounces Monthly Business Update
Settles with NYDIG, Nears Dorothy 2 Completion, Secures $100 Million Facility, and Breaks Ground on Project Kati
ALBANY, NY, October 7, 2025 – Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its September 2025 project site-level operations, developments, and updates.
The Company has provided the following Corporate and Site Updates.
KeyCompany Metrics:
The monthly metrics are now available here.
| Metric | Hosted Hashrate <br>(1), (2) | Self-Mining Hashrate<br><br> (1), (3) | BTC Mined<br><br> (3) | Wasted Energy<br><br> Used (4) | ||||
|---|---|---|---|---|---|---|---|---|
| For the month ended: | Avg Monthly PH/s: | Avg Monthly Ph/s: | Monthly BTC Mined: | MWh Consumed Monthly: | ||||
| September 2025 | 2,950 | 658 | 8.7 | N/A | ||||
| August 2025 | 2,752 | 508 | 7.4 | 554 | ||||
| July 2025 | 2,059 | 542 | 8.5 | 305 | ||||
| June 2025 | 1,950 | 592 | 8.6 | 3,591 | ||||
| May 2025 | 1,839 | 634 | 10 | 6,885 | ||||
| April 2025 | 1,727 | 664 | 10 | 13,043 | ||||
| March 2025 | 1,676 | 731 | 12 | 14,315 | ||||
| February 2025 | 1,445 | 701 | 10 | 5,589 | ||||
| January 2025 | 1,285 | 622 | 10 | 5,060 | ||||
| December 2024 | 1,762 | 672 | 12 | 5,157 | ||||
| November 2024 | 1,779 | 684 | 13 | 13,290 | ||||
| October 2024 | 1,677 | 735 | 16 | 10,024 | ||||
| September 2024 | 1,651 | 709 | 15 | 2,360 | ||||
| August 2024 | 1,573 | 655 | 14 | 1,052 | ||||
| July 2024 | 1,616 | 731 | 17 | 2,150 | ||||
| June 2024 | 1,568 | 700 | 17 | 4,496 | ||||
| May 2024 | 1,658 | 770 | 18 | 7,389 | ||||
| April 2024 | 1,680 | 804 | 33 | 13,786 | ||||
| March 2024 | 1,603 | 776 | 37 | 12,942 | ||||
| February 2024 | 1,645 | 818 | 39 | 11,927 | ||||
| January 2024 | 1,521 | 763 | 44 | 5,769 |
Notes:
(1) Nameplate hash rate in August 2025 was 2,059 PH/s and 542 PH/s for hosted and self-mining hash rate, respectively.
(2) Project Sophie is contractually run at an 83% capacity factor under its PPA. In calculating our average, we have adjusted its hash rate to exclude the hours we are not permitted to run.
(3) Proprietary mining only.
(4) There is a 1-month lag on this statistic due to data collection requirements.
CorporateHighlights:
| ● | Settlement with NYDIG – As disclosed in our Form 8-K filed September 30, 2025, Soluna reached a settlement with NYDIG, resolving all<br> outstanding matters and clearing the path for future growth and partnership. “We are pleased to put this matter behind us,” said John Belizaire, CEO of Soluna. “With this settlement, we can direct our full attention to building long-term value for our shareholders, partners, and customers.” |
|---|---|
| ● | Regained Nasdaq Compliance – Soluna has regained compliance with Nasdaq’s continued listing requirements, strengthening our<br> position on the public markets, preserving access to the capital markets, and liquidity for our shareholders. |
| --- | --- |
| ● | $100 Million Credit Facility from Generate Capital – Soluna announced the close of a scalable credit facility up to $100<br> million from Generate Capital. The initial $12.6 million draw in September funded refinancing and construction of active data<br> center projects, with additional capital support for Soluna’s 1 gigawatt and expanding pipeline. |
| ● | 20 MW Partnership with Canaan – Soluna signed a strategic agreement with Canaan Inc. to deploy 20 MW of next-generation<br> Bitcoin miners at our Project Dorothy in Texas. |
| ● | Surpassed 4 EH/s of Hash Rate Under Management - With the commissioning of Dorothy 2 and fleet upgrades deployed across all sites, Soluna<br> has now surpassed 4 EH/s of hash rate under management. |
| ● | Groundbreaking at Project Kati – We officially broke ground on Project Kati, a 166 MW wind-powered data center in Texas, marking<br> our largest project to date. The ceremony took place on September 18, 2025. |
| ● | New Blog – Our latest blog explores how AI’s growing energy demands intersect with the future of renewable power. |
| ● | Joined the Texas Blockchain Council – Soluna has become a member of the Texas Blockchain Council, further strengthening<br> its presence and advocacy within the state’s growing blockchain and energy ecosystem. |
| ● | North American Blockchain Summit – Soluna’s team will attend the North American Blockchain Summit in Dallas, TX,<br> from October 8–10, 2025, joining industry leaders to discuss the future of blockchain and energy. |
| --- | --- |
| ● | CTO to Present at Infocast Summit – CTO Dip Patel will speak on the panel “Meeting Demand Growth: Onshoring Power for Next Gen Hyperscalers, AI, & Other Large Energy Customers” at Infocast’s Energy Independence Summit<br> in Houston, TX, scheduled for October 21, 2025, from 1:45 – 2:30 PM. |
KeyProject Updates:
ProjectDorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):
| ● | Two<br> customers at Dorothy 1A have continued to invest in fleet upgrades, which were fully deployed during the month. |
|---|---|
| ● | Significant<br> improvements continued at D1B, with 1,000 upgraded S19 XPs deployed and consolidation efforts ongoing for the existing fleet, resulting<br> in strong growth in hashrate. |
| ● | Curtailments<br> have reduced as our Maestro OS(™) control system completed another successful 4CP period at the end of September. |
ProjectDorothy 2 (48 MW Under Construction, Bitcoin Hosting):
| ● | Phases<br> 1 and 2 are fully operational, and the site is operating well amidst cooler temperatures. |
|---|---|
| ● | Phase<br> 3 commissioning is underway, and deployments have begun to energize the final 18 MW at the site. Completion of Phase 3 is expected<br> to be completed in November. |
ProjectSophie (25 MW, Bitcoin Hosting with Profit Share, AI Hosting):
| ● | Site<br> operations continue to remain at a high level. The operating team is preparing for the deployment<br> of two new customers, each 3.3 MW, in October, with upgraded units driving improvements in<br> the overall fleet. |
|---|
ProjectKati (166 MW Under Development, Bitcoin Hosting and AI):
| ● | Civil<br> construction for Project Kati 1 is ongoing, with the concrete work expected to be completed soon in preparation for the initial installation<br> of K1 Galaxy containers. |
|---|---|
| ● | The<br> substation upgrade to support Project Kati 2 83 MW is scheduled to start at the end of October, with the below-grade preparation<br> expected to be completed by such date. |
ProjectGrace (2 MW at Dorothy 2, AI Cloud/Hosting):
| ● | Completed<br> Conceptual Design for Behind-the-Meter AI Power and Cooling Infrastructure Blueprint |
|---|
PipelineHighlights:
| ● | PPA<br> agreement drafts completed for project Ellen, Hedy, Annie, Gladys, and Fei for a total load<br> capacity of 545 MW. |
|---|
CustomerSuccess:
| ● | New<br> partnership agreement completed with Canaan. Canaan is scheduled to deploy 20 MW of their next-generation Avalon A15 XP Bitcoin miners<br> at Soluna’s Project Dorothy. |
|---|---|
| ● | Completing<br> deployment of 48 MW across three new & expanding partnership agreements secured earlier this year at Project Dorothy 2. |
| ● | Kicking<br> off the Project Kati 35 MW Hosting RFP process over the upcoming 2 months. |
View Soluna’s recent AMA here.
Soluna’s glossary of terms can be found here.
SafeHarbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the completion of Project Dorothy 2 and Project Kati, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2025. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.
AboutSoluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:
LinkedIn: https://www.linkedin.com/company/solunaholdings/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
Resource Center: solunacomputing.com/resources
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
ContactInformation
Public Relations
West of Fairfax for Soluna
Soluna@westof.co