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Yahoo
24 minutes ago
- Yahoo
Ethereum ETFs inflows crush Bitcoin with almost $3bn in past week
Spot Ethereum exchange-traded funds have outpaced their Bitcoin counterparts by a wide margin this week, raking in almost $3 billion in net inflows, more than five times Bitcoin's $562 million, according to data from research platform SoSoValue. 'Two key catalysts are driving this surge: the momentum in crypto treasuries and the SEC's recent guidance on liquid staking,' Illia Otychenko, lead analyst at the crypto exchange, said in comments shared with DL News. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Crypto treasury companies' Ethereum holdings have ballooned from $600 million to $11 billion over the past six weeks, he said. This has fuelled the inflows into Ethereum ETFs, with 'three of the top four inflow days since launch have occurred this week,' according to ETF Store president Nate Geraci. The inflows also comes as Ethereum's price has surged almost 19% over the past seven days to come within striking distance of breaking its 2021 all-time high. Bitcoin reached another all-time high of $124,128 on Thursday, but the ETFs dedicated to it have not enjoyed the same inflows as their Ethereum counterparts. Ethereum products drew $640 million on Thursday, following $729 million on Wednesday, $524 million on Tuesday, and a record above $1.02 billion on Monday, according to SoSoValue data. By comparison, Bitcoin ETFs saw almost $2310.93 million, $876.91 million, $665.95 million, and $178 million over the same stretch. The ETF rally comes two weeks after the US Securities and Exchange Commission approved in-kind creations and redemptions for spot Bitcoin and Ethereum ETFs, allowing their shares to be exchanged directly for the actual crypto asset rather than cash. The change boosts transparency, lowers costs and improves tracking tools, making products more attractive to institutional investors. Crypto market movers Bitcoin is up 1.6% over the past 24 hours to trade at $119,089. Ethereum is up 1.6% to trade at $4,639. What we're reading Crypto exchanges should block users from cashing out tokens with low 'compliance scores,' BIS researchers say — DL News Google Play Updates Rules for Crypto Wallet Apps — Unchained Why Ethena's USDe got a 1,250% risk weighting in S&P Global's Sky credit rating— DL News Why Is Crypto Selling Off Today? — Milk Road Bullish $1bn IPO leads weekly crypto raises: Here are three other crypto companies plotting public floats — DL News Lance Datskoluo is DL News' Europe-based markets correspondent. Got a tip? Email at lance@ Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Forbes
an hour ago
- Forbes
Forbes Daily: Bitcoin Gets A Reality Check After Recent Surge
Bitcoin's rally to an all-time high Thursday was short lived, as disappointing economic data and limited government interest threw cold water on the white-hot cryptocurrency. The price of bitcoin reached a record of $124,436 early in the day following a 2.6% gain Wednesday, but by late afternoon it was down more than 4%. The Trump Administration has fueled optimism for the crypto market, as the president has indicated he would reduce regulation and establish a digital asset stockpile similar to the U.S. gold reserves. Nonetheless, the U.S. does not plan to buy more crypto for its bitcoin reserve, which holds between $15 billion and $20 billion in assets, Treasury Secretary Scott Bessent said Thursday. Intel had a years-long downturn as it failed to keep up with its competitors in the AI race. NurPhoto via Getty Images Intel shares skyrocketed shortly before the close of trading Thursday as Bloomberg reported the Trump Administration may take a stake in the chipmaker to help the struggling firm strengthen its domestic manufacturing. Trump recently met with CEO Lip-Bu Tan despite calling for his ouster last week, and the company's stock ended the day with a more than 7% gain, its highest level since March. Earlier this week, Paramount signed a blockbuster seven-year deal for the streaming rights to UFC for a staggering $7.7 billion. Considering how Paramount has struggled with profitability for years, it's reasonable to wonder how the newly merged company plans to recoup that value. But new owner and CEO David Ellison—son of world's second richest person, Oracle founder Larry Ellison—has made it clear his intention is to reverse that losing trend. And with the addition of UFC, suddenly Paramount is a real player in the sports media landscape and streaming wars. This is a published version of the Forbes Daily newsletter, you can sign-up to get Forbes Daily in your inbox here. In a shift from Tuesday's positive inflation news, wholesale prices increased more than expected in July, according to the Bureau of Labor Statistics. The price of services drove an increase of 0.9% when only 0.2% had been anticipated, and stocks ended the day mostly flat after initially slipping on the news. WEALTH + ENTREPRENEURSHIP Nike co-founder Phil Knight Getty Images Nike cofounder Phil Knight became the latest billionaire to give a record-setting amount to an educational institution, as he and his wife Penny gifted $2 billion to the Oregon Health & Science University's Knight Cancer Institute. 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Getty Images President Donald Trump has indicated he would replicate his controversial decision to deploy the National Guard and take control of city police in Washington D.C. in other Democrat-led cities, but in reality, he would face far more legal limitations. The president does not have power to influence local police forces in other cities, though Trump would potentially be able to deploy the military through invoking the Insurrection Act. And a lawsuit over Trump's use of the National Guard in Los Angeles could determine how much power local and state officials have to challenge his moves. As the Trump administration moves to reduce federal regulations, states run by Democrats are rushing to fill the gap. The latest example came earlier this week, when New York Attorney General Letitia James announced a lawsuit against the company behind popular money transfer app Zelle, alleging it let fraud proliferate on Zelle for several years and didn't do enough to stop it, costing consumers 'hundreds of millions of dollars.' DAILY COVER STORY Meet The Mastermind Behind The $1.9 Billion Poppi Deal Rohan Oza played a key role in the Poppi deal Ryan West for Forbes Shark Tank veteran Rohan Oza has been searching for the perfect soft drink for the past 20 years. Oza, cofounder of Los Angeles-based private equity firm Cavu Consumer Partners, was the chairman of prebiotic soda Poppi and its single largest individual shareholder when Pepsi acquired it in May for $1.9 billion. It's Oza's biggest exit yet, but it's far from his first, having played a key role in some of the largest beverage acquisitions of the past two decades, including Vitaminwater and Smartwater. On a 2018 episode of ABC's Shark Tank , Oza took a 25% stake in the Austin, Texas-based beverage brand founded by husband-and-wife entrepreneurs Stephen and Allison Ellsworth for $400,000. Then Oza changed everything. He rebranded Mother Beverage, as the Ellsworths had named it, as Poppi. The liquid went from an apple cider vinegar drink to a prebiotic soda, and the packaging changed from glass to cans. The branding morphed from farmer's-market artisanal to bright, Millennial-friendly colors. Leading up to Pepsi's acquisition at a 3.3-times-revenue multiple, Forbes estimates that Oza owned about 21% of Poppi and Cavu owned another 37%. That netted him some $250 million (post-tax) directly from the sale and another roughly $50 million through Cavu. Those proceeds—in addition to exits reinvested and his 50% stake in Cavu—add up to an estimated net worth of roughly $500 million. Such success, says Oza, an immigrant from Zambia who came to the U.S. in 1995, represents his own American Dream. 'There's no consumer audience in the world that is willing to embrace new brands as rapidly as Americans are,' Oza says. 'I came here with a dream. It's full circle.' WHY IT MATTERS 'The quest for the next hit drink is a tale as old as time, and when it comes to modernizing soda today as demand for healthier options soars, Rohan Oza is the one to watch,' says Forbes staff writer Chloe Sorvino. MORE How Surfside Became The Fastest-Growing Alcohol Brand In America FACTS + COMMENTS Taylor Swift announced details about her upcoming album The Life of a Showgirl on Wednesday, drawing over a million viewers to the New Heights podcast on YouTube where the billionaire pop star discussed the record. The show is co-hosted by her boyfriend, Kansas City Chiefs tight end Travis Kelce, and his brother, former Philadelphia Eagles center Jason Kelce: 1.2 million: The number of concurrent viewers the podcast garnered 12: The number of songs on the album, including a title track featuring fellow pop star Sabrina Carpenter Over 6 million: How many copies sold of Swift's last album, The Tortured Poets Department , one of her most commercially successful records STRATEGY + SUCCESS Using AI tools like ChatGPT at work can be a great way to boost productivity, but it also comes with risks that are critical for employees to understand. Start by looking into your company's AI policy, and if one doesn't exist, ask for guidance. Be sure to double-check any AI-generated work and add your personal voice or insights so you don't sound too generic. And never enter your company's proprietary information into public AI tools. VIDEO QUIZ The IRS rolled out technology designed to help taxpayers at its Taxpayer Assistance Centers back in 2011, but a recent audit found only 55% were operational. What kind of technology was it? A. An AI tax chatbot B. A self-service kiosk C. iPads with frequently asked questions D. Robots to issue taxpayer ID numbers Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
Business Wire
an hour ago
- Business Wire
Soluna Reports Q2'25 Results
BUSINESS WIRE)--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 financial results for the second quarter ended June 30, 2025. 'Second quarter results demonstrate continued Adjusted EBITDA improvement and margin strength in our operating sites. In Q2, we also welcomed our first customers into Project Dorothy 2, the expansion of our first major site in Texas. We rebuilt our capital raising toolkit, secured our first at-the-market offering issuance, and prepared for a successful equity offering in July. We expanded our partnership with Spring Lane Capital to help launch our next flagship data center, Project Kati. We are now focused on scale,' said John Belizaire, CEO of Soluna Holdings. 'We are pleased to report the fourth quarter in a row of Adjusted EBITDA growth, improving by 25.5% ($0.4M) in Q2 over the prior quarter amidst market softness in Hashprice, while maintaining a steady 19% gross margin,' said John Tunison, CFO of Soluna. Q2 2025 Operational and Corporate Highlights: Project Kati Land Secured and Subsequently Closed $20M to Launch 35 MW Kati 1 – Soluna has secured land and $20M in funding from Spring Lane Capital to begin construction on Kati 1, the first 35 MW phase of our 166 MW wind-powered data center. Construction is expected to begin in Q3, with initial energization targeted for early 2026. Expanded Hosting Deployments with Key Customers – Increased deployments of existing partners Blockware, Compass Mining, and other Top-tier Miners, as Dorothy 1 space became available and Dorothy 2 came online, deepening relationships with some of the industry's most established miners. Project Dorothy 2 Construction On Track – All three building phases progressing on schedule, with full energization anticipated in Q4. 295 MW of New Projects Launched in Q2, Including Our First Solar-Powered Data Center – Including wind-powered Projects Hedy and Ellen, and solar-powered Project Annie. We believe these additions mark a major step in scaling Renewable Computing and diversifying our energy mix across Texas. Increased Power Pipeline to 2.8 GW of Long-Term Capacity – With 2.8 GW of long-term clean energy capacity in our pipeline, Soluna anticipates that it will be positioned to meet the rising demand for sustainable computing infrastructure at scale. Second Quarter Finance and Operations Highlights: Net loss for the three months declined Q2 2024 to Q2 2025 by ($1.4 million) – driven by the above-mentioned Revenue, Gross Profit and SG&A drivers with a $2.9 million increase in Operating Loss, increased by $1.3 million combined higher Interest, Tax and Other Expenses which include consent fees to Preferred B holder and Kati wind farm loss generation fee offset by the prior year loss on convertible debt and warrant revaluation for $5.6 million. Adjusted EBITDA improved $0.4 million from Q1 2025 to Q2 2025, primarily driven by a steady 19% gross margin, controlling expenses, and no significant interconnection outages. This resilient progress was despite headwinds from average Hashprice declining by 5% to $51, dampening profit sharing. Adjusted EBITDA declined ($3.0 million) from Q2 2024 to Q2 2025, driven primarily by Bitcoin halving in April 2024 and Hashprice volatility ($0.6M) from fewer machines online and efficiency at Dorothy 1B. Professional fees were higher ($0.2M), including legal costs related to the Standby Equity Purchase Agreement and compliance costs. In connection with our successful ATM raise and related fundraising, we incurred ($255) thousand of consent fees paid to the Series B Preferred stockholder. As part of securing land for Project Kati, we incurred ($291) thousand fees for lost power generation on the wind farm. Gross profit for our operating sites in Soluna Digital remained steady compared to the prior quarter Q1 2025, Q2 2025 reported strong cost discipline and gross margin stability, despite a ($0.3M) decline in Demand Response Service gross profit from exiting the seasonally higher winter pricing period. Revenue for Q2 2025 is $6.2 million, a Net Decline of $3.5 million for the three months Year-over-year. Four factors drove the decrease. Bitcoin halving and subsequent Hashprice volatility ($2.0 million), the change in commercial model mix to more Profit Sharing (fully offset by decline in cost of revenue by ($0.8 million) for no Gross Profit impact), lower Prop Mining volume related to site availability and miner efficiency ($0.6 million), and lower Demand Response Services driven by increased participation rate within ERCOT ($0.1 million). Revenue Generation Poised for Growth – We expect Revenue to stabilize and grow as we continue to commission additional MW of Bitcoin Hosting capacity over the next two years, related to Dorothy 2 and Kati 1, as illustrated in the recently published 2025 Earnings Power Presentation. Robust Cash Reserves – Quarter-end unrestricted cash was $9.9 million, a $2.0 million rise since December 31, 2024. General and administrative expenses were flat year-over-year and improved from the prior quarter. Strong cost discipline has enabled these costs to be contained even as site development continues to grow substantially. Q2 2025 Revenue & Cost of Revenue by Project Site Q2 2024 Revenue & Cost of Revenue by Project Site Soluna Digital (Dollars in thousands) Project Dorothy 1B Project Dorothy 1A Project Dorothy 2 Project Sophie Other Total Cryptocurrency mining revenue $ 4,484 $ - $ - $ - $ - $ 4,484 Data hosting revenue - 3,567 - 1,331 - 4,898 Demand response services - - - - 293 293 Total revenue 4,484 3,567 - 1,331 293 9,675 Cost of cryptocurrency mining, exclusive of depreciation 1,883 - - - - 1,883 Cost of data hosting revenue, exclusive of depreciation - 1,758 - 418 - 2,176 Cost of cryptocurrency mining revenue- depreciation 1,065 - 1,065 Cost of data hosting revenue- depreciation 290 - 151 - 441 Total cost of revenue $ 2,948 $ 2,048 $ - $ 569 $ - $ 5,565 Gross Profit $ 1,536 $ 1,519 $ - $ 762 $ 293 $ 4,110 Gross Profit Margin % 34.3 % 42.8 % n/a 57.3 % 100.0 % 42.5 % Expand The audited financial statements and Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ('SEC') on March 31, 2025, are available online. Our current Investor Presentation can be found here. Our 2025 Earnings Power Presentation can be found here. Soluna's glossary of terms can be found here. Safe Harbor 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 can be identified by terminology such as 'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,' 'believes,' 'estimates,' 'confident' and similar statements. Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the completion of Projects Kati 1, Dorothy 2, Hedy, Ellen, and Annie, and the closing of the land purchase for Project Kati, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements about the Company or its business. Soluna may also make written or oral forward-looking statements in its periodic reports to the SEC , in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law. Non-GAAP Measures In addition to figures prepared in accordance with generally accepted accounting principles ('GAAP'), Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, provision for credit losses, loss on sale of fixed assets, impairment on fixed assets, fair value adjustment on Standby Equity Purchase Agreement draws, and loss (gain) on debt extinguishment and revaluation, net. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principles. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2024, for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliations provided below and not rely on any single financial measure to evaluate the Company's business. About Soluna 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 and follow us on: 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. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of June 30, 2025 (Unaudited) and December 31, 2024 (Dollars in thousands, except per share) December 31, 2024 Assets Current Assets: Cash $ 9,878 $ 7,843 Restricted cash 2,215 1,150 Accounts receivable, net (allowance for expected credit losses of $244 at June 30, 2025 and December 31, 2024) 2,649 2,693 Prepaid expenses and other current assets 2,236 1,781 Equipment held for sale - 28 Total Current Assets 16,978 13,495 Restricted cash, noncurrent 3,060 1,460 Other assets 1,107 2,724 Deposits and credits on equipment 1,046 5,145 Property, plant and equipment, net 56,521 47,283 Intangible assets, net 12,957 17,620 Operating lease right-of-use assets 283 313 Total Assets $ 91,952 $ 88,040 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $ 3,942 $ 2,840 Accrued liabilities 5,934 6,785 Accrued interest payable 3,286 2,275 Contract liability 19,348 20,015 Current portion of debt 13,255 14,444 Income tax payable 62 37 Customer deposits 1,962 1,416 Operating lease liability 63 61 Total Current Liabilities 47,852 47,873 Other liabilities 333 235 Long-term debt 10,021 7,061 Operating lease liability 220 252 Deferred tax liability, net 4,207 5,257 Total Liabilities 62,633 60,678 Commitments and Contingencies (Note 10) Stockholders' Equity: 9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,953,545 shares issued and outstanding as of June 30, 2025 and December 31, 2024 5 5 Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 62,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024 — — Common stock, par value $0.001 per share, authorized 75,000,000; 19,095,863 shares issued and 19,055,122 shares outstanding as of June 30, 2025 and 10,647,761 shares issued and 10,607,020 shares outstanding as of December 31, 2024 19 11 Additional paid-in capital 323,557 315,607 Accumulated deficit (329,242 ) (314,304 ) Common stock in treasury, at cost, 40,741 shares at June 30, 2025 and December 31, 2024 (13,798 ) (13,798 ) Total Soluna Holdings, Inc. Stockholders' (Deficit) Equity (19,459 ) (12,479 ) Non-Controlling Interest 48,778 39,841 Total Stockholders' Equity 29,319 27,362 Total Liabilities and Stockholders' Equity $ 91,952 $ 88,040 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three and Six Months Ended June 30, 2025 and 2024 (Dollars in thousands, except per share) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Cryptocurrency mining revenue $ 2,861 $ 4,484 $ 5,860 $ 10,880 Data hosting revenue 3,136 4,898 5,538 10,176 Demand response service revenue 161 293 668 1,168 High-performance computing service revenue - - 28 - Total revenue 6,158 9,675 12,094 22,224 Operating costs: Cost of cryptocurrency mining revenue, exclusive of depreciation 1,767 1,883 3,721 3,724 Cost of data hosting revenue, exclusive of depreciation 1,617 2,176 2,945 4,427 Cost of high-performance computing services - - 7 - Cost of cryptocurrency mining revenue- depreciation 1,074 1,065 2,147 2,152 Cost of data hosting revenue- depreciation 512 441 913 877 Total costs of revenue 4,970 5,565 9,733 11,180 Operating expenses: General and administrative expenses, exclusive of depreciation and amortization 5,397 5,382 11,344 9,378 Depreciation and amortization associated with general and administrative expenses 2,403 2,403 4,807 4,805 Total general and administrative expenses 7,800 7,785 16,151 14,183 Impairment on fixed assets 12 - 12 130 Operating loss (6,624 ) (3,675 ) (13,802 ) (3,269 ) Interest expense (1,196 ) (449 ) (2,034 ) (873 ) (Loss) gain on debt extinguishment and revaluation, net - (5,600 ) 551 (8,698 ) Loss on sale of fixed assets (22 ) (21 ) (22 ) (21 ) Other expense, net (546 ) (49 ) (860 ) (25 ) Loss before income taxes (8,388 ) (9,794 ) (16,167 ) (12,886 ) Income tax benefit, net 608 649 1,033 1,197 Net loss (7,780 ) (9,145 ) (15,134 ) (11,689 ) (Less) Net (loss) income attributable to non-controlling interest (398 ) 1,728 (196 ) 4,438 Net loss attributable to Soluna Holdings, Inc. $ (7,382 ) $ (10,873 ) $ (14,938 ) $ (16,127 ) Basic and Diluted loss per common share: Weighted average shares outstanding (Basic and Diluted) 14,991,125 4,563,696 13,473,983 3,683,558 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Six Months Ended June 30, 2025 and 2024 Six Months Ended June 30, (Dollars in thousands) 2025 2024 Operating Activities Net loss $ (15,134 ) $ (11,689 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation expense 3,121 3,091 Amortization expense 4,746 4,743 Stock-based compensation 3,789 2,029 Deferred income taxes (1,051 ) (1,259 ) Impairment on fixed assets 12 130 Provision for credit losses - 244 Amortization of operating lease asset 30 122 (Gain) loss on debt extinguishment and revaluation, net (551 ) 8,698 Amortization of deferred financing costs and discount on notes 338 59 SEPA fair value revaluation 118 - Loss on sale of fixed assets 22 21 Changes in operating assets and liabilities: Accounts receivable 44 (486 ) Prepaid expenses and other current assets (455 ) (10,767 ) Other long-term assets 1,607 1 Accounts payable 1,102 353 Contract liability (667 ) - Operating lease liabilities (30 ) (123 ) Other liabilities and customer deposits 644 (404 ) Accrued liabilities and interest payable 1,042 1,764 Net cash used in operating activities (1,273 ) (3,473 ) Investing Activities Purchases of property, plant and equipment (12,365 ) (278 ) Purchases of intangible assets (83 ) (64 ) Proceeds from sale of property, plant and equipment - 215 Deposits on equipment, net 4,099 (2,096 ) Net cash used in investing activities (8,349 ) (2,223 ) Financing Activities Proceeds from common stock warrant exercises - 2,304 Proceeds from sale of common stock on SEPA 2,005 - Proceeds from notes 5,269 13,220 Proceeds from sale of common stock on ATM 2,178 - Payments on notes and deferred financing costs (3,275 ) (1,910 ) Payments on ATM (132 ) - Contributions from non-controlling interest 11,852 - Distributions to non-controlling interest (3,575 ) (5,776 ) Net cash provided by financing activities 14,322 7,838 Increase in cash & restricted cash 4,700 2,142 Cash & restricted cash – beginning of period 10,453 10,367 Cash & restricted cash – end of period $ 15,153 $ 12,509 Supplemental Disclosure of Cash Flow Information Interest paid on debt 685 203 Warrant consideration in relation to convertible notes and revaluation of warrant liability - 7,648 Notes converted to common stock - 3,712 Noncash membership distribution accrual 323 456 Warrant consideration in relation to Soluna Cloud - 314 Fair value consideration for Green Cloud issuance of shares 810 - The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Expand Segment Information The following table details revenue, cost of revenues, and other operating costs for the Company's reportable segments for three months ended June 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations: For the three months ended June 30, 2024 Reconciliation of revenue Demand response revenue (a) - 293 9,675 Less: Segment cost of revenue Utility costs 1,322 1,363 - 2,685 Wages, benefits, and employee related costs 190 468 - 658 Facilities and Equipment costs 336 323 - 659 Cost of revenue- depreciation 1,065 441 - 1,506 Other cost of revenue* 127 92 - 219 Total segment cost of revenue 3,040 2,687 - 5,727 General and administrative expenses 106 146 58 310 Impairment on fixed assets - - - - Segment operating income $ 1,338 $ 2,065 $ (58 ) $ 3,345 Expand (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. Expand The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the three months ended June 30, 2025 and 2024. Expand The following table details revenue, cost of revenues, and other operating costs for the Company's reportable segments for six months ended June 30, 2025 and 2024, and reconciles to net income (loss) on the consolidated statements of operations: For the six months ended June 30, 2024 Segment Revenue: Revenue from external customers $ 10,880 $ 10,176 $ - $ 21,056 Reconciliation of revenue Demand response revenue (a) - 1,168 22,224 Less: Segment cost of revenue Utility costs 2,699 2,720 - 5,419 Wages, benefits, and employee related costs 381 927 - 1,308 Facilities and Equipment costs 511 622 - 1,133 Cost of revenue- depreciation 2,152 877 - 3,029 Other cost of revenue* 304 309 - 613 Total segment cost of revenue 6,047 5,455 - 11,502 General and administrative expenses 107 153 58 318 Impairment on fixed assets 130 - - 130 Segment operating income (loss) $ 4,596 $ 4,568 $ (58 ) $ 9,106 Expand (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss. * Other cost of revenue includes insurance, outside service costs and margins, and general costs. Expand The following table presents the reconciliation of segment operating income (loss) to net income (loss) before taxes: (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the six months ended June 30, 2025 and 2024. Expand Gross Profit Breakout: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended June 30, 2025: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended June 30, 2024: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the six months ended June 30, 2025: The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the six months ended June 30, 2024: EBITDA and Adjusted EBITDA Tables: Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below: The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through June 30, 2025. The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2024 through December 31, 2024.
