Soluna Holdings (NASDAQ:SLNH), a specialized developer of green data centers for intensive computing applications such as Bitcoin mining and artificial intelligence, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
Revenue for the fourth quarter of 2025 reached $9.2 million, representing a 9% sequential increase from the $8.4 million reported in the third quarter.
This growth was primarily attributed to increased volume following the completion and operational ramp-up of the Dorothy 2 facility.
However, the top-line gains were partially offset by market headwinds, specifically a lower "hashprice"—the measure of daily revenue earned from mining power—resulting from a challenging global Bitcoin mining environment.
The softening hashprice had a more direct impact on the company's bottom line during the quarter.
Gross profit for Q4 2025 decreased to $1.8 million, down from $2.3 million in the third quarter.
While the increased volume from Dorothy 2 provided a partial buffer, the contraction in mining margins reflects the increased difficulty and lower rewards inherent in the current phase of the Bitcoin network cycle.
Despite the margin pressure, Soluna significantly fortified its liquidity position in the final months of the year.
The company’s total cash balance grew by $28.4 million, or 47%, rising from $60.5 million at the end of Q3 to $88.8 million at year-end.