Soluna Holdings Inc (SLNH) 2025 Q4 法說會逐字稿

Hello, and welcome to the 2025 annual and Q4 results and business update for Soluna Holdings.

大家好，歡迎收看 Soluna Holdings 2025 年度及第四季（Q4）業績與業務更新。

I'm John Belizaire, CEO of Soluna Holdings, and I'm joined today by our CFO, David Michaels. This will be David's last 10-K and 10-Q presentation as he heads off back to his seat on the Board, and he'll be replaced by Michael Picchi, who'll be starting shortly here as CFO, taking over the reins for our next quarter presentation.

我是 Soluna Holdings 執行長 John Belizaire，今天與我一同出席的是我們的財務長 David Michaels。這將是 David 在回到董事會席位之前，最後一次進行 10-K 與 10-Q 的簡報；他將由 Michael Picchi 接任財務長，Michael 很快就會到任，並在下一季的簡報中接棒。

As always, before we begin, I'd like to start with some legal preamble. The following content is completely qualified by the legal disclosures on the slide following this one. Our goal is to share with you some of our strategic thinking and financial analysis we are using to guide the growth of our business.

一如往常，在開始之前，我想先做一些法律聲明的開場。以下內容完全以本頁後一張投影片中的法律揭露為準。我們的目標是與各位分享一些我們用來引導業務成長的策略思考與財務分析。

The content is in line with our principles of being accountable and transparent with shareholders. We operate in a hyperdynamic economic environment. That's a fancy way of saying things change quickly.

本內容符合我們對股東負責與透明的原則。我們所處的是一個高度動態的經濟環境。換句話說，就是事情變化很快。

What we are telling you here is based on our estimates and assumptions, which are our best guess. We reserve the right to revise our point of view. Based on new information and changes in the business environment. Despite an uncertain dynamic environment, we must plan and make operating and investment decisions. This presentation lays some of that out for your review.

我們在此所分享的內容是基於我們的估計與假設，也就是我們所能做出的最佳判斷。我們保留修正觀點的權利。以因應新資訊與商業環境的變化。即使在不確定且快速變動的環境中，我們仍必須規劃並做出營運與投資決策。本簡報將其中部分內容整理出來，供各位檢視。

We'll pause here for a moment for the legal disclosure and disclaimer.

我們在此先暫停片刻，讓各位閱讀法律揭露與免責聲明。

Before we begin, it's best to introduce folks of you who are new to Soluna to our business model and where we fit into the world. The way to look at our company is that we are really bridging the gap between two major confluences happening in the world.

在開始之前，最好先向剛認識 Soluna 的各位介紹我們的商業模式，以及我們在全球版圖中的定位。看待我們公司的方式是：我們其實正在連結世界上兩股重大匯流趨勢之間的落差。

On the left side, on the one side, you have AI's momentum. As it drives and grows exponentially, its demand is growing from a computing perspective. Bitcoin is also scaling and becoming a mature enterprise institutional level asset. And the miners that are securing that network prefer scalable, well-managed, and cost-advantaged hosting partners.

左側這一端，是 AI 的動能。隨著其指數型推進與成長，從運算角度來看，需求也在增加。比特幣同樣在擴張，並逐步成為成熟的企業級、機構級資產。而為該網路提供安全性的礦工，更偏好具可擴展性、管理完善且具成本優勢的託管合作夥伴。

On the right-hand side, you have clean energy, which goes to waste due to curtailment. It is a large industry, despite recent changes in the marketplace. And many of these assets have excess power that don't have sufficient load to allow them to generate revenue.

右側這一端，是潔淨能源，因限電（curtailment）而被浪費。儘管市場近期有所變化，這仍是一個龐大的產業。其中許多資產擁有多餘電力，但缺乏足夠負載，因而無法創造收入。

What we do is we bridge these two gaps, developing co-located data centers behind the meter at renewable power generation facilities, which enables us to bypass long interconnection queues, improving power economics and accelerating time to market for next generation data centers.

我們所做的，就是彌合這兩端的落差：在再生能源發電設施「表後」（behind the meter）開發共址資料中心，使我們能繞過漫長的併網排隊，改善用電經濟性，並加速新一代資料中心的上市時程。

Now, our business strategy is to transform that clean energy into high performance computing infrastructure. We do that in two ways.

因此，我們的商業策略是把潔淨能源轉化為高效能運算基礎設施。我們透過兩種方式來實現。

On the one hand, we develop and operate Bitcoin hosting data centers where large hyperscale and creditworthy customers can come in and place their equipment to be hosted by our best-in-class team at our best-in-class facilities and taking advantage of top-tier power costs that enable them to ride the economic swings in the Bitcoin market.

一方面，我們開發並營運比特幣託管資料中心，讓大型超大規模（hyperscale）且信用良好的客戶進駐，將其設備交由我們一流團隊在一流設施中託管，並利用頂級電力成本優勢，使其能在比特幣市場的景氣循環中保持競爭力。

The second prong is AI. We've just entered this year a whole new push and definitive focus on AI. Here, we develop AI data center projects and form joint ventures with data center operators and deliver those facilities to credit-worthy tenants, hyperscalers, and neo-clouds to support the next generation of intelligence.

第二支柱是 AI。今年我們剛啟動一項全新的推進，並明確聚焦於 AI。在這裡，我們開發 AI 資料中心專案，並與資料中心營運商成立合資企業，將這些設施交付給信用良好的承租戶、超大規模業者與新型雲端（neo-cloud）業者，以支援下一代智慧運算。

This is all powered by an ever-growing pipeline. We have over 4.3 gigawatts now, more than 54% increase from last year, where we sign PPAs and acquire land co-located with renewable energy projects with high curtailment, which feeds this entire business strategy. We call this strategy and approach renewable computing, driving our mission to make renewable energy a global superpower using computing as a catalyst.

這一切都由持續成長的專案管線所驅動。我們目前的管線已超過 4.3 吉瓦（GW），較去年增加逾 54%；我們簽署購電協議（PPA），並在限電程度高的再生能源專案旁取得土地共址，為整體商業策略提供動能。我們將此策略與方法稱為「再生能源運算」（renewable computing），以運算作為催化劑，推動我們的使命：讓再生能源成為全球超級強權。

Last year was a banner year for Soluna. I'd like to take you through the operational highlights for 2025.

去年對 Soluna 而言是成果豐碩的一年。接下來我想帶各位回顧 2025 年的營運亮點。

Last year, I wrote a letter to you, our shareholders, outlining four key focus areas for our team. The first was growing our pipeline. We were focused on increasing the number of curtailed assessments completed with power partners, advancing the projects to shovel readiness, status, and executing additional project term sheets, which allows us to grow. The number of projects that can feed our strategy we just went through.

去年我曾致函各位股東，概述團隊的四大重點方向。第一是擴大我們的專案管線。我們著重於與電力合作夥伴完成更多限電評估（curtailment assessments），推進專案至可動工（shovel-ready）狀態，並簽署更多專案條款書（term sheets），以支持成長。也就是增加能為我們剛才所述策略提供動能的專案數量。

We focus on optimizing our projects. We were focused on completing the energization of Project Dorothy 2, enhancing the profitability and operational efficiency and customer mix of our operating data centers, while also improving overall customer satisfaction in those facilities.

第二，我們聚焦於專案最佳化。我們致力完成 Dorothy 2 專案的送電（energization），提升既有資料中心的獲利能力、營運效率與客戶組合，同時也改善這些設施的整體客戶滿意度。

We were focused heavily on capital formation, pursuing financing opportunities to support key growth initiatives, including Project Kati, which broke ground last year, Rosa, leveraging several of our strengths in areas such as cash flows and refinancing some of our projects. And as you'll see, we were very successful in capital formation in that area.

第三，我們大力投入資本形成（capital formation），尋求融資機會以支持關鍵成長計畫，包括去年已動工的 Kati 專案、Rosa，並運用我們在現金流等面向的多項優勢，同時為部分專案進行再融資。如各位將看到的，我們在這方面的資本形成非常成功。

And then, of course, developing a clear, focused strategy on getting into the AI business. And here, our strategy was to form partnerships to harness the value of our considerable pipeline. By leveraging partners that have AI and HPC data center expertise through joint ventures. And we announced one at the end of the year with Metrobloks and driving more expertise, joining our board and activities in that regard.

第四，當然是制定清晰且聚焦的策略，切入 AI 業務。在此，我們的策略是透過合作夥伴關係，釋放我們龐大專案管線的價值。藉由與具備 AI 與 HPC（高效能運算）資料中心專業的夥伴成立合資企業來達成。我們在年底宣布與 Metrobloks 的合作，並引入更多專業人才加入董事會與相關工作。

As I said at the beginning of the presentation, last year was a banner year for Soluna. We raised over $142 million, including a $100 million credit facility with Generate Capital, we also raised money from Galaxy as well.

如我在簡報一開始所說，去年對 Soluna 是成果豐碩的一年。我們募得超過 1.42 億美元資金，其中包括與 Generate Capital 的 1 億美元信貸額度；我們也從 Galaxy 募得資金。

We launched an upsized ATM program. We structured the business and exited certain debt relationships, including NYDIG, regained our Nasdaq compliance, exited partnerships that weren't as profitable, and we grew partnerships that have been extremely profitable like Bit Digital and Compass Mining.

我們推出擴大規模的 ATM（At-The-Market）增發計畫。我們重整業務並退出部分債務關係（包括 NYDIG），恢復納斯達克合規資格，終止獲利性較差的合作關係，並擴大與 Bit Digital、Compass Mining 等極具獲利性的合作。

We exceeded our hash rate by over 5 exahash last year, so we surpassed that number for the first time. We expanded significantly our long-term pipeline, growing it by up to 4.3 gigawatts by over 50%, and monetized a considerable amount of curtailed energy.

去年我們的算力（hash rate）超過 5 EH/s（艾赫／每秒），首次突破該門檻。我們也大幅擴展長期專案管線，提升至 4.3 吉瓦（GW），成長超過 50%，並將相當可觀的限電能源成功變現。

Our project milestones were no less shabby. We launched Project Dorothy, as I mentioned. We had a successful groundbreaking, which was attended by our community partners, employees, and et cetera. Very proud of that. We signed a 48 megawatt Galaxy Digital Partnership at Kati. We had Dorothy 2 48 megawatts completed there.

我們的專案里程碑同樣不遜色。如我所提，我們啟動了 Dorothy 專案。我們成功舉行動土典禮，社區合作夥伴、員工等皆出席。我們對此深感自豪。我們在 Kati 與 Galaxy Digital 簽署了 48 兆瓦的合作夥伴協議。我們也完成了 Dorothy 2 的 48 兆瓦建置。

We signed 20-megawatt Canaan deal, signed 3.3 megawatt partnership with KULR, a new type of structure in our licensing and leasing models. And several term sheets, Rosa, Hedy, Ellen, Annie, and Gladys, which combined allowed us to exceed over one gigawatt of clean computing projects that were either in development, construction, or operation.

我們簽署了 20 兆瓦的 Canaan 合約，並與 KULR 簽署了 3.3 兆瓦的合作夥伴關係，這是我們授權與租賃模式中的一種新型結構。以及數份條款書，Rosa、Hedy、Ellen、Annie 和 Gladys，合計使我們得以超過一吉瓦的潔淨運算專案，這些專案正處於開發、建設或營運階段。

Let's take a look at our key operational metrics or highlights that we focused on. I mentioned our exahash is over 5.2 now. We have 123 megawatts in operation. And as Kati starts to ramp up, as you'll see in our future quarters, we may have a good chance of doubling that this year.

讓我們來看看我們所聚焦的關鍵營運指標或亮點。我提到我們的 exahash 現在已超過 5.2。我們有 123 兆瓦在營運中。而隨著 Kati 開始逐步爬坡，如你們在未來幾季將看到的，我們今年很有機會把這個數字翻倍。

Revenue for Q4 was $9.2 million, continued up and at 17% rise quarter over quarter over the last several quarters, as you see in the financial section. Power costs hovered around $34 per megawatt hour on average. Lots of curtailed energy consumed, 4.3 gigawatt pipeline, and our joules per terahash efficiency of the machines in our fleet also continued to stay well below 25 joules per terahash.

第四季營收為 920 萬美元，持續上升，且如你們在財務章節所見，過去幾季的季對季增幅為 17%。電力成本平均約為每兆瓦時 34 美元。消耗了大量被限發（curtailed）的能源、4.3 吉瓦的管線（pipeline），以及我們機隊中設備的每太哈希焦耳（J/TH）效率也持續維持在遠低於 25 J/TH。

We now have 55 employees, strong employees, helping us to continue to grow the business. And in Q4 alone, we raised over $57.5 million.

我們目前有 55 名員工，優秀的團隊，協助我們持續擴張業務。而僅在第四季，我們就募得超過 5,750 萬美元。

Here's a look at our clean project pipeline. Dorothy 1A and B, over 50 megawatts partnership with Spring Lane and Generate, that's our operating projects. Sophie rounds out the fleet. And Dorothy 2, which was completed last year, totals the full sort of 123-megawatt footprint. Kati 1, as it's now ramping up, as you can see, will add another 83 megawatts to that operational footprint.

以下是我們潔淨專案管線的概覽。Dorothy 1A 與 1B，與 Spring Lane 及 Generate 的超過 50 兆瓦合作夥伴關係，這些是我們的營運中專案。Sophie 補齊了整體機隊配置。而 Dorothy 2 於去年完成，使整體足跡合計達到 123 兆瓦。Kati 1 目前正在爬坡，如你們所見，將再為該營運足跡增加 83 兆瓦。

And Kati 2, which is our new growing AI campus, will essentially drive us to get into the AI business and expanding our footprint, and we're developing that project as we speak. And the rest of the projects are all in development, as you can see, Grace, Rosa, Hedy. Hundreds of megawatts that are ready to either go into BTC hosting or AI. And as we develop those and mature those, we'll announce which ones they are.

而 Kati 2，也就是我們正在成長的新 AI 園區，將實質推動我們切入 AI 業務並擴大足跡，我們正同步開發該專案。其餘專案如你們所見皆在開發中：Grace、Rosa、Hedy。有數百兆瓦已準備好可用於 BTC 託管或 AI。隨著我們開發並使其成熟，我們將公告哪些專案將用於哪些用途。

And now let's look at our development pipeline. As I said earlier, our pipeline grew significantly in 2025. We now have over 4.3 gigawatts of projects. In our long-term pipeline that we're working to either develop as Bitcoin hosting opportunities or new AI data center opportunities. Over 3.3 gigawatts of that is in our assessed category.

接著我們來看開發管線。如我先前所說，我們的管線在 2025 年顯著成長。我們目前有超過 4.3 吉瓦的專案。在我們正在推進的長期管線中，將其開發為比特幣託管機會或新的 AI 資料中心機會。其中超過 3.3 吉瓦屬於我們的「已評估」類別。

What that means is we're working with IPPs and some of our power partners performing curtailment assessments, completing those with power partners. And that is what sets us up for commercial arrangements with those power partners and get those projects into the planning process.

這代表我們正與獨立發電商（IPP）及部分電力合作夥伴合作進行限發（curtailment）評估，並與電力合作夥伴完成這些評估。而這正是讓我們能與這些電力合作夥伴建立商業安排，並將專案納入規劃流程的關鍵。

We have over 800 megawatts in the planning and development process. That includes PPA negotiations that are either being written, negotiated, or signed. ERCOT planning processes, where we're submitting the projects into the ERCOT process.

我們有超過 800 兆瓦正處於規劃與開發流程中。其中包含 PPA（購電協議）談判，這些協議正在撰寫、協商或簽署中。以及 ERCOT 的規劃流程，我們正將專案提交至 ERCOT 流程。

AI feasibility studies, we're determining which projects are good for AI versus Bitcoin, and of course, land acquisition and processes where we secure land for those projects. We have Project Kati under construction, so that's that 83 megawatts there. And of course, we have 123 megawatts operating.

AI 可行性研究：我們正在判定哪些專案更適合 AI、哪些更適合比特幣；當然也包含土地取得與相關流程，以便為這些專案取得土地。我們的 Kati 專案正在施工中，也就是那 83 兆瓦。當然，我們也有 123 兆瓦正在營運。

So as we scale the ramp-up of Kati, as you can see, we will approach here over 200 megawatts of operating capability, and the sum of that brings us to the 4.3.

因此，隨著我們擴大 Kati 的爬坡，如你們所見，我們的營運能力將接近超過 200 兆瓦，而這些加總使我們達到 4.3（吉瓦）。

Okay, let's look at the project highlights for Q4 2025 and beyond. Before we jump in, here are key metrics across all of our operating sites.

好的，讓我們看看 2025 年第四季及之後的專案亮點。在我們深入之前，先看一下我們所有營運場址的關鍵指標。

As you can see here, we've touched on the fact that we have 123 megawatts up and operating, 123 of those is related to Bitcoin operations, and of course, we've got Project Grace, that's 2 megawatts. We have 25 megawatts of that 121 that's focused on proprietary mining, that's T1B. 98 megawatts is hosting across a number of leading partners, all of them hyperscale miners, credit-worthy counterparties, longtime partners, and they've all grown with us over time.

如你們在此所見，我們已提到我們有 123 兆瓦已上線營運，其中 123 兆瓦與比特幣營運相關；當然，我們還有 Grace 專案，為 2 兆瓦。在這 121 兆瓦中，有 25 兆瓦聚焦於自營挖礦，也就是 T1B。98 兆瓦為與多家領先合作夥伴的託管，這些合作夥伴皆為超大型（hyperscale）礦工、具信用的交易對手、長期合作夥伴，且他們也隨著時間與我們一同成長。

We have deployed over 38,000 mining rigs across our sites. We had over 4.4 exahash as of December 31, and that has grown, as you can see in the other slides. Our fleet efficiency is at the 25 level.

我們已在各場址部署超過 38,000 台礦機。截至 12 月 31 日，我們的算力超過 4.4 exahash，且如你們在其他投影片所見，該數字已持續成長。我們機隊效率約在 25 的水準。

Uptime is 92% in operational hours. 28 full-time roles have been created across the communities that we have our sites deployed at. And, of course, we have 150 megawatts of wind where our projects are integrated. And of course, with the Project Kati site, that will grow and increase as well, the number of wind farms and the amount of wind power we're using. So exciting metrics as you look across the site.

以營運時數計算的正常運轉率（uptime）為 92%。我們在部署場址所在的社區創造了 28 個全職職位。當然，我們有 150 兆瓦的風電與我們的專案整合。並且隨著 Kati 專案場址推進，風場數量與我們使用的風電量也將成長並增加。因此，從各場址來看，這些都是令人振奮的指標。

We were busy at Project Dorothy 1A. We deployed 20 megawatts of Canaan and Blockware at the site, replacing existing customers and setting up the site for new performance benchmarks.

我們在 Dorothy 1A 專案上相當忙碌。我們在該場址部署了 20 兆瓦的 Canaan 與 Blockware，替換既有客戶，並為該場址建立新的效能基準。

We delivered strong weather reliability, sustaining over 90% of time through extreme cold and ERCOT demand response periods, and we completed power infrastructure upgrades for next-generation modern installations at that site.

我們展現了強勁的天候可靠性，在嚴寒與 ERCOT 需求回應期間仍維持超過 90% 的時間表現，並完成該場址的電力基礎設施升級，以支援下一代現代化部署。

Project Dorothy 1B, we streamlined the proprietary mining fleet to maximize capacity and improve utilization. We also completed hosting agreements in Q1 to support 3.3 megawatts of blockware expansion in place of proprietary mining consolidation efforts we were doing at the site. And we also delivered strong weather reliability, high uptime as well in the face of cold and extreme ERCOT demand response periods.

在 Dorothy 1B 專案方面，我們精簡自營挖礦機隊，以最大化容量並提升使用率。我們也在第一季完成託管協議，以支援 Blockware 擴張 3.3 兆瓦，取代我們在該場址進行的自營挖礦整併工作。同時，我們也在寒冷與極端 ERCOT 需求回應期間，交付了強勁的天候可靠性與高正常運轉率。

Continuing on to the newest member of the Dorothy fleet, Dorothy 2. We maintained 100% hosting capacity with existing partners, including Blockware, Compass Mining, and another major hyperscale miner. We delivered strong weather reliability as well, much like the rest of the Dorothy's. And we executed phase three energization of the site, bringing it to full operation in October 2025.

接著來到 Dorothy 機隊最新成員 Dorothy 2。我們與既有合作夥伴維持 100% 的託管容量，包括 Blockware、Compass Mining，以及另一家主要的超大型（hyperscale）礦工。我們同樣交付了強勁的天候可靠性，與其他 Dorothy 專案一致。並且我們執行了該場址第三階段送電（energization），使其於 2025 年 10 月達到全面營運。

All right, Project Kati. Kati 1 is our largest project to date, over 83 megawatts under construction in Southeast Texas. There we received ERCOT approval to energize in February of this year, and we began commissioning. We reached substantial completion of K1A Phase 1 and 2, which is the first 36 megawatts as well in the first quarter.

好的，Kati 專案。Kati 1 是我們迄今為止最大的專案，在德州東南部有超過 83 兆瓦正在建設中。我們在今年 2 月取得 ERCOT 核准送電，並開始試運轉。我們在第一季完成 K1A 第 1 與第 2 階段的實質完工，亦即首批 36 兆瓦。

Of course, we completed a 48-megawatt hosting deployment with project with Galaxy Digital, one of Soluna's largest to date. Kati 1, as I mentioned before, broke ground in the summer of 2025 and started energization toward the latter part of the year early into this year. Fastest deployment to date, largest project to date.

當然，我們也與 Galaxy Digital 完成了一個 48 兆瓦的託管部署專案，這是 Soluna 迄今規模最大的專案之一。如我先前提到，Kati 1 於 2025 年夏季動工，並在該年後段至今年初開始逐步送電。這是迄今最快的部署、也是迄今最大的專案。

Now let's talk about Project Kati 2. This is an exciting project. This is a AI facility that we are developing in partnership with Metroblox to co-develop 100 megawatts plus of AI and HPC capacity with a path up to 300-plus megawatts at that location. We've completed a test fit for the data center design for the latest NVIDIA GPUs.

現在來談談 Kati 2 專案。這是一個令人振奮的專案。這是一座 AI 設施，我們與 Metroblox 合作開發，共同開發 100 兆瓦以上的 AI 與 HPC 容量，並可在該地點擴展至 300 兆瓦以上。我們已針對最新 NVIDIA GPU 的資料中心設計完成測試配適（test fit）。

And we've also attracted strong inbound interest from neo-clouds and hyperscalers, validating that the site is great for an AI infrastructure destination, also validating our behind-the-meter model integrated with renewables to create a destination for next-generation computing.

我們也吸引了來自新型雲端（neo-cloud）與超大規模業者（hyperscaler）的強勁主動洽詢，驗證該場址非常適合作為 AI 基礎設施目的地，也驗證我們結合再生能源的表後（behind-the-meter）模式，能打造下一代運算的目的地。

And last but not least, Sophie, our first greenfield project, setting up the platform that you have seen grow over the last few years. We achieved a record hash rate there at 1.1 exahash following fleet expansion, setting a new performance benchmark. We added 6.6 megawatts through new partnerships, diversifying the customer base and expanding the site's renewable-powered computing footprint.

最後但同樣重要的是 Sophie，我們第一個綠地（greenfield）專案，建立了你們過去幾年看到持續成長的平台。在擴充機隊後，我們在那裡達到 1.1 exahash 的創紀錄雜湊率，樹立新的效能標竿。我們透過新的合作夥伴新增 6.6 兆瓦，讓客戶基礎更多元，並擴大該場址以再生能源供電的運算版圖。

We also completed annual preventative maintenance and electrical infrastructure to enhance safety and also help prevent future downtime at the site.

我們也完成年度預防性維護與電力基礎設施改善，以提升安全性，並協助避免該場址未來停機。

Before we move on, I want to dig in more into the AI campus we're building at Project Kati 2. As I mentioned earlier, it is a joint venture between Soluna and Metrobloks. It's a co-development joint venture combining Soluna's renewable-powered Texas campus with Metrobloks' hyperscale AI design and operations platform.

在我們繼續之前，我想更深入談談我們在 Kati 2 專案打造的 AI 園區。如我先前提到，這是 Soluna 與 Metrobloks 的合資企業。這是一個共同開發的合資案，結合 Soluna 以再生能源供電的德州園區，以及 Metrobloks 的超大規模 AI 設計與營運平台。

As I mentioned, we'll start with an initial 100-megawatt target for IT, so that means larger than 100 megawatts gross, and developing a full campus to over 350 megawatts with an expansion target in that range.

如我所述，我們將以 IT 初期 100 兆瓦目標起步，這代表總裝置容量將高於 100 兆瓦，並將整體園區開發至超過 350 兆瓦，擴建目標落在該區間。

Because of the way we're structuring the power, getting access to power from the Las Majadas wind farm and other sources, and the grid allows us to keep the power in the sort of $0.43 per kilowatt or $43 per megawatt range.

由於我們的供電架構方式，能取得來自 Las Majadas 風電場及其他來源的電力，再加上電網條件，使我們能將電力成本維持在每千瓦約 0.43 美元、或每兆瓦時 43 美元的區間。

The project is in Willacy County near McAllen, Texas, which puts it in a very exciting location for data centers given network connectivity, power range, wind profile, and land availability to develop a site like this. And it's a dual fed power and clustering model. I've talked about the concept of clustering in previous presentations, and now you can see the benefits of that taking shape in Project Kati 2.

該專案位於德州 McAllen 附近的 Willacy 郡，憑藉網路連線、電力價格區間、風況特性，以及可用土地等條件，使其成為資料中心非常具吸引力的地點，可用來開發此類場址。而且這是一種雙路供電（dual fed power）與叢集化（clustering）模型。我在先前的簡報中談過叢集化概念，現在你們可以看到其效益正在 Kati 2 專案中逐步成形。

So how are we going to get to 350-plus Tier 3 AI campus? Well, here's the plan. There's four key elements to this plan. The first is it's developed in a two-phase AI-optimized data center design with approximately 100 megawatts of critical IT load targeted for service in '27 and at least 200 megawatts more anticipated in '28.

那麼我們要如何打造 350 兆瓦以上、Tier 3 等級的 AI 園區？計畫如下。這個計畫有四個關鍵要素。第一，採兩階段、針對 AI 最佳化的資料中心設計，目標是在 2027 年提供約 100 兆瓦的關鍵 IT 負載服務，並預期在 2028 年再增加至少 200 兆瓦。

The master plan includes up to 750-megawatt data center buildings designed for high-density racks and the latest NVIDIA chips, and that's all supported by a hybrid liquid and air cooling architecture.

總體規劃包含最高可達 750 兆瓦的資料中心建築，針對高密度機櫃與最新 NVIDIA 晶片設計，並由液冷與氣冷混合的散熱架構提供支援。

Let's talk about the on-site power generation. The campus power plan is expected to include at least 50 to 180 megawatts of gross on-site natural gas generation for primary and backup power. And we're going to include that, of course, with supplemental diesel backup, including as part of the resiliency design for the data center.

接著談現場發電。園區電力規劃預期將包含至少 50 至 180 兆瓦的現場天然氣發電總裝置容量，用於主電與備援電力。當然，我們也會納入補充性的柴油備援，作為資料中心韌性設計的一部分。

And we're going to have a renewable clustering strategy here. And that's where we're using grid power for the campus from other wind farms in the area. So we'll start with Las Majadas wind facility, and then we'll integrate other wind generation facilities that are operated by IPP partners with transmission within transmission range of the site.

此外，我們將在此採用再生能源叢集策略。也就是利用電網電力，從該區域其他風電場為園區供電。我們將先從 Las Majadas 風電設施開始，接著整合由獨立電力生產商（IPP）合作夥伴營運、且在該場址輸電可及範圍內的其他風力發電設施。

And then finally, grid stabilization infrastructure. We've mentioned often the importance of designing capabilities at these sites to protect the grid or shield the grid from the fluctuating power needs of the AI architecture. So the campus's design will include a utility scale BES to support stability and provide supplemental backup power as well to the site.

最後是電網穩定化基礎設施。我們多次提到，在這些場址設計相關能力的重要性，以保護電網，或讓電網免於 AI 架構波動性用電需求的衝擊。因此，園區設計將包含公用事業規模的 BES，以支援穩定性，並為場址提供補充性備援電力。

It's a 50-megawatt block design, so every building is 50 megawatts, so you'll have at least two to start for the initial phase, and that will grow over time to over seven blocks on a 500 plus acre site.

這是一個 50 兆瓦模組化設計，也就是每棟建築為 50 兆瓦；因此初期階段至少會先建兩個模組，並將隨時間在一個 500 英畝以上的場址上擴增至超過七個模組。

I now want to turn the presentation over to David Michaels, who will take us through the financial highlights for 2025, both for the year and the last quarter, Q4 2025. David?

現在我想把簡報交給 David Michaels，他將帶我們回顧 2025 年的財務重點，包括全年以及 2025 年第四季（Q4 2025）。David？

Thank you, John. 2025 was a year of transformation aimed at building a strong foundation for growth. We focused our efforts in two broad areas, our balance sheet and our revenue base. We'll get into more details later. But there's no better place to see the results of those efforts than our balance sheet. It has been transformed from weak to strong, and the turnaround has been nothing short of remarkable.

謝謝你，John。2025 年是轉型的一年，目標是為成長建立堅實基礎。我們把重點放在兩大面向：資產負債表與營收基礎。稍後我們會更深入說明。但最能看出這些努力成果的地方，莫過於我們的資產負債表。它已從薄弱轉為強健，這次扭轉可說相當顯著。

We did this through a combination of attracting new project level equity and credit partners, new sources of Topco public equity, and we settled a few old liabilities. We also took a hard look at our revenue portfolio. And made some tough decisions designed to enhance, diversify, and de-risk our revenue stack.

我們透過多管齊下達成：吸引新的專案層級股權與信貸合作夥伴、引入 Topco 公開市場股權的新資金來源，並清償了部分舊有負債。我們也嚴格檢視營收組合。並做出一些艱難決策，以提升、分散並降低我們的營收結構風險。

Bitcoin hash price declined more than 30% during the year, negatively impacting our revenue. We adapted. We invested a portion of our new capital in improving existing operations, completing our Dorothy 2 project, and investing in our newest projects, Kati 1 and 2.

比特幣雜湊價格在年度內下跌超過 30%，對我們的營收造成負面影響。我們做出調整。我們將部分新增資本投入於改善既有營運、完成 Dorothy 2 專案，並投資於最新專案 Kati 1 與 Kati 2。

Now, let's take a closer look at our revenue portfolio, starting with Bitcoin mining. This is where we started, where we built our core competencies and strategies that ultimately enabled us to diversify our revenue streams and is still an important source of revenue for us.

現在，讓我們更仔細看看我們的營收組合，先從比特幣挖礦開始。這是我們的起點，也是我們建立核心能力與策略之處，最終使我們得以分散營收來源；而它至今仍是我們重要的營收來源。

As the Bitcoin mining economic environment evolved, we adapted. We leveraged our core competencies and added hosting services, diversifying our revenue stream, reducing our capital requirements, and lowering our exposure to Bitcoin volatility.

隨著比特幣挖礦的經濟環境演變，我們也隨之調整。我們運用核心能力並新增託管服務，讓營收來源多元化、降低資本需求，並降低對比特幣波動的曝險。

Those same competencies in project development, infrastructure, behind-the-meter power sourcing, and flexible load operations uniquely qualified us for another high-margin source of revenue, providing demand response ancillary services to the grid, and ultimately, high-performance computing AI.

同樣在專案開發、基礎設施、表後（behind-the-meter）電力採購，以及彈性負載運營方面的能力，也使我們具備獨特優勢，得以開拓另一項高毛利的營收來源：為電網提供需求響應輔助服務，並最終拓展至高效能運算（HPC）與 AI。

Pivoting to the balance sheet. Note that the bar chart on the left represents total assets and on the right, total liabilities.

接著轉到資產負債表。請注意，左側的長條圖代表總資產，右側代表總負債。

Looking at total assets first, the first set of bars, current assets, jump off the page. The bulk of this change results from an increase in cash from our capital formation activities, which provided a significant cash resources for future investments.

先看總資產，第一組長條—流動資產—特別醒目。這項變動主要來自我們資本形成活動帶來的現金增加，為未來投資提供了可觀的現金資源。

But not all of the capital that we raised was reserved for future investments. As illustrated by the next two bars, a significant share of the capital we raised was invested in property, plant, and equipment for existing and new projects.

但我們募集的資金並非全部保留作為未來投資。如接下來兩個長條所示，我們募集資金中相當大的一部分投入既有與新專案的財產、廠房及設備。

Total liabilities also increased, but by a much lower amount, and primarily due to increases in project level debt offset in part by the elimination of the NYDIG liability.

總負債也有所增加，但增幅小得多，且主要是專案層級債務增加所致，部分則被 NYDIG 負債的消除所抵銷。

Let's take a look at where that capital came from. The small ring graph on the left shows the size and mix of our 2024 capital formation activities. Most of this capital came from two sources, project level equity partners and debt.

我們來看看這些資金從何而來。左側的小型環狀圖顯示我們 2024 年資本形成活動的規模與組成。大部分資金來自兩個來源：專案層級的股權合作夥伴與債務。

Now look at the large ring graph on the right. The size is obviously bigger and the dollars are larger. But more importantly, the mix of sources is meaningfully different. The primary source of capital raised during 2025 was from public source investments in Soluna Holdings, Inc. This is important because it means that we will be able to own more of our project equity and future cash flows.

再看右側的大型環狀圖。規模顯然更大、金額也更高。但更重要的是，資金來源的組合有顯著不同。2025 年募集資金的主要來源是對 Soluna Holdings, Inc. 的公開市場投資。這很重要，因為這意味著我們將能持有更多專案股權與未來現金流。

Now, what did we do with all this new capital? Let's take a look.

那麼，我們用這些新增資金做了什麼？我們來看看。

We invested $49 million in our active projects, bringing Dorothy 2 to full capacity and making substantial progress on Kati 1, with smaller amounts invested in Dorothy 1A and B. The balance will be used for new pipeline project development and other investment opportunities. The change in gross profit by quarter is a good measure of the impacts of our revenue enhancement and diversification efforts.

我們在進行中的專案投入 4,900 萬美元，使 Dorothy 2 達到滿載，並在 Kati 1 取得重大進展，同時在 Dorothy 1A 與 1B 投入較小金額。其餘資金將用於新管線專案開發及其他投資機會。按季度觀察毛利的變化，是衡量我們提升營收與多元化努力成效的良好指標。

Take a look at the first two columns on this slide and note that revenue, while high in Q4 2024, is lower than the cost of generating that revenue, resulting in negative gross profit. This was obviously not sustainable and was a catalyst for change. We accelerated our transition to hosting and restructured our existing hosting contracts, and the results were dramatic.

請看本頁前兩個欄位：雖然 2024 年第四季營收很高，但創造該營收的成本更高，導致毛利為負。這顯然無法持續，並成為促成改變的催化劑。我們加速轉向託管業務並重整既有託管合約，成果相當顯著。

The first quarter 2025 revenue dropped considerably, but the cost of generating that revenue fell more, and the gross profit went from negative to positive. As the transition accelerated, revenue began to grow again at a 17% rate faster than our cost of revenue, resulting in a higher gross profit.

2025 年第一季營收大幅下降，但產生該營收的成本降幅更大，使毛利由負轉正。隨著轉型加速，營收開始回升，且以比營收成本快 17% 的速度成長，帶動毛利提高。

2025 adjusted EBITDA declined overall due to a combination of higher SG&A expenses, including stock compensation expenses, employee costs, and legal fees. And a decline in revenue, partially offset by a $6 million decline in the cost of revenue, driven mainly by the absence of costs for high-performance computing services during 2025.

2025 年調整後 EBITDA 整體下滑，原因包括 SG&A（銷售、一般及行政）費用增加，其中包含股票薪酬費用、員工成本與法律費用。以及營收下滑，部分被營收成本減少 600 萬美元所抵銷；該成本下降主要來自 2025 年未發生高效能運算服務相關成本。

Q3 and Q4 were negatively impacted by financing costs associated with our equity raise and people costs associated with growth initiatives.

第三季與第四季受到與我們增資相關的融資成本，以及與成長計畫相關的人員成本影響而表現承壓。

With this slide, we take a deeper dive down to project-level results. To illustrate the impact of market forces and the changes made to our revenue and profit mix.

在這張投影片中，我們將更深入探討到專案層級的結果。用以說明市場力量的影響，以及我們對營收與獲利組合所做的調整。

Column 1, Dorothy 1B is our proprietary mining site. The next three columns, Dorothy 1A, Dorothy 2, and Sophie, are hosting sites.

第 1 欄 Dorothy 1B 是我們自營的挖礦場址。接下來三欄 Dorothy 1A、Dorothy 2 與 Sophie 則為託管場址。

Downward pressure on revenue due to a significant decline in Bitcoin hash price continued throughout the year. Resulting in a decline in revenue from $38 million in 2024 to $29.7 million in 2025, nearly 22%. The decline was mitigated in part by a $6 million reduction in the cost of revenue, but still a significant impact on our gross profit.

由於比特幣算力價格（hash price）大幅下滑，營收承受下行壓力並貫穿全年。因此營收自 2024 年的 3,800 萬美元降至 2025 年的 2,970 萬美元，降幅接近 22%。雖然營收成本減少 600 萬美元在一定程度上緩解了跌幅，但對毛利仍造成顯著影響。

Two big takeaways from this slide are one, that despite declining hash price conditions, all projects were profitable, and two, hosting projects were more profitable than our prop mining projects, demonstrating the effectiveness of reduced exposure and sensitivity to Bitcoin volatility.

本頁有兩個重要結論：第一，儘管算力價格下行，所有專案仍維持獲利；第二，託管專案的獲利能力高於自營挖礦專案，顯示降低對比特幣波動的曝險與敏感度之策略確實有效。

This last slide, a summary balance sheet fleshes out the discussion with more balance sheet detail and a year-over-year comparison to really bring it home. Compared to prior year, assets increased 213%, liabilities increased 24%, and shareholders' equity increased a whopping 397%.

最後這張投影片以摘要資產負債表補充更多細節，並提供年度對比，讓重點更清楚。相較前一年，資產增加 213%，負債增加 24%，股東權益大幅增加 397%。

And that's not all. We finished 2025 with total assets 2.4 times greater than total liabilities and a current ratio of 1.9 times. This is a strong balance sheet position for growth. Mission accomplished.

而且還不只如此。我們在 2025 年底的總資產為總負債的 2.4 倍，流動比率為 1.9 倍。這是支持成長的強健資產負債表狀況。任務達成。

Thank you for listening to this review of Soluna's 2025 financial highlights. For more information, I encourage you to read our press release and Form 10-K.

感謝您收聽本次對 Soluna 2025 年財務重點的回顧。如需更多資訊，建議您閱讀我們的新聞稿與 Form 10-K。

John, back to you.

John，交回給你。

If you'd like more information on Soluna, I encourage you to download this slide and click on this slide, it'll take you to our core investor presentation.

如果您想了解更多 Soluna 的資訊，建議您下載這張投影片並點擊其中的連結，它會帶您前往我們的核心投資人簡報。

I encourage you to follow the links in the show notes here and download this presentation. There's a lot more content in the deck. We have lots more to share about the future of our business, so definitely keep in touch with us. We're on X, you can follow us at Soluna Holdings.

也建議您依照此處節目說明（show notes）中的連結下載本簡報。簡報中還有更多內容。我們也有更多關於公司未來的資訊想與您分享，請務必與我們保持聯繫。我們在 X 上，您可以追蹤 Soluna Holdings。

You can also follow the company page on LinkedIn where we're Soluna Holdings. And if you're not a subscriber to our newsletter, please subscribe. We share lots of great updates and content, and I think it will be very helpful to your research and understanding what makes Soluna special and where we're going on our journey to make renewable energy a global superpower using computing as a catalyst and implementing our renewable computing strategy.

您也可以在 LinkedIn 追蹤公司的專頁，我們是 Soluna Holdings。如果您尚未訂閱我們的電子報，歡迎訂閱。我們會分享許多重要更新與內容，我相信這將非常有助於您的研究與理解：是什麼讓 Soluna 與眾不同，以及我們如何在以運算作為催化劑、推動再生能源運算策略的旅程中，讓再生能源成為全球的超級力量。

Thank you.

謝謝。