Soluna Holdings Inc. reported a 37% sequential increase in revenue for the third quarter of 2025, with gross profit rising to 28%. The company's cash position reached a record $60.0 million. Adjusted EBITDA for Q3 2025 decreased by $2.9 million to negative $6.4 million compared to Q3 2024, mainly due to higher compensation and professional fees. Excluding special charges, adjusted EBITDA increased by $0.1 million to a positive $0.1 million from the previous year. During the quarter, Soluna raised over $64.0 million in gross capital from public market and project-level equity and debt sources. The company also secured a scalable credit facility up to $100.0 million from Generate Capital, with an initial $12.6 million draw used for refinancing and data center construction. Soluna highlighted strengthened capital structure and ongoing expansion into the artificial intelligence market.