TechFlame reports that Soluna Holdings, a Nasdaq-listed company that develops green data centers for intensive computing applications such as Bitcoin mining and artificial intelligence, announced financial results for the second quarter ending June 30, 2025: Net loss decreased by $1.4 million year over year, and adjusted EBITDA fell by $3 million year over year (2024 Q2 vs. 2025 Q2), mainly affected by Bitcoin halving in April 2024 and fluctuating hash prices (about $600,000). At the same time, Dorothy 1B had fewer machines online and reduced efficiency. Professional fees increased by $200,000, including legal fees and compliance costs associated with backup share purchase agreements. Revenue for the second quarter of 2025 was $6.2 million, down $3.5 million year over year. Four major factors contributed to the decline: Bitcoin's halving and subsequent hash price fluctuations ($2 million), a shift in the business model to more profit sharing (fully offset by a $800,000 cost drop, with no impact on gross profit), a decrease in proprietary mining due to reduced availability and efficiency of mining rigs ($600,000), and a decline in demand response services ($100,000, mainly due to increased ERCOT participation).