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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Operating Activities                
Net loss $ (25,787) $ (7,354) $ (38,518) $ (8,093) $ (2,544) $ (40,921) $ (19,782)  
Adjustments to reconcile net loss to net cash used in operating activities:                
Depreciation expense 1,700     1,500   4,866 4,634  
Amortization expense           7,119 7,116  
Stock-based compensation           5,671 3,286  
Deferred income taxes (666)     (547)   (1,716) (1,806)  
Impairment on fixed assets       12 130  
Provision for credit losses           611  
Amortization of operating lease asset           79 139  
(Gain) loss on debt extinguishment and revaluation, net (10,107)     (875)   (10,658) 1,888  
Amortization of deferred financing costs and discount on notes           561 179  
Fair value adjustments, including SEPA           22,165 5,607  
Fair value on placement warrant financing cost           146  
Loss on sale of fixed assets and credit on equipment deposit 780       802 21  
Changes in operating assets and liabilities:                
Accounts receivable           (1,715) 536  
Prepaid expenses and other current assets           (1,741) (3,429)  
Other long-term assets           1,608 (5,771)  
Accounts payable           2,020 1,159  
Contract liability           (667)  
Operating lease liabilities           (75) (141)  
Other liabilities and customer deposits           2,173 (811)  
Accrued liabilities and interest payable           6,792 3,022  
Net cash used in operating activities           (3,479) (3,412)  
Investing Activities                
Purchases of property, plant, and equipment           (17,008) (3,712)  
Purchases of intangible assets           (92) (95)  
Proceeds from sale of property, plant, and equipment           215  
Deposits on equipment           (1,028) (4,099)  
Net cash used in investing activities           (18,128) (7,691)  
Financing Activities                
Proceeds from common stock warrant exercises           9,455 2,330  
Proceeds from sale of common stock on SEPA           6,176  
Proceeds from notes           18,434 14,470  
Proceeds from sale of common stock on ATM           22,961  
Proceeds from July equity issuance           4,509  
Costs associated with July equity issuance           (145)  
Payments on notes and deferred financing costs           (6,938) (2,261)  
Payments on ATM           (162)  
Contributions from non-controlling interest           22,078 5,098  
Distributions to non-controlling interest           (4,753) (6,694)  
Net cash provided by financing activities           71,615 12,943  
Increase in cash & restricted cash           50,008 1,840  
Cash & restricted cash – beginning of period   $ 10,453 12,207   $ 10,367 10,453 10,367 $ 10,367
Cash & restricted cash – end of period $ 60,461   $ 10,453 $ 12,207   60,461 12,207 $ 10,453
Supplemental Disclosure of Cash Flow Information                
Interest paid on debt           1,081 218  
Fair value consideration for Green Cloud issuance of shares           810  
Noncash financing cost accrual           647  
Noncash deferred financing cost accrual           1,078  
Warrant consideration in relation to Generate Common Warrant           2,635  
Warrant consideration in relation to convertible notes and revaluation of warrant liability           5,606  
Notes converted to common stock           5,877  
Noncash membership distribution accrual           741  
Warrant consideration in relation to Soluna Cloud           1,440  
Noncash non-controlling interest contributions           2,675 250  
Noncash activity right-of-use assets obtained in exchange for lease obligations           $ 3,441