Soluna Holdings, an operator of data centers powered by renewable energy for Bitcoin mining and AI infrastructure, reported revenue of US$ 15.1 million in the 2nd quarter, up 145% from US$ 6.2 million in the same period of 2025. Of the total 6.3 GW pipeline, only 192 MW were operational as of Aug. 1, roughly 3%.
Financial results
The balance sheet included US$ 4.4 million related to the reclassification of passed-through electricity costs, with no effect on gross profit. Excluding that item, revenue grew 73%. Consolidated gross profit fell 60% from the 1st quarter to US$ 766,000, pressured by US$ 1.5 million in maintenance at the Briscoe wind farm, ramp-up costs at Project Kati 1 and depreciation.
Project Kati 1 completed 48 MW of construction and posted positive gross profit of US$ 82,000. Project Dorothy 1A generated US$ 2.9 million in revenue and US$ 795,000 in gross profit.
GAAP net loss widened to US$ 22.6 million, from US$ 17.9 million in the 1st quarter and US$ 7.8 million a year earlier. The company also recorded a US$ 4.2 million loss on debt extinguishment.
Dilution and cash
Shares outstanding rose from 102.5 million on Dec. 31, 2025, to 225.8 million on June 30, an increase of 120%. In the half-year, 74.2 million shares were sold under the at-the-market program, with net proceeds of US$ 113.5 million, and 10.2 million were issued under a standby agreement, with US$ 18.9 million net.
On Aug. 10, after another sale of 18.8 million shares for about US$ 23.6 million, the total share count reached 244.6 million, 139% above the end of 2025. Cash consumed by operations totaled US$ 11.6 million in the first half; investments totaled US$ 65.1 million, including US$ 51.4 million net in the Briscoe acquisition and US$ 25.3 million in stakes in projects Dorothy 1A and 1B.
Project pipeline
Of the 6.3 GW pipeline, 14 MW were under construction at Kati 1, 1.6 GW in planning and development, and 4.5 GW under evaluation with energy partners. Kati 2, a joint venture with Metrobloks, is planned to have 100 MW of critical IT capacity in the first phase and 250 MW in the second, but neither phase is in operation.
The company's measurable base is 192 MW operational, with more than 6 GW still under construction, planning, development or evaluation.
