Quarterly ResultMay 18, 2026, 07:32 AM
Soluna Q1 Revenue +58% YoY to $9.4M; Kati 1A Completed, AI JV Advances
AI Summary
Soluna Holdings reported its first-quarter 2026 financial results, with revenue increasing 58% year-over-year to $9.4 million, marking its fourth consecutive quarter of sequential growth. The company completed Project Kati 1A ahead of schedule and advanced its Kati 2 AI joint venture. Soluna also highlighted strategic acquisitions post-quarter, including the 150 MW Briscoe Wind Farm and full equity of Project Dorothy 1A, positioning it for further growth in green data centers for Bitcoin mining and AI, despite an increased net loss.
Key Highlights
- Revenue increased 58% year-over-year to $9.4 million in Q1 2026, marking the fourth consecutive sequential growth.
- Net loss for Q1 2026 increased to ($17.9 million) from ($7.35 million) in Q1 2025.
- Adjusted EBITDA loss was ($2.1 million) in Q1 2026, a modest decline of ($444 thousand) YoY.
- Project Kati 1A (48 MW) completed ahead of schedule with $10.9 million in project-level financing.
- Project Kati 2 AI partnership with Metrobloks aims for 100+ MW AI/HPC capacity, with Phase 1 at 30% schematic design.
- Acquired 150 MW Briscoe Wind Farm for $53 million, projected to generate $6M-$11M Year-One Adjusted EBITDA.
- Acquired full equity of Project Dorothy 1A for $16.5 million, partially funded by $12 million in unsecured debt.
- Development pipeline surpassed 4.3 GW, including 300 MW+ AI-focused projects at Kati 2 and Dorothy 3.
Price Impact
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