| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 9.39 | 58.1% |
| Total Income | 9.39 | 58.1% |
| Expenditure | 26.02 | 98.5% |
| PBT | -18.53 | 138.2% |
| Net Profit | -17.47 | 131.1% |
| OPM | — | |
| NPM | — | |
| EPS | -0.24 | 72.7% |
Soluna Reports Q1 2026 Results; Revenue Grows 58% Year-Over-Year
18 May 2026 · 18 May, 5:02 pm
Summary
Soluna Holdings, Inc. reported its Q1 2026 financial results, showcasing a 58% year-over-year revenue increase, reaching $9.4 million. This growth marks the fourth consecutive quarter of sequential revenue increase, driven by contributions from Dorothy 2, Dorothy 1A, and Kati 1. The net loss increased to ($17.9 million) due to higher expenses, while the EBITDA loss decreased to ($12.4 million). The company completed Project Kati 1A ahead of schedule and expanded its development pipeline to 4.3 GW.
Key Highlights
- 1
Soluna's revenue increased sequentially for the fourth consecutive quarter, reaching $9.4 million.
- 2
Year-over-year, revenue increased by 58%, driven by Dorothy 2 energization, Dorothy 1A revenue growth, and Kati 1 going live.
- 3
Net loss increased YoY to ($17.9 million), influenced by higher equity compensation, interest, and financing expenses.
- 4
EBITDA loss declined YoY to ($12.4 million) on the same drivers.
- 5
Adjusted EBITDA loss fell modestly YoY to ($2.1 million), after adjusting for stock-based compensation, SEPA commitment fees, and minor asset sale gains.
- 6
Project Kati 1A reached completion ahead of schedule, supported by $10.9 million in project-level financing.
- 7
Soluna's development pipeline grew to 4.3 GW through new and expanded IPP partnerships.
Management Comments
John Belizaire
“Our fourth consecutive quarter of sequential revenue growth and 58% year-over-year increase reflects the operating leverage we’re building across the portfolio. With Kati 1 now contributing, Dorothy 1A back at full capacity, and Dorothy 2 fully ramped, we’re entering the next phase of Soluna’s growth from a position of operational strength.” “Our AI expansion at Kati 2 is well underway, while Briscoe Wind now vertically integrates the power layer supporting Dorothy 3. Together with the full acquisition of Dorothy 1A, these milestones position Soluna for sustained growth and accelerating momentum,”
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