| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 15.06 | 60.4% | 144.5% |
| Total Income | 15.06 | 60.4% | 144.5% |
| Expenditure | 32.00 | 23.0% | 150.4% |
| PBT | -23.17 | 25.0% | 176.2% |
| Net Profit | -20.71 | 18.6% | 180.6% |
| OPM | — | ||
| NPM | — | ||
| EPS | -0.18 | 25.0% | 73.9% |
Soluna Reports Q2'26 Results; Revenue Grows 145% Year-Over-Year
14 Aug 2026 · 14 Aug, 1:39 am
Summary
Soluna Holdings announced its financial results for the second quarter ended June 30, 2026, reporting revenue of $15.1 million, a 145% year-over-year increase and the fifth consecutive quarter of sequential revenue growth. The company highlighted significant operational milestones, including the completion of vertical integration at Project Dorothy 1 and the first positive gross profit at Project Kati 1. The development pipeline expanded to approximately 6.3 gigawatts, with a focus on AI projects, and a joint venture was signed for Project Kati 2. Adjusted EBITDA Loss improved sequentially, indicating progress in operational leverage.
Key Highlights
- 1
Soluna Holdings reported revenue growth for a fifth consecutive quarter, reaching $15.1 million, a 145% year-over-year increase.
- 2
The company completed vertical integration at Project Dorothy 1, consolidating ownership of generation and compute across all 50 MW.
- 3
Project Kati 1 reached 48 MW and delivered its first positive gross profit of $82 thousand, with site revenue growing 938% sequentially to $2.3 million.
- 4
Project Dorothy 1A delivered its strongest quarter to date, with revenue growing 31% sequentially to $2.9 million and producing $795 thousand of gross profit at a 28% gross margin.
- 5
Soluna expanded its development pipeline to approximately 6.3 gigawatts, with significant capacity growth across its AI sites.
- 6
The company signed a Kati 2 AI Joint Venture with Metrobloks to develop a 100 MW critical IT data center development, with Phase II adding a further 250 MW.
- 7
Adjusted EBITDA Loss improved 25% sequentially to ($1.6 million) compared to ($2.1 million) in Q1.
Management Comments
John Belizaire
This is Soluna’s fifth consecutive quarter of sequential revenue growth, and a 145% year-over-year increase that reflects the operating leverage we are building across the portfolio. Kati 1 delivered its first positive gross profit, and Dorothy 1A had its strongest quarter to date. That operating base is the foundation for the much larger AI build-out now taking shape across our pipeline. And with Ryan Carver joining as Chief Development Officer, we’ve added hyperscale AI delivery experience to lead that build. This quarter, we expanded our development pipeline to approximately 6.3 gigawatts, with major capacity growth across our AI sites. The Dorothy 3 campus grew to 300 megawatts, and our joint venture with Metrobloks gives Kati 2 a defined path from an initial 100 megawatts of critical IT capacity toward 350 megawatts. We also dedicated three additional development sites to AI capacity, with Projects Hedy, Ellen, and Fei advancing through power term sheets to a combined 583 megawatts of behind-the-meter power aimed at AI and HPC workloads. With Briscoe and full ownership of Dorothy 1 in hand, we control the generation-to-compute chain at our flagship campus, and we are moving quickly to convert existing sites to AI and advance Dorothy 3.
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