Soluna has 6.3 GW of data center projects on paper, only 192 MW are operating
Soluna Holdings, a renewable-powered data center operator spanning Bitcoin mining and creating AI infrastructure, reported fast income development within the second quarter alongside weaker consolidated profitability.
The firm reported $15.1 million of income for the three months ended June 30, up 145% from $6.2 million a yr earlier. A brand new presentation of pass-through electrical energy prices added $4.4 million to each income and price of income, with no impact on gross revenue, operating loss or internet loss. Excluding that change, income nonetheless grew 73%.
Project Kati 1 completed 48 MW of construction and recorded its first optimistic web site gross revenue of $82,000. Project Dorothy 1A generated $2.9 million of income and $795,000 of gross revenue.
Consolidated gross revenue nonetheless fell 60% from the primary quarter to $766,000. Soluna attributed the stress primarily to $1.5 million of upkeep prices on the not too long ago acquired Briscoe Wind Farm, ramp prices at Kati 1, and depreciation that started earlier than the websites delivered their full income contribution.
The consolidated GAAP internet loss widened to $22.6 million from $17.9 million within the first quarter and $7.8 million a yr earlier. The Bitcoin miner’s quarterly filing additionally recorded a $4.2 million loss on debt extinguishment.
Soluna financed a mixture of operating wants, acquisitions, and growth via substantial fairness issuance. Outstanding widespread shares rose from 102.5 million on Dec. 31, 2025, to 225.8 million on June 30, a rise of 120%.
During the primary half, the corporate bought 74.2 million shares via its at-the-market program, producing internet proceeds of $113.5 million, and issued a further 10.2 million shares underneath a standby fairness buy settlement, producing internet proceeds of $18.9 million.
First-half money makes use of included $11.6 million of operating money burn, $65.1 million of investing outflow, together with $51.4 million internet for Briscoe, and $25.3 million for pursuits in Dorothy 1A and 1B.
Soluna bought 18.8 million extra ATM shares for about $23.6 million, lifting the excellent depend to 244.6 million as of Aug. 10, 139% above the year-end stage.
The capability behind Soluna’s AI pivot stays far smaller than its headline pipeline. As of Aug. 1, the corporate stated the pipeline totaled about 6.3 GW, however only about 192 MW, or roughly 3%, was operating throughout three totally energized websites.
Another 14 MW was underneath building at Kati 1, whereas 1.6 GW was in planning and growth and 4.5 GW was in evaluation with energy companions.
Kati 2 illustrates the hole between growth plans and lively infrastructure. The three way partnership with Metrobloks requires 100 MW of vital IT capability in its first section and one other 250 MW in a second section, however neither section was included in operating capability.
For now, Soluna’s measurable base is 192 MW operating, with greater than 6 GW nonetheless in building, planning, growth, or evaluation, and a share depend that reached 244.6 million.
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