Soluna(NASDAQ) SLNH

Soluna Holdings, Inc. builds data centers near renewable energy plants. These centers help power plants sell extra electricity for computing tasks. This provides low-cost power for Bitcoin mining and artificial intelligence.

Digital Power for Green Energy

• Data Hosting: Providing space and electricity for third-party Bitcoin miners; accounted for 84% of revenue in the three-month period ended June 30, 2026.
• Bitcoin Mining: Earning digital rewards by running its own fleet of computers; accounted for 11% of revenue in the three-month period ended June 30, 2026.
• Wind Energy: Selling electricity and renewable energy credits from a company-owned wind farm; accounted for 2% of revenue in the three-month period ended June 30, 2026.
• Demand Response: Receiving service fees for reducing power consumption during times of high grid stress; accounted for 2% of revenue in the three-month period ended June 30, 2026.
• HPC Services: Developing specialized data centers for high-performance computing (HPC) and artificial intelligence workloads.

Expanding the Infrastructure Pipeline

• Acquired 100% of the 150-megawatt Briscoe Wind Farm on April 1, 2026, for approximately $53 million.
• Purchased full equity ownership of Project Dorothy 1A and Dorothy 1B in early 2026 to control the entire power-to-compute chain.
• Entered a joint venture with Metrobloks on June 3, 2026, to develop the 350-megawatt Kati 2 project for artificial intelligence computing.
• Secured a $100 million credit facility with Generate Capital in September 2025 to fund data center construction and site acquisitions.

The Maestro Software Edge

Soluna uses its proprietary software, MaestroOS, to monitor energy prices and weather to manage data center power consumption. By building facilities behind-the-meter—directly at renewable power sites—the company avoids grid congestion and secures access to lower electricity costs.

Key Numbers and Performance

• Total revenue was $15.1 million for the three-month period ended June 30, 2026, up from $6.2 million in the prior-year period.
• Data hosting revenue increased 303% year over year in the three-month period ended June 30, 2026.
• Net loss was $22.6 million for the three-month period ended June 30, 2026, up 191% year over year.
• Cash on hand reached $113.4 million as of June 30, 2026, compared to $76.4 million on Dec. 31, 2025.

The Evolution of Soluna

Soluna has transitioned from a specialized Bitcoin miner into a vertically integrated infrastructure company that owns both its power sources and its data centers. This strategy allows the company to turn underutilized renewable energy into computing power for the growing artificial intelligence market.