Soluna Holdings, Inc 8K

Soluna Holdings, Inc. reported Q1 2026 results showing strong revenue growth but higher net losses, while executing major buildout and acquisition initiatives including completion of Kati 1A, full ownership of Dorothy 1A, and purchase of the Briscoe Wind Farm to support its AI and computing infrastructure expansion.

On May 18, 2026, Soluna Holdings, Inc. reported its unaudited financial and operational results for the quarter ended March 31, 2026, highlighting a 58% year-over-year revenue increase to $9.4 million and its fourth straight quarter of sequential growth, alongside a larger net loss of $17.9 million driven mainly by higher stock-based compensation and financing costs. Operationally, the company completed all three phases (48 MW) of Project Kati 1A ahead of schedule with $10.9 million of project-level financing from Spring Lane Capital, advanced its AI-focused Project Kati 2 through a partnership with Metrobloks and early design and procurement work, finished a 20 MW fleet upgrade and expanded hosting capacity with Blockware at Project Dorothy 1A, and grew its development pipeline to over 4.3 GW of computing capacity. Gross profit increased sequentially to $1.9 million, with strong margins at Dorothy 1A, Dorothy 2, and Sophie, while Dorothy 1B and Kati 1 incurred losses due to hashprice compression and ramp-up costs. Subsequent to quarter-end, Soluna acquired the 150 MW Briscoe Wind Farm for $53 million to vertically integrate power supply for its Dorothy complex, purchased the remaining 85.4% equity in Project Dorothy 1A for $16.5 million (partially debt-funded) to obtain full ownership, progressed the Kati 1B buildout, launched development and marketing of the 300+ MW Dorothy 3 AI/HPC campus, appointed KPMG as its new independent auditor, and named Michael Picchi as Chief Financial Officer effective April 1, 2026.

Filing Facts

CIK

64463

Ticker

-

Form

8K

Source Type

sec

Accession

0001493152-26-024060

Alert Tier

7