Soluna Holdings reported second quarter 2026 revenue of $15.1 million, a 145% year-over-year increase, representing its fifth consecutive quarter of sequential growth. The company missed consensus expectations for revenue and net loss as it absorbed $1.5 million in maintenance costs from the newly acquired Briscoe Wind Farm and ramped capacity at its Kati 1 site.
Key Highlights
- Total development pipeline expanded to 6.3 GW, with 583 MW of behind-the-meter power now designated specifically for AI and high-performance computing workloads.
- Reported revenue growth was heavily influenced by a $4.4 million accounting reclassification of pass-through electricity costs; excluding this change, organic year-over-year revenue growth was 73%.
- Project Kati 1 delivered its first positive gross profit of $82,000 following a sequential revenue surge of 938% to $2.3 million, primarily driven by site utilization for Galaxy Digital.