Soluna (SLNH) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was $9.4 million, up 58% year-over-year, driven by strong growth in data hosting and demand response services, offsetting a decline in cryptocurrency mining revenue.

• Net loss widened to $17.5 million from $7.6 million in Q1 2025, primarily due to higher general and administrative expenses and increased interest expense.

• Major strategic developments included the $53 million acquisition of Briscoe Wind Farm and full ownership of Project Dorothy 1A, advancing vertical integration and AI campus expansion.

• The company operates 159 MW across three active sites, with 47 MW under construction and over 900 MW in advanced development.

Financial highlights

• Data hosting revenue surged 178% year-over-year to $6.7 million, now representing 71% of total revenue.

• Cryptocurrency mining revenue fell 28% to $2.2 million, reflecting lower hashprice and Bitcoin prices.

• Adjusted EBITDA was negative $2.1 million, down from negative $1.6 million in Q1 2025, due to higher operating expenses.

• Cash and restricted cash totaled $85.9 million at quarter-end, with positive working capital of $38.8 million.

• Total debt outstanding was $26.0 million, with $8.2 million in capital expenditure commitments for Project Kati.

Outlook and guidance

• Focus for 2026 is on expanding the 4.3 GW renewable computing pipeline, advancing AI-ready data centers, and optimizing project profitability.

• The Briscoe Wind Farm acquisition is expected to be immediately accretive to revenue and Adjusted EBITDA.

• Management plans to fund growth through a mix of operating cash flow, equity, and project-level debt, including a new $250 million Standby Equity Purchase Agreement.