Soluna (SLNH) Q1 2026 earnings summary

Executive summary

• Achieved record growth in 2025–2026 with a 4.3 GW+ development pipeline, $142M raised, and AI infrastructure launched; Q1 2026 revenue reached $9.4M, up 58% YoY, driven by data hosting and demand response, offsetting mining declines.

• Expanded partnerships, including Metrobloks for 300+ MW AI/HPC at Kati 2 and Siemens for AI power solutions; completed major milestones such as Kati 1A (48 MW) ahead of schedule, Dorothy 1A fleet upgrade, and Kati 2 land acquisition.

• Acquired Briscoe Wind Farm (150 MW) for $53M and full ownership of Dorothy 1A for $16.5M, advancing vertical integration and supporting Dorothy 3 AI campus expansion.

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

• Appointed new CFO and KPMG as independent auditor.

Financial highlights

• Q1 2026 revenue rose 58% YoY to $9.4M, driven by D2 energization, Kati 1 contributions, and hosting growth; data hosting revenue surged 178% YoY to $6.7M, now 71% of total revenue.

• Gross profit increased to $1.9M, with strong margins at Dorothy 1A (36%), Dorothy 2 (41%), and Sophie (37%).

• Adjusted EBITDA loss improved sequentially to $(2.1)M, a 67% improvement from Q3'25 trough.

• Net loss attributable to shareholders widened to $(17.9)M from $(7.6)M in Q1 2025, mainly due to higher G&A, compensation, and financing costs.

• Cash and restricted cash totaled $85.9M at quarter-end; current assets at $90.7M, with $68.6M in unrestricted cash.

Outlook and guidance

• Focus on advancing AI-ready campuses, energizing Kati 1, and expanding the 4.3 GW+ pipeline; Kati 2 AI design and Dorothy 3 AI campus (300+ MW) launched.

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

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