Soluna (SLNH) Q2 2026 earnings summary

Executive summary

• Achieved fifth consecutive quarter of sequential revenue growth, with Q2 2026 revenue up 145% year-over-year and 60% sequentially, driven by expansion in AI, data center, and hosting operations.

• Operating capacity reached 192 MW, with major AI/HPC projects (Kati 2 and Dorothy 3) advancing toward development and a total pipeline of over 6.3 GW.

• Completed vertical integration at Project Dorothy 1 and acquired Briscoe Wind Farm (150 MW), consolidating renewable energy and data center operations.

• Added to the Russell 3000 and Russell 2000 Value indices, increasing institutional visibility.

• Appointed Ryan Carver as Chief Development Officer to lead hyperscale AI build-out.

Financial highlights

• Q2 2026 revenue was $15.1 million, up from $6.2 million in Q2 2025 and $9.4 million in Q1 2026; data hosting revenue rose 303% year-over-year to $12.7 million.

• Gross profit was $766,000, down 35% year-over-year due to ramp-up costs and wind farm repairs.

• Adjusted EBITDA loss improved 25% sequentially to $1.6 million.

• Net loss was $22.6 million, up from $7.8 million in Q2 2025, driven by higher operating and financing costs, including non-cash stock compensation and debt extinguishment.

• Ended Q2 with $113.4 million in cash, a current ratio of 2.1x, and $33.1 million in total debt.

Outlook and guidance

• Focused on advancing Kati 2 and Dorothy 3 to shovel-ready and tenant-ready status, expanding the AI-ready campus pipeline, and converting existing sites to AI workloads.

• Large AI builds will be funded predominantly with project-level debt, targeting 70%-80% leverage, and supported by equity partnerships.

• Management expects continued revenue growth from hosting and wind energy, with risk from Bitcoin price volatility and power market conditions.