Soluna (SLNH) Water Tower Research Insights Conference summary

Business model and strategic evolution

• Focuses on renewable-powered computing infrastructure co-located with wind and solar assets, primarily in Texas.

• Transitioned from Bitcoin mining to hosting, now expanding into AI and HPC, leveraging the same infrastructure.

• Recent acquisition of Briscoe Wind Farm marks a shift to owning power, land, and compute infrastructure.

• Vertical integration is now a strategic priority, enabling control over both power and compute sides.

• Model aims to monetize curtailed energy for renewable developers and drive investor exposure to the energy layer of AI.

Project pipeline and expansion plans

• Dorothy 3 will be a large-scale, complex data center project on a 300+ acre site, integrating grid and on-site generation.

• Kati project transitioned from Bitcoin to multi-compute, with partnerships and modular data center technology.

• Pipeline currently totals 4.3 GW, with plans to double Bitcoin operations and start construction on AI projects.

• Two AI projects in the pipeline total about 600 MW, with ambitions to reach gigawatt scale.

• Roadmap targets energizing new projects in 2027 and beyond, with shovel-ready Bitcoin projects providing near-term cash flow.

Financial performance and capital strategy

• Unrestricted cash grew to $76 million despite Bitcoin revenue headwinds.

• Raised over $142 million in capital last year, increasing operating capacity and expanding partnerships.

• Added Generate Capital and Galaxy Digital as key partners, supporting project financing and development.

• Published a billion-plus shelf for future capital formation, with a robust toolset for raising debt and equity.

• Capital formation strategy includes expanding partner network and leveraging project-level financing as AI projects scale.