Soluna Holdings Reports Q1 Earnings and Project Progress
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 11 2026
0mins
Source: PRnewswire
Soluna Holdings Inc. saw its stock price drop by 13.96% as it crossed below the 5-day SMA amid broader market weakness, with the Nasdaq-100 down 1.36% and the S&P 500 down 0.77%.
The company reported a Q1 GAAP EPS of -$0.24, indicating a loss, but revenue surged to $9.39 million, reflecting a 58.1% year-over-year increase. Additionally, Soluna completed the Kati 1A project ahead of schedule and advanced its Kati 2 AI joint venture, demonstrating strong execution and growth potential despite ongoing profitability challenges.
The recent performance highlights Soluna's competitive position in the green data center sector and its partnership with Metrobloks, which aims to unlock over 100 MW of AI and HPC capacity. However, the stock's decline amid market weakness suggests a need for cautious investor sentiment.
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Analyst Views on SLNH
Wall Street analysts forecast SLNH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.830
Low
5.00
Averages
5.00
High
5.00
Current: 1.830
Low
5.00
Averages
5.00
High
5.00
About SLNH
Soluna Holdings, Inc. is a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. It operates modular data centers co-located with wind, solar, and hydroelectric power plants, supporting compute-intensive applications, including bitcoin mining, generative artificial intelligence (AI), and scientific computing. Its segments include Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing (HPC). Its Soluna Cloud Services business provides HPC services to support generative AI workstreams and proprietary software MaestroOS helps to energize a greener grid while delivering computing solutions and superior returns. It offers colocation and hosting services for companies seeking to train large language models (LLMs), fine-tune existing artificial intelligence models, and deploy other compute-intensive AI or HPC workloads. It also provides hosting services to third-party Bitcoin mining customers at its data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Soluna Acquires Dorothy 1B for $8.8M, Enhancing AI Infrastructure
- Acquisition Completed: Soluna has acquired the remaining equity interest in Project Dorothy 1B from Navitas Global for approximately $8.8 million, completing the vertical integration of the Dorothy campus and marking a significant expansion in the green data center sector.
- Energy Control: This acquisition grants Soluna 100% ownership of Dorothy 1B in Silverton, Texas, and, combined with the 150 megawatts of renewable energy from the Briscoe Wind Farm, establishes a complete generation-to-compute ownership chain of 50 megawatts.
- Strategic Transformation: This unencumbered ownership position lays the groundwork for converting the campus to AI and high-performance computing workloads, while also supporting the future marketing of Dorothy 3's AI infrastructure development to prospective customers.
- Growth Prospects: Soluna's development pipeline now exceeds 4.3 gigawatts, including over 1 gigawatt of projects in development and operations, showcasing the company's strong potential in integrating renewable energy with computing resources.
See More
Soluna Holdings Q1 Earnings Highlights
- Earnings Performance: Soluna Holdings reported a Q1 GAAP EPS of -$0.24, indicating a loss, yet revenue surged to $9.39 million, reflecting a 58.1% year-over-year increase, showcasing the company's potential for revenue growth despite ongoing profitability challenges.
- Partnership Expansion: The addition of 3.3 MW at the West Texas site in partnership with Blockware not only strengthens Soluna's position in the blockchain infrastructure sector but also lays the groundwork for future revenue growth opportunities.
- Market Dynamics: DeFi development recorded the highest short interest in March, indicating rising market attention in this sector, which could impact Soluna's stock price volatility, particularly in its blockchain-related operations.
- Rating Update: Seeking Alpha's Quant Rating on Soluna Holdings reflects mixed market sentiment regarding its future performance, as the company faces challenges, yet some investors remain optimistic about its long-term potential.
See More
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- Project Progress: All three phases of the Kati 1A project, totaling 48 MW, were completed ahead of schedule, supported by $10.9 million in project financing from Spring Lane Capital, demonstrating Soluna's strong execution and competitive position in the green data center sector.
- AI Partnership: Soluna partnered with Metrobloks to unlock over 100 MW of AI and HPC capacity, secured more than 500 acres of additional land, and advanced Phase 1 of Kati 2 to 30% schematic design, laying the groundwork for the future 300 MW+ project.
- Financial Performance Growth: Q1 2026 revenue increased by 58% year-over-year to $9.394 million, primarily driven by the energization of Dorothy 2 and the launch of Kati 1, despite some revenue pressure from hash price declines at Dorothy 1B.
- Executive Appointment: Soluna appointed Michael Picchi as CFO effective April 1, 2026, aiming to strengthen financial management to support the company's ongoing growth and strategic expansion.
See More
Soluna Acquires Wind Farm to Accelerate Development
- Wind Farm Acquisition: Soluna's $53 million acquisition of the Briscoe Wind Farm marks its first complete vertical integration of a renewable generation asset, enhancing its renewable energy supply chain and advancing its strategic positioning in green data centers.
- Project Development Acceleration: Full ownership of Project Dorothy 1A accelerates its transformation into an AI-ready campus, deepening the company's vertical integration strategy, which is expected to enhance its competitiveness in the AI and Bitcoin mining markets.
- Bitcoin Mining Expansion: The launch of a 3 MW Bitcoin mining operation at Project Dorothy 1B in partnership with Sazmining introduces a new hosting partner, providing additional revenue streams and further solidifying Soluna's market position in Bitcoin mining.
- Capacity Milestone: Soluna's fourth expansion with Blockware Solutions surpasses 17 MW of total hosting capacity, demonstrating the depth of its long-term partnerships and is anticipated to drive future business growth.
See More
Soluna Holdings Regains Nasdaq Compliance
- Compliance Restoration: Soluna Holdings (SLNH) has successfully regained compliance with Nasdaq's minimum bid price requirements by maintaining a closing share price of $1.00 or higher from April 14 to April 29, 2026, thus avoiding potential delisting risks.
- Compliance Confirmation: Nasdaq has officially closed the matter following compliance confirmation, marking a positive development for the company in terms of shareholder confidence and market stability, which could positively impact future financing and investor relations.
- Price Stability: By keeping its stock price within compliance, Soluna Holdings not only mitigates delisting threats but also potentially enhances market confidence in its future performance, laying a foundation for the company's subsequent growth.
- Strategic Implications: This compliance restoration reflects the company's adaptability in the market environment, indicating management's commitment to shareholder value, which may attract more investor interest in its future growth potential.
See More
Soluna Holdings Fully Complies with Nasdaq Requirements
- Compliance Update: Soluna Holdings announced full compliance with Nasdaq's continued listing requirements, ensuring its stock price remained above $1.00 per share from April 14 to April 29, 2026, thus avoiding potential delisting risks.
- Market Reaction: Despite the compliance announcement, Soluna's shares fell about 6% in premarket trading on Friday, indicating a negative market reaction to the compliance news, which may impact investor confidence.
- Business Overview: Soluna Holdings mines cryptocurrency through data centers and operates three business lines, including its own mining operations, data center hosting, and high-performance computing, showcasing its diversified approach in the rapidly growing crypto market.
- Retail Trader Sentiment: On Stocktwits, retail sentiment surrounding Soluna stock is bullish with extremely high message volumes, reflecting investor optimism about the company's future performance, as shares have risen over 17% year-to-date.
See More
Soluna Acquires Dorothy 1B for $8.8M, Enhancing AI Infrastructure
- Acquisition Completed: Soluna has acquired the remaining equity interest in Project Dorothy 1B from Navitas Global for approximately $8.8 million, completing the vertical integration of the Dorothy campus and marking a significant expansion in the green data center sector.
- Energy Control: This acquisition grants Soluna 100% ownership of Dorothy 1B in Silverton, Texas, and, combined with the 150 megawatts of renewable energy from the Briscoe Wind Farm, establishes a complete generation-to-compute ownership chain of 50 megawatts.
- Strategic Transformation: This unencumbered ownership position lays the groundwork for converting the campus to AI and high-performance computing workloads, while also supporting the future marketing of Dorothy 3's AI infrastructure development to prospective customers.
- Growth Prospects: Soluna's development pipeline now exceeds 4.3 gigawatts, including over 1 gigawatt of projects in development and operations, showcasing the company's strong potential in integrating renewable energy with computing resources.
See More
Soluna Holdings Q1 Earnings Highlights
- Earnings Performance: Soluna Holdings reported a Q1 GAAP EPS of -$0.24, indicating a loss, yet revenue surged to $9.39 million, reflecting a 58.1% year-over-year increase, showcasing the company's potential for revenue growth despite ongoing profitability challenges.
- Partnership Expansion: The addition of 3.3 MW at the West Texas site in partnership with Blockware not only strengthens Soluna's position in the blockchain infrastructure sector but also lays the groundwork for future revenue growth opportunities.
- Market Dynamics: DeFi development recorded the highest short interest in March, indicating rising market attention in this sector, which could impact Soluna's stock price volatility, particularly in its blockchain-related operations.
- Rating Update: Seeking Alpha's Quant Rating on Soluna Holdings reflects mixed market sentiment regarding its future performance, as the company faces challenges, yet some investors remain optimistic about its long-term potential.
See More
Soluna Completes Kati 1A Ahead of Schedule, Advances Kati 2 AI JV
- Project Progress: All three phases of the Kati 1A project, totaling 48 MW, were completed ahead of schedule, supported by $10.9 million in project financing from Spring Lane Capital, demonstrating Soluna's strong execution and competitive position in the green data center sector.
- AI Partnership: Soluna partnered with Metrobloks to unlock over 100 MW of AI and HPC capacity, secured more than 500 acres of additional land, and advanced Phase 1 of Kati 2 to 30% schematic design, laying the groundwork for the future 300 MW+ project.
- Financial Performance Growth: Q1 2026 revenue increased by 58% year-over-year to $9.394 million, primarily driven by the energization of Dorothy 2 and the launch of Kati 1, despite some revenue pressure from hash price declines at Dorothy 1B.
- Executive Appointment: Soluna appointed Michael Picchi as CFO effective April 1, 2026, aiming to strengthen financial management to support the company's ongoing growth and strategic expansion.
See More
Soluna Acquires Wind Farm to Accelerate Development
- Wind Farm Acquisition: Soluna's $53 million acquisition of the Briscoe Wind Farm marks its first complete vertical integration of a renewable generation asset, enhancing its renewable energy supply chain and advancing its strategic positioning in green data centers.
- Project Development Acceleration: Full ownership of Project Dorothy 1A accelerates its transformation into an AI-ready campus, deepening the company's vertical integration strategy, which is expected to enhance its competitiveness in the AI and Bitcoin mining markets.
- Bitcoin Mining Expansion: The launch of a 3 MW Bitcoin mining operation at Project Dorothy 1B in partnership with Sazmining introduces a new hosting partner, providing additional revenue streams and further solidifying Soluna's market position in Bitcoin mining.
- Capacity Milestone: Soluna's fourth expansion with Blockware Solutions surpasses 17 MW of total hosting capacity, demonstrating the depth of its long-term partnerships and is anticipated to drive future business growth.
See More
Soluna Holdings Regains Nasdaq Compliance
- Compliance Restoration: Soluna Holdings (SLNH) has successfully regained compliance with Nasdaq's minimum bid price requirements by maintaining a closing share price of $1.00 or higher from April 14 to April 29, 2026, thus avoiding potential delisting risks.
- Compliance Confirmation: Nasdaq has officially closed the matter following compliance confirmation, marking a positive development for the company in terms of shareholder confidence and market stability, which could positively impact future financing and investor relations.
- Price Stability: By keeping its stock price within compliance, Soluna Holdings not only mitigates delisting threats but also potentially enhances market confidence in its future performance, laying a foundation for the company's subsequent growth.
- Strategic Implications: This compliance restoration reflects the company's adaptability in the market environment, indicating management's commitment to shareholder value, which may attract more investor interest in its future growth potential.
See More
Soluna Holdings Fully Complies with Nasdaq Requirements
- Compliance Update: Soluna Holdings announced full compliance with Nasdaq's continued listing requirements, ensuring its stock price remained above $1.00 per share from April 14 to April 29, 2026, thus avoiding potential delisting risks.
- Market Reaction: Despite the compliance announcement, Soluna's shares fell about 6% in premarket trading on Friday, indicating a negative market reaction to the compliance news, which may impact investor confidence.
- Business Overview: Soluna Holdings mines cryptocurrency through data centers and operates three business lines, including its own mining operations, data center hosting, and high-performance computing, showcasing its diversified approach in the rapidly growing crypto market.
- Retail Trader Sentiment: On Stocktwits, retail sentiment surrounding Soluna stock is bullish with extremely high message volumes, reflecting investor optimism about the company's future performance, as shares have risen over 17% year-to-date.
See More
