Soluna Holdings reports revenue growth amid widening net losses

Soluna Holdings, a developer of renewable-powered data centers for Bitcoin mining and AI infrastructure, reported significant revenue growth in its recent quarterly filings. For the three months ended June 30, revenue reached $15.1 million, a 145% increase compared to the previous year. However, the company reported a widened GAAP net loss of $22.6 million for the second quarter, compared to $17.9 million in the first quarter.

The company attributed profitability pressures to maintenance costs at the Briscoe Wind Farm, ramp costs at Project Kati 1, and depreciation. Soluna has utilized equity issuance to finance operations and acquisitions, with outstanding common shares increasing by 120% between December 2025 and June 2026.

Operational milestones include the completion of Project Kati 1A, which totaled 48 MW, and the advancement of Project Kati 2 through a partnership with Metrobloks to unlock over 100 MW of AI and high-performance computing capacity. Additionally, the company completed a 20 MW fleet upgrade at Project Dorothy 1A and expanded its hosting relationship with Blockware.