Soluna: 6.3 GW pipeline, 192 MW now operating

Soluna Holdings reported a roughly 6.3 GW pipeline of planned data center projects while operating about 192 MW across three fully energized sites, according to the company’s quarterly filing. The operating capacity represents about 3% of the total pipeline as the company continues development and construction work.

For the quarter ended June 30, Soluna reported $15.1 million in revenue, up 145% from $6.2 million a year earlier. A new presentation that treats pass-through electricity costs as revenue and cost of revenue added $4.4 million to both line items with no effect on gross profit, operating loss or net loss; excluding that presentation change, revenue rose 73% year over year. Consolidated gross profit fell 60% from the prior quarter to $766,000. GAAP net loss widened to $22.6 million from $17.9 million in the first quarter and $7.8 million a year earlier. The quarterly filing also recorded a $4.2 million loss on debt extinguishment.

The company attributed the decline in profitability to several items recorded in the quarter, including $1.5 million of maintenance costs at the recently acquired Briscoe Wind Farm, ramp costs at Kati 1 and depreciation that began before certain sites delivered their full revenue contribution.

Project-level performance was mixed. Kati 1 completed 48 MW of construction and produced its first positive site gross profit of $82,000, with an additional 14 MW under construction at the time of the update. Project Dorothy 1A generated $2.9 million in revenue and $795,000 of gross profit. Larger planned phases were not included in operating capacity; for example, the Kati 2 joint venture with Metrobloks calls for 100 MW in a first phase and 250 MW in a second phase but neither phase was counted as operating capacity.

The pipeline breakdown shows about 1.6 GW in planning and development and roughly 4.5 GW in assessment with power partners. On Aug. 1 the company reported the total pipeline at about 6.3 GW, with only the 192 MW measurable today in active operation.

To finance operations, acquisitions and development, Soluna expanded its equity base. Outstanding common shares rose from 102.5 million at Dec. 31, 2025 to 225.8 million on June 30, an increase of about 120%. In the first half the company sold 74.2 million shares through an at-the-market program for net proceeds of $113.5 million and issued 10.2 million shares under a standby equity purchase agreement for net proceeds of $18.9 million. Soluna sold an additional 18.8 million ATM shares for about $23.6 million, bringing the outstanding count to 244.6 million as of Aug. 10.

Cash flow for the first half showed $11.6 million of operating cash burn and $65.1 million of investing outflows, including $51.4 million net for Briscoe and $25.3 million for interests in Dorothy 1A and 1B. The company noted a shift of capacity toward AI infrastructure, while reiterating that operating capacity remains a small fraction of the headline pipeline; the company’s measurable base remains approximately 192 MW operating, with the rest of the 6.3 GW in construction, planning, development or assessment.