Soluna reports 6.3 GW data center projects, only 192 MW operational

Soluna Holdings reported 15.1 million dollars in revenue for Q2, up 145% from 6.2 million dollars a year earlier. Revenue growth was 73% when excluding a new presentation of pass-through electricity costs that added 4.4 million dollars to both revenue and cost of revenue. Project Kati 1 completed 48 MW of construction, achieving its first positive site gross profit of 82,000 dollars, while Project Dorothy 1A generated 2.9 million dollars in revenue and 795,000 dollars in gross profit. However, consolidated gross profit fell 60% from Q1 to 766,000 dollars, attributed to 1.5 million dollars in maintenance costs at Briscoe Wind Farm and ramp costs at Kati 1. The consolidated GAAP net loss widened to 22.6 million dollars from 17.9 million dollars in Q1 and 7.8 million dollars a year earlier. Soluna's outstanding common shares rose from 102.5 million on Dec. 31, 2025, to 225.8 million on June 30, an increase of 120%. In the first half, the company sold 74.2 million shares, generating net proceeds of 113.5 million dollars, and issued an additional 10.2 million shares for 18.9 million dollars. As of Aug. 1, Soluna's pipeline totaled about 6.3 GW, but only 192 MW, or roughly 3%, was operational across three sites. The Kati 2 project plans for 100 MW in its first phase and 250 MW in the second phase, neither of which is included in current operational capacity.