Revenue surged 145% year over year to $15.1 million, marking Soluna's fifth consecutive quarter of sequential growth, though gross profit fell to $766,000 as new sites ramped and Briscoe Wind Farm incurred repair costs. Soluna raised $159.4 million during the quarter and ended with $113 million in cash available for development and operations. Operating capacity stood at 192 MW and was expected to reach 206 MW by the end of summer.
The company advanced its AI infrastructure pipeline, with more than 650 MW of prospective capacity across Kati 2 and Dorothy 3, while its total renewable power pipeline expanded to approximately 6.3 GW. Soluna (NASDAQ:SLNH) reported second-quarter 2026 revenue of $15.1 million, up 145% from a year earlier, as its hosting operations expanded and additional sites ramped. The company said the quarter marked its fifth consecutive period of sequential revenue growth, while it continued to build its renewable-powered data center pipeline for AI and high-performance computing workloads.
The company also changed its accounting presentation for pass-through electricity costs during the quarter, reporting those costs on a gross basis in both revenue and cost of revenue. Chief Financial Officer Michael Picchi said the change added approximately $4.4 million to each line item in the second quarter but had no effect on gross profit, operating loss or net loss. Excluding the presentation change, revenue increased 73% year over year and 13% sequentially, he said. → Lumentum Just Delivered the AI Growth Investors Wanted Gross profit totaled $766,000, down from $1.2 million in the prior-year period.
Picchi attributed the decline primarily to costs associated with newly energized sites before their revenue contributions fully ramped, as well as repair work at the newly acquired Briscoe Wind Farm. Soluna acquired the 150-megawatt Briscoe Wind Farm in West Texas for $53 million on April 1. The wind farm contributed $366,000 in revenue during the quarter, net of intercompany eliminations, but posted a gross loss of $787,000 as Soluna completed roughly $1.5 million in turbine repairs and maintenance.
Chief Development Officer Ryan Carver said the inherited maintenance backlog was addressed immediately and that the work was completed in the third quarter. → Joby's Defense Pivot Accelerates With $500M Resonant Sciences Deal Data hosting generated $1.9 million of segment gross profit and was the company's largest contributor, according to Picchi. Demand-response services also contributed at what he described as effectively full margin. Proprietary Bitcoin mining results weakened, however, as revenue declined $1.1 million, or 40%, amid a 34% decline in hash price and the conversion of Dorothy 1B capacity from proprietary mining to hosting.
The company recorded a net loss of $22.6 million, compared with a $7.8 million loss in the second quarter of 2025. The increase reflected non-cash stock-based compensation, higher interest expense and a loss on debt extinguishment. Adjusted EBITDA was a loss of $1.6 million, improving from a $2.1 million loss in the first quarter and roughly flat from the prior-year period. → AST SpaceMobile Earnings Just Reminded Investors How Risky Space Can Be Carver said Kati 1, Soluna's 83-MW campus in Willacy County, Texas, achieved its first positive gross profit during the year.
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