0001628280-26-035538
SEC filingQ1 2026 delivered 58% revenue growth to $9.4M from new data center energizations at D2 and Project Kati, but operating losses widened to -$16.6M due to ramp-up costs outpacing gross profit gains.
Soluna Holdings reported strong top-line momentum in Q1 2026, with revenue climbing 58% year-over-year to $9.4 million. This acceleration stems directly from the initial energization of the D2 facility in Q2 2025, followed by expanded MW capacity and operating costs in Q1 2026, plus the energization of Project Kati during the quarter. These developments enabled D2 to become fully contracted with customers like Blockware, Compass Mining, and a large-scale mining partner, generating income through Bitcoin hosting and demand response programs. Similarly, the Sophie site secured three expansion agreements in 2025 with hyperscale customers, underscoring sustained demand for high-uptime hosting.
Looking ahead, these facility activations position Soluna to capitalize on hosting demand, with business planning focused on matching performance to expectations amid volatile crypto and energy markets. The focus on operational efficiency and customer expansions provides a foundation for scaling, even as near-term losses highlight the need for cost discipline and funding.