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Soluna reports rapid revenue growth but pipeline projects stay small
Second-quarter revenue rose to $15.1 million, while consolidated gross profit fell 60% and the GAAP net loss widened to $22.6 million.
Soluna Holdings reported second-quarter revenue of $15.1 million for the three months ended June 30, up 145% from $6.2 million a year earlier, helped by a presentation change that added $4.4 million to both revenue and cost of revenue without affecting gross profit, operating loss, or net loss, according to the company’s quarterly filing. Even excluding the presentation change, Soluna said revenue still grew 73%. The company also disclosed that Project Kati 1 completed 48 MW of construction and recorded its first positive site gross profit of $82,000, while Project Dorothy 1A generated $2.9 million of revenue and $795,000 of gross profit. Despite those project updates, consolidated gross profit fell 60% from the first quarter to $766,000, with Soluna attributing pressure mainly to $1.5 million of maintenance costs at its recently acquired Briscoe Wind Farm, ramp costs at Kati 1, and depreciation that began before the sites delivered their full revenue contribution. Soluna’s consolidated GAAP net loss widened to $22.6 million from $17.9 million in the first quarter and $7.8 million a year earlier, and the filing recorded a $4.2 million loss on debt extinguishment. The company said it financed operating needs, acquisitions, and development through substantial equity issuance, with outstanding common shares rising from 102.5 million at Dec. 31, 2025, to 225.8 million by June 30, and additional ATM share sales bringing the count to 244.6 million as of Aug. 10.