The operational story is improving (revenue growth, pipeline expansion, AI pivot) but the GAAP losses and extreme dilution are significant headwinds. Monitor the Q3 2026 earnings for evidence that the Briscoe and Kati 1 assets are converting to positive gross profit and that the ATM dilution is slowing. The Kati 2 JV and Dorothy 3 AI campus are key catalysts but remain early-stage.
Price Chart
Executive Summary
Soluna Holdings reported Q2 2026 revenue of $15.1M, up 145% YoY (73% excluding a $4.4M pass-through electricity reclassification), marking the fifth consecutive quarter of sequential growth. However, GAAP net loss widened to ($22.6M) from ($17.9M) QoQ, driven by a $4.2M loss on debt extinguishment and new Briscoe acquisition costs. Adjusted EBITDA loss improved 25% sequentially to ($1.6M). The company completed vertical integration at Project Dorothy 1, signed a Kati 2 AI JV with Metrobloks, and expanded its development pipeline to ~6.3 GW, but the massive share count increase (225.8M shares vs 102.5M at year-end) and heavy GAAP losses temper the operational progress.
Key Financial Metrics
Key Facts
- Revenue of $15.1M, up 145% YoY (73% ex-reclassification) and 60% sequentially
- GAAP net loss of ($22.6M) vs ($17.9M) in Q1, including $4.2M debt extinguishment loss
- Adjusted EBITDA loss improved 25% to ($1.6M) from ($2.1M) in Q1
- Gross profit fell to $766K from $1.9M QoQ, impacted by $1.5M Briscoe maintenance costs
- Ended Q2 with $113.4M cash and $33.1M total debt; raised ~$23.6M post-quarter via ATM
- Shares outstanding surged to ~244.6M from 102.5M at Dec 2025, massive dilution
- Completed vertical integration at Project Dorothy 1 (Briscoe, Dorothy 1A, Dorothy 1B acquisitions)
- Signed Kati 2 AI JV with Metrobloks for up to 350 MW; development pipeline expanded to ~6.3 GW
- Kati 1 delivered first positive gross profit of $82K; Dorothy 1A had strongest quarter
- Appointed Ryan Carver as Chief Development Officer; added to Russell 3000/2000 indices
Financial Impact
Revenue grew $15.1M (+145% YoY) but GAAP net loss widened to ($22.6M); Adjusted EBITDA loss narrowed to ($1.6M). Massive share dilution from 102.5M to ~244.6M shares outstanding.
Risk Factors
- Massive share dilution from ATM and warrant exercises (shares outstanding more than doubled in 6 months)
- GAAP net loss widening to ($22.6M) with negative operating cash flow of ($11.6M) in H1 2026
- Gross profit compression from Briscoe maintenance costs and Kati 1 ramp-up costs
- Hashprice compression continues to pressure cryptocurrency mining revenue
- High debt levels ($33.1M) and $4.2M debt extinguishment loss signal financial complexity
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-037734 |
| Document: form8-k.htm | 0001493152-26-037734 |
| Document: 0001493152-26-037734-index-headers.html | 0001493152-26-037734 |
| Document: 0001493152-26-037734-index.html | 0001493152-26-037734 |
| Document: 0001493152-26-037734.txt | 0001493152-26-037734 |
| 8-K Data (Synthetic) | 0001493152-26-037734 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $0.5454 | awaiting T+20 | — | $0.5448 (−0.11%) |
Oct 21, 2026 4d ago | 8-K | $0.5340 | awaiting T+20 | — | $0.5448 (+2.02%) |
Oct 21, 2026 5d ago | 8-K | $0.5607 | awaiting T+20 | — | $0.5448 (−2.84%) |
Oct 21, 2026 5d ago | Press Release | $0.5607 | awaiting T+20 | — | $0.5448 (−2.84%) |
Oct 20, 2026 6d ago | 8-K | $0.5770 | awaiting T+20 | — | $0.5448 (−5.58%) |
Sep 28, 2026 28d ago | 8-K | $1.18 | awaiting T+20 | — | $0.5448 (−53.83%) |
Sep 14, 2026 6w ago | 8-K | $1.15 $0.8500 | ▼ −26.09% | ▼ −28.35% | $0.5448 (−52.63%) |
Sep 9, 2026 6w ago | 8-K | $1.24 $1.01 | ▼ −18.55% | ▼ −20.49% | $0.5448 (−56.06%) |
Sep 8, 2026 6w ago | 8-K | $1.27 $1.05 | ▼ −17.32% | ▼ −19.04% | $0.5448 (−57.10%) |
Aug 31, 2026 7w ago | Insider Cluster | $1.05 $1.14 | ▲ +8.57% | ▲ +8.46% | $0.5448 (−48.11%) |
US Market Status
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