For SLNHP (preferred), the 58% revenue growth and project milestones are credit-positive, but the widening net loss and S-3 filing for share resale create overhang. Monitor the Briscoe Wind Farm and Dorothy 1A acquisitions for EBITDA contribution in Q2. The S-3 resale registration could pressure common stock, but preferred holders are more insulated. Key catalyst: Kati 1 ramp and Kati 2 AI JV progress.
Price Chart
Executive Summary
Soluna Holdings (SLNHP) reported Q1 2026 revenue of $9.4M, up 58% YoY, driven by data hosting growth from Dorothy 2 and Kati 1. However, the net loss widened to $17.9M from $7.4M YoY due to higher stock-based compensation and financing costs. The company also disclosed post-quarter acquisitions of the Briscoe Wind Farm ($53M) and full ownership of Dorothy 1A ($16.5M), alongside a recent S-3 filing for resale of 2.46M shares, signaling ongoing capital needs.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $9.4M, +58% YoY from $5.9M, 4th consecutive sequential quarter of growth.
- Net loss widened to $17.9M from $7.4M YoY, driven by $10.2M in stock-based compensation.
- Adjusted EBITDA loss was $2.1M vs $1.6M YoY, a modest $444K deterioration.
- Post-quarter: Acquired Briscoe Wind Farm for $53M, projected $6-11M Year-One Adj. EBITDA.
- Post-quarter: Acquired full equity of Dorothy 1A for $16.5M, funded partly by $12M unsecured debt.
- S-3 filed April 29, 2026 for resale of 2.46M shares by selling stockholders (warrant and merger shares).
- Preferred ticker SLNHP: credit-positive operational growth but offset by widening losses and capital raise overhang.
Financial Impact
Revenue grew 58% YoY to $9.4M, but net loss increased $10.5M YoY to $17.9M. Adjusted EBITDA loss modestly widened by $444K to $2.1M.
Risk Factors
- S-3 resale registration of 2.46M shares may create common stock overhang, indirectly affecting preferred sentiment.
- Net loss widening to $17.9M driven by non-cash stock compensation; cash burn from operations was $6.4M in Q1.
- Hashprice compression at Dorothy 1B (15% gross margin loss) and Kati 1 ramp-up costs remain headwinds.
- Post-quarter acquisitions ($53M Briscoe, $16.5M Dorothy 1A) increase leverage; debt rose to $25.9M from $26.8M.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-024060 |
| Document: form8-k.htm | 0001493152-26-024060 |
| Document: 0001493152-26-024060-index-headers.html | 0001493152-26-024060 |
| Document: 0001493152-26-024060-index.html | 0001493152-26-024060 |
| Document: 0001493152-26-024060.txt | 0001493152-26-024060 |
| 8-K Data (Synthetic) | 0001493152-26-024060 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 8w ago | Insider Cluster | $12.25 $12.65 | ▲ +3.27% | ▲ +4.22% | $11.25 (−8.16%) |
Aug 27, 2026 8w ago | Insider Cluster | $12.12 $12.74 | ▲ +5.12% | ▲ +5.01% | $11.25 (−7.18%) |
Aug 25, 2026 9w ago | Insider Cluster | $12.00 $12.25 | ▲ +2.08% | ▲ +2.20% | $11.25 (−6.25%) |
Aug 21, 2026 9w ago | Insider Cluster | $12.00 $12.53 | ▲ +4.42% | ▲ +3.95% | $11.25 (−6.25%) |
Jun 12, 2026 19w ago | Insider Cluster | $11.15 $11.05 | ▼ −0.90% | ▲ +0.49% | $11.25 (+0.90%) |
Jun 10, 2026 19w ago | Insider Cluster | $11.29 $10.70 | ▼ −5.27% | ▼ −5.70% | $11.25 (−0.35%) |
Jun 9, 2026 20w ago | 8-K | $11.05 $11.15 | ▲ +0.91% | ▼ −1.51% | $11.25 (+1.81%) |
May 20, 2026 22w ago | 8-K | $12.02 $12.01 | ▼ −0.08% | ▼ −1.89% | $11.25 (−6.41%) |
May 18, 2026 23w ago | 8-K | $11.70 $11.75 | ▲ +0.43% | ▼ −1.19% | $11.25 (−3.85%) |
Apr 22, 2026 26w ago | EFFECT | $6.75 $7.23 | ▼ −7.11% | ▼ −7.06% | $11.25 (−66.67%) |
US Market Status
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