Soluna Holdings Inc

Soluna said ERCOT has conditionally classified its 100 MW Project Dorothy campus as base load under its Batch Zero process. Combined with the 166 MW Project Kati, the company now has 266 MW of Texas capacity conditionally classified as base load. Soluna is seeking another 50 MW at Dorothy, where it plans to expand AI and high-performance computing capacity. The company operates about 206 MW today and has a 6.3 GW development pipeline. The base load status remains subject to ERCOT verification, and SLNH shares traded slightly lower at $1.77.

Soluna Holdings reported second-quarter revenue of $15.1 million, up 145% year over year, but excluding a $4.4 million accounting change that moved pass-through electricity costs into revenue, growth was 73% year over year and 13% sequentially. The quarter's growth was driven by Bitcoin-mining customers, including Blockware and Canaan, with Project Dorothy 1A generating $2.9 million in revenue, up 31% sequentially, and $795,000 in gross profit at a 28% margin. Management said Bitcoin-miner hosting remains its largest business, while the AI opportunity is prospective. As of August 1, Soluna reported a roughly 6.3-gigawatt overall pipeline, including more than 1.6 gigawatts of AI data-center capacity in development, with Hedy, Ellen, and Fei advancing under term sheets toward a combined 583 megawatts designated for AI and HPC, up 243 megawatts from 340 megawatts. However, a pipeline is not contracted revenue, and projects still require land, permits, financing, and tenants. Hedge-fund interest increased, with nine funds holding shares in Q2, up from six, and Vident Advisory expanded its position by 7,772% to 5,227,200 shares, though that percentage reflects a small prior position. At the August 14 settlement, 29.33 million shares were sold short, equal to 13.34% of the reported float and 3.18 days of average volume. The thesis becomes durable only when specific megawatts turn into signed leases and recurring AI revenue.

Soluna Holdings has signed a 28-megawatt co-mining agreement with Bitdeer Technologies Group, adding approximately 1.93 EH/s of Bitcoin mining capacity at its wind-powered Project Kati 1 site in South Texas. Bitdeer will deploy SEALMINER A2 Pro Air machines beginning in September 2026, with capacity scheduled to come online in batches. Soluna will provide the site, power and turnkey operations, while Bitdeer will own the mining equipment and both companies will share proceeds generated by the deployment. The agreement introduces a new structure for Soluna's Bitcoin platform, allowing the company to participate directly in mining economics alongside Bitdeer rather than collecting only hosting revenue. Project Kati 1 is an 83 MW data center in Willacy County that delivered its first gross profit during the second quarter, and the Bitdeer deployment will be located in the K1BC phase, extending activity at Soluna's largest operating site.

Soluna Holdings has appointed Ryan Carver, a former Microsoft hyperscale executive, as Chief Development Officer to accelerate its AI infrastructure platform. Carver will oversee the full lifecycle of Soluna's AI and high-performance computing data center platform, from site origination and power procurement through design, construction, commissioning, and operations, reporting directly to CEO John Belizaire. He joins from Microsoft, where he most recently served as Senior Director of AI Construction & Site Development, leading a construction profit-and-loss in the tens of billions of dollars across the company's AI data center campus development. Soluna develops green data centers co-located with renewable energy sources for intensive computing applications including AI and Bitcoin mining.