Soluna has 6.3 GW of data center projects on paper, only 192 MW are operating

Soluna Holdings, a renewable-powered data center operator spanning Bitcoin mining and developing AI infrastructure, reported rapid revenue growth in the second quarter alongside weaker consolidated profitability.

The company reported $15.1 million of revenue for the three months ended June 30, up 145% from $6.2 million a year earlier. A new presentation of pass-through electricity costs added $4.4 million to both revenue and cost of revenue, with no effect on gross profit, operating loss or net loss. Excluding that change, revenue still grew 73%.

Project Kati 1 completed 48 MW of construction and recorded its first positive site gross profit of $82,000. Project Dorothy 1A generated $2.9 million of revenue and $795,000 of gross profit.

Consolidated gross profit nevertheless fell 60% from the first quarter to $766,000. Soluna attributed the pressure mainly to $1.5 million of maintenance costs at the recently acquired Briscoe Wind Farm, ramp costs at Kati 1, and depreciation that began before the sites delivered their full revenue contribution.

The consolidated GAAP net loss widened to $22.6 million from $17.9 million in the first quarter and $7.8 million a year earlier. The Bitcoin miner's quarterly filing also recorded a $4.2 million loss on debt extinguishment.