What were Soluna Holdings’ (NASDAQ:SLNH) total revenues for Q1 2026?

Soluna Holdings reported total revenue of $9.4 million for Q1 2026, representing a 2% sequential increase from Q4 2025 and a 58% year-over-year jump from Q1 2025. Growth was driven by operational scale-up at key data center projects.

Which projects contributed most to Soluna’s Q1 2026 revenue growth?

Revenue growth was primarily supported by Dorothy 2 coming online, expanded output at Dorothy 1A, and the activation of Project Kati 1 in February 2026. These sites helped offset margin pressure from declining cryptocurrency hashprices.

How did global cryptocurrency hashprices affect Soluna in Q1 2026?

Global cryptocurrency hashprices fell 18% from $42 to $34 during the quarter, which negatively impacted profit margins at the Dorothy 1B mining facility, contributing to mixed site-level performance.

What was Soluna’s net income and net loss for Q1 2026?

Soluna recorded a net loss of $17.9 million for Q1 2026, widening by $10.5 million year-over-year. The deeper loss was driven by higher equity compensation, interest rates, and upfront financing expenses, partially offset by operational efficiencies.

How did Soluna perform on an EBITDA basis?

The company reported an EBITDA loss of $12.4 million. After adjusting for stock-based compensation and SEPA fees, non-GAAP adjusted EBITDA improved slightly by $444,000 year-over-year to $2.1 million.

Tech

Soluna Holdings posts fourth consecutive quarter of revenue growth in Q1 2026

Written by Brie CarterPublished May. 18 2026Last Updated May. 18 2026

Soluna Holdings (NASDAQ:SLNH) reported its financial results for the first quarter ended March 31, 2026, marking its fourth consecutive quarter of sequential revenue expansion.

The developer of renewably powered data centers for high-intensity computing applications, including Bitcoin mining and Artificial Intelligence (AI), saw its total quarterly revenue edge up to $9.4 million.

This represents a 2% sequential increase from the fourth quarter of 2025 and a 58% jump compared to the first quarter of 2025.

The year-over-year top-line growth was primarily driven by the operational scale-up of its key infrastructure projects, including the energization of Dorothy 2, revenue growth at Dorothy 1A, and Project Kati 1 officially going live in February 2026.

These gains successfully offset a broader 18% decline in global cryptocurrency hashprices—which fell from $42 to $34 during the quarter—affecting the company's proprietary mining and profit-share revenue margins at its Dorothy 1B facility.

Despite the revenue expansion, Soluna's bottom-line net loss widened by $10.5 million year-over-year to $17.9 million for the quarter.

Corporate management attributed the deeper loss to elevated equity compensation, higher interest rates, and upfront financing expenses, which were partially balanced by site-level operational efficiencies.

The company’s EBITDA loss for the period was $12.4 million, though after adjustments for stock-based compensation and Standby Equity Purchase Agreement (SEPA) commitment fees, its non-GAAP adjusted EBITDA loss improved marginally by $444,000 year-over-year to settle at $2.1 million.

Operationally, the firm's data centers demonstrated mixed margin performance.

Soluna's total gross profit rose sequentially from $1.8 million to $1.9 million, bolstered by strong data hosting demand, though weighed down slightly by new site depreciation from the recently activated Kati 1 assets.

On an individual site basis, Dorothy 2, Sophie, and Dorothy 1A delivered solid gross margins of 41%, 37%, and 36%, respectively.

Conversely, hashprice compression pushed Dorothy 1B to a 15% gross margin loss, while the newly launched Kati 1 project recorded a structural loss of $262,000 as it continues its commercial capacity ramp-up ahead of full billing cycles.