Soluna Revenue Jumps 145% as Its 6.3 GW AI Pipeline Remains Mostly Undeveloped

Soluna Holdings reported a sharp increase in second-quarter revenue as it expanded its renewable-powered data center operations and continued developing its AI infrastructure strategy.

But the company’s headline 6.3 GW data center pipeline currently represents a much larger development opportunity than its operating footprint. As of August 1, only 192 MW, or roughly 3%, was operating across three fully energized sites.

The contrast highlights the central challenge behind Soluna’s AI pivot: converting a large pipeline of potential capacity into revenue-generating infrastructure.

Soluna revenue climbs 145% in Q2

For the three months ended June 30, Soluna reported $15.1 million in revenue, compared with $6.2 million in the same period a year earlier.

That represents growth of 145%. However, the comparison was affected by a change in how the company presents pass-through electricity costs.

The accounting presentation added $4.4 million to both revenue and cost of revenue without changing gross profit, operating loss or net loss.

Excluding that presentation change, revenue still increased 73% year over year.

The stronger top-line performance shows that Soluna’s operating business is expanding, although profitability remains under pressure as new facilities move through construction and ramp-up phases.

Kati and Dorothy provide early evidence of expansion

Project Kati 1 completed 48 MW of construction during the quarter and generated its first positive site gross profit of $82,000.

Project Dorothy 1A contributed $2.9 million in revenue and $795,000 in gross profit, giving investors measurable operating results from Soluna’s infrastructure portfolio.

At the consolidated level, however, gross profit declined 60% from the first quarter to $766,000.

Soluna attributed the pressure primarily to $1.5 million in maintenance costs at the recently acquired Briscoe Wind Farm, ramp costs at Kati 1 and depreciation that began before the sites reached their full revenue contribution.

The company therefore faces a familiar infrastructure trade-off: capacity can increase well before the associated earnings fully mature.

Net loss widens despite higher revenue

Soluna’s GAAP net loss reached $22.6 million in the second quarter.

That compares with a $17.9 million loss in the first quarter and a $7.8 million loss a year earlier.

The quarterly filing also included a $4.2 million loss on debt extinguishment, adding to the pressure on consolidated results.

The figures underline the difference between Soluna’s rapidly expanding revenue base and its current profitability profile.

For investors assessing the company’s AI infrastructure strategy, the ability to translate construction spending into sustained site-level and consolidated profits remains a key part of the story.

Equity issuance significantly expands Soluna’s share count

Soluna has also relied heavily on equity financing to support operations, acquisitions and development.

Outstanding common shares increased from 102.5 million on December 31, 2025, to 225.8 million on June 30, representing a 120% increase during the period.

During the first half of the year, Soluna sold 74.2 million shares through its at-the-market program, generating $113.5 million in net proceeds.

The company also issued another 10.2 million shares through a standby equity purchase agreement, producing $18.9 million in net proceeds.

That financing has provided capital for the company’s expansion, but it has also materially increased the number of shares outstanding.

Soluna raises more capital as its pipeline expands

Soluna continued using its ATM program after the second quarter.

The company sold another 18.8 million shares for approximately $23.6 million, taking its outstanding share count to 244.6 million as of August 10.

That figure is 139% higher than the year-end 2025 level.

The balance between financing requirements and shareholder dilution is therefore an important part of Soluna’s infrastructure expansion story.

The company needs substantial capital to build large-scale data center capacity, while the financial benefits of those investments may arrive only after projects become operational.

The 6.3 GW headline hides a much smaller operating base

Soluna’s AI infrastructure ambitions become clearer when the 6.3 GW pipeline is broken down.

As of August 1, the company reported approximately 6.3 GW across its pipeline. Yet only 192 MW was operating at three fully energized sites.

That means roughly 3% of the headline pipeline was operational.

Another 14 MW was under construction at Kati 1, while approximately 1.6 GW was in planning and development.

The remaining 4.5 GW was classified as being in assessment with power partners.

This distinction is critical. A pipeline represents potential future capacity, not installed infrastructure or current revenue-producing power.

Kati 2 shows the scale of the opportunity — and the gap

Soluna’s Kati 2 development illustrates the distance between announced capacity and operating infrastructure.

The joint venture with Metrobloks calls for 100 MW of critical IT capacity in its first phase, followed by another 250 MW in a second phase.

Neither phase was included in Soluna’s operating capacity as of August 1.

The project therefore demonstrates both the potential scale of the company’s AI data center strategy and the amount of development still required before that capacity can contribute to operating results.

AI infrastructure remains a long-duration buildout

Soluna’s latest results present two very different numbers: $15.1 million of quarterly revenue and a 6.3 GW pipeline.

Both are important, but they measure different stages of the business.

Revenue reflects infrastructure already generating economic activity. The pipeline reflects projects at multiple stages, ranging from planning to power-partner assessment.

The company’s challenge is consequently not simply adding projects to its pipeline. It is moving those projects through permitting, financing, construction, energization and ultimately commercial operation.

For now, Soluna’s measurable operating base remains 192 MW, while more than 6 GW sits across construction, planning, development and assessment stages.

The second-quarter results show that revenue growth is already accelerating, but the company’s broader AI infrastructure thesis remains dependent on turning a substantial development pipeline into productive capacity while managing construction costs, financing needs and a rapidly expanding share count.