Soluna Holdings Reports $9.4M Revenue in Q1 2026, Driven by Data Hosting Growth

Soluna Holdings, Inc. reported a total revenue of $9.4 million for the first quarter of 2026, a significant increase of 58% compared to $5.9 million in the same period of 2025. The growth was primarily driven by a 178% rise in data hosting revenue, which reached $6.7 million, up from $2.4 million. However, cryptocurrency mining revenue decreased by 28% to $2.2 million, attributed to a decline in Bitcoin prices and mining efficiency. The company recorded a net loss of $17.9 million, a 143% increase from the $7.4 million loss reported in the prior year, largely due to increased general and administrative expenses and interest costs.

In terms of operational developments, Soluna Holdings has made significant strides in its project pipeline. As of March 31, 2026, the company operates approximately 159 MW of capacity across three active sites, with an additional 47 MW under construction at Project Kati. The company also announced the acquisition of the Briscoe Wind Farm, a 150 MW wind generation project, for $53 million, which is expected to enhance its renewable energy capabilities and support future growth. This acquisition, along with the full ownership of Project Dorothy 1A, positions Soluna to expand its operations into AI computing.

The company’s workforce has also seen changes, with an increase in employee headcount to support its expanding operations. As of the end of the first quarter, Soluna had 157,747,354 shares of common stock outstanding, reflecting its ongoing efforts to raise capital through various financing activities, including a Standby Equity Purchase Agreement (SEPA) and an At-the-Market (ATM) offering. The company has raised approximately $52.2 million through these initiatives since March 31, 2026.

Looking ahead, Soluna Holdings aims to continue its growth trajectory by advancing its renewable computing projects and optimizing its existing facilities. The company plans to leverage its recent acquisitions to enhance operational efficiency and profitability. Management remains focused on securing additional financing to support its ambitious project pipeline, which includes over 4.3 GW of renewable energy-powered data center developments. The company’s strategy emphasizes the integration of renewable energy sources with high-performance computing capabilities, positioning it to capitalize on the growing demand for sustainable computing solutions.