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.

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