Soluna Sees 145% Revenue Growth in Q2 Despite Widening Net Loss

Soluna Holdings, a renewable-powered data center operator that also engages in Bitcoin mining and AI infrastructure development, reported significant revenue growth in the second quarter. Revenue rose by 145% to $15.1 million for the three months ended June 30 compared to the same period last year.

The company attributed this substantial increase to a new method of presenting pass-through electricity costs, which added $4.4 million to both revenue and cost of revenue without affecting gross profit, operating loss or net loss. Excluding this change, revenue still grew by 73%.

Soluna's Project Kati 1 reached the midpoint of its construction goal with 48 MW completed and recorded a first-ever positive site gross profit of $82,000. Project Dorothy 1A generated $2.9 million in revenue and $795,000 in gross profit.

However, consolidated gross profit fell by 60% to $766,000 from the previous quarter due to various costs such as maintenance at Briscoe Wind Farm, ramp costs at Kati 1, and depreciation before full revenue contribution. The company's consolidated GAAP net loss widened to $22.6 million compared to $17.9 million in the first quarter and $7.8 million a year earlier.