Soluna

Q2 FY2026 EarningsQ2 FY26 missed consensus on revenue and profitability as the transition to hosting and AI infrastructure scaling ramped up. Total revenue of $15.06M was slightly below the $15.70M expected, while gross margin plummeted to 5.09% vs. the 49.00% consensus, driven by a sharp 34% YoY decline in hashprice and Briscoe Wind Farm integration costs. Normalized net income was -$38.18M, significantly missing the -$17.40M expectation, largely due to $19.7M in stock-based compensation and $4.2M in debt extinguishment losses. Despite the earnings miss, management achieved full vertical integration through the Briscoe acquisition and is pivoting toward large-scale AI data center developments (Kati 2, Dorothy 3) to diversify away from volatile mining economics.