Revenue: As of FY2026 Q1, the actual value is USD 9.394 M.

EPS: As of FY2026 Q1, the actual value is USD -0.24.

EBIT: As of FY2026 Q1, the actual value is USD -15.15 M.

Overall Financial Performance

• Total Revenue: Increased to $9.394 million in Q1 2026 from $5.936 million in Q1 2025, a 58% year-over-year increase, and increased sequentially by 2% or $186 thousand from Q4 2025 to Q1 2026 .
• Net Loss: Increased to -$17.902 million in Q1 2026 from -$7.354 million in Q1 2025, with a sequential increase of $1 million from Q4 2025 to Q1 2026 .
• Gross Profit: Increased to $1.915 million in Q1 2026 from $1.173 million in Q1 2025, and sequentially from $1.8 million to $1.9 million .
• Operating Loss: Increased to -$16.626 million in Q1 2026 from -$7.177 million in Q1 2025 .
• EBITDA: Was -$12.442 million in Q1 2026, compared to -$3.062 million in Q1 2025 .
• Adjusted EBITDA: Was -$2.092 million in Q1 2026, compared to -$1.648 million in Q1 2025, with an improvement of $1.9 million (47%) sequentially from Q4 2025 to Q1 2026 .

Revenue by Segment

• Cryptocurrency Mining Revenue: $2.169 million in Q1 2026, down from $2.999 million in Q1 2025 .
• Data Hosting Revenue: $6.688 million in Q1 2026, up from $2.402 million in Q1 2025 .
• Demand Response Service Revenue: $537 thousand in Q1 2026, up from $507 thousand in Q1 2025 .
• High-Performance Computing Service Revenue: $0 in Q1 2026, down from $28 thousand in Q1 2025 .

Q1 2026 Total Revenue by Project Site

• Project Dorothy 1B: $2.324 million .
• Project Dorothy 1A: $2.174 million .
• Project Dorothy 2: $3.434 million .
• Project Sophie: $1.237 million .
• Project Kati 1: $225 thousand .

Operational Costs

• Total Costs of Revenue: $7.479 million in Q1 2026, up from $4.763 million in Q1 2025 .
• Total General and Administrative Expenses: $18.541 million in Q1 2026, up from $8.350 million in Q1 2025 .

Gross Margins by Project Site (Q1 2026)

• Dorothy 1A: 36% .
• Dorothy 2: 41% .
• Sophie: 37% .
• Dorothy 1B: -15% gross margin loss .
• Kati 1: -$262 thousand loss in its first quarter of operations .

Cash Flow

• Net Cash Used in Operating Activities: -$6.372 million in Q1 2026, compared to -$177 thousand in Q1 2025 .
• Net Cash Used in Investing Activities: -$6.224 million in Q1 2026, compared to -$3.640 million in Q1 2025 .
• Net Cash Provided by Financing Activities: $9.738 million in Q1 2026, compared to $7.812 million in Q1 2025 .
• Cash & Restricted Cash at period end: $85.985 million in Q1 2026, compared to $14.448 million in Q1 2025 .

Outlook / Guidance

SOLUNA HOLDINGS, INC. is advancing its AI expansion at Kati 2 and has vertically integrated the power layer for Dorothy 3 with the Briscoe Wind acquisition . The company also fully acquired Project Dorothy 1A, positioning itself for sustained growth and accelerating momentum . The Briscoe Wind Farm acquisition is projected to generate $6 million to $11 million in Year-One Adjusted EBITDA and $20.0 million to $24.4 million in annualized revenue, and Soluna has launched development for the Dorothy 3 AI Campus, a planned 300+ MW AI/HPC site .