Soluna Holdings raised over $142 million, including a $100 million credit facility with Generate Capital, and expanded its project pipeline by 54% to 4.3 gigawatts. The company achieved a record hash rate exceeding 5 exahash whilst maintaining 92% operational uptime across sites. However, Bitcoin hash price declined over 30% during the year, causing revenue from Bitcoin mining to fall nearly 22% from $38 million in 2024 to $29.7 million in 2025. Higher SG&A expenses, including stock compensation and legal fees, further impacted adjusted EBITDA. Soluna diversified into AI data centres, forming a joint venture with Metrobloks for a 100-megawatt AI facility. The company completed Project Dorothy 2 and signed a 48-megawatt partnership with Galaxy Digital whilst developing Project Kati 2, an AI campus.

Soluna Holdings (SLNH) acquires $53M Briscoe wind project and adds high-margin Tranche C debt. Filing Impact Filing Sentiment Rhea-AI filing summary. Soluna Holdings, Inc. entered into a Membership Interest Purchase Agreement under which a subsidiary acquired 100% of Briscoe Wind Farm, LLC, owner of a roughly 149.85 MW wind project in Texas, for an aggregate closing payment of about $53,000,000. The acquisition closed simultaneously with signing on April 1, 2026, and the sellers' existing credit facility and subordinated notes were fully repaid. The company also amended its senior secured Credit and Guaranty Agreement, adding a new Tranche C borrower and establishing $12,500,000 of Tranche C loan commitments to finance the Briscoe project. Tranche A and B loans carry SOFR margins of 10.0% per annum and Tranche C carries an 8.0% margin, each with an ABR option at slightly lower margins and a SOFR floor of 3.50%. In connection with the amendment, Soluna privately issued a pre-funded warrant for up to 700,000 common shares at an exercise price of $0.0001, plus common warrants for up to 1,350,000 shares at $0.68 and 650,000 shares at $0.75. The company agreed under an amended and restated registration rights agreement to register the resale or other disposition of these warrants and the underlying shares, subject to specified filing and effectiveness timelines. Insights. Soluna adds a $53M wind asset using high-margin project debt and equity-linked warrants. Soluna acquired 100% of the Briscoe Wind Farm, a roughly 149.85 MW wind project in Texas, for about $53,000,000. The purchase was tied to an amended senior secured credit facility that now includes a $12,500,000 Tranche C loan dedicated to this project, alongside existing Tranche A and B loans for the Dorothy and Kati data center projects. The amended facility features relatively high margins: Term SOFR plus 10.0% per annum for Tranche A and B loans and 8.0% for Tranche C, with an ABR option at slightly lower margins and a SOFR floor of 3.50%. Financial covenants include a minimum trailing Debt Service Coverage Ratio of 1.60:1.00 and a minimum Forward Contracted Debt Service Coverage Ratio of 1.20:1.00, which frame lender protection and could influence project cash flow flexibility. To support the financing, Soluna issued a pre-funded warrant for up to 700,000 shares at an exercise price of $0.0001, plus common warrants covering up to 2,000,000 additional shares at exercise prices of $0.68 and $0.75. An amended registration rights agreement commits the company to filing a Form S-3 within 15 days of signing and seeking effectiveness within 75 days (or 30 days without SEC review), enabling resale of the warrant shares. The actual impact on leverage and dilution will depend on project performance and the holder's exercise decisions. 8-K event classification. 4 items: 1.01, 2.03, 3.02, 9.01 Key figures. Briscoe acquisition price: $53,000,000 Tranche C loan commitments: $12,500,000 Credit facility size (original): $35.5 million +5 more Key terms. Membership Interest Purchase Agreement, Credit and Guaranty Agreement, Term SOFR, Debt Service Coverage Ratio, +2 more 04/03/2026 - 04:19 PM | / | / | / | Faq. What asset did Soluna Holdings (SLNH) acquire in the Briscoe Wind Farm deal? Soluna acquired 100% of Briscoe Wind Farm, LLC, which owns a roughly 149.85 MW nameplate capacity wind generation project in Briscoe and Floyd counties, Texas. The aggregate closing payment for this acquisition was approximately $53,000,000, paid at closing on April 1, 2026. How did Soluna Holdings (SLNH) finance the Briscoe Wind Farm acquisition? Soluna financed the Briscoe acquisition partly through a new Tranche C under its amended credit agreement, establishing $12,500,000 of Tranche C loan commitments. These loans help reimburse acquisition funding, pay related fees and expenses, and fund a debt service reserve account for the Tranche C borrower. What are the key interest terms of Soluna Holdings' amended credit facility? Under the amended credit agreement, Tranche A and B loans accrue interest at Term SOFR plus 10.0% per annum or ABR plus 9.0%. Tranche C loans bear Term SOFR plus 8.0% or ABR plus 7.0%, with a SOFR rate floor of 3.50% per annum across the facility. What warrants did Soluna Holdings (SLNH) issue in the related private placement? Soluna issued a pre-funded warrant to purchase up to 700,000 common shares at an exercise price of $0.0001 per share. It also issued two common warrants: one for up to 1,350,000 shares at $0.68 per share and another for up to 650,000 shares at $0.75 per share. The holder cannot exercise the pre-funded warrant or common warrants if, after exercise, it and its affiliates would beneficially own more than 9.99% of Soluna's outstanding common stock. This beneficial ownership limitation can be adjusted up to 9.99%, effective 61 days after notice of any increase. What registration commitments did Soluna Holdings (SLNH) make for the warrant shares? Soluna agreed under an amended and restated registration rights agreement to file a Form S-3 for the registrable securities within 15 days of signing. It must seek effectiveness within 75 days, or 30 days if the SEC does not review, and keep the registration effective under defined conditions or for up to five years. Filing exhibits & attachments. 198 documents Agreements & contracts.

Soluna (NASDAQ: SLNH) secures $53M wind farm to power 300 MW AI campus. Filing Impact Filing Sentiment Rhea-AI Filing summary. Soluna Holdings, Inc. has closed the acquisition of the 150 MW Briscoe Wind Farm in West Texas for a total purchase price of $53.0 million, funded with cash and debt. The deal is expected to be immediately accretive, with projected Year-One Adjusted EBITDA of $6 million to $11 million and annualized revenue of $20.0 million to $24.4 million. By acquiring the wind farm that powers Project Dorothy, Soluna achieves full vertical integration, owning the power, land, and compute for its green data center campus. This positions the company to advance Dorothy 3, a planned renewable-powered AI campus on 300 new acres with potential capacity of up to 300 MW+. The company highlights a broader development pipeline exceeding 4.3 GW, including the recently energized 83 MW Project Kati 1 and the planned 300+ MW Project Kati 2 AI campus in partnership with Metrobloks, reinforcing its focus on renewable-powered high-performance computing and generative AI workloads. Positive. * Transformative vertical integration of Project Dorothy: Acquisition of the 150 MW Briscoe Wind Farm for $53.0 million gives Soluna control of both renewable power and data center infrastructure, supporting a more durable cost structure for AI and high-performance computing workloads. * Projected immediate financial accretion: Management estimates Year-One Adjusted EBITDA of $6-$11 million and annualized revenue of $20.0-$24.4 million from the acquired wind farm, indicating a meaningful new cash-flow source. * Significant AI campus expansion potential: With power secured, Soluna plans Dorothy 3, a renewable-powered AI campus with potential capacity of up to 300 MW+ on 300 new acres, enhancing long-term growth prospects. Negative. Insights. $53M wind acquisition vertically integrates Soluna's flagship AI campus. Soluna is purchasing the 150 MW Briscoe Wind Farm for $53.0 million, financed with cash and $12 of debt from Generate Capital. Management projects Year-One Adjusted EBITDA of $6 million-$11 million and annualized revenue of $20.0 million-$24.4 million, suggesting meaningful cash generation from the asset. Owning the wind farm fully aligns power generation with Project Dorothy's data center load, shifting Soluna from an energy consumer to an energy producer. This vertical integration can stabilize energy availability and pricing for its compute operations, which is critical for AI and high-performance workloads that require reliable, low-cost power. The acquisition underpins plans for Dorothy 3, a renewable-powered AI campus with potential capacity of up to 300 MW+ on 300 acres adjacent to existing facilities. Combined with a development pipeline above 4.3 GW, including Project Kati 1 and Kati 2, the transaction signals a step-change in scale. Actual results will depend on power market conditions and successful build-out of the planned capacity. 8-K event classification. 2 items: 7.01, 9.01 Key figures. Purchase Price: $53.0 million Year-One Adjusted EBITDA: $6-$11 million Annualized Revenue: $20.0-$24.4 million +5 more Key terms. Adjusted EBITDA, vertical integration, Project Dorothy, generative AI, +2 more 04/02/2026 - 07:30 AM