Soluna Holdings, a developer of green data centres for Bitcoin mining and AI, announced its May 2026 operational update, reporting strong progress across its project portfolio. The company achieved substantial completion of Kati 1B Phase 1 (12 MW) and completed power commissioning for Phase 2 (9 MW). Operations at Dorothy 1A returned to full capacity following transformer repairs, whilst Dorothy 2 and Sophie maintained strong performance. Soluna signed a definitive joint venture agreement with Metrobloks for Kati 2, a 350+ MW AI development project, and launched an RFP for the first 100+ MW phase. The company also secured 300 acres for Dorothy 3, a 300+ MW AI project. First-quarter revenue grew 58% year-over-year, with Bitcoin hosting revenue up 178%.

Soluna Holdings reported first quarter 2026 results showing revenue growth of 58% year-over-year to $9.4 million, marking its fourth consecutive quarter of sequential revenue increases. The developer of green data centres for Bitcoin mining and AI applications attributed the growth to Dorothy 2 energisation, Dorothy 1A expansion and Kati 1 going live, partially offset by hashprice compression. Net loss increased to $17.9 million from $7.4 million year-over-year, driven by higher equity compensation, interest and financing expenses. Adjusted EBITDA loss declined modestly to $2.1 million from $1.7 million. The company completed Project Kati 1A's 48 MW ahead of schedule and partnered with Metrobloks to unlock 100+ MW of AI capacity at Kati 2. Soluna's development pipeline now exceeds 4.3 GW. Post-quarter end, the company acquired the 150 MW Briscoe Wind Farm for $53 million.

Soluna Holdings has announced new partnerships and capacity additions at its Project Dorothy site in West Texas, following its acquisition of Briscoe Wind Farm to power data centres for Bitcoin and AI workloads. The company's shares have surged 123% over 30 days and 93% over one year, though three-year returns show a 68% loss. Soluna currently trades at a price-to-sales ratio of 6x, above the US software industry average of 3.8x and peer average of 4.6x. With revenue of $29.7 million, investors are paying $6 for every dollar of sales. However, the company posted a $69.1 million net loss and has a history of shareholder dilution. A recent shelf registration could enable further share issuance, raising questions about whether the premium valuation is justified.