Soluna Reports Q1'26 Results; Revenue Grows 58% Year-Over-Year and 4th Consecutive Quarter Sequentially

ALBANY, N.Y.--(BUSINESS WIRE)--May 18, 2026--

Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its financial results for the first quarter ended March 31, 2026.

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“Our fourth consecutive quarter of sequential revenue growth and 58% year-over-year increase reflects the operating leverage we're building across the portfolio. With Kati 1 now contributing, Dorothy 1A back at full capacity, and Dorothy 2 fully ramped, we're entering the next phase of Soluna's growth from a position of operational strength,” said John Belizaire, CEO of Soluna Holdings.

“Our AI expansion at Kati 2 is well underway, while Briscoe Wind now vertically integrates the power layer supporting Dorothy 3. Together with the full acquisition of Dorothy 1A, these milestones position Soluna for sustained growth and accelerating momentum,” Belizaire continued.

Q1 2026 Operational and Corporate Highlights:

First Quarter Financial Highlights:

Q1 2026 Revenue & Cost of Revenue by Project Site

Q1 2025 Revenue & Cost of Revenue by Project Site

Subsequent Events:

The unaudited financial statements and Quarterly Report on Form 10-Q for the three months ended March 31, 2026, filed with the U.S. Securities and Exchange Commission (“SEC”) on May 15, 2026, are available online.

Our current Investor Presentation is available here.

Soluna’s glossary of terms is available here.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," and similar statements. Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company's plans and objectives, including the deployment at Kati 2, (ii) statements of future economic performance, (iii) statements regarding financial projections of the Company, and (iv) statements of assumptions underlying other statements about the Company or its business. Soluna may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company's filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law.

Non-GAAP Measures

In addition to figures prepared in accordance with generally accepted accounting principles (“GAAP”), Soluna from time to time may present alternative non-GAAP performance measures, e.g., EBITDA, adjusted EBITDA, adjusted net profit/loss, adjusted earnings per share, free cash flow, both on a company basis and on a project-level basis, among others. EBITDA is defined as earnings before interest, taxes, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA adjusted for stock-based compensation costs, gain on sale of fixed assets and right of first refusal amortization, SEPA commitment fee, fair value adjustment loss, and gain on debt extinguishment and revaluation, net. Project-level measures may not take into account a full allocation of corporate expenses. These measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Alternative performance measures are not subject to GAAP or any other generally accepted accounting principles. Other companies may define these terms in different ways. See our annual report on Form 10-K for the year ended December 31, 2025, for an explanation of how management uses these measures in evaluating its operations. Investors should review the non-GAAP reconciliations provided above and not rely on any single financial measure to evaluate the Company’s business.

About Soluna Holdings, Inc. (Nasdaq: SLNH)

Soluna is on a mission to make renewable energy a global superpower using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:

LinkedIn: https://www.linkedin.com/company/solunaholdings/
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YouTube: youtube.com/c/solunacomputing
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Resource Center: solunacomputing.com/resources

Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Segments:

The following table details revenue, cost of revenues, and other operating costs for the Company’s reportable segments for three months ended March 31, 2026 and 2025, and reconciles to net loss on the consolidated statements of operations:

For the three months ended March 31, 2026

For the three months ended March 31, 2025

The following table presents the reconciliation of segment operating income to net loss before taxes:

Gross Profit breakout:

The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended March 31, 2026:

The following table summarizes the balances for the project sites for cryptocurrency mining revenue, data hosting revenue, high-performance computing service revenue, demand response revenue, cost of cryptocurrency mining revenue, exclusive of depreciation, cost of data hosting revenue, exclusive of depreciation, cost of high-performance computing services, and cost of depreciation during the three months ended March 31, 2025:

EBITDA and Adjusted EBITDA Tables:

Reconciliations of EBITDA and Adjusted EBITDA to net loss, the most comparable GAAP financial metric, for historical periods are presented in the table below:

The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through December 31, 2025.

 

Soluna Holdings, Inc. Reports Q1 2026 Adjusted EBITDA by Quarter

Soluna Holdings, Inc. Reports Q1 2026 Gross Profit by Quarter

Soluna Holdings, Inc. Reports Q1 2026 Revenue by Quarter

ANKARA, Turkey (AP) — The Israeli military intercepted Monday boats off the coast of Cyprus, part of the latest wave of flotilla activists attempting to break Israel's naval blockade of Gaza.

More than 50 vessels departed from the port in Marmaris, Turkey, last week in what the organizers of the Global Sumud Flotilla described as the final leg of their planned journey to Gaza’s shores.

The organization’s livestream on Monday showed activists aboard several vessels putting on life jackets and raising their hands before a boat carrying Israeli troops approached. Wearing tactical gear, they boarded the ship, and the livestream abruptly ended. Many of the ships are currently off the coast of Cyprus.

Other footage showed Israeli forces on speedboats approaching and instructing the activists to move to the front of the boat. At least 17 boats were intercepted in the first three hours of the operation, according to Global Sumud Flotilla's tracker.

Organizers said the boats were intercepted 250 nautical miles from the shores of Gaza. Unlike previous interceptions, which mostly took place under the cover of night, the Israeli military boarded the boats in broad daylight.

Israel has maintained a blockade over Gaza since Hamas took control of the territory in 2007, a year after winning Palestinian parliamentary elections. The blockade restricts the movement of goods and people in and out of Gaza. Egypt has also occasionally closed the Rafah crossing, which, before the current war, was the only border crossing not under Israel’s control.

Critics consider it collective punishment.

The flotilla organizers said they expect the activists to be taken to the port of Ashdod, in southern Israel. Activists on previous flotillas were brought to the same port, where some were processed and immediately deported, while others requested a trial and were detained.

An hour prior to the interception, Israel’s Foreign Ministry called on activists to “change course and turn back immediately.”

“Once again, a provocation for the sake of provocation: another so-called “humanitarian aid flotilla” with no humanitarian aid,” the Foreign Ministry posted on X.

The Israeli military declined to comment on the ongoing operation.

Prime Minister Benjamin Netanyahu, watching the operation from the military headquarters in Tel Aviv, commended the soldiers for “thwarting a malicious plan designed to break the isolation we are imposing on Hamas terrorists in Gaza.”

Netanyahu was supposed to be in court on Monday to testify in his ongoing corruption trial, but requested a cancellation due to all-day security meetings.

Hamas has condemned Israel’s attack on the flotilla as a “full-fledged crime of piracy.” The militant group called on the international community to pressure Israel to end its blockade of Gaza.

Turkey echoed Hamas' piracy accusation and called on Israel to immediately halt the operation and release the flotilla participants.

“Israel’s attacks and intimidation policies will in no way prevent the international community’s pursuit of justice or its solidarity with the Palestinian people,” the Turkish Foreign Ministry said in a statement. Turkey was working to secure the safe return of its own citizens taking part in the flotilla, the ministry added.

On April 30, Israeli forces intercepted more than 20 boats from a flotilla near the southern Greek island of Crete, initially holding about 175 activists. Israeli officials said they had to act early because of the high number of boats involved.

Israel took two of the activists — a Spanish-Swedish citizen of Palestinian origin, Saif Abukeshek, and Brazilian citizen Thiago Ávila — back to Israel, where they were interrogated and detained for several days. The activists accused Israeli forces of torture, which Israel denied. Brazil and Spain condemned Israel for “kidnapping” their citizens. The two were deported from Israel after about a week in detention.

Organizers say the latest efforts involved a regrouped fleet joined by additional boats. Nearly 500 activists from 45 countries were taking part.

The activists’ attempt comes less than a year after Israeli authorities foiled a previous effort by the group to reach Gaza, which involved about 50 vessels and around 500 activists, including Swedish climate activist Greta Thunberg, Nelson Mandela’s grandson Mandla Mandela and several European lawmakers.

Israel arrested, detained and later deported the participants, who claimed Israeli authorities abused them while in detention. Israeli authorities denied the accusations.

The Israeli action raised questions about what any nation can legally do to enforce a blockade in international waters. Several world leaders and human rights groups have condemned Israel, saying it violated international law.

Previous efforts to breach the blockade have also failed. In 2010, Israeli commandos raided the Turkish boat Mavi Marmara, which had been participating in an aid flotilla attempting to reach Gaza. Nine Turkish citizens and one Turkish-American on board were killed. The last time an activist boat succeeded in reaching Gaza was in 2008.

The ceasefire between Israel and Hamas remains fragile, and the top diplomat overseeing it says it has stalled because of the deadlock over disarming Hamas. Both sides have traded accusations of violations. Gaza has seen near-daily Israeli fire with more than 850 people killed in the Palestinian territory since the ceasefire went into effect in October, according to Gaza’s Health Ministry.

The ministry is part of Gaza’s Hamas-run government, but staffed by medical professionals who maintain and publish detailed records viewed as generally reliable by the international community. The ministry says Israel’s retaliatory strikes in the war have devastated the Palestinian enclave and killed more than 72,700 people.

The flotillas have been criticized for bringing minute amounts of aid on tiny ships. The Israeli defense body overseeing humanitarian aid to Gaza claims that sufficient aid is entering Gaza, with around 600 trucks carrying humanitarian aid entering Gaza daily, similar to prewar levels.

Nonetheless, around 2 million Gaza residents are still living with severe shortages of housing, food and medicine.

Flotilla organizers have said they hope their latest attempt to reach Gaza will help highlight the living conditions endured by Palestinians in the territory, particularly as global attention has shifted its focus to the U.S. and Israel’s war against Iran.

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Lidman reported from Tel Aviv, Israel. Samy Magdy contributed from Cairo.

This grab from CCTV footage shows activists aboard a flotilla boat with their hands in the air as a boat approaches one of more than 50 vessels that departed from the port of Marmaris, Turkey, last week in what organizers of the Global Sumud Flotilla described as the final leg of their planned journey to Gaza's shores, in international waters Monday, May 18, 2026. (Global Sumud Flotilla via AP)

Boats belonging to the Global Sumud Flotilla, carrying activists and humanitarian aid, depart for Gaza from the port of Marmaris, Turkey, Thursday, May 14, 2026, in an attempt to break the Israeli naval blockade. (AP Photo/Murat Kocabas)

People wave to boats belonging to the Global Sumud Flotilla, carrying activists and humanitarian aid, depart for Gaza from the port of Marmaris, Turkey, Thursday, May 14, 2026, in an attempt to break the Israeli naval blockade. (AP Photo/Murat Kocabas)

Boats belonging to the Global Sumud Flotilla, carrying activists and humanitarian aid, depart for Gaza from the port of Marmaris, Turkey, Thursday, May 14, 2026, in an attempt to break the Israeli naval blockade. (AP Photo/Murat Kocabas)