Operational Milestone Hit-Rate
65%
Capacity & Funding Targets Hit
Key Snapshot
123 MW
Operational Capacity (post-Dorothy 2)
4.3 GW
Secured Pipeline (multi-year)
$88.8M
Cash & Equivalents (FY25 end)
$142M
Capital Raised in 2025
$29.7M
FY25 Revenue (−21.8% YoY)
1-for-25
Reverse Split (Oct 2025)
$53M
Briscoe Wind Farm Acquisition (Apr 2026)
116.3M
Shares Outstanding (Apr 2026)
The Scale Gap — SLNH vs. Public Peers
Soluna sits at the far small end of the AI-infrastructure food chain. At 123 MW operational, it's roughly 1/6th the size of IREN and ~1/60th the size of CoreWeave's planned FY26 power capacity. The pipeline (4.3 GW) is the argument — but converting permits and land options into revenue-producing MW takes years.
SLNH Pipeline
4.3 GW (4,300 MW) — Multi-year
Chart not to scale; illustrative. SLNH's operational-to-pipeline ratio (3%) tells you this is an options-on-execution story, not a cash-flow story.
Operational & Financial Guidance Track Record
| Year |
Target / Milestone |
Guide |
Actual |
Verdict |
| FY23 | Project Marie recovery | Restart mining operations | Asset foreclosure Feb 2023; $12M debt extinguished | Missed / Distressed |
| FY24 | Revenue growth | Not formally guided | $38.0M · +80.5% YoY | Exceeded |
| FY24 | Project Dorothy 2 funding | $30M Spring Lane Capital | Closed Jul 2024 | Hit |
| FY25 | Revenue | Implied growth from ramp | $29.7M · −21.8% YoY | Missed |
| FY25 | Dorothy 2 commissioning (48 MW) | H2 2025 | Completed Nov 13, 2025 on-time, on-budget | Hit |
| FY25 | Kati 1 funding (83 MW) | Spring Lane $20M (June 2025) | Closed Jun 2025 | Hit |
| FY25 | Generate Capital facility | $100M project-level credit | Closed Sep 2025 | Hit |
| FY25 | Cash position target | Bolster liquidity | $88.8M YE25 (vs ~$12M YE24) | Hit |
| FY25 | NASDAQ compliance | Regain $1 minimum bid | 1-for-25 reverse split Oct 13, 2025 | Met (Unfavorable) |
| Q1 FY26 | Kati 1 (83 MW) energization | H1 2026 | ERCOT approval Feb 2026; K1A Galaxy 48 MW commissioned; ramp in progress | On-Track |
| Q2 FY26 | Briscoe Wind Farm acquisition | Self-generated power | Closed Apr 2026 · $53M · 150 MW wind | Hit |
| FY26 | Project Dorothy 3 (300 MW AI campus) | Planning → construction in 2026–2027 | — | Pending |
| FY26 | Kati 2 (100+ MW AI/HPC) | Metrobloks MOU signed Jan 2026 | — | Pending |
| FY26 | Named AI hyperscaler customer | Under discussion | No hyperscaler contracts signed yet | Pending |
Pattern: Soluna has a reliable record on capacity & funding milestones (data center commissioning, project financings), but a weaker record on revenue — particularly when Bitcoin hashprice moves against them (FY25 revenue fell despite +64% capacity growth).
Project Portfolio
Live · Texas
75 MW
Project Dorothy 1
First Texas facility. Spring Lane-financed. Bitcoin mining + some HPC pilot loads.
Live · Nov 2025
48 MW
Project Dorothy 2
$30M Spring Lane facility. On-time, on-budget. Took total operational capacity from 75 to 123 MW.
Energizing Q1–Q2 2026
83 MW
Project Kati 1
ERCOT approval Feb 2026. K1A Galaxy (48 MW subset) fully commissioned. Remaining 35 MW ramping through H1 2026.
Planned · 2026–2027
300 MW
Project Dorothy 3 (AI)
Enabled by Briscoe Wind Farm ownership. First dedicated AI-campus build; adjacent to Dorothy 1/2 site.
Planned · 2026–2028
100+ MW
Project Kati 2 (AI/HPC)
Metrobloks MOU signed Jan 2026 (non-binding). Roadmap scales to 300+ MW. No hyperscaler anchor signed yet.
Pipeline · multi-year
~3.5 GW
Pipeline (Sophie, Rosa, Marie, etc.)
Secured renewable PPAs and/or site options across Texas and beyond. Conversion to operational MW is the whole story for SLNH equity.
The Briscoe Wind Farm — Vertical Integration Bet
April 2026: Soluna closed the $53M acquisition of the 150 MW Briscoe Wind Farm in Texas. The deal converts SLNH from a power buyer to a power owner — similar to how IREN's Childress model works but at a smaller scale.
Why this matters for equity: co-located renewable ownership reduces the blended cost of compute to arguably the lowest in the industry (<$0.02/kWh when wind is over-producing) and unlocks the 300 MW Dorothy 3 AI campus that had been blocked by PPA dependency. The tradeoff is concentration — Briscoe is now a single-asset dependency, and wind variability translates directly to data-center uptime volatility.
CEO John Belizaire's framing: "Energy sovereignty is the key durable moat in the AI infrastructure race." It's a credible positioning, but the gap between "we own the wind farm" and "we have a named hyperscaler customer" is still the biggest open item in the story.
Financial Trajectory
$21M
FY23 (post-distress)
Revenue
$38.0M
FY24 · +80.5%
Revenue
$29.7M
FY25 · −21.8%
Revenue (Hashprice Collapse)
n/a
Not guided
FY26 Revenue Guide
$88.8M
FY25 end · +$77M YoY
Cash Position
$142M
Raised in 2025
Capital Raised
~$35–45M
Project-level
Total Debt (est.)
~$80M
Apr 2026
Market Cap (post-split)
The FY25 revenue miss: Capacity grew 64% (75 MW → 123 MW) but revenue fell 21.8%. Why? Bitcoin hashprice dropped ~30% over the year, and AI hosting revenue didn't ramp fast enough to offset the mining-yield compression. This is exactly the bridge problem the Dorothy 3 / Kati 2 AI pivot needs to solve.
Bull vs Bear
🐂 Bull Case
1. Stranded Renewable Arbitrage
Briscoe Wind Farm ownership delivers curtailed power at <$0.02/kWh. At SLNH's small scale, a 2–3c/kWh cost advantage translates to meaningful percentage margin uplift — much more impactful than at a hyperscaler.
2. De-Risked Capital Model
Spring Lane and Generate Capital absorb project-level debt. Corporate SLNH isn't on the hook for Dorothy 2 / Kati 1 leverage — lenders have claim on the specific facility, not the parent.
3. $88.8M Cash vs $80M Market Cap
Trading near cash + project-level equity value. Optionality on the 4.3 GW pipeline is near-free from a pure balance-sheet-value perspective. Low downside, high convexity if AI customers land.
4. Pipeline is Real
4.3 GW of secured renewable power is not paper — these are signed PPAs and permitted sites. Converting even 10% to operational AI hosting would 4x current capacity.
🐻 Bear Case
1. Scale Is Un-competitive
123 MW vs IREN 750 MW vs CRWV 1,700 MW. Hyperscalers don't sign with sub-100-MW operators for multi-GW AI workloads. Metrobloks MOU is not a substitute for a named Microsoft/Meta/OpenAI contract.
2. FY25 Revenue Dropped 21.8%
Despite +64% capacity growth. The hashprice collapse swamped the capacity ramp. Until AI revenue is material and named, mining economics still set the P&L direction.
3. Reverse Split Is a Red Flag
1-for-25 reverse split Oct 2025 to regain $1 NASDAQ compliance. Signals prolonged equity weakness. Historical pre-split share count was ~400M — dilution has been persistent.
4. No Named AI Anchor
IREN has Microsoft $9.7B. CRWV has OpenAI $22B + Meta $35B. SLNH has an MOU. The entire AI thesis rests on converting that pipeline into a signed hyperscaler contract — still open as of Apr 2026.
5. Single-Asset Concentration
Briscoe Wind Farm is now central to the story. Wind-resource variability, grid interconnect bottlenecks, or any operational issue at Briscoe disproportionately impacts SLNH's margin.
John Belizaire (CEO) — On the Strategy
"Energy sovereignty is the key durable moat in the AI infrastructure race. By owning the Briscoe Wind Farm, we have secured the cornerstone infrastructure needed to build an AI campus with up to 300 MW of capacity."
— Briscoe Wind Farm Acquisition Announcement · Apr 2026
"Energy is no longer just about powering homes and appliances — it's about powering intelligence. The grid is going through a once-in-a-generation infrastructure shift, and the operators who control clean generation at the point of compute are the ones who will win."
— Data Center Knowledge interview · 2025
"We don't need to beat CoreWeave at its own game. We need to be the best operator of sub-gigawatt renewable-native campuses — and there are more of those opportunities than there are hyperscaler-scale sites available."
— CEO commentary, FY25 Results release · Mar 2026