Soluna Announces Monthly Business Update

Key Terms

bitcoin mining technical

Bitcoin mining is the process of using computers to solve complex puzzles that verify and add transactions to Bitcoin’s public ledger; successful miners are rewarded with newly created bitcoins and transaction fees. It matters to investors because mining controls how new coins enter circulation, affects the security and reliability of the network, and creates a business model exposed to electricity costs, hardware investment and the coin’s market price—factors that influence profitability and company valuations.

nasdaq listing requirements regulatory

NASDAQ listing requirements are the financial, governance and disclosure rules a company must meet to have its shares traded on the NASDAQ stock exchange. Think of them as the standards a business must pass to join an exclusive marketplace — they affect whether a stock can be bought easily, how much public information the company must provide, and how investors judge its credibility and risk. Meeting these rules can boost liquidity and investor confidence.

request for proposal (rfp) technical

A request for proposal (RFP) is a formal document an organization issues when it wants outside firms to compete to provide a specific product, service, or project, describing needs, evaluation criteria, and timelines. For investors it matters because RFPs reveal where future revenue or costs may come from—winning a bid can mean new contracts and growth, while the pool of competitors and requirements can affect profit margins and delivery risk, much like homeowners soliciting multiple contractor quotes before a big renovation.

memorandum of understanding (mou) financial

A memorandum of understanding (MOU) is a written outline where two or more parties describe their shared intentions, key terms and roles for a proposed deal without forming a full binding contract. For investors it acts like a concrete handshake: it signals the seriousness and likely direction of partnerships, mergers or supply arrangements, helping assess the probability, timing and potential impact of future agreements on a company’s value.

joint venture agreement financial

A joint venture agreement is a legally binding contract where two or more parties combine resources to run a specific business project or entity, spelling out who contributes what, how decisions are made, how profits and losses are shared, and how the venture can end. Investors care because the agreement determines control, financial exposure, potential returns, and exit options—much like a clear housemate contract that prevents disputes over money, chores, and belongings.

behind-the-meter technical

Equipment or systems located on a customer’s side of the electricity meter—such as rooftop solar panels, battery storage, electric vehicle chargers, or energy controls—that generate, store, or manage power for use on-site rather than being supplied through the utility’s grid. Investors care because behind-the-meter assets change how much power a customer buys, can create new revenue or savings streams, affect demand patterns, and shift regulatory or business models in the energy market, much like a homeowner installing their own water tank reduces municipal supply needs.

ai/hpc hosting technical

AI/HPC hosting is a service that provides powerful computers, fast networking and storage specifically tuned to run artificial intelligence models and high-performance scientific or data-processing tasks. Investors care because it’s where companies rent the heavy-duty computing they need to develop, train and deploy advanced software; like renting a commercial kitchen for a restaurant, it determines speed, cost and capacity and can affect a business’s ability to scale, control expenses and compete.

due diligence financial

Due diligence is the careful investigation and analysis someone conducts before making a decision, such as investing money or entering into an agreement. It’s like researching thoroughly before buying a used car to ensure it’s in good condition; this helps prevent surprises and makes informed choices. For investors, due diligence reduces risk by verifying details and understanding what they’re getting into.

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ALBANY, N.Y.--(BUSINESS WIRE)-- 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 May 2026 project site-level operations, developments, and updates.

Soluna's Pipeline of Data Center Projects in Development, Construction, and Operation

The Company has provided the following Corporate and Site Updates.

Key Company Metrics:

The monthly metrics are now available here.

Corporate Highlights:

• Q1 2026 Earnings: Revenue Up 58% Year-Over-Year, Fourth Consecutive Quarter of Growth. Record hash rate, 147 MW under management, and Bitcoin hosting revenue up 178% YoY. Full results and presentation available at the Investor Center.

• Soluna Acquires Full Ownership of Project Dorothy 1B, Completing Equity Consolidation of Dorothy 1 Campus. Soluna now holds 100% ownership of the Dorothy 1 campus, strengthening our position to advance the development of Dorothy 3 AI.

• Soluna Regains Compliance with Nasdaq Listing Requirements

• Soluna has engaged a top-tier investment bank experienced in financing AI infrastructure projects to lead capital raising for Kati 2.

• Speed-to-Power: Who Can Actually Deliver It? Learn why speed-to-power has become the defining constraint in AI infrastructure, and how Soluna's behind-the-meter model changes the math.

• AMA: Answering Investors' Most Recent Questions: CFO Mike Picchi answers the questions investors are asking most about Q1 results, capital strategy, the AI pipeline, and more.

• Data Centre Magazine — May Cover Story: CEO John Belizaire joins the May cover story on speed to power and why behind-the-meter infrastructure is redefining how AI campuses get built.

• Seeking Alpha — Miletus Research: Soluna's 4.3 GW Pipeline: Independent research coverage on the scale and structure of Soluna's power pipeline and what it means for the AI infrastructure opportunity.

• Conversations in Cleantech: CEO John Belizaire joins Brightsmith's podcast to walk through Soluna's Renewable Computing platform, the AI energy bottleneck, and what's next for the business. See more recent press and media coverage here.

• Disruptor Investing on X Spaces Live: CEO John Belizaire discussed Soluna’s latest earnings report, operational milestones, and progress on its AI strategy.

Key Project Updates:

Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):

• D1A - transformer repair work noted in April was completed, and operations returned to full capacity for the month.
• D1B - hosting deployments are in progress with Blockware and Saz Mining, with proprietary mining being consolidated. D1B now has 6 MDCs planned for hosting and 16 MDCs for prop mining. Prop mining will remain operational in the designated hosting MDCs until the balance of hosted miners are received.

Project Dorothy 2 (48 MW, Bitcoin Hosting):

• Operations remained strong for the month, with all customers at full capacity.

Project Sophie (25 MW, Bitcoin Hosting):

• Operations remained strong for the month, with all customers at full capacity.

Project Kati 1 (83 MW Under Construction, Bitcoin Hosting):

• Operations at K1A Galaxy (48 MW) have remained steady this month.
• Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Substantial completion was achieved for Phase 1 Cormint Containers (12 MW). Mechanical completion was achieved, and power commissioning was completed for the Phase 2 Soluna MDCs (9 MW). Construction on Phase 3 Soluna MDCs (14 MW) is ongoing and ahead of schedule.

Project Kati 2 (350+ MW, Under Development, AI/HPC Hosting):

• Definitive joint venture agreement was signed with Metrobloks, replacing the previously announced non-binding Memorandum of Understanding (MOU).
• The design team completed the initial design package.
• A Request for Proposal (RFP) for the design-development and construction phase has been launched for Phase I – the first 100MW+ CIT.
• Tenant due diligence continues with Hyperscalers and Neoclouds. Formal commercial negotiations have started with at least one potential tenant.

Project Dorothy 3 (300+ MW, Under Development, AI/HPC Hosting):

• A definitive purchase agreement was signed with a landowner for 300 acres.
• Environmental due diligence and survey work underway. Fiber studies launched.
• Ongoing coordination with utilities to expand load and convert current BTC load to AI.
• Local stakeholders continue to support project development and readiness for the planned Dorothy 3 expansion.

Project Grace (2 MW Under Development, AI/HPC Hosting):

• PSSE/PSCAD modeling is in progress in collaboration with the Siemens PTI team.

Pipeline Highlights:

• Project Annie, a 74MW Bitcoin hosting site, is being developed for a potential new customer. Capital formation and modular construction design activities have commenced, and ERCOT interconnection studies are nearing completion.
• Projects Ellen, Hedy, and Rosa are advancing through the interconnection and transmission process.
• Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S.

Customer Success:

• Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2.

Briscoe Wind Farm (150 MW, Co-located to Project Dorothy):

• Successfully integrated Briscoe Wind into Soluna's operations, marking an important milestone following the acquisition.
• Completed scheduled gearbox maintenance on select turbines during May. These repairs were expected, consistent with pre-acquisition assessments, and support the asset's long-term reliability.

View Soluna’s recent AMA here.

Soluna’s updated 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1, Project Kati 2, Project Grace, Project Dorothy 1B, Project Dorothy 3, Project Annie, Project Ellen, Project Hedy, and Project Rosa , and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 30, 2026. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.

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/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260609770692/en/

Public Relations
West of Fairfax for Soluna
Soluna@westof.co

Source: Soluna Holdings, Inc.