Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Merger or Acquisition (April 2026)
17 slides from Soluna's merger presentation, Apr 2, 2026
Slide 1: Soluna Acquires Briscoe Wind Farm in Texas, Launches AI Expansion Project Dorothy 3
= Soluna Acquires Briscoe Wind Farm in Texas, John Belizaire, CEO April 2, 2026 Launches AI Expansion Project Dorothy 3 1 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 2: Preamble
Preamble The following content is Our goal is to share with you The content is in line with our completely qualified by the some of our strategic thinking and principles of being legal disclosures on the slide financial analysis we are using to accountable and transparent following this one. guide the
Slide 3: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation is being furnished by Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH) in conjunction with the acquisition of [Briscoe Wind Farm, LLC] (the “Transaction”). This presentation should be read in conjunction with the Company’s Current Repor
Slide 4: Soluna has acquired the 150 MW Briscoe Wind Farm
OVERVIEW Soluna has acquired the 150 MW Briscoe Wind Farm, achieving full vertical integration at Project Dorothy and securing the energy foundation for Dorothy 3 AI expansion. = HIGHLIGHTS OF THE ACQUISITION Size of Power Plant: Purchase Price: $53 Strategic Plan: Soluna Financing: $12.5 Projected
Slide 5: AI and high-performance computing demand is accelerating rapidly
INDUSTRY CONSTRAINT SOLUNA ADVANTAGE AI and high-performance Project Dorothy is already computing demand is accelerating powered and vertically integrated. rapidly. Bypasses queues (batch process) Power availability and through existing, energized grid interconnection timelines delay interconnection
Slide 6: Why Briscoe?
WHY BRISCOE? Strategic Fit: Directly Speed to Power Briscoe delivers powers Dorothy 1 & 2, Advantage: Secures enabling full vertical onsite energy control, vertical integration, integration at Soluna’s accelerating AI expansion immediate projected flagship campus. while reducing reliance on earnings
Slide 7: Financial Overview
TOTAL FUNDED COST Financial Overview $53M Non-Dilutive Financing Structure The transaction was financed through cash on the balance sheet and debt sources. The YEAR-ONE ADJ. EBITDA acquisition is expected to be immediately Adjusted EBITDA accretive, with projected Year-One Adjusted EBITDA of $6 milli
Slide 8: Scaling A Proven Model
Scaling A Proven Model 1 2 3 VALIDATE INTEGRATE = EXPAND Renewable Vertical integration AI expands the Computing TM is proven institutionalizes the platform and operating model Dorothy already powering Energy sovereignty via 150 MW The same energy-aligned infrastructure compute with curtailed wind f
Slide 9: Project Dorothy 3
FUNDAMENTALS Project Dorothy 3 TARGET CAPACITY POWER SOURCE 150-300 MW Wind LINE OF BUSINESS LAND AI 300 Acres Expansion of Renewable-Powered AI Infrastructure With full ownership of the 150 MW wind farm, ERCOT grid access, and additional contracted sources, Dorothy 3 is expected to support 150 MW+
Slide 10: Scaling Renewable Computing to power the next generation of infrastructure
Scaling Renewable Computing to power Renewable Computing is Soluna’s advantage — aligning energy and the next generation of infrastructure compute to scale AI infrastructure faster and more efficiently. TOTAL PIPELINE 4.3GW+ = AI PIPELINE Kati 2 Dorothy 3 Greenfield Sites Up to 300 MW+ Up to 300 MW+ M
Slide 11: Our Data Center Projects
ProjectA Location Power Size Model Status 1 Power Cost Partner(s) Our Data Dorothy 1A TX Source Wind (MW) 25 BTC Hosting Operating $35 Spring Lane, Generate Center Projects Dorothy 1B TX Wind 25 BTC Mining Operating $35 Navitas Sophie KY Grid 25 BTC Hosting Operating $33 N/A We have over 1GW of Doro
Slide 12: Soluna is the power<>compute convergence
Soluna is the power<>compute convergence – using curtailed renewable energy to power advanced computing infrastructure. 12 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 13: Renewable Computing
To reach their Renewable full potential AI Energy has a & HPC need wasted energy a sustainable opportunity energy source RENEWABLE COMPUTING: Using compute itself to bridge the supply gap needed to power massively increased compute. 13 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 14: Learn more at solunacomputing.com
Learn more at solunacomputing.com 14 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 15: Connect With Us
CONNECT WITH US X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 15 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 16: Appendix
Appendix 16 | Nasdaq: SLNH | CONFIDENTIAL & PROPRIETARY
Slide 17: Non-GAAP Measures
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, b