Soluna Holdings, Inc. · NASDAQ:SLNH
Soluna — Q1 2026 Earnings Presentation
50 slides from Soluna's earnings presentation, May 2026
Slide 1: Q1 2026 Highlights & Business Update
HOLDINGS Q1 2026 Highlights & Business Update NASDAQ:SLNH May 2026 Ima ge is for illustrative purposes only. 1 | Nasdaq: SLNH
Slide 2: Legal Disclosure & Disclaimer
Legal Disclosure & Disclaimer This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act that re flect our current views with respect to, among other things, our operations, business strategy, interpretation of prior developm ent a ctivit
Slide 3: Company Overview
EXECUTIVE SUMMARY Company Overview + AI is driving Miners prefer Soluna bridges Clean energy goes to waste due to exponentially scalable, well- this gap curtailment growing demand managed, and for compute cost-advantaged hosting partners. Co-locating data centers behind the meter at renewable power
Slide 4: Q1 '26 Soluna Highlights
Q1 ‘26 Soluna Highlights 1 INSTALLED HASHRATE MW MANAGED 2026 Q1 REVENUE 7.0 EH/s2 147 MW ~1.0 GW+3 $9.4 Million AVERAGE POWER COST CURTAILED ENERGY MONETIZED PROJECT EQUITY CONTRIBUTED in Q1 $31 / MWh4 49,190 MWh4 $10.9 Million5 EMPLOYEES POWER DEVELOPMENT PIPELINE AVERAGE J / TH/s 581 ~4.3 GW <23
Slide 5: Our Strategy
Our Strategy Bitcoin We develop, own and operate Bitcoin Hosting Data Centers. Transform stranded clean energy into high-performance computing infrastructure. ~4.3GW Renewable Power Pipeline Computing We sign PPAs and acquire We make renewable energy a land co-located with global superpower using Re
Slide 6: Business Highlights
Business Highlights Q1 2026 6 | N asdaq: SLNH
Slide 7: 2026 Corporate Focus
2026 Corporate Focus Develop Optimize Capital Grow AI Projects Formation Pipeline Advance Project Kati 2 with Energize Project Kati 1. Executing a disciplined Expand Soluna’s Metrobloks to shovel-ready Enhance profitability capital strategy to fund Renewable and tenant-ready. Build a across operatin
Slide 8: Our Accomplishments in Q1 2026
Our Accomplishments in Q1 2026 Business Project Milestones Milestones ● Reported record 2025 growth: pipeline reached 4.3 GW, ● Project Kati 1A Galaxy: All three phases (48 MW total) $142M raised, and AI infrastructure launched reached completion ahead of schedule ● Development pipeline surpassed 4.
Slide 9: Briscoe Wind Farm Acquisition
BRISCOE WIND FARM ACQUISITION 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 Financ
Slide 10: D1A Acquisition
D1A ACQUISITION Site Control: This acquisition Speed to Power brings Soluna to 100% Advantage: Dorothy is Soluna’s acquisition ownership at D1A, already powered and of Dorothy 1A eliminating shared equity and interconnected via the giving the company unilateral Briscoe wind farm, which follows a ser
Slide 11: Project Highlights
Project Highlights Q1 2026 11 | N asdaq: SLNH
Slide 12: Project Dorothy 1A
Q1 2026 HIGHLIGHTS Project Dorothy 1A 1 2 Completed 6 MW Worked through a deployment for Blockware transformer equipment and 14 MW deployment for failure which impacted two Canaan with new MDCs for a period of 45 generation equipment. days. 3 4 Successfully completed Maintained an LCOE of ERCOT ERS
Slide 13: Project Dorothy 1B
Q1 2026 HIGHLIGHTS Project Dorothy 1B 1 2 Executed 3.3 MW Consolidated and optimized expansion with Blockware proprietary mining fleet in order and 3 MW deployment with to create capacity for hosting SAZ Mining. deployments. 3 4 Successfully completed Maintained an LCOE of ERCOT ERS period. <$28 MWh
Slide 14: Project Dorothy 2
Q1 2026 HIGHLIGHTS Project Dorothy 2 1 2 Maintained strong steady- All customers at full capacity state operations throughout at Dorothy 2. Q1 with existing customers. 3 4 Successfully completed Maintained an LCOE of ERCOT ERS period. <$28 MWh for the quarter. 14 | N asdaq: SLNH
Slide 15: 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 16: Project Grace
Q1 2026 HIGHLIGHTS Project Grace 1 2 Advanced design Partnered with Siemens to optimization for microgrid evaluate high-fidelity technical electrical architecture solutions for AI load supporting AI load integration, with a focus on integration. voltage ride-through performance and SSO mitigation. 1
Slide 17: Project Kati 1
Q1 2026 HIGHLIGHTS Project Kati 1 1 2 Cormint containers 12 K1A Galaxy (48 MW total) MW phase 1 of K1B achieved completion and installed and power transitioned to steady commissioning has been state operations. completed. 3 4 Soluna MDCs 23 MW Site operations team has phase 2 & 3 of K1B been hired l
Slide 18: Project Kati 2
Q1 2026 HIGHLIGHTS Project Kati 2 1 2 Announced joint venture Secured 500+ acres of with Metrobloks to deliver a additional land to support 350 MW Critical IT Tier 3 AI expanded campus plan. campus. 3 4 Signed LOI for long-lead Advanced Phase 1 to 30% gas generation equipment; schematic design and p
Slide 19: Project Sophie
Q1 2026 HIGHLIGHTS Project Sophie 1 2 Maintained strong All customers remained at steady-state operations full capacity. throughout Q1 with existing customers. 3 4 Completed a network Completed annual upgrade to enhance preventative maintenance security and increase on critical electrical reliabilit
Slide 20: Our Data Center Projects
ProjectA Location Power Size Model Status1 Power Cost Partner(s) Our Data Dorothy 1A TX Source Wind (MW) 25 BTC Hosting Operating $35 N/A 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 Dorothy 2 TX Wind 48 BT
Slide 21: Project Locations
Project Locations Soluna has 1GW+ of Renewable Computing Projects in Texas. A major location for Bitcoin and AI data centers. The proximity of several projects creates “clustering.” This potentially creates opportunities for larger data center campuses at our sites. 21 | N asdaq: SLNH
Slide 22: Key Metrics - All Operating Sites
Key Metrics - All Operating Sites (As of March 31, 2026) PROJECTS ENERGIZED BUSINESS BTC ALLOCATION HOSTING CUSTOMER DISTRIBUTION 145 MW Bitcoin Mining - operational 25 MW proprietary 147 MW 2 MW AI - under 7 industry development 122 MW hosting leading partners DEPLOYED MINING RIGS OPERATING HASHRAT
Slide 23: Q2 - Q4'26 Roadmap of Upcoming Catalysts
Kickoff Design & Engineering of Kati 2 AI Q2 - Q4’26 Roadmap of Upcoming Catalysts IMAGE: Project Dorothy 2 - Phase I energized, Phase II nearing completion, P hase III being framed out. 23 || NNasdaq: 23 SLNH asdaq: SLNH
Slide 24: Flexible, Scalable Capital Formation
Flexible, Scalable Capital Formation Capital formation occurs at project-level and at parent-level companies. Bitcoin is separate from AI. Equity & Debt Soluna Holdings, Inc. (SLNH) Equity Equity Bitcoin Hosting AI Infrastructure BTC Project Co BTC Project Co AI Project Co AI Project Co Equity/Debt
Slide 25: Financial Highlights
Financial Highlights 25 | N asdaq: SLNH
Slide 26: Diverse Revenue Streams
Diverse Revenue Prop Bitcoin Grid Ancillary Mining Services Streams • Soluna or JV owned Bitcoin mining machines • Compensation to act as behind-the-meter flexible load for the grid • Bitcoin sold daily • Paid on $ / MWh basis by Utility or Grid Operator • Soluna provides Managed Infrastructure Serv
Slide 27: Balance Sheet: Q4'25 vs. Q1'26
Balance Sheet: Q4’25 vs. Q1’26 $ in 000’s Active construction at Kati 1 drives PP&E growth while debt declines and liquidity remains strong. ● Current liabilities increased ~$2.7M (+6%) to $51.9M, driven by ● Current assets decreased ~$1.4M (-2%) to $90.7M, with $68.6M in higher accrued liabilities
Slide 28: Revenue by Quarter
Revenue by Quarter (Consolidated – As Reported) $ in 000’s Four quarters of sequential revenue growth Sequential increase of $186k (2%), driven by Project Kati 1 go-live in February ($225k), partially offset by customer delays and hashprice compression. YoY increase of $3.5M (58%) to $9.4M in Q1 ‘26
Slide 29: Gross Profit by Quarter
Gross Profit by Quarter (Consolidated – As Reported) $ in 000’s Gross profit increased $147k QoQ (+8%), driven by higher hosting revenue from Kati 1 go-live and new D1A customer onboarding, partially offset by higher site-level depreciation as Kati 1 assets were placed in service. Revenue remained b
Slide 30: Adjusted EBITDA by Quarter
Adjusted EBITDA by Quarter (Consolidated – As Reported) $ in 000’s Adjusted EBITDA improved $1.9M (47%) sequentially to ($2.1M) in Q1 ‘26, totaling a 67% improvement from the Q3 ‘25 trough of ($6.4M). The sequential improvement was driven by lower compensation and professional fee expenses alongside
Slide 31: Revenue & Cost of Revenue by Project Site Q1 '26
Revenue & Cost of Revenue by Project Site Q1 ‘26 (in 000’s) Dorothy 2 generated $1.4M in gross profit, the strongest site-level contribution in the portfolio in its first full quarter of operations. Dorothy 1B reported a ($349k) gross loss, driven by mining equipment depreciation ($1.0M); underlying
Slide 32: Revenue & Cost of Revenue by Project Site Q1 '25
Revenue & Cost of Revenue by Project Site Q1 ‘25 (in 000’s) for comparison to Q1 ‘26 32 | N asdaq: SLNH
Slide 33: Learn more at solunacomputing.com
Learn more at solunacomputing.com 33 | Nasdaq: SLNH
Slide 34: Connect With Us
Connect With Us X / Twitter LinkedIn Newsletter @SolunaHoldings Soluna Holdings bit.ly/solunasubscribe 34
Slide 35: Appendix
Appendix 35 | N asdaq: SLNH
Slide 36: Media & Press in Q1
Media & Press in Q1 See all of Soluna’s latest press and media coverage at solunacomputing.com/press 36 | N asdaq: SLNH
Slide 37: Existing Debt By Entity
Existing Debt1 By Entity $18.9m subsidiary debt (no Soluna Holdings guarantee); Soluna Holdings, Inc. (SLNH) $7.1m GreenCloud debt (with Soluna Holdings guarantee) Soluna Digital (SDI) Soluna Cloud (SCI) Project Sophie Dorothy 1A Borrower Dorothy 2 Borrower Soluna AL CloudCo2 HoldCo Dorothy 2 Borrow
Slide 38: Q1 QoQ Revenue Bridge
Q1 QoQ Revenue Bridge (Consolidated – As Reported) $ in 000’s Revenue grew by $186k (2%) sequentially, remaining broadly stable, with hosting and DRS growth largely offsetting continued decline in proprietary mining: 1. Proprietary mining revenue contracted $607k (- 22%), driven by an 18% hashprice
Slide 39: Q1 YoY Revenue Bridge
Q1 YoY Revenue Bridge (Consolidated – As Reported) $ in 000’s Revenue grew by $3.5M to $9.4M (58%) YoY, driven by the energization of D2 in mid-2025 and incremental contributions from Kati 1: 1. Proprietary mining revenue declined $830k (-28%), driven by a 36% drop in hashprice ($54 to $34). 2. Host
Slide 40: Q1 YoY Adjusted EBITDA Bridge
Q1 YoY Adjusted EBITDA Bridge (Consolidated – As Reported) $ in 000’s YoY Adjusted EBITDA (in 000s) Adjusted EBITDA declined $444k (-27%) YoY as revenue growth was more than offset by three cost drivers: 1. Higher cost of revenue (+$1.1M) — D2 volume growth increased hosting utility costs, partially
Slide 41: Q1 YoY General & Administrative Bridge
Q1 YoY General & Administrative Bridge (Consolidated – As Reported) $ in 000’s G&A Expenses increased $10.2M (171%) YoY, driven by three areas: 1. Wages and professional fees (+$1.3M) — Q1 '26 comp expense, higher wages and benefits from headcount growth, and outside services spend related to the Br
Slide 42: Soluna Holdings Summary Capitalization Table
Soluna Holdings Summary Capitalization Table (As of March 31st) Common Share Class Existing/Issued Shares TOTAL Issued and Outstanding 111,717 UnExercised Warrants 22,450 Unvested/UnExercised Shares 29,433 Total Diluted Issued 163,600 Preferred A Share Class Existing/Issued Shares TOTAL Issued and O
Slide 43: Consolidated Balance Sheet
Consolidated Balance Sheet 43 | N asdaq: SLNH
Slide 44: Consolidated Balance Sheet
Consolidated Balance Sheet 44 | N asdaq: SLNH
Slide 45: Consolidated Balance Sheet
Consolidated Balance Sheet 45 | N asdaq: SLNH
Slide 46: Consolidated Statement of Operations
Consolidated Statement of Operations 46 | N asdaq: SLNH
Slide 47: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows 47 | N asdaq: SLNH
Slide 48: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows 48 | N asdaq: SLNH
Slide 49: Reconciliation of Net loss to Adjusted EBITDA
Reconciliation of Net loss to Adjusted EBITDA 49 | N asdaq: SLNH
Slide 50: FY 2025-26 by Quarter Adjusted EBITDA
FY 2025-26 by Quarter Adjusted EBITDA 50 | N asdaq: SLNH