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

About this update from Soluna Holdings, Inc.

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. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260518023353/en/ Soluna Holdings, Inc. Reports Q1 2026 Revenue by Quarter “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: Project Kati 1A Reaches Completion Ahead of Schedule – All three phases of Project Kati 1A, totaling 48 MW, reached completion ahead of schedule, supported by $10.9 million in project-level financing from Spring Lane Capital. Project Kati 2 Advances with AI Partnership – Soluna partnered with Metrobloks to unlock 100+ MW of AI and HPC capacity, secured 500+ acres of additional land, advanced Phase 1 to 30% schematic design, and began procurement of long-lead equipment for the up to 300 MW+ site. Project Dorothy 1A Fleet Upgrade Completed – Soluna completed a 20 MW fleet upgrade at Dorothy 1A, returning the site to full capacity and improving fleet-wide efficiency. Expanded Blockware Partnership at Project Dorothy 1A – Soluna expanded its hosting relationship with Blockware, adding 6 MW at Project Dorothy 1A, strengthening utilization at the site. Development Pipeline Surpasses 4.3 GW – Soluna's pipeline grew to 4.3 GW through new and expanded IPP partnerships, anchored by an AI-focused pipeline including Kati 2 (300 MW+), Dorothy 3 (300 MW+), and early-stage greenfield sites across the U.S. Michael Picchi Appointed Chief Financial Officer – Soluna appointed Michael Picchi as CFO, effective April 1, 2026. First Quarter Financial Highlights: Revenue increased sequentially for the fourth consecutive quarter from $9.2 million to $9.4 million. On a year-over-year basis, revenue increased 58% , driven by Dorothy 2 energization, Dorothy 1A revenue growth, and Kati 1 going live, partially offset by hashprice compression at Dorothy 1B. Net loss increased ($10.5 million) YoY to ($17.9 million), driven by higher equity compensation, interest, and financing expenses, partially offset by site-level operating improvement. EBITDA loss declined ($9.4 million) YoY to ($12.4 million) on the same drivers. After adjusting for stock-based compensation, SEPA commitment fees, and minor asset sale gains, Adjusted EBITDA loss fell modestly ($444 thousand) YoY to ($2.1 million). Revenue for the three months increased by 2% or $186 thousand from Q4 2025 to Q1 2026 – driven by Project Kati 1 going live in February and new Dorothy 1A customer additions, partially offset by an -18% hashprice decline ($42 to $34) on proprietary mining and profit share revenue. Q1 2026 Gross Profit increased sequentially from $1.8 million to $1.9 million , driven by higher hosting revenue, partially offset by higher site-level depreciation as Kati 1 assets were placed in service. Dorothy 1A , Dorothy 2 , and Sophie delivered strong gross margins of 36%, 41%, and 37%, respectively. Dorothy 1B generated a (15%) gross margin loss, driven by hashprice compression. Kati 1 reported a $262 thousand loss in its first quarter of operations, reflecting ramp-up costs ahead of meaningful revenue. (Dollars in thousands)   Three Months Ended March 31,     2026   2025           Net loss   $ (17,902 )   $ (7,354 ) Interest expense     1,481       838   Income tax benefit     (624 )     (425 ) Depreciation and amortization     4,603       3,879   EBITDA     (12,442 )     (3,062 )           Adjustments: Non-cash items                   Stock-based compensation costs     10,222       1,847   Gain on sale of fixed assets     (32 )     —   Right of first refusal amortization gain     (90 )     —   SEPA commitment fee     250       —   Fair value adjustment loss     —       118   Gain on debt extinguishment and revaluation, net     —       (551 ) Adjusted EBITDA   $ (2,092 )   $ (1,648 ) Net loss for Q1 2026 increased $1 million sequentially to $17.9 million. However, adjusted EBITDA loss improved from Q4 2025 to Q1 2026 to ($2.1 million) – increased by $1.9M (47%) sequentially, driven by lower compensation and professional fee expenses alongside stable gross profit from Dorothy 2 and Kati 1. Adjusted EBITDA loss declined from Q1 2025 to Q1 2026 by ($444 thousand) – primarily due to non-recurring costs associated with legal and transaction costs from the Briscoe acquisition. Q1 2026 Revenue & Cost of Revenue by Project Site     Soluna Digital         (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Dorothy 2   Project Sophie   Project Kati 1   Other   Total                               Cryptocurrency mining revenue   $ 2,169     $ —   $ —   $ —   $ —     $ —     $ 2,169 Data hosting revenue     11       2,044     3,171     1,237     225       —       6,688 Demand response services     144       130     263     —     —       —       537 Total revenue     2,324       2,174     3,434     1,237     225       —       9,394                               Cost of cryptocurrency mining, exclusive of depreciation     1,658       —     —     —     —       —       1,658 Cost of data hosting revenue, exclusive of depreciation     4       1,107     1,423     581     394       110       3,619 Cost of cryptocurrency mining revenue- depreciation     1,011       —     —     —     —       —       1,011 Cost of data hosting revenue- depreciation     —       288     606     204     93       —       1,191 Total cost of revenue     2,673       1,395     2,029     785     487       110       7,479 Gross profit   $ (349 )   $ 779   $ 1,405   $ 452   $ (262 )   $ (110 )   $ 1,915 Q1 2025 Revenue & Cost of Revenue by Project Site     Soluna Digital   Soluna Cloud     (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Sophie   Other   Soluna Digital Subtotal   Project Ada   Total                               Cryptocurrency mining revenue   $ 2,999   $ —   $ —   $ —     $ 2,999   $ —   $ 2,999 Data hosting revenue     —     1,371     1,031     —       2,402     —     2,402 Demand response services     269     238     —     —       507     —     507 High-performance computing services     —     —     —     —       —     28     28 Total revenue     3,268     1,609     1,031     —       5,908     28     5,936                               Cost of cryptocurrency mining, exclusive of depreciation     1,954     —     —     —       1,954     —     1,954 Cost of data hosting revenue, exclusive of depreciation     —     885     372     70       1,327     —     1,327 Cost of high-performance computing service revenue     —     —     —     —       —     7     7 Cost of cryptocurrency mining revenue- depreciation     1,074     —     —     —       1,074     —     1,074 Cost of data hosting revenue- depreciation     —     295     106     —       401     —     401 Total cost of revenue     3,028     1,180     478     70       4,756     7     4,763 Gross (loss) profit   $ 240   $ 429   $ 553   $ (70 )   $ 1,152   $ 21   $ 1,173 Subsequent Events: Acquired 150 MW Briscoe Wind Farm for $53 Million – Soluna acquired the Briscoe Wind Farm, achieving full vertical integration at Project Dorothy and securing the energy foundation for the planned 300 MW Dorothy 3 AI campus. Financed through $12.5 million from Generate Capital and cash on hand, the acquisition is projected to generate $6 million to $11 million in Year-One Adjusted EBITDA and $20.0 million to $24.4 million in annualized revenue. Acquired Full Equity of Project Dorothy 1A – On April 15, 2026, Soluna purchased 85.4% of the issued and outstanding Class B Membership Interests in the Dorothy 1A bitcoin mining project for $16.5 million, paid in two installments and partially funded by $12 million in unsecured debt. With this acquisition, Soluna now wholly owns Project Dorothy 1A. Project Kati 1B Underway – Cormint containers have arrived on-site with the first 12 MW phase installation now underway, advancing the buildout at the Kati complex. Launched Development for Dorothy 3 AI Campus – Soluna began marketing Project Dorothy 3, a planned 300+ MW AI/HPC campus adjacent to its Dorothy 1, Dorothy 2, and Briscoe Wind Farm assets near Silverton, Texas. The project represents the next phase of Soluna's vertically integrated renewable computing strategy. KPMG Named as Independent Auditor – Soluna appointed KPMG as its new independent registered public accounting firm. 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/ 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. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Balance Sheets As of March 31, 2026 (Unaudited) and December 31, 2025   (Dollars in thousands, except per share) March 31, 2026   December 31, 2025 Assets       Current Assets:       Cash $ 68,572     $ 76,423   Restricted cash   9,493       4,500   Accounts receivable, net (allowance for expected credit losses of $0 at March 31, 2026 and $244 at December 31, 2025)   5,456       5,522   Prepaid expenses and other current assets   4,178       2,664   Loan commitment assets   3,018       3,018   Total Current Assets   90,717       92,127   Restricted cash, noncurrent   7,920       7,920   Other assets   963       978   Deposits and credits on equipment   3,333       1,377   Property, plant and equipment, net   79,516       74,783   Intangible assets, net   5,932       8,261   Operating lease right-of-use assets   244       252   Financing lease right-of-use assets   1,795       2,246   Total Assets $ 190,420     $ 187,944           Liabilities and Equity       Current Liabilities:       Accounts payable $ 4,218     $ 4,859   Accrued liabilities   15,568       13,182   Accrued interest payable   346       303   Contract termination liability   19,348       19,348   Current portion of debt   10,041       8,858   Income tax payable   129       123   Deferred revenue   537       518   Customer deposits- current   1,640       1,913   Operating lease liability   62       65   Financing lease liability   22       20   Total Current Liabilities   51,911       49,189           Other liabilities   946       743   Customer deposits- long-term   3,061       2,533   Long-term debt   15,910       17,899   Operating lease liability   182       187   Financing lease liability   1,775       2,236   Deferred tax liability, net   2,279       2,911   Total Liabilities   76,064       75,698           Commitments and Contingencies (Note 10)               Mezzanine Equity:       Placement agent warrants   1,313       1,313           Equity:       9.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share, $25.00 liquidation preference; authorized 6,040,000; 4,920,045 shares issued and outstanding as of March 31, 2026 and 4,928,545 shares issued and outstanding as of December 31, 2025   5       5   Series B Preferred Stock, par value $0.0001 per share, authorized 187,500; 57,190 shares issued and outstanding as of March 31, 2026 and 62,500 shares issued and outstanding as of December 31, 2025   —       —   Common stock, par value $0.001 per share, authorized 375,000,000; 111,803,635 shares issued and 111,717,040 shares outstanding as of March 31, 2026 and 102,617,684 shares issued and 102,531,089 shares outstanding as of December 31, 2025   112       103   Additional paid-in capital   446,183       435,030   Accumulated deficit   (385,181 )     (367,715 ) Common stock in treasury, at cost, 86,595 shares at March 31, 2026 and December 31, 2025   (13,873 )     (13,873 ) Total Soluna Holdings, Inc. Stockholders’ Equity (Deficit)   47,246       53,550   Non-Controlling Interest   65,797       57,383   Total Equity   113,043       110,933   Total Liabilities, Mezzanine Equity, and Equity $ 190,420     $ 187,944   The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the Three Months Ended March 31, 2026 and 2025   (Dollars in thousands, except per share) Three Months Ended March 31,   2026   2025         Cryptocurrency mining revenue $ 2,169     $ 2,999   Data hosting revenue   6,688       2,402   Demand response service revenue   537       507   High-performance computing service revenue   —       28   Total revenue   9,394       5,936   Operating costs:       Cost of cryptocurrency mining revenue, exclusive of depreciation   1,658       1,954   Cost of data hosting revenue, exclusive of depreciation   3,619       1,327   Cost of high-performance computing services   —       7   Cost of cryptocurrency mining revenue- depreciation   1,011       1,074   Cost of data hosting revenue- depreciation   1,191       401   Total costs of revenue   7,479       4,763   Operating expenses:       General and administrative expenses, exclusive of depreciation and amortization   16,140       5,946   Depreciation and amortization associated with general and administrative expenses   2,401       2,404   Total general and administrative expenses   18,541       8,350   Operating loss   (16,626 )     (7,177 ) Interest expense   (1,481 )     (838 ) Gain on debt extinguishment and revaluation, net   —       551   Gain on sale of fixed assets   32       —   Fair value adjustment loss   —       (118 ) Other financing expense   (564 )     (201 ) Other income, net   113       4   Loss before income taxes   (18,526 )     (7,779 ) Income tax benefit, net   624       425   Net loss   (17,902 )     (7,354 ) (Less) Net loss (income) attributable to non-controlling interest   436       (202 ) Net loss attributable to Soluna Holdings, Inc. $ (17,466 )   $ (7,556 )         Basic and Diluted loss per common share:       Basic & Diluted loss per share $ (0.24 )   $ (1.21 )         Weighted average shares outstanding (Basic and Diluted)   84,101,320       8,719,351   The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Soluna Holdings, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) For the Three Months Ended March 31, 2026 and 2025     Three Months Ended March 31, (Dollars in thousands) 2026   2025 Operating Activities       Net loss $ (17,902 )   $ (7,354 )         Adjustments to reconcile net loss to net cash used in operating activities:       Depreciation expense   2,229       1,506   Amortization expense   2,374       2,373   Stock-based compensation   10,222       1,847   Deferred income taxes   (632 )     (437 ) Right of first refusal amortization gain   (90 )     —   Amortization of operating and finance lease asset   56       15   Gain on debt extinguishment and revaluation, net   —       (551 ) Amortization of deferred financing costs and discount on notes   436       153   Fair value adjustments, including SEPA   —       118   SEPA commitment cost   250       —   Gain on sale of fixed assets   (32 )     —   Changes in operating assets and liabilities:       Accounts receivable   66       329   Prepaid expenses and other current assets   (1,514 )     (197 ) Other long-term assets   —       1,606   Accounts payable   (2,085 )     481   Contract termination liability   —       (667 ) Deferred revenue   161       —   Operating lease liabilities   (8 )     (15 ) Other liabilities and customer deposits   406       374   Accrued liabilities and interest payable   (309 )     242   Net cash used in operating activities   (6,372 )     (177 ) Investing Activities       Purchases of property, plant, and equipment   (2,565 )     (3,534 ) Purchases of intangible assets   (45 )     (45 ) Proceeds from sale of property, plant, and equipment   32       —   Deposits on equipment   (3,646 )     (61 ) Net cash used in investing activities   (6,224 )     (3,640 ) Financing Activities       Proceeds from common stock warrant exercises   8       —   Proceeds from sale of common stock on SEPA   —       2,005   Proceeds from notes   —       5,000   Payments on notes and deferred financing costs   (1,001 )     (1,978 ) Payments on financing lease liabilities   (56 )     —   Contributions from non-controlling interest   10,918       4,310   Distributions to non-controlling interest   (131 )     (1,525 ) Net cash provided by financing activities   9,738       7,812           (Decrease) increase in cash & restricted cash   (2,858 )     3,995   Cash & restricted cash – beginning of period   88,843       10,453   Cash & restricted cash – end of period $ 85,985     $ 14,448           Supplemental Disclosure of Cash Flow Information       Interest paid on debt   892       285   Construction in progress included in accounts payable and accrued liabilities   2,707       —   Noncash deferred financing cost accrual   —       97   Noncash membership distribution accrual   1,937       949   Warrant adjustment   682       —   Noncash activity right-of-use assets adjustment   430       —   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   Cryptocurrency Mining   Data Center Hosting   High- Performance Computing Services   Total Segment Revenue: Revenue from external customers $ 2,169     $ 6,688   $ —   $ 8,857 Reconciliation of revenue               Demand response service revenue (a)               537 Total consolidated revenue               9,394 Less: Segment cost of revenue               Utility costs   1,132       1,792     —     2,924 Wages, benefits, and employee related costs   243       962     —     1,205 Facilities and Equipment costs   228       674     —     902 Cost of revenue- depreciation   1,011       1,191     —     2,202 Other cost of revenue*   119       508     —     627 Total segment cost of revenue   2,733       5,127     —     7,860 General and administrative expenses   44       462         506 Segment operating (loss) income $ (608 )   $ 1,099   $ —   $ 491 For the three months ended March 31, 2025   Cryptocurrency Mining   Data Center Hosting   High- Performance Computing Services   Total Segment Revenue: Revenue from external customers $ 2,999       2,402   $ 28     $ 5,429 Reconciliation of revenue               Demand response service revenue (a)               507                 5,936 Less: Segment cost of revenue               Utility costs   1,412       389     —       1,801 Wages, benefits, and employee related costs   219       470     7       696 Facilities and Equipment costs   207       365     —       572 Cost of revenue- depreciation   1,074       401     —       1,475 Other cost of revenue*   140       144     —       284 Total segment cost of revenue   3,052       1,769     7       4,828 General and administrative expenses   14       90     159       263 Segment operating (loss) income $ (67 )   $ 543   $ (138 )   $ 338 (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.   * Other cost of revenue includes insurance, outside service costs and margins, and general costs. The following table presents the reconciliation of segment operating income to net loss before taxes:   For the three months ended March 31,   2026   2025 Segment operating income (loss) $ 491     $ 338           Reconciling Items:       Elimination of intercompany costs   381       65   Other revenue (a)   537       507   General and administrative, exclusive of depreciation and amortization (b)   (15,634 )     (5,683 ) General and administrative, depreciation and amortization   (2,401 )     (2,404 ) Interest expense   (1,481 )     (838 ) Gain on debt extinguishment and revaluation, net   —       551   Other financing expense   (564 )     (201 ) Gain on sale of fixed assets   32       —   Fair value adjustment loss   —       (118 ) Other income, net   113       4   Net loss before taxes $ (18,526 )   $ (7,779 ) (a) Demand response service revenue is included as a reconciling item of total revenue and not included as part of segment gross profit or loss.   (b) The reconciling general and administrative expense, exclusive of depreciation and amortization represent corporate and unallocated general and administrative expenses for the three months ended March 31, 2026 and 2025. 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:     Soluna Digital         (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Dorothy 2   Project Sophie   Project Kati 1   Other   Total                               Cryptocurrency mining revenue   $ 2,169     $ —   $ —   $ —   $ —     $ —     $ 2,169 Data hosting revenue     11       2,044     3,171     1,237     225       —       6,688 Demand response services     144       130     263     —     —       —       537 Total revenue     2,324       2,174     3,434     1,237     225       —       9,394                               Cost of cryptocurrency mining, exclusive of depreciation     1,658       —     —     —     —       —       1,658 Cost of data hosting revenue, exclusive of depreciation     4       1,107     1,423     581     394       110       3,619 Cost of cryptocurrency mining revenue- depreciation     1,011       —     —     —     —       —       1,011 Cost of data hosting revenue- depreciation     —       288     606     204     93       —       1,191 Total cost of revenue     2,673       1,395     2,029     785     487       110       7,479 Gross profit   $ (349 )   $ 779   $ 1,405   $ 452   $ (262 )   $ (110 )   $ 1,915 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:     Soluna Digital   Soluna Cloud     (Dollars in thousands)   Project Dorothy 1B   Project Dorothy 1A   Project Sophie   Other   Soluna Digital Subtotal   Project Ada   Total                               Cryptocurrency mining revenue   $ 2,999   $ —   $ —   $ —     $ 2,999   $ —   $ 2,999 Data hosting revenue     —     1,371     1,031     —       2,402     —     2,402 Demand response services     269     238     —     —       507     —     507 High-performance computing services     —     —     —     —       —     28     28 Total revenue     3,268     1,609     1,031     —       5,908     28     5,936                               Cost of cryptocurrency mining, exclusive of depreciation     1,954     —     —     —       1,954     —     1,954 Cost of data hosting revenue, exclusive of depreciation     —     885     372     70       1,327     —     1,327 Cost of high-performance computing service revenue     —     —     —     —       —     7     7 Cost of cryptocurrency mining revenue- depreciation     1,074     —     —     —       1,074     —     1,074 Cost of data hosting revenue- depreciation     —     295     106     —       401     —     401 Total cost of revenue     3,028     1,180     478     70       4,756     7     4,763 Gross (loss) profit   $ 240   $ 429   $ 553   $ (70 )   $ 1,152   $ 21   $ 1,173 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: (Dollars in thousands)   Three Months Ended March 31,     2026   2025           Net loss   $ (17,902 )   $ (7,354 ) Interest expense     1,481       838   Income tax benefit     (624 )     (425 ) Depreciation and amortization     4,603       3,879   EBITDA     (12,442 )     (3,062 )           Adjustments: Non-cash items                   Stock-based compensation costs     10,222       1,847   Gain on sale of fixed assets     (32 )     —   Right of first refusal amortization gain     (90 )     —   SEPA commitment fee     250       —   Fair value adjustment loss     —       118   Gain on debt extinguishment and revaluation, net     —       (551 ) Adjusted EBITDA   $ (2,092 )   $ (1,648 ) The following table represents the Adjusted EBITDA activity between each three-month period from January 1, 2025 through December 31, 2025. (Dollars in thousands)   Three months ended March 31, 2025   Three months ended June 30, 2025   Three months ended September 30, 2025   Three months ended December 31, 2025                   Net loss   $ (7,354 )   $ (7,780 )   $ (25,787 )   $ (16,070 ) Interest expense, net     838       1,196       1,212       1,589   Income tax benefit     (425 )     (608 )     (666 )     (617 ) Depreciation and amortization     3,879       3,989       4,119       4,358   EBITDA     (3,062 )     (3,203 )     (21,122 )     (10,740 )                   Adjustments: Non-cash items                                   Stock-based compensation costs     1,847       1,942       1,882       4,895   Loss on sale of fixed assets and credit on equipment deposits     —       22       780       349   Fair value on placement agent warrant and financing fees     —       —       146       —   Fair value adjustment loss     118       —       22,047       1,516   Impairment on fixed assets     —       12       —       —   Gain on debt extinguishment and revaluation, net     (551 )     —       (10,107 )     —   Adjusted EBITDA   $ (1,648 )   $ (1,227 )   $ (6,374 )   $ (3,980 )   View source version on businesswire.com: https://www.businesswire.com/news/home/20260518023353/en/

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