Soluna reports May hosted hashrate of 5,303, up from 4,629 MoM
Soluna Holdings, Inc. reported a monthly hosted hashrate of 5,303 for May, up from 4,629 in the prior month, alongside Q1 revenue growth of 58% year-over-year. The company manages 147 MW and achieved a record hash rate, with Bitcoin hosting revenue increasing 178% YoY. Soluna advanced its AI infrastructure projects, signing definitive agreements for joint ventures and land acquisitions, while successfully integrating the Briscoe Wind Farm into its operations.
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Soluna Holdings, Inc. reported a May hosted hashrate of 5,303, an increase from 4,629 in the previous month, alongside Q1 revenue growth of 58% year-over-year. The company achieved a record hash rate and manages 147 MW, with Bitcoin hosting revenue increasing 178% YoY. Soluna advanced its AI infrastructure projects, signing definitive agreements for joint ventures and land acquisitions to support its 4.3 GW pipeline.
Corporate Highlights
Soluna regained compliance with Nasdaq listing requirements and acquired full ownership of Project Dorothy 1B, completing the equity consolidation of the Dorothy 1 campus. The company engaged a top-tier investment bank to lead capital raising for Project Kati 2. CEO John Belizaire featured in a May cover story by Data Centre Magazine discussing speed-to-power infrastructure, while CFO Mike Picchi addressed investor questions regarding Q1 results and capital strategy.
Key Project Updates
| Project Name | Capacity (MW) | Status | Key Updates |
|---|---|---|---|
| Dorothy 1A | 25 | Operational | Transformer repair completed; operations at full capacity. |
| Dorothy 1B | 25 | Operational | Hosting deployments in progress with Blockware and Saz Mining; 6 MDCs planned for hosting, 16 for prop mining. |
| Dorothy 2 | 48 | Operational | All customers at full capacity. |
| Sophie | 25 | Operational | All customers at full capacity. |
| Kati 1 | 83 | Under Construction | K1A Galaxy operations steady; K1B Phase 1 substantial completion achieved; Phase 2 power commissioning completed. |
| Kati 2 | 350+ | Under Development | Definitive JV agreement signed with Metrobloks; RFP launched for Phase I. |
| Dorothy 3 | 300+ | Under Development | Definitive purchase agreement signed for 300 acres; environmental due diligence underway. |
| Grace | 2 | Under Development | PSSE/PSCAD modeling in progress with Siemens PTI team. |
Pipeline and Customer Success
Soluna is developing Project Annie, a 74 MW Bitcoin hosting site, with capital formation and modular construction design activities commenced. ERCOT interconnection studies are nearing completion. Projects Ellen, Hedy, and Rosa are advancing through interconnection and transmission processes. The company is completing MW deployments across new and expanding partnership agreements at Projects Dorothy 1 and 2.
Briscoe Wind Farm Integration
The Briscoe Wind Farm (150 MW), co-located to Project Dorothy, was successfully integrated into Soluna's operations. Scheduled gearbox maintenance on select turbines was completed in May, supporting long-term reliability.
How will the joint venture with Metrobloks for Project Kati 2 impact Soluna's capital structure and project timeline?
What are the expected revenue contributions from the newly acquired full ownership of Project Dorothy 1B?
How will the integration of the Briscoe Wind Farm influence operational efficiency and cost savings for Soluna?
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