Soluna reported Q1 2026 revenue of $9.4 million (up 58% year-over-year), driven by Projects Dorothy 2, Dorothy 1A, and Kati 1, though net loss widened to $17.9 million. In May 2026, the company acquired the 150 MW Briscoe Wind Farm for $53 million and acquired full ownership of Project Dorothy 1A, enabling development of the 300+ MW Dorothy 3 AI campus.
Cyborg Score Rationale
Strong Q1 2026 revenue growth of 58% year-over-year and significant strategic acquisitions demonstrate execution, but the company has less than one year of cash runway based on free cash flow trends and shareholders experienced substantial dilution with a 188% increase in shares outstanding.
Top Insights
Soluna is building renewable-powered data centers that transform surplus wind, solar, or hydroelectric energy into computing resources for Bitcoin mining, AI, and HPC, operating as a Nevada-incorporated company on Nasdaq
The company completed the $53M Briscoe Wind Farm acquisition in May 2026 with a development pipeline exceeding 4.3 GW and prior financing of $142 million
Soluna acquired 100% ownership of Project Dorothy 1A and expanded hosting capacity at Dorothy 1B to over 17 MW through partnerships with Sazmining and Blockware Solutions
Currently, 100% of Soluna's revenue is derived from Bitcoin mining despite positioning toward broader computing applications