Soluna spent the June quarter buying the generation-to-compute chain at its Texas flagship and advertising a multi-gigawatt artificial-intelligence pipeline. The operating company underneath that story is still a Bitcoin hosting platform that just absorbed a wind farm, two minority-interest buyouts, and a large at-the-market equity raise. Reported revenue reached $15 million, more than doubling the year-ago quarter. That print is the fifth straight sequential increase, yet it arrives with no high-performance computing service revenue and with gross profit that shrank even as the top line expanded.
The mix shift toward data hosting is genuine. Hosting revenue more than quadrupled to about $13 million as Dorothy Two, the Kati One ramp, and the Galaxy Digital fill contributed. Proprietary mining fell about forty percent as hashprice compressed and Dorothy One-B capacity converted to hosting. Consolidated gross profit still fell to under $1 million from nearly $2 million in the prior quarter. Briscoe arrived with a turbine-repair bill and new depreciation before the site earned its keep. Adjusted earnings before interest, taxes, depreciation, and amortization, a non-GAAP measure that strips stock compensation and extinguishment items, still lost money, though the loss narrowed sequentially.
Cash at mid-year looked ample only because the company sold a large block of new shares into the open market. Unrestricted cash ended the quarter at $113 million. Debt stood at $33 million, mostly classified as current after a covenant judgment. Subsequent at-the-market sales added more cash and pushed the common count above two hundred forty million shares. The period ended June 30, 2026. The question the next several quarters resolve is whether Kati Two and Dorothy Three convert joint-venture paper and letters of intent into contracted tenants and project-level financing, or whether equity issuance remains the funding source while Bitcoin hosting carries the profit and loss.