Soluna Announces Monthly Business Update

Key Terms

power purchase agreements financial

A power purchase agreement is a long-term contract in which a buyer agrees to purchase electricity from a specific generator at a set price and schedule, much like a multi-year subscription for energy. For investors, these contracts matter because they lock in predictable revenue and price terms, reducing exposure to volatile wholesale power markets and making project cash flows and financing risks easier to evaluate.

retail electric provider technical

A retail electric provider is a company that sells electricity plans and customer services to homes and businesses, buying power from bulk suppliers and handling billing, metering and customer support. Think of it as a neighborhood grocery that purchases goods in bulk and sells them in smaller packages — investors watch these firms because their profits depend on how well they manage power costs, customer turnover, price plans and regulatory rules, all of which affect revenue stability and risk.

transmission/distribution service provider technical

A transmission/distribution service provider operates the physical network—like high-voltage lines, local wires or pipelines—that moves electricity, gas or other energy from producers to homes, factories and businesses, similar to a company that runs highways for energy. It matters to investors because these providers typically earn fee-based, regulated revenues and face steady demand, large ongoing maintenance and expansion costs, and regulatory decisions that affect returns and long-term cash flow.

ercot large flexible load technical

In ERCOT, a "large flexible load" is a sizable electricity consumer — such as a factory, data center, or group of buildings — that can quickly reduce, delay or shift its power use on short notice to help balance supply and demand on the Texas grid. For investors, these loads act like a shock absorber for the power system: they can earn money by enrolling in grid programs, lower operating costs for the sites that participate, and change wholesale prices and the economics of utilities, storage and energy-service companies.

independent power producers technical

Independent power producers are private companies that build and run electricity plants and sell the power to utilities, businesses or directly to the grid rather than being a government utility themselves. For investors, they matter because their cash flow depends on long-term contracts, fuel and maintenance costs, and policy or market changes — think of them like landlords who lease out rooms (power) and whose returns hinge on stable tenants, operating costs, and local rules.

master service agreements financial

A master service agreement is a standing contract that sets the general terms, pricing rules and responsibilities for ongoing work between a business and a client or vendor, with individual projects added later under that framework. Think of it as a reusable blueprint that speeds up future deals and limits surprises about who pays for what and who is liable. Investors care because an MSA can make revenue more predictable, reduce legal risk, and signal easier scaling or renewal of business relationships.

ai/hpc hosting technical

AI/HPC hosting is a service that provides powerful computers, fast networking and storage specifically tuned to run artificial intelligence models and high-performance scientific or data-processing tasks. Investors care because it’s where companies rent the heavy-duty computing they need to develop, train and deploy advanced software; like renting a commercial kitchen for a restaurant, it determines speed, cost and capacity and can affect a business’s ability to scale, control expenses and compete.

ALBANY, N.Y.--(BUSINESS WIRE)-- 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 February 2026 project site-level operations, developments, and updates.

Soluna's Project Kati 2 Under Development with Metrobloks

The Company has provided the following Corporate and Site Updates.

Key Company Metrics:

The monthly metrics are now available here.

Corporate Highlights:

• Soluna Expands Partnership with Blockware, Adding 6MW at Project Dorothy 1
• Soluna publishes a new blog post, “The AI Energy Wall and the End of Invisible Infrastructure.”
• CEO John Belizaire featured in Data Center Knowledge discussing stranded renewables, AI data centers, and the evolving power grid.
• CEO John Belizaire examines the shift from the Internet era to AI infrastructure in the latest episode of Soluna’s podcast, Clean Integration.

Key Project Updates:

Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):

• Customer deployments were ongoing at D1A for a 20 MW fleet upgrade, Blockware completed their 6 MW expansion, and the balance of miners had been received to complete Canaan’s 11 MW deployment, returning the site to full capacity.
• Operations remained strong at D1B for the month, with minimal curtailment.

Project Dorothy 2 (48 MW, Bitcoin Hosting):

• Operations remained strong for the month, with all customers at full capacity and minimal curtailment.

Project Sophie (25 MW, Bitcoin Hosting):

• Operations remained strong for the month, with all customers at full capacity.

Project Kati 1 (83 MW Under Construction, Bitcoin Hosting):

• Substantial completion of the first phase of K1A Galaxy (24 MW) has been achieved, and the facility has been fully commissioned, transitioning to steady-state operations.
• K1A Galaxy: Phase 2 (12 MW) and Phase 3 (12 MW) are on track for completion in March, both ahead of schedule.
• Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): continues to progress, with Cormint containers having completed production and due to arrive at the site by the end of March. Upon arrival, installation and commissioning will proceed for the first phase of K1B (12 MW).
• Hiring efforts continue in alignment with the commissioning plan to support the transition to operations with tremendous community engagement.

Project Kati 2 (Under Development, AI/HPC Hosting):

• The initial Design-Build RFP process helped inform the Company’s next steps, and the Company is now refining its procurement strategy to advance Phase 1 (100MW critical IT capacity) efficiently. A new RFP for design services is expected to be issued next week to advance Phase 1 to 30% schematic design, deepen technical materials for customers, and allow additional time to select the appropriate general contractor.
• Phase 1 design is advancing to the 30% schematic level, tailored to each prospect’s Basis of Design requirements and the rapidly evolving AI and GPU market. This process is intended to preserve scalability and support future technology needs.
• The Company is in active discussions with an expanding group of prospects interested in 350 MW of Critical IT capacity, with negotiations underway on Master Service Agreements and financing terms.
• Procurement of long-lead power-related equipment has begun for the site.

Project Grace (2 MW Under Development, AI/HPC Hosting):

• Talking to OEM partners about collaboration and testing data.

Pipeline Highlights:

• Finalizing Power Purchase Agreements (PPAs) and Retail Electric Provider (REP) agreements for Project Rosa, with Ellen and Hedy agreements now finalized and pending execution.
• Advancing land due diligence activities under executed Purchase and Sale Agreements (PSAs) for the Projects Annie, Ellen, Hedy, and Rosa.
• Project Annie remains in the Transmission/Distribution Service Provider (TDSP) planning queue and is progressing outside of the ERCOT Large Flexible Load process.
• Continuing to advance partnership opportunities and evaluate potential assets with multiple Independent Power Producers (IPPs) across the U.S. Independent System Operators (ISOs).
• Initiated active efforts to identify additional land to support the planned Dorothy expansion.

Customer Success:

• Completed Blockware 6 MW expansion.

View Soluna’s recent AMA here.

Soluna’s updated 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 include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to Project Dorothy 1A’s 20MW Canaan deployment, and the construction of Project Kati 1, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2025. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.

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:

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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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260310395256/en/

Public Relations

West of Fairfax for Soluna

Soluna@westof.co

Source: Soluna Holdings, Inc.