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 financial

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.

geotechnical work technical

Geotechnical work is the testing and analysis of soil, rock and groundwater at a site to decide how safe and practical it is to build, mine or install heavy equipment there. Think of it as a professional check‑up of the ground—like a home inspection for the earth—that identifies hidden problems, estimates costs and design needs, and reduces the chance of delays, extra spending or regulatory trouble that can affect a project’s budget and investor returns.

tax abatement financial

A tax abatement is a temporary reduction or waiver of taxes granted by a government to encourage investment, development, or business activity—think of it as a limited-time discount on a company’s or property’s tax bill. For investors, abatements matter because they raise short-term cash flow and improve project returns, like a sale boosting a retailer’s margins, but they can expire or be rescinded, so forecasts should account for the eventual return to full taxes.

voltage ride-through technical

Voltage ride-through is a piece of equipment or system’s ability to stay operating through short drops or surges in electrical voltage instead of shutting down. Think of it like a car that keeps driving over a pothole without stalling; for power plants, inverters, or industrial facilities this capability preserves service, avoids costly interruptions, and meets grid rules. Investors should care because good ride-through performance reduces reliability risk, regulatory penalties, and revenue loss from forced disconnects during grid disturbances.

hyperscaler technical

A hyperscaler is a very large provider of cloud computing and data-center services that owns and operates vast amounts of servers, storage and network capacity to host other companies’ applications and data. Think of them as the electric utility for digital services: their scale cuts unit costs, enables rapid growth for customers, and creates high barriers to entry, so investors watch their market share, margins and capital spending closely.

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.

substation technical

A substation is a fenced facility on the electricity network where equipment changes the voltage, routes power, and protects the grid so electricity can move safely and reliably from generation to homes and businesses. Investors care because substations are critical pieces of infrastructure: they affect service reliability, grid capacity and upgrade costs, and can influence the value and operating risk of utilities, real estate near outages, and companies in the energy supply chain.

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 April 2026 project site-level operations, developments, and updates.

Soluna's Project Dorothy Campus

The Company has provided the following Corporate and Site Updates.

Key Company Metrics:

The monthly metrics are now available here.

Corporate Highlights:

• Soluna closed its $53M acquisition of the Briscoe Wind Farm, achieving full vertical integration and direct ownership of a renewable generation asset for the first time. Read more
• Soluna acquired full ownership of Project Dorothy 1A, accelerating the site's development toward an AI-ready campus and deepening our vertical integration strategy. Read more
• Soluna and Sazmining launched a 3 MW Bitcoin mining operation at Project Dorothy 1B, adding a new hosting partner to our growing Dorothy campus. Read more
• Soluna announced its fourth expansion with Blockware, surpassing 17 MW of total hosting capacity and reinforcing the depth of our long-term partner relationships. Read more
• Soluna regained compliance with Nasdaq listing requirements. Read more
• CEO John Belizaire participated in the Water Tower Research Insights Conference, speaking to our infrastructure model and the AI energy opportunity. Read more
• CEO John Belizaire joined Disruptor Investor for an X Spaces conversation on Soluna's positioning at the intersection of renewable energy and AI infrastructure. Listen here
• Soluna was featured in Power Mining Analysis' Deep Dive series, highlighting our behind-the-meter model and pipeline advantage. Watch here
• Luxor published a case study on Soluna, spotlighting our operational approach and execution track record. Learn more

Key Project Updates:

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

• Transformer repair work impacted the availability of two MDCs at D1A. We expect the MDCs to return to service in early May, at which point D1A will return to full capacity.
• Prop mining at D1B has been further consolidated following the execution of the hosting agreement with Saz Mining, with two MDCs of S21XP units deployed. D1B now has 6 MDCs planned for hosting and 16 MDCs for prop mining.
• Deployments for hosting customers to reach full capacity are ongoing, and prop mining will remain operational in the designated hosting MDCs until hosted miners are received.

Project Dorothy 2 (48 MW, Bitcoin Hosting):

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

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):

• Operations for K1A Galaxy (48 MW) have remained steady for the month.
• Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Cormint containers have been installed, and mechanical completion for the phase has been achieved. Power commissioning has commenced, and the phase is on track to complete the substation ahead of schedule. Construction of the remaining phases of Soluna MDCs remains on schedule.

Project Kati 2 (300+ MW, Under Development, AI/HPC Hosting):

• The data center design process is now underway, with leading architectural and engineering firms selected from a competitive RFP process. Both are award-winning firms with deep experience in AI data center projects. Soluna expects to provide additional information on these engagements once contracts are finalized.
• Hyperscaler and neocloud interest, due diligence, and discussions remain active. Additional parties have joined the process.
• Geotechnical work was completed on the land parcel for the expansion.
• The tax abatement process has begun.
• Drafting of construction RFP underway.
• Negotiations are underway on the initial gas engine purchase.

Project Dorothy 3 (300+ MW, Under Development, AI/HPC Hosting):

• Initial 50 MW expansion interconnection load study underway with Goldenspread Electric Cooperative and ONCOR
• ~400 acres of land to support expansion under LOI; purchase agreement expected to close in the coming weeks
• Fiber studies underway with leading fiber providers
• Community relations task force established to proactively engage Briscoe County residents ahead of data center construction

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

• Soluna has partnered with the Siemens PTI team to lead technical modeling efforts. Siemens is conducting high-fidelity simulations to validate system performance under dynamic AI load conditions, including rapid demand fluctuations. This work focuses on ensuring the design supports voltage ride-through and mitigates SSO-related risks.
• The design process is underway with a focus on ensuring technical readiness for AI/HPC deployment.

Pipeline Highlights:

• Finalizing Power Purchase Agreements (PPAs) and Retail Electric Provider (REP) agreements for Project Annie.
• Projects Annie and Fei continue to advance outside of the ERCOT Large Flexible Load Batch study process, leveraging the sub-75 MW interconnection pathway to accelerate development timelines.
• Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S. ISOs.

Customer Success:

• Soluna and Sazmining announced our first 3 MW Bitcoin Mining Operation at Project Dorothy 1B.
• Soluna announces fourth expansion with Blockware Solutions, surpassing 17 MW of Total Capacity.
• Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2.

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 the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1, Project Kati 2, Project Grace, the expansion of hosting arrangements at Project Dorothy 1B, [the expected return to service of equipment at Project Dorothy 1A], 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 30, 2026. 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:

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260507466082/en/

Public Relations
West of Fairfax for Soluna
Soluna@westof.co

Source: Soluna Holdings, Inc.