Soluna Revenue Rises 58% as Texas Hosting Offsets Mining Dip

Soluna Holdings reported first-quarter revenue of $9.4 million, up 58% from a year earlier and 2% higher than the prior quarter. Texas data-center hosting produced $6.7 million of the total, while Bitcoin mining revenue declined to about $2.2 million. These results were disclosed in the company’s earnings report released Monday. The revenue increase marked Soluna’s fourth consecutive quarter of sequential growth. Additional capacity at the Dorothy and Kati sites in Texas contributed to the rise, with data-center hosting accounting for the majority of sales in the quarter. Soluna remained unprofitable for the period, recording a net loss of $17.9 million compared with a $10.5 million loss a year earlier. The wider loss reflected higher stock-based compensation, increased interest expense and other financing costs. Adjusted EBITDA loss narrowed to $2.1 million. The company finished the quarter with $68.6 million in cash and said it will continue expanding its infrastructure, including plans to grow services in artificial intelligence and high-performance computing. Industry conditions have tightened mining margins since the 2024 Bitcoin halving and a recent drop in BTC prices, contributing to weaker mining returns. In response to those pressures, some miners have redirected capital into AI and high-performance computing investments.