Soluna Q2 Gross Profit Falls on Briscoe Maintenance, Net Loss Widens to $22.6M
SLNH has more than doubled off its 52-week low of $0.415.
Summary
Soluna's Q2 revenue jumped 145% year-over-year to $1.72M in crypto mining revenue, but gross profit declined due to maintenance costs at the Briscoe wind facility and ramp-up expenses at Kati 1. Net loss widened to $22.62M, with operating loss of $16.94M and pretax loss of $23.17M. The company did not provide specific financial guidance for the current quarter or full year. This follows the Q1 2026 report showing widening losses and increased cash burn, and the recent acquisition of full ownership of Project Dorothy 1B. The AI pipeline expansion to 6.3 GW is a positive development, but the lack of guidance and continued losses are likely to weigh on the stock. The one analyst rating remains 'buy' with a median price target of $4.00, but the market may focus on the deteriorating profitability.
At the time of this announcement, SLNH was trading at $1.26 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $205.1M. The 52-week trading range was $0.42 to $5.14. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.